Birmingham received the “highest form of assurance” from its auditors at Plante Moran as they presented the city with its 2018 audit report at the Birmingham city commission meeting on Monday, December 3.
Douglas Bohrer and Timothy St. Andrew from Plante Moran informed commissioners that the city's general fund continues to be financially sound with a fund balance that increased by $2 million for the fiscal year which ended June 30, 2018, “or by 13.1 percent from the prior year,” St. Andrew said.
They praised the city for investing over $14 million in city infrastructure, machinery and equipment.
“You didn't have any significant deficiencies,” St. Andrew said.
As of June 30, 2018, they said that the pension system is 86 percent funded, and the retiree health system is 57 percent funded, up from 55 percent funded the previous year.
“The city has maintained a AAA bond rating from S&P and Fitch rating services. I have communities that are AAA rated by one, but you are AAA rated by both,” St. Andrew pointed out.