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.