Comprehensive Financial Plan - March 6, 2018
This Comprehensive Financial Plan (the “Plan”) is being prepared pursuant to Act 329, Public Acts of Michigan, 2012, as amended (“Act 329”). In accordance with Act 329, the City of Clawson (the “City”) has chosen to issue bonds to finance a portion of the City’s unfunded pension liability, as further described in this Plan.
The City proposes to issue bonds in the amount of approximately $15,200,000 to fund its pension obligation, which is within the City’s legal debt capacity. It should be noted that only $1,030,000 of the City’s outstanding debt is General Obligation Limited Tax debt that does not have a specific revenue stream or dedicated millage supporting it. The remaining debt is paid from a dedicted millages or water and sewer charges.
Further informationregarding the City’s capacity to issue the OPEBs is shown in t he following table.
Click here for the 2013-2014 Budget
Click here for the 2012-2013 Budget
Click here for the 2011-2012 Budget
Click here for the 2010-2011 Budget
Click here for the 2009-2010 Budget
Click here for the 2008-2009 Budget
APPROVED ANNUAL AUDITED FINANCIAL REPORTS:
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2017
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2016
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2015
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2014
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2013
Click here for the Audited Financial Report for the Fiscal Year Ended June 30, 2012
Click here for the EVIP III Compliance Form 4978 - Category 3 - Employee Compensation
Click here for the EVIP I Compliance Form 4886 - Category 1 - Compliance Report 2014
The Finance Director is responsible for all of the incoming and outgoing monies for the City of Clawson. Whether it’s paying the bills, posting and recording the receipts, or investing the excess funds, keeping the city’s finances in order are the responsibilities of the Accounting Office. The City of Clawson has seven separate funds to account for as well as construction and debt funds and a separate component unit called the Downtown Development Authority. Each fund has its own set of books to prepare a budget for and to balance each year.
The City of Clawson has a fiscal year that runs from July 1st through June 30th. Until two and a half years ago, the Finance Director would prepare the City Budget along with assistance from the City Manager. Now that I am the Finance Director and also the City Manager I have the task of preparing, presenting, and maintaining the City’s annual budget. This is generally a process which begins in February and ends when the City Council adopts the budget at the second meeting each May. Maintaining the budget is a daily part of the job. The Finance Director also prepares the books and multiple schedules for the auditors so that they may audit the books for every fund each year. Although this is extremely challenging, I enjoy my work and love Clawson.