The State of Iowa Auditor’s Office recently released the City’s FY16-17 Audit.
- The City’s receipts totaled $10,458,787 for the fiscal year that ended June 30, 2017, a 61.7% increase over the prior fiscal year.
- The receipts included $1,776,218 in property tax, $641,589 from tax increment financing, $2,815,432 from charges for service, $674,897 from operating grants, contributions and restricted interest, $539,776 from local option sales and services tax, $3,998,292 from note proceeds, $12,575 from unrestricted interest on investments and $8 from other general receipts.
- The significant increase in receipts is due to proceeds received from the issuance of general obligation refunding notes.
- Disbursements for the fiscal year that ended June 30, 2017 totaled $7,937,800, a 39.8% increase over the prior fiscal year.
- These included $3,051,954 for debt service, $1,059,772 for public safety and $904,348 for culture and recreation. Also, disbursements for business type activities totaled $1,937,831.
- The significant increase in disbursements is due to the use of those note proceeds to refund the City’s Series 2011A notes. The increase in disbursements is also due to more capital projects relating to business-type activities in FY16-17 than in FY15-16.