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Guest column - 2011 Treasurer's Annual Report


Summary prepared by Alice Young, Orion Township Treasurer



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February 08, 2012 - This annual report to the Board and the community reflects the continuing dismal economic trends that have worsened since 2008. Economic conditions have not improved, and there continues to be declines in property taxes and interest earnings. However, because the 2010 census stated an increase in Orion's population of approximately 200, our Michigan revenue sharing will be increased by approximately $200,000 for 2012.

The Numbers:

Basically, township monies are invested in five types: Savings accounts, money market instruments, Certificates of Deposits (CDs), mutual funds, and an Oakland County Investment Pool. The depressed economy was reflected in the Township's earnings on investments. During 2011 the weighed average of interest earned on CD's was only 1.15%. This was down from 5.11% in 2007. The mutual funds continued to earn at the rate anticipated when the investments were considered. They consistently earn between 4% and 5%. The funds invested in the Oakland County Investment Pool were earning .37% at the year-end but averaged 1.1% for the year. This was down from 4.09% in 2007. The rate of return on all these various investments is a function of the prevailing interest rates.

The totals for 2011 are as follows:

General Fund Water/Sewer Fund Tax Fund Total

-Balance at year-end $14,939,944 $52,885,894 $3,230,486 $71,056,324

-Percent of total 21.0% 74.4% 4.6% 100.0%

-Interest earned $96,269 $653,266 $33 $749,568

-Percent of total 12.8% 87.2 % 0% 100.0%

Total interest earned on a cash basis has continued to decline. Earnings on investments have declined approximately 80% since 2008.

Please note that the Water & Sewer fund is an Enterprise Fund for the exclusive use of our Water & Sewer department. Also, the 4.6% of assets that are in the Tax Fund will be disbursed to the various entities for which we collect taxes.

Conclusion

The complete text of the Financial Report can be obtained at the Treasurer's office. As always, I am available to answer any individual questions. Please do not hesitate to contact our office.

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