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Audit shows $45 million in city net position, flags fund-timing and motor-pool deficit
Summary
An auditor told the Ishpeming City Council the 2024 audit records about $45 million in net position but reflected timing-driven swings from grant revenue, a general fund loss near $180,000 and a motor-pool deficit that requires a state plan.
An auditor presenting the Anderson Tackman 2024 audit told the Ishpeming City Council that the city’s financial statements show roughly $45,000,000 in net position, with about $2,000,000 in unrestricted funds and a net pension liability of about $2,800,000.
The presenter (Speaker 4) said a large grant recorded in the sewer fund drove a one-time increase to the bottom line: “you added $8,800,000 in grant dollars in the sewer fund,” and so the reported gain reflects capitalized project costs that will be depreciated over time. The auditor added that the $9.3 million aggregate movement…
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