PUBLIC NOTICE
VILLAGE OF LAKE ORION
Statement of Revenues, Expenditures, and Changes in Fund Balance
Governmental Funds
For the Year Ended June 30, 2016
Other Total
Governmental Governmental
Revenues General Public Works Police Funds Funds

Property Taxes $ 957,326 $ – $ – $ – $ 957,326
Intergovernmental:
Federal, State and Local 249,595 – 355,750 215,592 820,937
Charges for Services 189,021 132,263 12,004 12,700 345,988
Fines and Forfeitures – – 68,099 – 68,099
Interest 1,497 232 – 3,048 4,777
Other 186,589 15,383 3,032 11,921 216,925
Total Revenues 1,584,028 147,878 438,885 243,261 2,414,052
Expenditures
Current:
General Government 598,007 – – – 598,007
Public Safety – – 725,518 – 725,518
Public Works 179,694 406,977 – 100,738 687,409
Community Development 67,385 – – – 67,385
Recreation and Cultural 23,466 – – – 23,466
Other Functions 63,900 – – – 63,900
Debt Service:
Principal – – 17,653 15,000 32,653
Interest and Other Charges – – – 1,827 1,827
Capital Outlay – – – 181,928 181,928
Total Expenditures 932,452 406,977 743,171 299,493 2,382,093
Excess (Deficiency) of Revenues
Over Expenditures 651,576 (259,099) (304,286) (56,232) 31,959
Other Financing Sources (Uses)
Transfers In – 273,010 334,263 214,201 821,474
Transfers Out (669,173) (70,114) (9,977) (50,260) (799,524)
Total Other Financing Sources (Uses) (669,173) 202,896 324,286 163,941 21,950
Net Change in Fund Balance (17,597) (56,203) 20,000 107,709 53,909
Fund Balance-Beginning 393,629 150,212 – 543,627 1,087,468
Fund Balance-Ending $ 376,032 $ 94,009 $ 20,000 $ 651,336 $ 1,141,377

VILLAGE OF LAKE ORION
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2016
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balance – total governmental funds $ 53,909
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 and reported as depreciation expense. This is the amount by which capital outlay exceeded depreciation in the current period.
Capital Outlay 181,928
Capital Outlay-departmental 8,758
Depreciation Expense (166,164)
Change in Other Post Employment Benefit Liability (122,970)
Change in Net Pension Liability (418,262)
The issuance of long-term debt (e.g. bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net assets. Also, governmental funds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. This amount is the net effect of these differences in the treatment of long-term debt and related items.
Principal Repayments 32,653
Installment Loan Proceeds (49,793)
Increase in Compensated Absences (10,538)
Change in net position in governmental activities $ (490,479)
The notes to the financial statements are an integral part of this statement.
PSLZ LLP – Certified Public Accountants
Publish – Lake Orion Review – January 4, 2017