The City of Three Rivers has received high marks from auditors in the audit of the city’s basic financial statements for the fiscal year that ended on June 30, 2008.
Two representatives from Plante & Moran provided an overview of the audit report during the Three Rivers City Commission meeting Tuesday evening (November 4th).
Auditors pointed to a reduction in expenses over the previous year and said, “That takes a lot of work to keep a handle on those expenses. Your management team has done a great job in controlling expenditures.”
Auditors also noted that the city increased the fund balance in its general fund by approximately $476,000 during the last year, something described as “pretty phenomenal.”
Sharon Vargo, CPA with Plante & Moran, was complimentary in regard to Finance Director Cathy Lawson who came on board with the city at the end of March. She said, “From our standpoint, the audit went very well. Cathy, for only having been here a couple of months, was very ready for us when we came in in late August/early September.”
Regarding the city’s financial situation, Vargo said, “I would say that you’re very financially stable. Given the economic times, especially in the State of Michigan, your general fund is in a much better financial position than we see in a lot of our communities – especially to be able to add a half-million dollars almost to your general fund balance in these times is fantastic.”
Commissioners voted to approve the audit report and place it on file.
During an interview following the meeting, Mayor Allen Balog said, “I’m just very pleased with our audit. We’ve added almost $500,000 to our general fund. Our expenses have decreased and, when you look at the state economy, for us to be able to accomplish this in the past year is an awesome accomplishment.”
Balog said, “We’re doing good things here. We’re operating on a lean budget, but we’re still getting the job done.” And he added, “It’s because we have a good management team and we do care about our city. We want the City of Three Rivers to be a good place for people to raise their families and operate their business.”
In response to a request from Lawson, the commission agreed to stay with Plante & Moran for audit services for another year.