Audit reveals Birmingham in good shape
By Grace Lovins
The fiscal year audit findings for Birmingham were presented to the city commission during the Monday, December 18, meeting, showing an increase in the general fund balance and overall good financial standing for the city.
The audit process begins in September, said Plante Moran partner Tim St. Andrew, and ends in late November. This year, Birmingham was issued an unmodified opinion, which St. Andrew said is the highest level of assurance the city could receive.
Some of the highlights from the audit, said St. Andrew, included an increase in the city’s general fund balance by $4.4 million – from $28.5 million to $32.9 million – with the investment of $21.1 million in infrastructure, machinery and equipment.
Birmingham additionally earned $1.3 million in federal grants during the fiscal year.
The city’s taxable value in 2023 was $2.96 billion and growing at an average of roughly five to seven percent, according to Plante Moran partner Phillip Femminineo, who attributed the growth to continued redevelopment in the city.
Birmingham’s total revenues were up roughly $6.6 million from last year, said Femminineo, for a total of $52.6 million. He noted the increase stems from the increase in property tax values and building permit revenue. The city’s expenditures were also up from last year by about $3.4 million, totaling $49 million.
Fiscal year 2023 was also the sixth year in a row where the city budgeted more than was spent, with this year showing a 13 percent difference between the budgeted and actual expenditures.
The commission did not take any formal action following the presentation.