COLDWATER, MI (WTVB) – The Coldwater City Council accepted an independent auditor’s report on the city’s finances for the fiscal year ending June 30, 2019 from Taylor, Plant and Watkins Monday night.
Paul Plant said overall, the city’s finances were in good shape.
The report indicated the City’s assets exceeded liabilities by $112.7 million. Of this amount, $79.5 million was related to investment in capital assets.
In addition, overall revenues exceeded expenditures by $5 million with $865,000 being an increase in the equity share of the Michigan South Central Power Agency.
Governmental expenses totaled $11.6 million which was a decrease of about $5 million compared to the prior year. The decrease was primarily due to the $4.8 million of State grant money used for the Clemens Food Group project in the prior year.
The report went on to say the City’s initial budget projects a deficit of $271,000 for the 2020 fiscal year which will be evaluated by staff and the Council as the year progresses. Even with the projected deficit, the City will remain in a financially strong position with an operating fund balance reserve of over 43 percent of expenditures.
