Press Release
Annual Audit shows Novi as Fiscally Sound
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FOR IMMEDIATE RELEASE
NOVI, Mich., November 29, 2011 – A summary report of
the annual financial audit was presented to the Novi City
Council and community at last evening’s regular City Council
Meeting with the City of Novi receiving an unqualified, “clean”
opinion for FY 2010-2011. The
audit presentation was given by Randy Morse, partner, with
Andrews, Hooper, Pavlik, PLC (AHP), the consulting firm
contracted to perform the audit. “This is the best opinion a
municipality can receive,” Morse stated.
The City of Novi’s government-wide net assets grew $5.5 million to $331 million, primarily as a result of significant savings in personnel related costs, grant proceeds funded by the American Recovery & Reinvestment Act of 2009, and investments by developers.
Throughout the past couple of years, the City of Novi has anticipated and recognized financial realities which have plagued the State and local governments. City Manager Clay Pearson shared, “Our Novi team, from City Council making policy to staff in the field, make decisions every day to control costs, seek operational efficiencies, create and enhance partnerships, and prioritize work effort, all while maintaining and delivering the quality services for which our residents and businesses are accustomed. Although work remains to be done and we can always improve, we are proud of last year’s fiscal accomplishments and will continue to strengthen that foundation.”
“Novi continues on a sound fiscal path,” notes Finance Director Kathy Smith-Roy. “Results of the Comprehensive Annual Financial Report indicate the positive direction and level of financial transparency and accountability in Novi’s government. Through proper planning and the comprehensive management of budgetary and fiscal operations by the City Council and our entire Novi staff team, Novi’s fiscal health remains strong.”
With more than 55,000 residents and a diversified tax base of $2.98 billion, the City of Novi is widely recognized for its commitment to excellence, its dynamic partnerships, and vision for the future, all of which make Novi a wise choice for residents and businesses. Novi offers a high quality of life, diverse culture, convenient location, commitment to infrastructure enhancements and outstanding City services. Novi has been recognized as one of the top places to live and work nationally by both Family Circle and Money Magazine and remains dedicated to continuous improvement, as well as to the principles of transparent government and open communication. Earlier this year, when the State of Michigan introduced the Economic Vitality Incentive Program (EVIP), Novi easily met the new state standards. Visitors to cityofnovi.org can click on the “Open Government” icon on the homepage and see a City dashboard with up to date finance status, public safety trends, and quality of life information. The City of Novi also streams live on the web and televises all Council and Commission meetings and Budget session, as well as produces a regular Fiscal Fitness publication to share cost and operational enhancements constantly being made to maintain a healthy bottom line.
Click here to view the Comprehensive Annual Report in its entirety.