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Report: Ishpeming in good financial shape

July 19, 2011
By JOHANNA BOYLE (jboyle@miningjournal.net) , Journal Ishpeming Bureau

ISHPEMING - The Ishpeming City Council received a favorable city audit report for fiscal year 2010 at Monday's meeting, but city officials voiced concerns over the level of state funding for the future.

The council heard the 2010 audit report from John Blemberg of Anderson, Tackman and Company.

According to the report, the city ended 2010 with a fund balance of $405,856, down from $419,228 in 2009.

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"I'm pleased with the audit. I'd say it's a good audit report, especially given the financial circumstances the city finds itself in," City Manager Jered Ottenwess said. "Our general fund balance, which is always focused on, maintained pretty steady. There was a slight decrease which could have been offset by inter-fund transfers but nonetheless, it still exceeded $400,000 at year end, which has been a target that the city council has set."

The city's fund balance has increased from being less than $100,000 in 2006, but is still under the benchmark of having enough of a balance to fund 60 days of operations, which would require $500,000.

In addition to maintaining the city's fund balance, Blemberg said the city's enterprise funds remained stable in 2010.

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"We could be in trouble in 2011 with our revenue sharing, contract expenses and so on," Councilman John Stone said. "Those are things I believe the council needs to be paying attention to.

"I know some people may think $400,000 is a lot of money. I don't think that's a lot of money for a city this size."

Johanna Boyle can be reached at 906-486-4401.

 
 

 

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