TECUMSEH — The City of Tecumseh was presented with its Annual Comprehensive Financial Report during Monday night’s council meeting.
Auditor Daniel Clark, signing principal, delivered the presentation, noting the city received a clean, unmodified opinion with no findings or misstatements.
Clark reported a $2.8 million increase in total assets over last year and confirmed the city issued a $3.2 million bond for capital improvements. Infrastructure investments rose by $1.7 million. He said no difficulties were encountered during the audit.
The city’s long-term debt increased #2.3 million net, while pension liabilities are 73% funded. Other post-employment benefits are 53% funded.
The city could operate for 8 and a half months without new revenue and has posted no negative annual results in the last 5 years.