Atlas Twp.- Mark Perry, a CPA for Yeo & Yeo, presented the annual financial statements and auditor’s report for the fiscal year ending March 31, 2015 at Monday’s township meeting.
The township board voted 5-0 to accept the audit.
The fiscal year 2014-15 included general fund revenues of $1,211,378 with expenditures of $1,228,788, which prompted dipping into the fund balance for $17,410. Still, the township maintained $1,662,460 in the general fund.
According to the audit the state shared revenue increased 4 percent from the 2013-14 fiscal year.. The actual revenue exceeded budgeted revenue by $37,000 and actual expenses were less than budgeted expenses by $342,000.
From a peak of $2,589,905 in 2011 the general fund balance has declined 64 percent, or $927,445, to $1,662,460 according to the 2011-15 audit. The fund balance is the excess of the township assets above its liabilities (what the district owns minus what it owes). While cash is an asset, it’s only one of many of an institution’s assets. Others include: accounts receivable, prepaid expenses, supplies, equipment and buildings.
Township Supervisor Shirley Kautman-Jones addressed the decline in fund balance.
‘About $400,000 of the fund was assigned to capital project account for bridge, street, drain and pathways projects,? she said. ‘That money is assigned to specific projects in the township. Our dip (in fund balance) is from an aggressive road plan, along with a decline in property values for a few years. We also purchased three acres next to the township hall in 2013 for $37,600. We are working on projects that are benefitting the community and looking toward the future. We are not here just to collect taxes.?
Kautman-Jones said last year $460,000 was spent on roads in the township.
According to the audit, since 2013 the revenues from the police millage are exceeding the revenues needed to fund the deputies in the township by about $10,000.
The township is currently one year into a three year contract with the Genesee County Sheriff’s Department. In May 2014, by a vote of 576 yes to 382 no, township voters approved 2.1 mills to fund police coverage for the community. The four-year millage is currently funding a $565,000 contract. A township taxpayer with a $100,000 home pays about $105 per year. The approved millage replaced the 1 mill levy along with $50 for improved lots and $25 for unimproved lots that expired 2012.
‘The police fund has stabilized and enough money is collected to cover the police without dipping into the general fund.,? she added.