Results from an independent audit for the fiscal year that ended June 30, 2015 showed that Sterling Heights continues to manage its finances very well
Finance and Budget Director Brian Baker presented the audit to the Mayor and City Council Tuesday. Baker said independent auditors Plante & Moran once again issued the city an “unmodified” opinion as part of its audit process - the highest rating possible. In addition, for the 27th consecutive year, the Government Finance Officers Association (GFOA) recognized the city for its excellence in financial reporting and budgeting.
Plante & Moran commended the city on establishing and following its long-term financial plan and for continuing to live within its budget. The accounting firm highlighted that the city has added to reserves for the second year, continues to fund and reduce long-term obligations, and is further reducing already low debt levels. As a result, Sterling Heights has maintained an excellent AA+ bond rating.
“With the passage of the Safe Streets proposal, the city has hired Police and Fire staff, reinvested in the community’s neighborhood roads, replaced capital equipment, and is beginning to restore reserves,” Baker said. “In addition, the City’s tax rate remains one of the lowest of any city in Macomb County.”
“I commend our entire Finance team for their diligent work throughout the year resulting in the favorable audit results,” said City Manager Mark Vanderpool. “They continue to do excellent work and are among the best in the business.”
A copy of the complete audit is available online at www.sterling-heights.net. Media seeking additional information can contact Community Relations Director Bridget Doyle at (586) 446-2471 or bdoyle@sterling-heights.net.