Walled Lake auditors issue unmodified opinion; council authorizes filing of 2024 year-end statements

The Walled Lake City Council on a unanimous vote authorized the city’s independent auditors to file the 2024 year-end financial statements with the State of Michigan after the city’s auditors announced an unmodified opinion.

John, the principal of the city’s independent auditing firm, told council the audit report is extensive but that the firm will issue an unmodified opinion — the highest level of assurance an auditor can give. "We're issuing an unmodified opinion," he said, adding that the firm works closely with city staff to file the statements "within the timely period, which would be by December 31."

John credited recent fiscal discipline for improvements in the city’s balance sheet. He said the city added "1.6" to its fund balance this year after adding "1.1" the previous year, and highlighted reductions in post‑retirement health liabilities. He also reported that a state grant helped lower a larger retirement liability the auditors cited: the figure mentioned during the presentation moved from about "11,800,000" to "7.2," and the auditors said the plan is now over 60 percent funded. "That helps a lot as far as the future," John said.

Councilmembers asked for clarifications on the pension liability and the grant; John confirmed the numbers as presented and reiterated that the unmodified opinion supports the city in state revenue and bonding considerations. Following the presentation, a motion to direct the independent auditors to file the 2024 year‑end statements (referred to in discussion as resolution 2024‑38) was moved, seconded and approved by roll call.

Next steps: the city clerk will include the auditor presentation in the meeting minutes and the auditors will proceed with filing the statements with the state as authorized by council.