The City of Grand Rapids received a clean preliminary opinion regarding finances during a work session of the Grand Rapids City Council on Monday, April 26. According to David Mol, a partner with Redpath & Co., Ltd., the cityâs auditing service, a comprehensive annual financial report and report on internal control and legal compliance report will be completed and presented in May. For the past 28 years, the City of Grand Rapids has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA). Key findings in this yearâs audit show the cityâs property tax collection rate in 2020 was 99.26%. The special assessment collection rate was 90.7% for 2020. The fund balance of the cityâs General Fund increased $720,900 during 2020. Revenues exceeded the budget by $1.2 million and expenditures exceeded the budget by $633,000. The General Fund has met the desired cash flow reserve needs, according to Redpath who recommends that the city continue to monitor actual results of the Debt Service Funds with the projected amounts to ensure adequate funding of the Debt Service Funds.Â