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Township audit returns clean opinion; auditors note toll-bridge and pension costs
Summary
Yo and Yo CPAs issued an unmodified opinion on Grosse Ile Township’s audited financial statements for the year ending March 31, 2025, reporting rising revenues and expenditures, a single audit for federal grants and a prior-period adjustment related to an employee fiduciary fund.
Jamie Rivets, an audit partner with Yo and Yo CPAs, told the Grosse Ile Township Board on Sept. 22 that the township’s financial statements for the year ended March 31, 2025, received an unmodified (clean) opinion.
Rivets said the township’s general fund recorded about $8.1 million in revenue for the year, roughly 60% of which came from property taxes and about 15% from state shared revenue. Total general fund expenditures and transfers out were about $7.7 million, with roughly 57% of general fund spending tied to public safety — including about $4.3 million on police services. Rivets also flagged a $750,000 year-over-year revenue increase and a $510,000 rise in expenditures, noting some transfers in and increased property-tax receipts.
The audit included a single-audit review because the township exceeded $750,000 in federal expenditures. Rivets said auditors found no material weaknesses or significant deficiencies related to federal grants. She also said the auditors recorded a prior-period adjustment after township staff identified that amounts related to the employees’ 457 fund should have been reported as a fiduciary fund in earlier years.
Rivets reviewed the township’s proprietary funds, saying the Department of Public Works had a $506,000 increase in net position, the municipal airport and commerce park had a $650,000 decrease, and the newly created toll-bridge fund showed a negative $1.1 million change for the year. She also summarized legacy benefit costs: pension contributions for the year were about $1.9 million and retiree health-care (OPEB) contributions a little over $800,000.
Rivets praised township staff for providing materials early; the audit file was dated Aug. 7, 2025. When asked about potential penalties for the prior-period reporting error, she said there were none; the issue was a reporting classification that had been corrected.
Board members asked about the difference between a financial-statement audit and a forensic audit; Rivets explained that forensic work is narrower and triggered by a specific concern, while the financial-statement audit applies risk-based procedures across the entity. She also said auditors use materiality thresholds and analytic procedures to focus testing.
The audited financial statements and the single-audit schedule will be available publicly through the Michigan Department of Treasury and copies are on file with the township treasurer.
