Presented by

David Youngstrom, CPAJamie Rivette, CPA

Presented on

January 22, 2013

Prepared by Yeo & Yeo, P.C. 1

  City of Saginaw

  Audit Results

  June 30, 2012

Audit Opinion• CAN ONLY BE ISSUED BY A LICENSED CPA FIRM • HIGHEST LEVEL OF ASSURANCE • MANAGEMENT RESPONSIBILITY • AUDITOR'S RESPONSIBILITY • UNQUALIFIED OPINION PRESENT FAIRLYIN ALL MATERIAL RESPECTSFINANCIAL POSITION

Prepared by Yeo & Yeo, P.C. 2

City of SaginawGeneral Fund Revenues

June 30, 2012

Prepared by Yeo & Yeo, P.C. 3

Income taxes: $12,533,025

39%

Property taxes: $3,527,803

11%

Inter-governmental: $7,074,369

22%Charges for Services:

$1,481,8095%

Other: $467,2521%

Licenses and Permits: $1,913,003

6%Fines and

Forfeitures: $696,889

2%Grants and

Contributions: $3,887,748

12%Transfers: $826,384

2%

City of SaginawGeneral Fund Revenues

June 30, 2011

Prepared by Yeo & Yeo, P.C. 4

Income taxes: $12,235,713

34%

Property taxes: $2,945,388

8%

Inter-governmental: $8,920,027

25%

Charges for Services:

$1,592,9215%

Other: $490,4891%

Licenses and Permits: $1,683,354

5%Fines and

Forfeitures: $326,715

1%

Grants and Contributions: $5,123,670

14%Transfers: $2,492,500

7%

Excludes transfers 5

City of SaginawGeneral Fund Revenues

Prepared by Yeo & Yeo, P.C.

City of SaginawGeneral Fund Expenditures

June 30, 2012

Prepared by Yeo & Yeo, P.C. 6

Administration: $2,657,039

8%

Transfers: $796,984

2%

Public Safety: $22,329,515

64%

Community Services:

$1,353,7324%

General Government: $4,589,429

13%

General Services: $3,403,877

9%

City of SaginawGeneral Fund Expenditures

June 30, 2011

Prepared by Yeo & Yeo, P.C. 7

Administration: $2,506,866

7%

Transfers: $1,467,175

4%

Public Safety: $22,457,780

63%

Community Services:

$1,543,2474%

General Government: $4,645,916

13%

General Services: $3,096,603

9%

Prepared by Yeo & Yeo, P.C. 8

City of SaginawGeneral Fund Expenditures

Excludes transfers

City of SaginawGeneral Fund Revenues & Expenditures

Prepared by Yeo & Yeo, P.C. 9Excludes transfers

City of SaginawUnassigned General Fund Balance

Prepared by Yeo & Yeo, P.C. 10

City of SaginawWater Fund

Prepared by Yeo & Yeo, P.C. 11Excludes transfers

City of SaginawSewer Fund

Prepared by Yeo & Yeo, P.C. 12Excludes transfers

City of SaginawFuture Challenges

• Personal property taxes• State economic/political condition• Escalating fringe benefit costs• Retirement increases• Eroding state revenue sources• Fund balance• Declining tax base• No funding for capital improvement plan

Prepared by Yeo & Yeo, P.C. 13

Questions?

Prepared by Yeo & Yeo, P.C. 14

City of SaginawJune 30, 2012Audit Results

David YoungstromJamie Rivette

(989) 793-9830

Thank you!