City issues financial report and Citizen’s Guide to City's Finances
Published on January 11, 2023
GRAND RAPIDS, Mich. – The City of Grand Rapids has published online the latest Citizen’s Guide to the City’s Finances and Annual Comprehensive Financial Report. These reports summarize the City’s finances for the fiscal year 2022.
During yesterday’s Committee of the Whole meeting, City Comptroller Max Frantz presented the Citizen’s Guide to the City’s Finances – an easy-to-read, summarized version of the Annual Comprehensive Financial Report (ACFR). The guide includes:
- One page summary of the City’s finances
- Information on the City’s revenues, expenses and financial position
- Top vendors paid and tax abatement programs
- Debt summary
- Long-term obligation summary
- Graphics that illustrate the summary information
- Additional helpful resources and reports on the City government
The ACFR is a set of financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements of the U.S. Governmental Accounting Standards Board.
The ACFR includes an audit report, which shows the City achieved the best report possible for its financial statements for the fiscal year ended June 30, 2022. Independent auditor Plante & Moran PLLC issued the unmodified “clean” opinion on the City’s financial statements. The ACFR also includes an introduction, financial section, combining statements & schedules, and statistical information.
The Office of the City Comptroller published the Citizen’s Guide to the City’s Finances to help make information on City finances more accessible to the public. The Citizen’s Guide makes this information easier to understand and helps more residents of Grand Rapids gain insight into their City’s finances. The report was published today and shared at this morning’s Committee of the Whole.
“The Citizen’s guide represents a continuation of our commitment toward governmental excellence and continuous improvement of our reporting to the public to help simplify sometimes complex subject matters. The Citizen’s Guide aims to present a concise and straightforward overview of key financial topics for individuals to help those interested to learn more about their government’s finances,” says Frantz.
“Transparency is achieved through publishing financial statements however raising the number of those in the community who are engaged and finding meaningful information in these reports requires continuous improvement, efforts and innovation on our behalf. We hope that the public finds the Citizen’s Guide to be a useful and intuitive resource on the government’s financial activity in Fiscal Year 2022.”
A link to Frantz’s presentation to the Committee of the Whole is available on YouTube HERE. Download a PDF of the Citizen’s Guide to the City’s Finances in English HERE. A Spanish version is being prepared and will be posted online in the days ahead.