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Coldwater receives clean audit; general fund balance reported at about $7.6 million
Summary
Auditors issued a clean opinion for fiscal year ended June 30, 2025. Staff told council main revenues include property tax (~$5.3M), PILOT (~$3.7M), state shared (~$1.6M), marijuana revenue (~$756,000); general fund balance is roughly $7.6M with $3M assigned to projects.
City finance staff presented the 2025 audit and an accompanying financial overview, saying auditors reported no difficulties or material misstatements and issued a clean opinion for the fiscal year ended June 30, 2025.
The presentation summarized revenue sources and recent drivers of net revenue: property taxes (~$5.3 million), pilot revenue (~$3.7 million), state shared revenues (~$1.6 million) and approximately $756,000 in marijuana-related revenue that flows through the general fund and is transferred to capital projects (staff said those dollars are being set aside for parks). Elevated interest rates produced roughly $500,000 in interest income during 2025, staff said.
Staff reported a general fund balance of about $7.6 million at fiscal year end (approximately 57% of annual expenditures) with roughly $3 million assigned to specific projects such as streetscape. Staff cautioned these gains reflect temporary items (one-time LCSA distributions and elevated interest) and may not be permanent.
Council thanked staff and asked for future updates on MERS and the Clemens tax capture forecast; staff said further presentations will be scheduled this winter.
