City Council receives Comprehensive
Annual Financial Report
Nov. 28, 2011, updated Nov. 29, 2011
 
NOVI, MI - At their regular meeting, the Novi City Council was presented with the Comprehensive Annual Financial Report, which contains a summary of the past year as prepared by City Administration and the City's outside auditors. This report covers the fiscal year ending June 30, 2011.

The report, available online here, shows that the City passed the audit, and  continues to do well financially.

Highlights of the report include:

• The City had a net income of $5.5 million, up from $4.8 million the previous year.

• Total debt obligations were reduced by $8.7 million.

• Public Safety expenses were cut by 2% from the previous year.

• Recreation expenses were cut by 33% from the previous year.

• Novi has a S&P bond rating of AA+, which means "having excellent financial security and being highly safe."

• Long-term liability for excessive banked sick days and new employee future pension benefits were both cut significantly.

• The City touts its ability to bring in foreign automotive parts manufacturers to compete against American companies.

• The City made $601,000 on cable TV agreements.

• The City made $374,000 on ice arena operations.

In other business before Council on Monday...

CONSENT AGENDA: All items approved as presented.

A. Approve Minutes of: 1. November 14, 2011 Regular meeting

B. Approval of the final pay estimate to Matzak, Inc. for the 2010 Sanitary Pump Station Upgrades project in the amount of $8,840.95.

C. Approval of the final balancing change order and final pay estimate to Metropolitan Power & Lighting, Inc. for the Beck Road and Cider Mill Traffic Signal Installation project in the amount of $10,394.54.

D. Approval to award an amendment to the engineering services agreement to URS Corporation for additional construction inspection services related to the Beck Road and Cider Mill Traffic Signal Installation project in the amount of $1,998.75 (which is offset by the charges to the construction contractor for exceeding the number of crew days that were in the construction contract).

E. Approval to award a unit price Pathway Snow Clearing Contract to Brien’s Services, Inc., the low bidder, in an annual estimated amount of $29,000.

F. Approval to Award the Purchase of Natural Gas Supply for the April 2012 through the March 2013 billing cycle to Interstate Gas Supply, Inc. (IGS).

G. Approval to award an engineering services agreement for design engineering services for SAD 176 Woodham Road Water Main extension to Spalding DeDecker Associates, Inc., in the amount of $9,023.

H. Approval of Change Order No. 1 to V.I.L. Construction, Inc. for the Meadowbrook Lake Dam Renovations project in the amount of $77,284.

I. Approval to execute an affidavit terminating escrow and returning a sanitary sewer easement to Tasmin Devco, LLC, associated with site plan approval requirements for the Neher Sales office development proposed to be constructed at 41700 Eleven Mile Road.

J. Approval of Claims and Accounts – Warrant No. 856

MATTERS FOR COUNCIL ACTION

1. Acceptance of proceeding with items approved and deferred in the 2011-12 budget (Civic Center roof, Single axle dump truck, Customer Relations Management software, Gasboy Fuel Management System, and Senior van), and the design phase of the City Council Chambers Video/Audio enhancements using restricted PEG cable fees. REMOVED FROM AGENDA

2. Policy discussion on the repair and replacement of mailboxes damaged as a result of winter maintenance operations.
NO ACTION TAKEN