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Auditor gives Coldwater a clean opinion; general fund about $6.7 million
Summary
Taylor Plant presented the city’s 2024 audit, reporting a clean opinion and highlighting a roughly $6.7 million general fund balance, higher property tax collections, ARPA/Act 51 transfers for streets, and notable capital spending including a $470,000 public safety vehicle and a $300,000 leaf‑vac truck.
Paul Plant of Taylor Plant (Watkins) presented the City of Coldwater’s annual audit during the Dec. 16 meeting and reported a clean audit opinion with no material findings.
Key takeaways Paul Plant identified for council:
• General fund: approximately $6.7 million in fund balance and a healthy overall position. • Property taxes: collections up roughly 6% from prior years; state distribution and selected tax revenue (including marijuana tax) were noted as components of revenue. • State reimbursements: the audit included about $1.1 million in manufacturing personal property reimbursements, with approximately $585,000 related to the personal property tax changes. • Major and local streets: Act 51 funds and ARPA transfers supported street projects in 2024 (work on Butters, Western and Sauk Drive were cited). • Capital items: auditors noted a final payment of about $470,000 for a public safety truck/pump and roughly $300,000 in DMS capital spending for a leaf vac truck. • Water and wastewater funds: revenue increases tied to rate changes (water rate increases and a 2.9% wastewater rate increase were noted), along with higher treatment/distribution costs.
The audit includes a single‑audit component tied to ARPA funding, and staff were thanked for preparing the financial statements. Council thanked auditors and accepted the presentation; no material audit findings were reported that required corrective action.
