The Village of Lake Orion passed its 2005-06 audit with flying colors, based on a report issued by Rana Emmons of Post, Smythe, Lutz & Ziel, village auditors.
Emmons told council members Monday that based on the village’s financial report for the fiscal year that ended on June 30, the village is financially sound.
‘The general fund not only stayed the course but actually grew in these economically difficult times,? said Emmons.
She pointed out that the firm suggests that municipalities maintain a general fund of about 20 percent of revenues. In Lake Orion, the general fund is running at about 34 percent, a figure that represents stability.
‘The village is still healthy and is well above our professional standards,? said Emmons.
She said the village’s police and DPW budgets remained financially sound, adding that a nine-percent increase in the water and sewer fund reflected an increase from Detroit Water and Sewerage.
‘You’ve done a terrific job of keeping expenses down, while still providing the necessary services to residents,? Emmons concluded.
The firm presented the report at the Council’s Nov. 13 meeting.