Jasper Township. Financial Statements March 31, 2016

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1 Financial Statements March 31, 2016

2 Table of Contents March 31, 2016 Independent Auditor s Report Management s Discussion and Analysis... I-IV Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position... 1 Statement of Activities... 2 Fund Financial Statements: Balance Sheet Governmental Funds... 3 Reconciliation of the Balance Sheet of Governmental Funds to the Government-wide Statement of Net Position... 4 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds... 5 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Government-wide Statement of Activities... 6 Statement of Net Position - Fiduciary Fund... 7 Notes to the Financial Statements Required Supplemental Information: Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

3 Independent Auditor s Report To the Board of Trustees Jasper Township Midland County, Michigan We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Jasper Township (the Township) as of and for the year ended March 31, 2016, and the related notes to the financial statements, which collectively comprise the Township s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Township as of March 31, 2016, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited

4 procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Sincerely, Roslund, Prestage & Company, P.C. Certified Public Accountants August 29, 2016

5 MANAGEMENT S DISCUSSION AND ANALYSIS

6 Management s Discussion and Analysis We, the Township Board of Jasper Township, offer citizens of the Township our financial statements with this narrative overview and analysis of the financial activities of Jasper Township for the fiscal year ended March 31, Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to Jasper Township s basic financial statements. The Township s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplemental information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the Township s finances in a manner similar to a private-sector business. The statement of net position presents information on all of the Township s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the Township s financial position is improving or deteriorating. The statement of activities presents information showing how the Township s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Both the government-wide financial statements distinguish functions of the Township that are principally supported by taxes and intergovernmental revenues. The governmental activities of the Township include general government, public safety, public works, and community and economic development. The table below shows a condensed, comparative statement of net position: Assets: Current assets $ 474,934 $ 653,703 Noncurrent assets 24,492 26,996 Total assets 499, ,699 Liabilities: Current liabilities 8,674 3,554 Net Position: Net investment in capital assets 24,492 26,996 Restricted Fire protection 39,584 18,197 Restricted Solid waste removal 69,602 79,596 Unrestricted 357, ,356 Total net position $ 490,752 $ 677,145 I

7 Management s Discussion and Analysis The table below shows a condensed, comparative statement of activities: Program Revenues: Charges for services $ 2,700 $ - Operating grants and contributions 3,823 3,950 General revenues: Property taxes 101, ,807 State grants 88,920 87,623 Interest 2,833 2,792 Other revenues 60,815 59,280 Total revenues 260, ,452 Program Expenses: General government 224, ,700 Public safety 51,557 39,722 Public works 179, ,489 Community and economic development Total expenses 455, ,885 Increase (decrease) in net position (195,133) (49,433) Net position, beginning of year 685, ,578 Net position, end of year $ 490,752 $ 677,145 Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Jasper Township, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Township can be divided into two categories: governmental funds and fiduciary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, government fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, citizens may better understand the long-term impact of the government s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. II

8 Management s Discussion and Analysis The General Fund is the Township s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Fire Fund is used by the Township to account for the resources generated and expenses paid for fire protection. The Solid Waste Fund is used by the Township to account for the resources generated and expenses paid for solid waste activities. Fiduciary funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government (i.e. tax collection fund). Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Township s own programs. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found in the back of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Township s Budget to Actual comparison. Required supplementary information can be found in the back of this report. Financial Highlights As noted earlier, net position may serve over time as a useful indicator of the government s financial position. In the case of Jasper Township, total assets, including capital assets, exceeded liabilities by $490,752 at the close of the most recent fiscal year. The unrestricted net position of Jasper Township exceeded its liabilities at the close of the most recent fiscal year by $357,074, which may be used to meet the Township s ongoing obligations to citizens and creditors. One of the most significant portions of the Township s net position reflects its careful investment in capital assets (e.g., land, building, equipment) over the years with no related debt remaining to acquire these assets. The Township uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Governmental activities decreased the Township s net position by $195,133. At the end of the current fiscal year, unassigned fund balance for the general fund was $357,074, which exceeds the total general fund expenditures for the current year. General Fund Budgetary Highlights Over the course of the year, the Township Board may amend the budget to take into account events during the year. For the fiscal year ended March 31, 2016, the following changes were made to the budgets: General Fund Expenditures: 1. Board of Review Supplies was added at an increase of $75 2. Road Improvement was increased from $37,472 to $74, Drains at Large was increased from $8,500 to $12, Election Office Supplies was increased from $50 to $125 III

9 Management s Discussion and Analysis 5. Capital Outlay over $1000 was decreased from $143,165 to $0 6. Fire Hall was added at an increase of $143, Treasurer Office Supplies was increased from $1,100 to $4,315 This increased the overall fiscal year expenditures for the General Fund from $289,646 to $334,128. This increase includes two $50,000 cd s that were cashed in for Fire Hall ($143,165) Capital Asset and Debt Administration Capital Assets. The Township s investment in capital assets for its governmental activities as of March 31, 2016, amount to $24,492, which is net of accumulated depreciation. There were no major capital asset events during the current fiscal year. Long-Term Debt. At the end of the current fiscal year, the Township had no long-term debts outstanding. Economic Factors and Next Year s Budget and Rates The Township Board is aware of the need to have acquired buildings next to the cemetery demolished and additional work done to the cemetery and adjoining property. At the time of the preparation of the budget, the Township Board had no projected costs. The Township Board is seeking grant funding to help alleviate some of these costs. These factors were all considered in preparing the Township budget for the fiscal year. The Township presented a balanced budget in the fiscal year. Township revenues from its property tax millage, property tax collection fees and State revenue sharing are expected to be comparable to the previous year. Requests for Information The financial report is designed to provide a general overview of Jasper Township s finances for all those with an interest in the Township s finances. Questions concerning any of the additional financial information should be addressed to the Clerk of the Township in writing to 5595 W. Kent Road, St. Louis, MI, 48880, or by telephone at (989) IV

10 BASIC FINANCIAL STATEMENTS

11 Statement of Net Position March 31, 2016 Assets Current assets Governmental Activities Cash and cash equivalents $ 430,895 Accounts receivable 150 Due from other governmental units 43,889 Total current assets 474,934 Noncurrent assets Capital assets, net of accumulated depreciation 24,492 Total noncurrent assets 24,492 Total assets 499,426 Liabilities Current liabilities Accounts payable 7,585 Accrued liabilities 1,089 Total current liabilities 8,674 Net position Net investment in capital assets 24,492 Restricted for: Fire protection 39,584 Solid waste removal 69,602 Unrestricted 357,074 Total net position $ 490,752 The notes to the financial statements are an integral part of this statement. 1

12 Statement of Activities for the Year Ended March 31, 2016 Functions/Programs Program Revenues Net (expense) Operating revenue and Charges Grants and changes in Expenses for services Contributions net position Governmental activities General government $ 224,010 $ 1,200 $ 207 $ (222,603) Public safety 51,557 1,500 - (50,057) Public works 179,302-3,616 (175,686) Community and economic development (877) Total governmental activities $ 455,746 $ 2,700 $ 3,823 (449,223) General revenues Property taxes 101,522 State grants 88,920 Unrestricted investment earnings 2,833 Other revenues 60,815 Total general revenues 254,090 Change in net position (195,133) Net position - beginning of year 685,885 Net position - end of year $ 490,752 The notes to the financial statements are an integral part of this statement. 2

13 FUND FINANCIAL STATEMENTS

14 Balance Sheet Governmental Funds March 31, 2016 General Fire Solid Waste Fund Fund Fund Total Assets Cash and cash equivalents $ 330,389 $ 35,341 $ 65,165 $ 430,895 Accounts receivable Due from other governmental units 27,916 4,243 11,730 43,889 Total assets $ 358,455 $ 39,584 $ 76,895 $ 474,934 Liabilities Accounts payable $ 292 $ - $ 7,293 $ 7,585 Accured liabilities 1, ,089 Total liabilities 1,381-7,293 8,674 Fund balance Restricted for: Fire protection - 39,584-39,584 Solid waste ,602 69,602 Unassigned 357, ,074 Total fund balance 357,074 39,584 69, ,260 Total liabilities and fund balance $ 358,455 $ 39,584 $ 76,895 $ 474,934 The notes to the financial statements are an integral part of this statement. 3

15 Reconciliation of the Balance Sheet of Governmental Funds to the Government-wide Statement of Net Position March 31, 2016 Total fund balance - governmental funds $ 466,260 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Add: Cost of capital assets 298,920 Deduct: Accumulated depreciation (274,428) Net position of governmental activities $ 490,752 The notes to the financial statements are an integral part of this statement. 4

16 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Year Ended March 31, 2016 General Fire Solid Waste Fund Fund Fund Total Revenues Taxes and penalties $ 65,125 $ 36,397 $ - $ 101,522 Licenses and permits State grants 92, ,536 Charges for services 1,200 1,500-2,700 Interest and rentals 2, ,833 Other revenues ,905 60,815 Total revenues 162,768 37,914 59, ,613 Expenditures General government 214, ,723 Public safety - 51,557-51,557 Public works 115,652-63, ,302 Community and economic development Other expenditures 8, ,035 Total expenditures 339,287 51,557 63, ,494 Excess of revenues over (under) expenditures (176,519) (13,643) (3,719) (193,881) Fund balance - beginning of year 533,593 53,227 73, ,141 Fund balance - end of year $ 357,074 $ 39,584 $ 69,602 $ 466,260 The notes to the financial statements are an integral part of this statement. 5

17 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Government-wide Statement of Activities for the Year Ended March 31, 2016 Net change in fund balances - total governmental funds $ (193,881) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Deduct: Depreciation expense (1,252) Change in net position of governmental activities $ (195,133) The notes to the financial statements are an integral part of this statement. 6

18 Statement of Net Position Fiduciary Funds March 31, 2016 Agency Tax Collection Assets Cash $ - Liabilities Due to others - Net position $ - The notes to the financial statements are an integral part of this statement. 7

19 NOTES TO THE FINANCIAL STATEMENTS

20 Notes to Financial Statements NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of Jasper Township (the Township) conform to accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the significant accounting policies used by the Township. Reporting Entity The Township is governed by an elected five-member Board. The Township receives funding from local and state sources and must comply with all of the requirements of these funding source entities. However, the Township is not included in any other governmental reporting entity as defined by the accounting principles generally accepted in the United States of America. Board members are elected by the public and have decision-making authority, the power to designate management, the ability to significantly influence operations, and the primary accountability for fiscal matters. The Township s reporting entity contains no activities that would be classified as component units. Joint Ventures St. Louis Area Fire Department The Township is a member of the St. Louis Area Fire Department (formally known as the Mid-Michigan Community Fire Control Board) which is a joint venture between the City of St. Louis, Bethany Township, Pine River Township and Jasper Township. The St. Louis Area Fire Department provides fire protection services to its members of local governments. The City and Townships each appoint one member to the joint venture s governing board. This board then determines and approves the annual budget. The Township makes annual contributions to the St. Louis Area Fire Department based on a formula using the average of the last 4 years of fire runs to determine the percentage cost applicable to each participating unit. For the period April 1, 2015 through March 31, 2016, the Township s contribution to the Department was $51,557. The St. Louis Area Fire Department is constructing a new fire hall for which the Township will incur additional costs. As of March 31, 2016, the Township has contributed $143,165 toward the cost of the new fire hall. A complete copy of the most recent financial statements can be obtained by writing to: St. Louis Area Fire Department, 220 S. Main Street, St. Louis, Michigan Government-Wide and Fund Financial Statements The government-wide financial statements (i.e. the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Township as a whole. Governmental activities normally supported by taxes and intergovernmental revenues are reported separately from business-type activities which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: (1) charges to consumers who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment; and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenue. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. Fund Accounting The accounts of the Township are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues, and expenditures, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. 8

21 Notes to Financial Statements Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenue in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements - The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Township considers revenues to be available if they are collected within 60 days of the end of the current fiscal year end. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, expenditures relating to compensated absences, claims and judgments, are recorded only when payment is due. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fiduciary Fund Financial Statements Fiduciary funds account for assets held by the Township as a trustee or agency capacity on behalf of others and, therefore, are not available to support Township operations. The reporting focus is upon net position and changes in net position and employs accounting principles similar to proprietary funds. Fiduciary funds are not included in the government-wide financial statements as they are not an asset of the Township available to support Township s operations. The Township currently maintains an agency fund to account for the monies collected and paid to various governmental entities for property tax collections. The Township reports the following major governmental funds: The General Fund is the Township s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Fire Fund is used by the Township to account for the resources generated and expenses paid for fire protection. The Solid Waste Fund is used by the Township to account for the resources generated and expenses paid for solid waste disposal. Additionally, the Township reports the following fund types: The Agency Fund accounts for assets collected by the Township on behalf of other governments. Cash and Cash Equivalents The Township s cash and cash equivalents are considered to be cash on hand, money market funds, demand deposits, and certificates of deposit. Accounts Receivable/Payable Accounts receivable/payable in all funds report amounts that have arisen in the ordinary course of business. Accounts receivable is stated net of allowances for uncollectible amounts, if any. Due from Other Governmental Units Due from to other governmental units consist primarily of amounts due from State of Michigan and Midland County. Capital Assets Capital assets are defined by the Township as individual assets with an initial cost equal to or more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair value at the date of donation. 9

22 Notes to Financial Statements The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets of the Township are depreciated using the straight-line method over the following estimated useful lives: Assets Years Buildings and Improvements Furniture, Fixtures, and Equipment 5 Accrued Liabilities Accrued liabilities reflect payroll liabilities were paid after year-end. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The Township has no items that qualify for reporting in this category. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The Township has no items that qualify for reporting in this category. Fund Balances The Township implemented GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. This Statement provides more clearly defined fund balance categories to make the nature and extent of the constraints placed on a government s fund balances more transparent. The following classifications describe the relative strength of the spending constraints: Nonspendable fund balance amounts that are in nonspendable form (such as inventory or prepaid expenditures) or are either legally or contractually required to be maintained intact. Restricted fund balance amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), through constitutional provisions, or by enabling legislation. Committed fund balance amounts constrained to specific purposes by the Township itself, using its highest level of decision-making authority (Board of Trustees). To be reported as committed, amounts cannot be used for any other purpose unless the Township takes the same highest level action to remove or change the constraint. Assigned fund balance amounts the Township intends to use for a specific purpose. Intent can be expressed by the Board of Trustees or by an official or body to which the Board of Trustees delegates the authority. Unassigned fund balance amounts that are available for any purpose. Positive amounts are reported only in the general fund. The Township would typically use restricted fund balance first, followed by committed resources, and then assigned resources as appropriate opportunities arise, but reserves the right to selectively spend unassigned resources first to defer the use of these classified funds. Net Position Net investment in capital assets This category consists of capital asset balances, net of accumulated depreciation, less outstanding balances of debt related to those assets. 10

23 Notes to Financial Statements Restricted Net position in this category is reported as restricted when constraints placed on net position use is either: - Externally imposed by creditors, grantors, contributors, or laws or regulations of other governments, or - Imposed by law through constitutional provisions or enabling legislation. Unrestricted If net position does not meet the criteria for the above categories, it is reported as unrestricted. In addition, the Township will first use restricted resources when an expense is incurred for purposes for which either restricted or unrestricted net position is available. Property Taxes Property taxes are levied on each December 1 st on the taxable valuation of property located in the Township as of the preceding December 31 st. These taxes are due on February 14 th with the final collection date of February 28 th before they are added to the county delinquent tax rolls. For Township operations, the 2015 taxable valuation of the Township totaled $32,173,633, on which mills were levied for operating purposes and mills were levied for fire protection. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Budgetary Information Budgets are adopted by the Township for the general, fire, and solid waste funds. These budgets are adopted and prepared on the modified accrual basis of accounting. The budgets are adopted at the function level. The budgeted revenues and expenditures for governmental fund types, as presented in this report, include any authorized amendments to the original budget as adopted. The Township does not maintain a formalized encumbrance accounting system. Excess of Expenditures over Appropriations P.A. 621 of 1978, Section 18(1), as amended, provides that a local unit shall not incur expenditures in excess of the amount appropriated. During the year ended March 31, 2016, the Township incurred expenditures in excess of the amounts appropriated as shown in the back of this report. NOTE 3 CASH, CASH EQUIVALENTS AND INVESTMENTS Cash and Cash Equivalents Michigan s statutory authority allows governmental entities to invest in the following investments: - Bonds, securities, other obligations and repurchase agreements of the United States, or an agency or instrumentality of the United States. - Certificates of deposit, savings accounts, deposit accounts or depository receipts of a qualified institution. - Commercial paper rated at the time of purchase within the 2 highest classifications established by not less than 2 standard rating services and that matures not more than 270 days after the date of purchase. - Bankers acceptances of United States banks. - Obligations of the State of Michigan and its political subdivisions that, at the time of purchase are rated as investment grade by at least one standard rating service. - Mutual funds registered under the Investments Company Act of 1940 with the authority to purchase only investment vehicles that are legal for direct investment by a public corporation. - External investment pools as authorized by Public Act 20 as amended through December 31,

24 Notes to Financial Statements At year-end the carrying amount of the Township s cash and cash equivalents are as follows: Description Amount Checking, Money Market, & Liquid Asset Accounts 230,895 Certificates of Deposit 200,000 Totals 430,895 Interest Rate Risk State law limits the allowable investments and the maturities of some of the allowable investments as identified in the summary of significant accounting policies. The Township s investment policy does not have specific limits in excess of state law on investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk State law limits investments to specific government securities, certificates of deposits and bank accounts with qualified financial institutions, commercial paper with specific maximum maturities and ratings when purchased, bankers acceptances of specific financial institutions, qualified mutual funds and qualified external investment pools as identified in the summary of significant accounting policies. The Township s investment policy does not have specific limits in excess of state law on investment credit. The ratings for each investment are identified above for investments held at year-end. Custodial Credit Risk Custodial credit risk is the risk that in the event of a bank failure, the Township s deposits may not be returned. State law does not require and the Township does not have a policy for deposit custodial credit risk. As of year-end the Township s entire bank balance of $437,080 was covered by federal depository insurance. Concentration of Credit Risk State law limits allowable investments but does not limit concentration of credit risk as identified in the summary of significant accounting policies. The Township s investment policy does not have specific limits in excess of state law on concentration of credit risk. NOTE 4 - DUE FROM OTHER GOVERNMENTAL UNITS Due from other governmental units as of year-end consists of the following: Description Amount State of Michigan revenue sharing 20,776 Midland County property tax settlement 23,113 Totals 43,889 12

25 Notes to Financial Statements NOTE 5 - CAPITAL ASSETS A summary of changes in capital assets is as follows: Capital assets: Description Beginning Balance Increases Decreases Ending Balance Buildings and Improvements 281, ,770 Furniture, Fixtures and Equip. 17, ,150 Subtotal 298, ,920 Accumulated Depreciation: Buildings and Improvements (256,026) (1,252) - (257,278) Furniture, Fixtures and Equip. (17,150) - - (17,150) Subtotal (273,176) (1,252) - (274,428) Totals 25,744 (1,252) - 24,492 NOTE 6 - RISK MANAGEMENT The Township is exposed to various risks of loss related to property loss, torts, and errors and omissions. The Township has purchased commercial insurance from independent insurance providers. Settled claims for the commercial insurance have not exceeded the amount of coverage in any of the past three years. There was no reduction in coverage obtained through commercial insurance during the past year. 13

26 REQUIRED SUPPLEMENTAL INFORMATION

27 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund Year Ended March 31, 2016 Budgeted Amounts Variance With Original Final Actual Final Budget Revenues Taxes and penalties $ 64,351 $ 64,351 $ 65,125 $ 774 Licenses and permits State grants 94,000 94,000 92,536 (1,464) Charges for services ,200 1,020 Interest and rentals 2,734 2,734 2, Other revenues 1,720 1, (810) Total revenues 162, , ,768 (217) Expenditures General government Township board 6,185 6,184 4,334 1,850 Supervisor 12,825 12,825 12, Elections 2,225 2,300 1, Assessor 10,200 10,200 11,059 (859) Clerk 13,712 13,712 13, Board of review 1,725 1,800 1, Treasurer 18,112 21,327 20, Buildings and grounds 158, , , ,262 Cemetery 2,000 2, ,694 Public works Drain at large 8,500 12,222 12,222 - Road improvements 45,372 82, ,430 (20,662) Community and economic development Planning 1,725 1, Zoning Other expenditures Insurance, bonds and fringes 8,500 8,500 8, Total expenditures 289, , , ,006 Excess of revenues over (under) expenditures (126,661) (314,308) (176,519) 137,789 Fund balance - beginning of year 533, , ,593 - Fund balance - end of year $ 406,932 $ 219,285 $ 357,074 $ 137,789 The notes to the financial statements are an integral part of this statement. 14

28 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Fire Fund Year Ended March 31, 2016 Budgeted Amounts Variance With Original Final Actual Final Budget Revenues Taxes and penalties $ 36,147 $ 36,147 $ 36,397 $ 250 Charges for services 1,500 1,500 1,500 - Interest and rentals (35) Total revenues 37,700 37,699 37, Expenditures Public safety Fire payment 51,557 51,557 51,557 - Total expenditures 51,557 51,557 51,557 - Excess of revenues over (under) expenditures (13,857) (13,858) (13,643) 215 Fund balance - beginning of year 53,227 53,227 53,227 - Fund balance - end of year $ 39,370 $ 39,369 $ 39,584 $ 215 The notes to the financial statements are an integral part of this statement. 15

29 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Solid Waste Fund Year Ended March 31, 2016 Budgeted Amounts Variance With Original Final Actual Final Budget Revenues Interest and rentals $ 60 $ 60 $ 26 $ (34) Other revenues 59,040 59,040 59, Total revenues 59,100 59,100 59, Expenditures Public works Solid waste pickup 51,430 51,430 51,809 (379) Landfill fees 12,700 12,700 11, Total expenditures 64,130 64,130 63, Excess of revenues over (under) expenditures (5,030) (5,030) (3,719) 1,311 Fund balance - beginning of year 73,321 73,321 73,321 - Fund balance - end of year $ 68,291 $ 68,291 $ 69,602 $ 1,311 The notes to the financial statements are an integral part of this statement. 16

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