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Fiscal Stewardship
Budget
We have received over $14 million in grant funds, increased our bond rating by two steps to AA+, made significant strides in funding our legacy costs, added millions to our general fund balance, and remain (since 2010) the only Township in Washtenaw County to be given an award of excellence annually for our Comprehensive Annual Financial Report by the GFOA.  More information is outlined in the Annual Budget Overview, 2009 - 2015.

Standard & Poors Bond Rating
Standard & Poor's has acknowledged Pittsfield Township's fiscal stewardship by giving it two bond rating upgrades in the last four years.  The first upgrade, in 2010, was a two-step increase from A+ to AA where S&P called out the Township's "sound management practices." The second upgrade, received in 2013, increased the Township's bond rating from AA to AA+ because, according to S&P, of Pittsfield's "very strong budgetary flexibility and liquidity."

Actuarial Valuation Studies

Pittsfield Township conducts an actuarial study every two years which provides actuarial evaluations for all the benefit plans offered by the township. While the township is committed to providing pension plan and health insurance (OPEB) benefits to all full time employees who meet retirement eligibility requirements, we want to ensure we will be able to cover the cost of those benefits as employees reach retirement age. The actuarial study is a report card on how well we are meeting that goal of funding our long term legacy costs. The results from the 2015 study are in and we scored an A+!! Pittsfield Township jumped from being about 40% funded in 2008 to funding our OPEB at 61.4% in 2015. Since 2009, we have relied on the actuarial study to determine allocations for pension and health insurance benefits for township retirees and we are now reaping the benefits of the deliberative allocations with a view to fully funding our legacy costs. The continued partnership of our employees is also a critical part in our ability to move the needle on providing for a fully funded pension plan and retiree health benefits. Through the union bargaining process, we have instituted a number of changes including modifying our retirement benefit to a hybrid pension plan (part defined-benefit and part defined contribution), modifying retiree health care insurance to mirror active employee insurance, and incentivizing a 457 deferred compensation plan. These modifications to employee benefits reduced annual benefit costs by about 20% between 2014 and 2015. Further, the health care plan modifications will accrue a savings of about $200,000/year to the General Fund.

At the beginning of 2009, Pittsfield Township’s pension plan (MERS) asset was valued at $11.5 million and our OPEB asset at $1.5 million. The 2015 report indicates that the MERS asset is valued at $21.2 million and our OPEB assets is now at $6.2 million. While we are not fully funded yet, we have made tremendous progress in the last seven years. With both a commitment to being fully funded and a great partnership with our employees, we are very well situated to meet the goal of being fully funded in the near future.

Audits/CAFR
Pittsfield is the only Township in Washtenaw County to be awarded the Certificate of Achievement for Excellence in Financial Reporting for the last six consecutive years (2010 - 2015).

Financial Dashboard
Beginning in 2014, Pittsfield Township publishes a snapshot of its finances, per the dashboard prototype provided by the State of Michigan's Department of Treasury.

More detailed financial reporting for Pittsfield Township is available in other documents including the annual budget and the Comprehensive Annual Financial Report.



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