By Megan Kelley
Staff Writer
LAKE ORION — The Lake Orion Village Council received the village’s annual audit presentation last week during their meeting on Nov. 28.
Joining the council to give the audit presentation was Greg Soule, a partner at Andrews, Hooper, Pavlik, PLC.
Some highlights include a decrease in both the village’s net pension obligation, which decreased about $124,000, and the village’s net Other Post-Employment Benefit (OPEB), which decreased about $513,000.
Additionally, the assets of the village exceeded its liabilities at the end of the most recent fiscal year by $9,874,471. This includes a net position of $937,800.
Also at the end of the most recent fiscal year, the village’s governmental funds reported combined ending fund balances of $2,246,612. With about $772,735 available in the village’s unassigned fund balance.
The village’s total debt also decreased by $304,986 during the current fiscal year due to annual debt service payments made.
Overall, Soule says the audit was clean and smooth.
“We had no difficulties encountered in performing the audit. We had no corrected or uncorrected misstatements. We had no disagreements with management,” Soule said. “As far as we’re aware of, management did not consult any other independent accountants and there were no major issues discussed prior to our retention as the village’s auditor.”