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State auditor: Three Oaks 'sound' financially; water fund shows loss
Summary
State auditor Derek Hall told the Three Oaks Village Council the village remains in sound financial condition, with nearly $2 million in the General Fund and about $1.3 million in street funds; he flagged a loss in the water fund and minor audit findings for follow-up.
Derek Hall of the State of Michigan presented the village's annual audit to the Three Oaks Village Council, saying the village "remains in sound financial condition." He reported the General Fund ended the fiscal year with nearly $2 million in cash and investments after infrastructure spending and said street funds total about $1.3 million overall.
Hall told council the sewer fund showed an increase although depreciation tied to the new system has not yet been recorded, and that the water fund showed a loss that "may require further review." He identified minor findings in the audit related to capital asset tracking and small budget overages but characterized the overall audit performance as strong; during discussion results were described as comparable to an “A‑”.
Hall also reviewed temporary changes to Act 51 funding and commented on the village's use of Michigan CLASS accounts, noting their liquidity and interest-earning benefits. Council members asked clarifying questions about the water fund and tracking of capital assets; no formal action was taken on the audit presentation.
The audit results provide context for upcoming budget and project decisions, including planned infrastructure work noted later in the meeting.
