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OWOSSO â Owosso has earned a âcleanâ opinion on its annual financial audit, meaning the cityâs financial statements for the fiscal year ending June 30 fairly present its true financial position.
In addition, the cityâs combined fund balance is strong and its debts are relatively low, according to CPA Neil Hammerbacher of Grand Rapids-based Gabridge & Company, which presented the audit remotely because of COVID-19. During Mondayâs virtual regular meeting, Owosso City Council members voted unanimously to accept the audit report.
âA lot of the cities weâre (auditing) have a deficit in government activities, and you have a positive,â Hammerbacher told council members, adding later: âThe state limits how much debt you can have: 10 percent of the cityâs assessed valuation. Youâre nowhere close to that.â
OWOSSO â The city of Owosso continues to be in a formally declared state of emergency, primarily in order to maintain virtual city board meetings under the Michigan Open Meetings Act.
On Monday, Owosso City Council members unanimously approved extending the state of emergency declared by Mayor Chris Eveleth in March because of the COVID-19 pandemic and state executive orders restricting in-person gatherings.
The Open Meetings Act allows meetings to be held remotely in the event of a local state of emergency. Eveleth said he was requesting the extension in order to protect the health of vulnerable citizens during the pandemic. He said resident participation in board meetings has increased since they went virtual.