City of Lansing submits annual audit for fiscal year 2020
The report will be presented to City Council during their meeting on Jan. 25.
LANSING, Mich. (WILX) - Thursday Lansing Mayor Andy Schor announced the City of Lansing submitted its Comprehensive Annual Financial Report (CAFR) on time to the Michigan Department of Treasury.
The Fiscal Year (FY) 2020 adopted budget, which covers July 1, 2019, through June 30, 2020, was passed with an expected decrease in the General Fund of $3.1 million and a decrease of the fund balance to $6,894,240.
In the CAFR submitted to the Department of Treasury, the city reported that it ended FY2020 with a total General Fund balance of $10,121,010, an improvement of $3.2 million over the final amended budget. This was due to several departments coming in under their personnel and operating budgets, as well as restrictions on discretionary spending.
Two noteworthy revenue sources came from one-time revenues, which were part of the final FY2020 budget amendment:
- $1,250,000 is attributed to the adjustment of a lawsuit payment to come from the Sewage Disposal System Fund instead of from the general fund.
- $1,320,895 was added to the general fund due to the sale of the City’s Townsend Street parking ramp.
“I am proud that we have been able to end FY2020 by bringing the General Fund balance back to $10 million, and that we have been able to end the fiscal year with more in our General Fund than projected. Every dollar makes a difference when it comes to providing services to our residents,” said Mayor Schor. “It will continue to be a priority for Lansing to have a healthy fund balance and prevent service cuts due to the coronavirus pandemic, economic crisis or any other challenges.”
The independent audit determined the rendering of a “clean” unmodified opinion on the statements, meaning the financial statements present fairly and accurately in all material respects in conformity with the Generally Accepted Accounting Principles (GAAP).
“The Finance Department is working with Mayor Schor to produce the FY2022 Executive Budget Recommendation, which will be presented to City Council in late March,” said Finance Director Robert Widigan. “The upcoming budget will reflect both Mayor Schor’s and the Lansing community’s priorities while responding to the fiscal challenges of a weakened economy due to the ongoing COVID-19 Pandemic.”
The CAFR will be presented to City Council during their meeting on Jan. 25. Mayor Schor will present his FY2022 budget proposal to City Council on March 22.
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