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A
SSOCIATED
N
EWSPAPERS OF
M
ICHIGAN
P
AGE
2
July 10, 2014
C
ANTON
- N
ORTHVILLE
Canton Township has contin-
ued a 20-year record of excel-
lence in financial reporting
according to auditor Plante-
Moran who presented the latest
audit of township finances earli-
er this month to members of the
board of trustees.
The township received the
highest rating possible, an
“unqualified opinion” from
Plante Moran who placed the
township near the top, if not at
the top, among Michigan com-
munities for its financial posi-
tion and long-range blue print
for spending. Michael Swartz, a
partner in Plante-Moran told
officials and trustees, “The
audit opinion is rock solid. The
audit results this year are terrif-
ic.”
Township Supervisor Phil
LaJoy and other officials noted
that there are financial hurdles
ahead as the township faces ris-
ing costs for retiree health care
costs andpensions.
The report from the inde-
pendent auditing firm showed a
decrease in spending from $25.7
million to $22.4 million for the
one-year period ending Dec. 31.
The unreserved budget surplus
in the township rose from$3.8 to
$4.6 million. Auditors said that
the township had controlled
spending and increased the gen-
eral fund surplus.
Finance Director Wendy
Trumbull cautioned the board
members at themeeting, howev-
er, that “We still need to be care-
ful over the next fewyears.”
The millage rate in Canton
has remained at 10.4 mills since
2010 when board members
approved a 1.75 mill increase
for police and fire services.
Canton property tax revenue
declined 2.1 percent last year
and will remain almost flat this
year, according to Plante Moran
projections. Auditors said there
could be a potential increase of
2 percent in 2015 and 3 percent
in 2016.
Auditors also said that the
taxable value in the township
will not return to the 2007 levels
until 2019.
Northville Public Schools will
save taxpayers just over $1 mil-
lion, and make lower debt pay-
ments after the sale of 2014
refunding bonds in the amount of
$13.28 million. Members of the
board of education ratified the
bond purchasing agreement this
week.
Northville Public Schools will
have slightly lower debt service
payments beginning in 2016, and
taxpayers will notice a lower
school debt millage in their tax
bills beginning that same year.
Bond refunding is similar to a
homeowner refinancing a mort-
gage to exchange high cost debt
for low cost debt, a district
spokesperson explained. The
district is taking advantage of the
current low interest rates to issue
the refunding bonds. The new
bonds will be used to refund a
portion of the school district's
outstanding 2005 refunding
bonds and to pay for the cost of
issuing the bonds.
In preparing to sell the 2014
refunding bonds, the school dis-
trict, working with financial advi-
sor Stauder, Barch & Associates,
Inc., requested that Moody's
Investors Service evaluate the
school district's credit quality. As
a result of that evaluation,
Moody's upgraded Northville
Public Schools underlying rating
to "Aa3" fromA1, citing the school
district's sizable tax base, man-
ageable debt burden, growing
enrollment and strong financial
operations.
"Our district is able to sell
these bonds because of our out-
standing credit rating of 'Aa3'
assigned by Moody's," said
Northville Superintendent of
Schools Mary Kay Gallagher. "At
the same time, the refunding
bonds will translate into real sav-
ings for school district residents.
During these continued challeng-
ing financial times for our state
and our schools, one of the pri-
mary goals of our board of educa-
tion is to look for ways to achieve
long-term savings without
impacting the outstanding educa-
tional programs, and services.”
The audit opinion is rock solid.
The audit results this year are terrific.
”
Auditors laud financial reporting in Canton
School bond sale will save taxpayers $1 million
Northville parade winners revealed
Winners of the The Northville Community
Foundation 2014 Independence Day Parade
included:
Best ThemeEntry- CelebratingAmerica'sHeroes!
First Place: Place:WardChurch
SecondPlace:
NorthvilleMeijer
ThirdPlace: St. MaryMercyLivonia
Best Float
First Place: GoldfishSwimSchool
SecondPlace: NorthvilleHistorical Society
Third Place: Northville First Church of the
Nazarene
Best CrowdPleaser
First Place:MilitaryMotorcycleSquad
SecondPlace: PiazzaDanceCompany
ThirdPlace: ZapZoneFamilyFunCenter
Most Patriotic
First Place: PreservationDental
SecondPlace: DestinyWorshipCenter
Third Place: Daughters of the American
Revolution
BestMusical Entry
First Place: PlymouthFife andDrumBand
SecondPlace: ShawnRileyBand
Third Place: Northville High School Summer
MarchingBand
Best Vehicles
MostNostalgic: VintageKoreanWar Ambulance
CrowdPleaser: GreenHornet
Most Unique: CocaColaCar
For photos, visit www.facebook.com/northville.com-
munity.foundation