Meridian Township Shares Strong 2019 Audit

Meridian Township Shares Strong 2019 Audit

MERIDIAN TOWNSHIP - At their June 2 virtual meeting, the Meridian Township Board presented its 2019 audit report. The report was presented by Ali Barnes from Yeo & Yeo, a business advisory firm.

In 2019 the general fund revenues and transfers for the Township were approximately $22.8 million with a majority of the revenue coming from taxes and city services. Fund expenditures and transfers were approximately $20.2 million with a majority of those expenditures and transfers going toward public safety and other government functions. Water revenues exceeded water expenses for the fourth year in a row and sewer funds. Meridian Township got a clean opinion on the audit which is the best opinion you can get for an audit.

General fund expenditures and transfers were about $390,000 lower compared to 2018 and their general fund was up compared to 2018. There were no material weaknesses or significant deficiencies in 2019. For Meridian Township employee’s retirement pension plans, liabilities went down slightly as assets went up from 2018.

Treasurer Phil Deschaine acknowledged the need to keep putting money into the city’s MERS contribution due to the state of the economy.

“Putting extra money in because we don’t know where the market is going to be, this year the market could fall, it could crash, it could stay stable and increase. We don’t know,the only cushion to that (uncertainty of the economy) is to add additional funds when we can.” Deschaine said.

The Township’s fund balance on December 31, 2019 was approximately $10.4 million. The projected fund balance for the same time in 2020 is approximately $8.4 million.

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