Grand Rapids Reporter

GRAND RAPIDS, Mich. – The City of Grand Rapids has published online the latest Resident’s Guide to the City’s Finances and Annual Comprehensive Financial Report. These reports summarize the City’s finances for the fiscal year 2023.

During yesterday’s Committee of the Whole meeting, City Comptroller Max Frantz presented the Resident’s Guide to the City’s Finances – an easy-to-read, summarized version of the Annual Comprehensive Financial Report (ACFR). The guide includes:

• One page summary of the City’s finances
• Information on the City’s revenues, expenses and financial position
• Top vendors paid and tax abatement programs
• Debt summary
• Long-term obligation summary
• Graphics that illustrate the summary information
• Additional helpful resources and reports on the City government

The ACFR is a set of financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements of the U.S. Governmental Accounting Standards Board.

The ACFR includes an audit report, which shows the City achieved the best report possible for its financial statements for the fiscal year ended June 30, 2023. Independent auditor Plante & Moran PLLC issued the unmodified “clean” opinion on the City’s financial statements. The ACFR also includes an introduction, financial section, combining statements & schedules, and statistical information.

The Office of the City Comptroller published the Resident’s Guide to the City’s Finances to help make information on City finances more accessible to the public. The Resident’s Guide makes this information easier to understand and helps more residents of Grand Rapids gain insight into their City’s finances. The report was published today and shared at this morning’s Committee of the Whole.

“The Resident’s Guide is an important resource we publish each year to inform the public of the City’s overall financial position. The guide takes what can typically be detailed and complex accounting topics and presents them in a concise and straightforward fashion that is easy to follow for most readers,” Frantz said. “If you’re looking for a quick summary and update on the City of Grands Rapids finances for the fiscal year 2023, the Resident’s Guide is a great place to start!”

Original source can be found here.