By David Fleet
dfleet@mihomepaper.com
Groveland Twp.— The yearly audit ending March 31, 2024 was presented by Ken Palka, from the accounting firm of Pfeffer, Hanniford and Palka on Oct. 14.
“You all do a great job,” said Palka.
The township reported $1,796,090 in total revenues which includes state $681,894; interest, rents $490.548; taxes $348,314; licenses, permits $238,242; other $34,747 and services $1,945. There were $1,089,661 in expenditures.
Excess revenues over expenditures were $615,034, of additional fund balance. In comparison, the 2023 fiscal year ended with an additional township fund balance of $250,339. Additional revenue $28,000 was added for a total of fund balance addition was $643,098.
The fund balance is now just over $7 million which includes the general and infrastructure fund.
The infrastructure account, established in 2009, includes funds earmarked for projects such as road paving, property development and emergency reserves. A transfer from the infrastructure account requires board approval.
“For the residents, the board has the money set aside for the significant projects” said Palka. “You don’t have to borrow money.”
In addition, the fire department had a good year with a surplus of $184,772 up from $55,954 in 2023. The fund balance is now just over $1.9 million.
The building department fund balance is now $1,063,000 with about $59,000 added in 2024. The remaining ARPA or federal dollars from COVID was about $52,000 and has since been spent.
“Overall the township surplus was just over $934,000,” he said. “The total fund balance is over $10 million.”
“Interest rates were high,” said Bob DePalma, township supervisor. “Some AARP money and a lot fell into place.”