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Independent audit gives Saginaw unmodified opinion; pension grant drives 2024 revenue spike
Summary
Firm Yo and Yo presented an audit through June 30, 2024, issuing an unmodified opinion and noting a $22.6 million state pension grant that increased reported revenues and expenditures; no audit findings or single‑audit issues were reported.
An independent auditor presented Saginaw’s annual audit through June 30, 2024 and issued an unmodified opinion, the highest level of assurance, the auditor reported to the council.
Jamie Rivett of Yo and Yo highlighted that the city's general fund revenue showed a notable increase in 2024 primarily because of a state pension grant of roughly $22.6 million. Rivett explained that the grant is recorded as both revenue and an expenditure with a net effect of zero, and that the pension grant skewed year‑over‑year comparisons. Intergovernmental revenue accounted for roughly half of general‑fund revenue in the audited year.
On expenditures Rivett highlighted public safety as the largest category (about 63% of general‑fund spending), with police and fire making up most of that total. Total general‑fund expenditures were reported at about $67 million. The water and sewer enterprise funds also saw increased inflows and outflows related to capital projects and a share of the pension grant recording.
Rivett said the audit found no material weaknesses, no significant deficiencies and no findings related to federal award testing; the single‑audit review of the Coronavirus State and Local Fiscal Recovery Funds (approximately $14.1 million) produced no findings. Rivett also noted the city received a Government Finance Officers Association award for financial reporting for 2023.
Council members asked follow‑up questions about the meaning of audit language relating to internal controls and about the timing of the audit materials; Rivett provided clarifying comments and pointed to the governance letter and the PDF packet available to council.
