The village of Dexter received a "clean audit" from the Plymouth-based CPA firm of Post, Smythe, Lutz and Ziel on the village's 2011-2012 fiscal year budget, according to auditor Rana Emmons.
Emmons said the village received an unqualified opinion from the firm, which means that all of Dexter's expenses were properly documented.
Emmons made a presentation to the Dexter Village Council on Monday, in which she detailed both the audit itself and the state of the village's finances at the close of the fiscal year on June 30, 2012.
The report shows that the village's assets exceeded its liabilities at the close of the fiscal year by $18.4 million (net assets). Of this amount, $2.6 million (unrestricted net assets) may be used to meet the village's ongoing obligations to citizens and creditors.
In addition, Dexter's total net assets increased by $1.6 million last year. The village's governmental funds reported combined ending fund balances of $2.7 million, and its total debt decreased by $565,825 (4 percent).
Emmons said that taxable values of homes and businesses decreased in the 2011-2012 fiscal year by 2 percent as compared to 5 percent in the past few years. Despite the losses, the village has been able to keep expenditures down and under budget.
Village Treasurer Marie Sherry said officials have also been able to utilize federal and state funds to maximize tax dollars for capital project projects.
"The unqualified opinion is due to the hard work of the village staff," Sherry said. "Our employees work really hard to make sure we're being fiscally responsible with the budget."
Sherry said one project she is particularly proud of involved working with Village Manager Donna Dettling to refinance sewer and water loans in order to save $1.2 million in interest.
"By refinancing the loans, we're able to take on more debt for other capital improvement projects," she said.
Sherry said overall the report reveals Dexter is in "good financial shape."
To view a copy of the 2011-2012 audit, visit the village's website and click on Reference Desk link.