Ridihalgh, Fuelling, Snitker, Weber, & Co. CPA’s today released an audit on the City of La Porte City, Iowa.
The City’s receipts totaled $4,545,734 for the year ended June 30, 2013, a 2.1 percent increase from 2012. Receipts included $965,604 in property taxes, $658,465 for charges for services, $701,082 from operating grants, contributions, and restricted interest, $5,485 from capital grants, contributions, and restricted interest, $277,129 from local option sales tax, $2,592 from unrestricted investment earnings, $1,695,640 from bond proceeds and $239,737 from other general receipts.
Disbursements for the year totaled $4,682,224, a 78% increase from 2012, and included $461,441 for Public Works, $560,105 for Public Safety, $563,011 for Capital Projects and $2,204,916 for Debt Service. A large portion of the increase in disbursements was due to the payment of previously issued bonds for the Sweet Addition and the Family Aquatic Center so they could be refinanced at a substantially lower interest rate.
A copy of the audit report is available for review in the office of the Auditor of the State and the City Clerk’s office.