Midland City Hall - 333 W. Ellsworth St. Midland, MI 48640 Phone: 989-837-3300
City of Midland Guide to Local Finances
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:
Where the City gets its money. Document shows illustrative comparisons of revenue by source and year.
Expenditures: Where the City spends its money.
Document provides illustrative comparisons of expenditures by function and year.
Position: 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): The City Council adopted 2013-14 General Fund Budget with a comparative projection of what the 2014-15 fiscal year could look like.
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.
The City sponsors two defined benefit pension plans and a defined benefit retiree health care plan. While two of these three plans were closed in 2005, 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:
The City of Midland currently has six 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.