Ridihalgh, Fuelling, Snitker, Weber, & Co. CPA’s recently released an audit on the City of La Porte City, Iowa.
The City’s receipts totaled $3,810,678 for the year ended June 30, 2016, a forty-two percent increase over the prior year. The receipts included $922,017 in property taxes, $139,168 from tax increment financing, $279,050 from Local Option Sales Tax, $739,035 from charges for services, $429,305 from operating grants, contributions and restricted interest, $88,224 from capital grants, contributions and restricted interest, $20,327 from unrestricted investments, $843,190 from bond proceeds and $350,362 from other general receipts.
Disbursements for the year ended June 30, 2016 totaled $3,167,534 a twenty-four percent increase over the prior year, and included $509,427 for public safety, $739,423 for public works, $8,180 for health and social services, $375,601 for culture and recreation, $50,717 for community and economic development, $387,953 for debt service, $507,645 for capital projects, and $162,651 for other general disbursements. Also, disbursements for business-type activities totaled $425,937.
The significant increase in receipts is primarily due to bond proceeds received. The significant increase in disbursements is primarily due to completion and payments for capital projects.
A copy of the audit report is available for review in the City Clerk’s office, in the Office of Auditor of State and on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports.