Accountant: Clarkston's finances sound; water bond largely paid off and compliance checks clear

City accountant Matt Regan presented the town's fiscal-year financial statements to the Clarkston Town Council on March 18 and reported healthy reserves and no compliance exceptions found in the state's agreed-upon procedures.

Regan said the general fund brought in just over $500,000 and the general fund spent about $360,000, leaving a notable addition to the town's surplus (about $241,000 reported in the statements). He said the capital-projects total is elevated because of the new town building.

Turning to the water utility, Regan reported cash of about $460,000 and described outstanding water-bond obligations. "There's a page that talks about the water bonds and the interest rate," he said, noting a payment of roughly $42,000 due in the current fiscal year and about $89,000 remaining afterward, with the bonds expected to be paid off in January 2028.

Regan also reviewed required compliance items the state auditor asks small municipalities to check annually. He said Clarkston had "no exceptions" on the agreed-upon procedures and recommended that newly elected officials complete available online training and that staff take training on government-records request procedures.

Council members asked clarifying questions about fund balances and impact fees; Regan said general-fund surplus is allowable up to 100% of total general-fund revenue if the surplus is properly designated and that impact fees carry stricter timing rules.

No formal action was required after the presentation; Regan offered to email the detailed financial report to staff for distribution.