Fiscal YearPursuant to the provisions of Section 8.1 of the City Charter, the fiscal year begins on July 1st of each year and ends of June 30th of the following year.
BudgetUnder the requirements of the Michigan Uniform Budget Act, the City must annually adopt a budget for the General operating fund and all special revenue funds.
Each year, the budget document is prepared and reviewed by the City Manager, Assistant City Manager and City Controller, based on estimates submitted by the City department heads.
Subsequent review is conducted by the Budget and Audit Committee, a sub-committee of City Council. The proposed budget is then submitted to the whole of City Council on or before the first regular meeting in April of each year. A public hearing on the proposed budget is held prior to adoption. The annual budget for the next fiscal year must be adopted by Council no later than the third Monday in May.
By City Charter, the budget document must include details of:
- proposed expenditures
- indebtedness
- proposed millage rates
- revenue from taxes and other sources
- estimates of fund balances.
AuditAn audit of the City's financial records is performed annually by an independent public accounting firm.
Comprehensive Annual Financial Report (CAFR)In connection with the annual audit, and following Governmental Accounting Standards Board (GASB) guidelines, the City prepares a Comprehensive Annual Financial Report (CAFR) covering the fiscal year.
The City of Grosse Pointe Farms has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for the last 27 consecutive years.
Popular Annual Financial Report (PAFR)The City also produces a Popular Annual Financial Report (PAFR) each year. This condensed document provides a snapshot of the prior fiscal year through a series of graphs, tables, photographs and brief descriptions. The PAFR is distributed to each household annu
ally. The City of Grosse Pointe Farms has also received the Award for Outstanding Achievement in Popular Annual Financial Reporting from the GFOA for the last 9 consecutive years.
