Troy financials win the ‘triple crown’

By: Terry Oparka | Troy Times | Published January 9, 2018

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TROY — The city’s financials have received a “clean” opinion from independent auditors and awards for financial reporting. 

Troy Financial Services Director Tom Darling presented the city’s audit report and financials to the City Council Dec. 18. 

The Government Finance Officers Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to Troy for its 2014-15 Comprehensive Annual Financial Report. It marks the 19th year that the city has received the award. 

The GFOA also awarded the city the Outstanding Achievement in Popular Annual Financial Report Award and the Distinguished Budget Presentation Award for the city’s three-year budget.

“It’s a clean report,” said Nate Baldermann, of Rehman Robson, the firm that completed the city audit for the fiscal year ending June 30, 2016. “That’s what you’re looking for,” he said. 

“It’s a big deal,” said Councilwoman Ellen Hodorek, of what she described as the city’s three financial awards, or “trifecta.” 

“Many congratulations to the entire staff and the work they do on budgeting,” she said. 

According to the reports, the city’s general fund balance for the 2016 fiscal year — which ended June 30, 2016 — was $32.6 million, with $20.1 million as the unassigned fund balance. This represents 39.4 percent of the city’s general fund expenditures — more than the city’s policy of keeping it between 20 and 30 percent. 

The CAFR states that the general fund revenue was $52.7 million, an increase of $994,000 or 1.9 percent, from the prior year. Darling said the surplus was primarily due to state reimbursements on industrial and commercial personal property taxes.

Other highlights of the 174-page CAFR included general fund expenditures of $51 million that decreased by $2.3 million from the previous year due to an additional $2 million needed for the previous fiscal year to fund the volunteer firefighter incentive program. 

Links to the PAFR and CAFR are posted on the city of Troy website at www.troymi.gov.