Citizens' Guide to Local Finances and Performance
The City of Midland maintains numerous governmental funds, the largest being the General Fund. Other governmental funds include special revenue funds, such as the Local and Major Street funds, and the City’s Debt Service and Cemetery funds. Financial data for all of the City’s governmental funds are combined for the following:
- Revenues: (PDF) Where the City gets its money. Document shows illustrative comparisons of revenue by source and year.
- Expenditures: (PDF) Where the City spends its money. Document provides illustrative comparisons of expenditures by function and year.
- Position: (PDF) Comparisons of revenues to expenditures, by year, plus how the different components of fund balance change over time. Fund balance is the accumulated excess of revenues over expenditures for all previous budget years.
- Two-Year Budget (General Fund only): (PDF) The City Council adopted 2017-18 General Fund Budget with a comparative projection for the 2018-19 fiscal year.
The City also maintains numerous enterprise funds, such as the Water and Wastewater Fund. Certain financial obligations of these funds have been combined with similar obligations of the City’s governmental funds in the following page.
- Obligations: (PDF) The City sponsors two defined benefit pension plans and a defined benefit retiree health care plan. While two of these three plans are closed, the financial obligations continue until the last person receiving benefits stops receiving them. The liability associated with the City’s pension and retiree health care plans is reported in this document, together with the assets that have accumulated for funding.
The City also has bonded indebtedness. Annual interest and principal requirement on each outstanding bond is provided in the Debt Service Requirement page. The remaining unpaid principal balances are reported on this page by the type of debt and on a per capita basis.
- Debt Service Requirements: (PDF) The City of Midland currently has five bonded debt obligations, each of which require annual principal and interest payments. This page provides the annual payment requirements for each of these obligations.
Provides financial and operational measures reflective of fiscal stability, economic strength, and quality of life. More indicators will be added on a regular basis, and all indicators will be updated each year.
Public Act 202 Retirement Information
Public Act 202 of 2017 requires the annual reporting of certain retirement system information as determined necessary by the Michigan Department of Treasury. The attached reports meet these requirements for the fiscal year ended June 30, 2017. The reports provide the assets, liabilities, funded ratio, and annual required contribution for each of the City’s three defined-benefit retirement plans. Line 11 of each report indicates whether that plan is considered underfunded as defined by Public Act 202. The City’s second pension plan, Municipal Employees’ Retirement System of Michigan is considered underfunded and will require additional reporting to the State of Michigan at a later date.
Any questions concerning these reports can be directed to Dave Keenan via email.