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Commission accepts 2023–24 audit; city reports modest net position gain
Summary
The commission accepted the 2023–24 audit showing an unmodified opinion, a net position of about $18.3 million (roughly $700,000 increase year-over-year), fund-balance growth and cash holdings; staff and auditor answered commissioners’ budget and pension questions before a unanimous vote to accept.
Munising city officials accepted the 2023–24 audit after an auditor’s presentation and commissioner questions.
The auditor reported an unmodified opinion and said the city’s net position was just over $18.3 million, an increase of roughly $700,000 from the prior year. Governmental fund balances rose by about $350,000 year over year; the capital project fund and general fund both recorded gains. The auditor highlighted that approximately $9.5 million is held in city bank accounts, with about $2 million covered by FDIC insurance and roughly $7.5 million not FDIC-covered, and recommended continued attention to cash distribution across institutions.
Commissioners asked about triggers for budget amendments and deferred inflows/outflows tied to pension accounting; the auditor explained deferred pension items are actuarial allocations and not directly managed by the city. Commissioners also discussed hiring for the departing finance position; the auditor advised patience to ensure a good candidate fit.
A motion to accept the audit was moved and seconded and passed unanimously.
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