Results from an independent audit for the fiscal year that ended June 30, 2024 showed that Sterling Heights continues to maintain a strong financial position.
Assistant Finance & Budget Director Nick Makie presented the audit to the Mayor and City Council Tuesday. Makie said independent auditors once again issued the City an “unmodified” opinion as part of its audit process - the highest rating possible. In addition, the Government Finance Officers Association (GFOA) recognized the City for its excellence in financial reporting and budgeting for the 36th consecutive year.
New auditors, Rehmann Robson LLC, commended the City finance staff for the high degree of accuracy in the maintaining of records and financial reporting. Principal Daniel Clark and Senior Manager Dan Merritt from Rehmann Robson LLC indicated they found it a pleasure to work with the city of Sterling Heights for the first time. “Often changing auditors is not an easy task as there is a lot that goes into a first-year audit with a new firm. The finance team however did an incredible job navigating all the nuances of this change, and we appreciate their dedication to put in the work to once again receive an unmodified “clean” opinion on the City’s financial statements,” Clark said.
“In the past fiscal year, the City was able to continue to invest in the community through major road reconstruction efforts, neighborhood road improvements as well as upgrades to recreational assets and place making amenities. Continued long-term planning also allowed for the replacement of capital equipment, upgrades and repairs to City facilities as well as investments in employees by continuing to offer competitive wages and benefits and fully fund long-term retirement liabilities. This has all been accomplished while maintaining a healthy fund balance, a City tax rate that remains one of the lowest of any city in Macomb County and an excellent AA credit rating from Standard & Poor,” said Sterling Heights Finance & Budget Director Jennifer Varney.
“I commend our entire Finance team for their diligent work throughout the year resulting in the favorable audit results,” said City Manager Mark Vanderpool. “They continue to do excellent work and are among the best in the business.”
A copy of the complete audit is available online at sterlingheights.gov.