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Michiana posts clean audit; reserves strong and CDs earned $65,661 since Sept. 2023
Summary
The council received a clean audit opinion; the general fund exceeds GFOA best-practice reserves, all special revenue funds are properly restricted, and CD interest earnings since Sept. 2023 total $65,661.
Council received the village’s annual audit with a clean opinion indicating compliance with laws and regulatory standards. The auditor highlighted strong general fund balances that exceed Government Finance Officers Association (GFOA) best practices and stable, properly restricted special revenue funds.
Treasurer Tracey McCay reported that a water department certificate of deposit recently rolled over at 3.0% for nine months and that, since September 2023, the village has earned $65,661 in interest on CDs. The council approved the Treasurer’s report and a check registry totaling $40,738.03 by unanimous vote.
Council thanked staff for the financial work and noted that fund balances provide flexibility for upcoming projects, including potential capital planning tied to the public safety building.
