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Village coffers include 45 percent fund equity



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January 11, 2012 - Goodrich.-By a 5-0 vote on Monday night, the village council accepted an audit report from Lewis & Knopf for the year ending June 30, 2011.

Steve Kidd, CPA for Lewis & Knopf delivered the report to the council.

According to the audit, the village general fund increased by $14,633 during the year with the increase appearing in cash and receivables. In addition, revenues for the year increased overall by $51,598 due to increases in charges for services and state sources.

"The increase in state revenue was due to population growth reported in the United States Census," said Jakki Sidge, village administrator.

Between 2000 and 2010 the population of the village jumped from 1,353 to 1,860, prompting state revenues to increase from about $85,000 to $117,000, she added.

Conversely, overall expenses also increased by $61,353, due primarily to increases in legal fees, an operation study, accounting fees and winter road maintenance, according to the audit. The village coffers now include $293,527 in fund equity. Based on a current budget of $569,927, the village has about 45 percent or six months in reserves, reported Kidd.

"Right now we are in about the same financial shape as five years ago—except the number of payments will now be eliminated. We're just about debt free," said Sidge. "As far as collecting tax dollars, of course it's going to be less. We've also lowered the tax rate to village residents over those past years."

Kidd reported that four payments will be eliminated during the new fiscal year—a $6,700 truck payment, $11,300 office property payment, $25,000 payment for the special assessment on the repaving of Ridge Road and $15,000 to the Michigan Department of Transportation for bonds also for the Ridge Road project.

The only remaining debt will be $54,000 per year to cover the $978,000 for the village building. The debt will be paid off in 2044.

The next project will be the Dutch Road Bridge set for 2013 and repaving Erie Street in 2014, added Sidge.

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