Politics & Government
City's Fund Balance Larger Than Expected
Highland Park ends 2010 with nearly $2 million more than expected in coffers.
presented the Comprehensive Annual Financial Report--Highland Park’s audited financial statement for 2010 that's due by June 30--to the City Council on Monday with some good news.
The report showed Highland Park had a larger fund balance than projected. While the projected fund balance for 2010 was $11,423,899, the final audited amount was $13,153,861, according to Holleb.
She was assisted by Fred Lantz, a partner with the city’s auditors, Sikich LLC.
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This gives Highland Park a reserve of 45.6 percent of its annual projected expenditures for the current fiscal year. The city hopes to have a balance of between 25 percent and 33 percent, Holleb said.
The current goal may be low considering the current state of economy, Lantz noted.
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“Many municipalities with a December 31 year-end are looking at 50 percent in this economic uncertainty,” he said in response to a question from Councilman Jim Kirsch.
“What used to be acceptable is very low in the new economy,” Lantz told the council.
The entire report from Highland Park’s auditors is available on the city’s website.
