Municipal-specific comments: The City of Novi continues its strong financial position as a result of long-term financial planning and maintaining responsible fund balances in conformance with GFOA recommended practices and low debt obligations. In keeping with sound fiscal procedures, the City utilizes its fund balance responsibly each year for one-time purchases of capital and special large projects. Planned use of fund balance results in an incorrect negative graph of operating deficit. The City operates a balanced budget each year for operational expenses.
Data Source: This information is taken from the F-65 form that is reported to the State Treasury.