|Overall, the Village of Cass City is in sound financial shape. The Council and Management have created budgets for our times. The original budget is set in December of each preceding year, and two budget amendments each year are created to reflect the current trends and realities of Cass City's financial situation. Management is in constant contact with local and state departments, analyzing trends, forecasts,the housing market, and business activity.|
|Even though the number of residents has decreased over the past years,and the dollars become more limited, the Cass City dashboard focuses on areas that are positive, or neutral, but not negative.|
|General Fund expenditures are aligned with the declining revenues, even increasing the fund balance each year. Our fund balances are healthy, showing $76,608 in restricted equity, and $402,657 in unrestricted fund balance. The debt burden per citizen is $724, from three DDA property acquisitions and a USDA Bond funding the construction of the Arsenic Removal Treatment Facility.|
|Street Funding is funded by tax revenues, Act 51 payments, MDOT reimbursement of M-81 maintenance, local bridge tax,and a local special assessment for the Northwood Meadows Street construction. General Fund dollars have not supplemented any street projects, as current street revenues were able to fund its projects.|
|Lastly, the Village of Cass City does not offer a Retirement Health Plan or Pension to its retirees. Retirement Contributions are paid into a 401K Retirement at 10% employer contribution / 4% employee contribution. A single retiree subscriber premium granted by Council in the early 1990s is easily paid during the current fiscal year.
This policy was a one time only event, and current policy for retiree health coverage has been terminated in the late 2000s.
To view the 2015 Financial Audit, click here.