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Bay City audit: independent firm issues unmodified opinion for fiscal year ending June 30, 2024
Summary
An independent auditor presented the city's annual comprehensive financial report, reporting an unmodified opinion and noting increases in property-tax and state-shared revenues; auditors identified no material weaknesses and no single-audit findings.
An independent audit of Bay City’s financial statements for the year ended June 30, 2024, was presented Feb. 3 to the Bay City Commission and resulted in an unmodified opinion, the highest level of assurance an auditor can provide.
The auditor said the city’s general fund reported about $25.6 million in revenues and about $23.8 million in expenditures for the year, leaving revenue ahead of expenditures by about $1.8 million. The audit partner presenting the report said taxes made up roughly 52% of general fund revenue, including about $9.5 million in property taxes and about $2.6 million in payments in lieu of taxes, and that state-shared revenue and grants comprised about 26% of the total. Combined, property taxes and state distributions accounted for about 78% of general fund revenue.
The aud…
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