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Council receives FY2024 audit; auditors flag pension millage deficit as ongoing material weakness
Summary
External auditors delivered a clean opinion on St. Clair Shores’ FY2024 financial statements but reported a continuing material weakness tied to a police and fire pension millage fund deficit. Council voted to receive and file the audit and related reports.
St. Clair Shores’ external auditors told the City Council on Dec. 2 that the city’s fiscal year 2024 financial statements received an unmodified (clean) audit opinion, but the audit identified a continuing material weakness tied to a deficit in the police and fire pension millage fund.
The city’s audit partner, Allie Barnes, said general fund revenues for FY2024 were about $45.8 million and that property taxes were the largest revenue source, roughly 46 percent of general fund revenues. “Your city has received an unmodified or clean audit opinion,” Barnes said. She also told council that the general fund’s total fund balance at year-end was about $17.6 million, and unassigned fund balance…
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