Township Board Reviews 2018 Audit Report

Township Board Reviews 2018 Audit Report

MERIDIAN TOWNSHIP - At their June 4th Board Meeting, the Meridian Township Board were presented with results from the 2018 Audit Report containing financial information and internal-controlled related matters from Yeo & Yeo.

The report began with a pie chart, divided into six different categories, of the Township's General Fund Revenues and Transfers totaling to roughly $21.7 million. Property taxes was the most at roughly $12.6 million (58%).

In the past five years from 2014 to 2018, General Fund Revenues and Transfers have gradually increased.

In terms of Expenditures, the Township spent $20.7 million, public safety being the most at $12.8 million (62%). However, in the previous year, public safety was 56%; and Expenditures are trending upward the past five years.

The report also highlighted three kinds of fund-balances: Unassigned, Assigned and non-spendable and the Township's water fund, which included the total revenues exceeding total expenses in the last three years (2016-2018).

The Audit also included a report of the Township's two pension plans, Michigan Employees Retirement System of Michigan and other Post-employment benefits.

Township Manager Frank Walsh went over parts of the report dealing with the Meridian Township Retirement Pension plan.

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