Financial Reports

The City is dedicated to providing accurate and easy to understand financial reports. In addition to making the City budgets, forecast and audited financial reports available online, we also provide accountability and transparency reports including a citizen financial guide. 
 

   Independent Audited Annual Financial Reports


Presented in PDF format are recent Annual Financial Reports of the City of Madison Heights. It is the responsibility of the City management to present fairly, with full disclosure and in conformity with accounting principles generally accepted in the United States of America, the financial position and results of operations of the City's funds and account groups, as well as those of the City's discretely presented component units. The Annual Financial Reports contain necessary disclosures useful in providing an understanding of the combined statements and the individual fund and account group statements. The State statutes and City Charter require an annual audit of all accounts of the City by certified public accountants selected by the City Council. This requirement has been fulfilled and the report of Plante and Moran, PLLC, Certified Public Accountants, is included herein.

View current and past Financial Report / Audits.

   Financial Forecast

Each year in late Fall City staff complete a Five Year Financial Forecast. The purpose of this Financial Forecast is to provide Staff, Council, and the public with a detailed estimate of the revenues and expenditures for the current and future four years to serve as the first step in the upcoming year budget process. This detailed look at the financial estimates serves as a tool to identify financial trends, shortfalls and issues so the City can proactively address them. The forecast, therefore, is essential for planning the future financial strategy of the City as we proceed through the Goal Setting, Capital Improvement and Budget Planning processes.
 
View current and past Financial Forecasts.


   Street Financial Report 


 
This information is required in accordance with Act 51 of P.A. 1951, as amended. The financial report accurately reflects the revenues and expenditures of all street work and fund by systems, and conforms to the requirements of P.A. of 1951 amended.

View current and past Street Financial Reports.

   Accountability & Transparency Report


The State of Michigan has established a City Village and Township Revenue Sharing (CVTRS) program. Each eligible local unit must meet all the requirements of Accountability and Transparency in order to receive the full CVTRS payments. Under this program each local unit must complete the following reports on an annual basis.

View current and past Accountability and Transparency Reports.