By David Fleet
dfleet@mihomepaper.com
Atlas Twp. — On June 16 the board of trustees accepted the audit ending March 31, 2025. The audit procedure was completed by Imlay City based King & Messing. The auditors were not in attendance at the meeting.
According to the audit, for the fiscal year 2024-25 the general fund balance for the township was about $2.8 million.
The township’s governmental activities net position increased by $841,705. This compares to a net increase of $659,973 in the previously audited year. Both revenues and expenses increased. The largest change was the use of American Rescue Plan Act funds resulting in grant revenues of about $480,000.
“I am very pleased with the results of the recent financial audit of the township’s finances,” said Jim Busch, township supervisor. “The audit confirms that our township is on solid financial ground. Our strong fund balances position us well to invest in important community projects, including the Green Road paving project, the construction of an accessory building for police vehicle storage, updates and repairs to the Goodrich-Atlas Library, and planning for the replacement or renovation of our existing fire department facility.”
The township’s primary source of revenue is from property taxes which represents 60% and state shared revenues 26%, of total revenue. In the 2024-25 fiscal year property taxes accounted for $2,354,192 and state shared revenue was $681,726.
The Michigan Townships Association and the State of Michigan both would say a healthy fund balance is defined as 25% of your current year revenue, according to King & King.
The fund balance represents the surplus that the township may have. It is the excess of the township assets above its liabilities (what the district owns minus what it owes). While cash is an asset, it’s only one of many of an institution’s assets. Others include: accounts receivable, prepaid expenses, supplies, equipment and buildings.