COLDWATER, MI (WTVB) – Paul Plant from Taylor, Plant & Watkins presented what was called a clean audit for the City of Coldwater during Monday night’s City Council meeting.
The audit covered the financial statements for the year ending June 30, 2023.
Plant pointed out the city had a healthy fund balance.
The report stated the City’s assets exceeded liabilities by $129.1 million. Of this amount, $90.3 million relate to investment in capital assets (net of depreciation and related debt). $3.7 million are restricted assets and $35.1 million represent unrestricted net assets.
Overall revenues exceeded expenditures by $5.6 million. Governmental revenues generated $14.9 million, roughly the same as the prior year.
Included in the current year is $415,000 of adult use marijuana tax disbursements from the State of Michigan which was an increase from the $339,000 disbursement in the prior year.
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