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Trenton receives clean audit; revenue, fund balance and OPEB funding improve
Summary
Auditors told Trenton City Council the city received an unmodified (clean) audit opinion for the year ended June 30, 2025. General fund revenue rose about $1.8 million to roughly $27.1 million; the city’s OPEB funding ratio increased to 66% from about 40% after actuarial adjustments.
Auditors from Plante Moran told the Trenton City Council on Nov. 24 that the city received an unmodified audit opinion for the fiscal year ended June 30, 2025, and reported no audit findings or internal control issues.
Bill Ritchie of Plante Moran summarized the firm’s deliverables and said the audit communication included the financial statements and an auditor’s report to the mayor and council. “The city did receive what we refer to as an unmodified audit opinion,” Ritchie said, characterizing the opinion as a “clean” audit.
Nate Sherib, the engagement manager, presented key financial figures: general fund revenue increased by about $1,800,000 (7%) to roughly $27,100,000; property taxes were the largest source at about $17,600,000 (a roughly $1.4 million increase). General fund expenditures rose to about $26,200,000, in line with revenue growth, and the general fund balance increased to $11,400,000, of which approximately $5,600,000 is unassigned (about 21% of annual expenses).
Sherib also reviewed long-term liability funding: the municipal employee retirement plan was reported at about 70% funded, police and fire pension funding near 77%, and the city’s OPEB (other post-employment benefits) plan at 66% funded. The auditors and presenters said the OPEB improvement—from roughly 40% previously—resulted from actuarial experience differences and changes in assumptions after higher costs in the COVID-era.
When Councilman Perugy asked whether the OPEB change was an anomaly, Plante Moran representatives replied the movement was largely due to actuarial re-measurement and experience differences rather than an immediate policy change; they said similar adjustments have occurred elsewhere and do not necessarily indicate recurring large swings unless plan benefits change.
What’s next: Council received and placed the audit and financial materials on file and took no further formal action beyond discussion. Council members praised staff and the auditors for the work.
Votes and formal actions tied to this item: council formally accepted the audit presentation and made it part of the regular meeting record.
