2009 Financial Audit

Informations

• Publié par: Nifor
• Nombre de lectures: 28
• Langue: English

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CITY OF WALKER, MICHIGAN


FINANCIAL STATEMENTS


FOR THE YEAR ENDED JUNE 30, 2009



TABLE OF CONTENTS


PAGE

FINANCIAL SECTION

Independent Auditors’ Report 1

Management’s Discussion and Analysis 3-8

Basic Financial Statements

Government-wide Financial Statements
Statement of Net Assets 9
Statement of Activities 10-11

Fund Financial Statements
Balance Sheet - Governmental Funds 12
Reconciliation of Fund Balances on the Balance Sheet for Governmental Funds
to the Net Assets of Governmental Activities on the Statement of Net Assets 13
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Governmental Funds 14
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances of Governmental Funds to the Statement of Activities 15
Statement of Net Assets - Internal Service Fund 16
Statement of Revenues, Expenses, and Changes in Net Assets - Internal
Service Fund 17
Statement of Cash Flows - Internal Service Fund 18
Statement of Assets and Liabilities – Agency Funds 19
Notes to Financial Statements 21-39

Required Supplementary Information

Schedule of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual - General Fund 41
Scheduesand Changence -
Budget and Actual - Major Streets Fund 42
Schedule of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual – Improvement Revolving Fund 43
Defined Benefit Pension Plan - Schedule of Funding Progress 44

Combining and Individual Fund Statements and Schedules

General Fund
Schedule of Revenues - Budget and Actual 45
ule of Expenditures - Budget an47

Nonmajor Governmental Funds
Combining Balance Sheet 48-49
ning Statement of Revenues, Expenditures and Changes in Fund
Balances 50-51




CITY OF WALKER

TABLE OF CONTENTS


Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Local Streets Fund 52
Scheduesnd Changes in Fund Balance -
Budget and Actual – Ice and Fitness Program Fund 53
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual – Special Vice Investigation Fund 54
Scheduesnd Changes in Fund Balance -
Budget and Actual – Dispatch Training Fund 55

Fiduciary Funds
Combining Statement of Assets and Liabilities – Agency Funds 56-57
natement of Changes in Assets and Liabilities – Agency Funds 58-59

Component Units
Downtown Development Authority
Balance Sheet/Statement of Net Assets 60
Statement of Revenues, Expenditures and Changes in Fund Balance
/Statement of Activities 61
Schedule of Revenuesnd Changes in Fund Balance -
Budget and Actual - DDA General Fund 62
Schedues, Expenditures and Changes ince -
Budget and Actual - DDA Streetscape Maintenance Fund 63
Schedule of Revenuesnd Changes in Fund Balance -
Budget and Actual - DDA Parking Lot Fund 64

Brownfield Redevelopment Authority
Balance Sheet/Statement of Net Assets 65
Statement of Revenues, Expenditures and Changes in Fund Balance
/Statement of Activities 66
Schedule of Revenuesnd Changes in Fund Balance -
Budget and Actual - Brownfield General Fund 67




Vredeveld Haefner LLC
CPA’s and Consultants
4001 Granada Ct.
Grand Rapids, MI 49534
FAX [phone]

INDEPENDENT AUDITORS’ REPORT
September 29, 2009
Honorable Mayor and Members of the City Commission
City of Walker, Michigan

We have audited the accompanying financial statements of the governmental activities, the
aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of the City of Walker, Michigan, (the “City”) as of and for the year ended June 30,
2009, which collectively comprise the City’s basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the management of the City of
Walker, Michigan. Our responsibility is to express opinions on these financial statements based
on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the aggregate discretely presented
component units, each major fund, and the aggregate remaining fund information for the City of
Walker, Michigan as of June 30, 2009, and the respective changes in financial position and,
where applicable, cash flows, thereof for the year then ended in conformity with accounting
principles generally accepted in the United States of America.

The Management’s Discussion and Analysis on pages 3-8, the major fund budgetary comparison
schedules on pages 41 through 43, and the retirement benefit plan schedule of funding progress
on page 44 are not required parts of the basic financial statements but is supplementary
information required by generally accepted accounting principles. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did not
audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Walker’s basic financial statements. The combining and
individual fund financial statements and schedules are presented for purposes of additional
analysis and is not a required part of the basic financial statements. The combining and individual
fund financial statements and schedules have been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.

Vredeveld Haefner LLC
Specializing in services to governmental and nonprofit entities
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MANAGEMENT’S DISCUSSION AND ANALYSIS Management’s Discussion and Analysis

As management of the City of Walker, we offer readers of the City of Walker’s financial statements this
narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30,
2009. We encourage readers to consider the information presented here in conjunction with additional
information that is furnished in the financial statements and notes to the financial statements.

Financial Highlights

• As a result of the poor Michigan economy, income tax revenues, our biggest source of revenue,
decreased by approximately $493,000 from 07-08 to 08-09.
• Property tax collections increased by approximately $22,631. The millage rate of 1.336 has not
been increased since the year 2000. Walker has the lowest millage rate of any city in West
Michigan.
• The City of Walker continues to grow in the construction of new industrial and commercial
buildings while new single family housing construction is down. Commercial development
increased by $5,667,000 with 6 new permits. Industrial activity increased by $1,154,100 in new
building construction. An increase is also noted in additions to Industrial Buildings. Permits were
issued for 11 new family homes (down from 38 in 07-08) totaling $1,844,050.
• A new strip mall opened on the south side of Lake Michigan Drive just West of Wilson Ave.
• A new facility called Foot and Ankle Specialists opened at the corner of Wilson and Leonard.
• Public water was installed on Wilson from O’Brien to Riverbend to service customers in the South
Walker area that have been suffering from poor water quality. Water was also extended to the
Riverbend Area Special Assessment District to service the Riverbend, Maderia, and Ferndale
neighborhoods. Special Assessment Bonds of $690,000 were issued to fund the project.
• Walker Ice and Fitness center ended the year on a very positive note, post