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Mount Clemens accepts FY2024 audit showing improved reserves, flags water fund shortfall
Summary
After an auditor presentation, the city commission accepted the fiscal year 2024 financial report noting a $1.98 million general-fund increase and improved utility fund performance amid questions about an unrestricted deficit in the water fund and allocations for pension/OPEB liabilities.
The Mount Clemens City Commission voted to accept the city's fiscal year 2024 financial report and governance letter after a presentation by Jordan Smith of the audit team. Smith told commissioners the audit resulted in an unmodified, or "clean," opinion.
Smith summarized key results: general fund revenue of $14,753,581 and expenditures of $12,772,765, which produced a year-end fund-balance increase of $1,980,816. He said the water fund improved its net position by about $1,861,188 and the…
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