11/6/12 - The City of Howellâs recent tax tribunal settlements left their mark on last yearâs audit report, which was presented to the city council last night. An audit is conducted every year by a financial consulting company to make sure the city is properly managing and accounting for taxpayer money. The city ended the last fiscal year with a general fund balance of about $2.3 million, which is down $373,000 from the previous year. City Manager Shea Charles tells WHMI this is because of the settlements in tax tribunal cases from previous budget years. The city had set aside funds for liability in those cases, and now that they have been settled $490,000 of those set-aside funds are being reassigned to previous budget years to pay for the settlements. Aside from the reduced general fund balance the representative who delivered the report described the audit as âboringâ because it did not have any major issues, and he congratulated the city on receiving the Certificate of Achievement for Excellence in Financial Reporting for the fifth year in a row. (TD)
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