Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
City audit finds healthy fund balance, clean opinion from Plante Moran
Summary
Independent auditors presented a clean audit for the fiscal year ending Nov. 30, 2024, with a general fund up 3 percent, three months of expenditures in reserves and no audit findings; council received and filed the report.
Auditors from Plante Moran presented the City of Livonia’s 2024 fiscal audit to the council’s finance and budget committee and to the full council in the study of the audit.
Stephanie Atkinson of Plante Moran reported the general fund was up about 3 percent from the prior year, driven largely by increased property tax revenue. “We have three months of expenses, which is considered a very healthy fund balance,” Atkinson said, and auditors delivered a clean opinion with no findings.
The audit showed expenditures rose 4.4 percent year over year and public safety represented the largest share of general-fund costs. The auditors and city staff noted the city’s retirement plan is well-funded—repeatedly described at about 96 percent funded—and that the city outperformed the budget by approximately $1.8 million.
The council received and filed the audit report; committee minutes noted the audit remains a standing committee item and a recommendation to review cost and fee structures for future budgets.
Why it matters: A clean audit and a healthy fund balance signal fiscal stability and provide context for budget and bond decisions coming before the council.
