By David Fleet
Editor
Atlas Twp.– Mark Perry, a CPA for Yeo & Yeo, presented the annual financial statements and auditor’s report for the fiscal year ending March 31, 2017 at Monday’s township board of trustee meeting.
The township board voted 5-0 to accept the audit.
According to the audit, for the fiscal year 2016-17 general fund revenues of $1,336,529 million with expenditures of $1,373,716 million dropped the fund balance by $37,187. The unassigned township general fund balance was reported at $1,664,467.
“The unassigned fund balance are dollars that are not committed in any way or not restricted in anyway,” said Perry. “You can spend these funds wherever you (the township) sees fit. We recommend maintaining a fund balance of at least 15 percent and the township is higher then that.”
Despite an increase in 2016 of $83,612, the general fund balance has declined each year since a peak of $2,589,905 in 2011.
The fund balance 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.
Township Supervisor Tere Onica addressed the audit. According to the audit, since 2013 the revenues from the police millage are exceeding the revenues needed to fund the deputies in the township by about $100,000.
On May 2 township voters OK’d renewals of 2.1 mills for police protection and 1 mill for the fire department. The five-year millage will generate an estimated $620,000 for the police services and $294,000 for the fire department.
About 7 percent of registered voters turned out to approve the renewals with 540 yes votes to 214 no votes.
The millage is based on a township taxable value of about $305 million and replaces the township police millage which expired December 2016. The township established a contract with the Genesee County Sheriff’s Department about 17 years ago, funded then by 1 mill from area property owners. The approved millage replaced the 1 mill levy along with $50 for improved lots and $25 for unimproved lots that expired 2012.
“(As a result of) being conservative and fiscally responsible along with not over spending our means, we are in a good position financially,” said Onica. “We have expenses coming up with our building and other projects.”