Results from an independent audit for the fiscal year that ended June 30, 2018 has awarded Sterling Heights with favorable results.
Finance and Budget Director Jennifer Varney presented the audit to the Mayor and City Council Tuesday. Varney 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 30th consecutive year, the Government Finance Officers Association (GFOA) recognized the city for its excellence in financial reporting and budgeting.
Plante Moran commended the City for following its long-term financial plan and continuing to live within its budget. The accounting firm highlighted that the City has continued to proactively address retiree healthcare and has significantly increased the funding level. During the current year, the City successfully implemented GASB statement No. 75, which enhances accountability and transparency of the City’s retiree healthcare funding. The condition of the books and records were in great shape with no journal entries identified during the audit, and the City’s compliance audit over federal awards resulted in no audit findings.
“The City’s long-term financial plan has allowed the city to invest in the community through neighborhood road improvements, recreational assets and place making amenities; invest in infrastructure by replacing capital equipment and upgrading and repairing city facilities; and invest in employees by continuing to offer competitive wages and benefits and fully fund long-term retirement liabilities. This has all been accomplished while maintaining a City tax rate that remains one of the lowest of any city in Macomb County and an excellent AA credit rating from Standard & Poor,” said Varney.
“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 the Community Relations Department at (586) 446-2489.