Village of Lake Orion receives high marks in annual audit report

By Megan Kelley
Staff Writer
LAKE ORION — The Lake Orion Village Council received a presentation on the village’s annual audit report for the fiscal year that ended on June 30, 2023, getting an unmodified opinion, the highest form of assurance for an audit.
Joining the council to present the report was Greg Soule from the village’s auditing firm, Andrews Hooper Pavlik PLC.
“2023 was a year of transition within the financial operations of the village. Between new village management, new village finance director as well as some changing roles and responsibilities regarding who is doing what within the financial operations for the village. At this point, we have completed the audit, all of the state filings are done. Those were completed in a timely manner,” Soule said. “The largest of the document is the audit financial statements themselves that does contain a clean, or unmodified opinion. It means based on our procedures the financial statements accurately represent the underlying activity in a meaningful manner.”
According to the audit report, the assets of the village exceeded its liabilities at the end of the most recent fiscal year by $9,970,278.
“Included in this amount is unrestricted net position of $1,347,939,” the report stated. “At the close of the most recent fiscal year, the village’s governmental funds reported combined ending fund balances of $7,081,136.”
The report shows that about 12% of that amount, or $819,226, is unassigned and can be spent at the village’s discretion.
Additionally, about 70%, or $4,948,320, is restricted for capital projects.
“At the end of the current fiscal year, unassigned fund balance for the general fund was $819,226, or 38% of total annual general fund expenditures including operating transfers,” according to the report.
Moreover, the village’s general fund saw an increase of about $32,000, Soule said.

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