Ridihalgh, Fuelling, Snitker, Weber, & Co. CPA’s today released an audit report on the La Porte City Utilities, La Porte City, Iowa for the year ended June 30, 2016.
The Utilities’ receipts totaled $2,495,848 for the year ended June 30, 2016, a 3% decrease from the prior year. The receipts included $2,437,835 in charges for service, miscellaneous operating receipts of $55,502, $500 of rental income, $2,011 of interest on investments.
Disbursements for the year ended June 30, 2016 totaled $2,424,431, a 6% decrease from the prior year, and included operating disbursements of $1,776,117, debt service of $375,215 and capital outlay of $273,099.
The decrease in receipts and disbursements from the prior year was largely due to the utility receiving loan proceeds for capital outlay disbursements.
A copy of the audit report is available for review in the office of the La Porte City Utilities, in the office of Auditor of State and on the Auditor of State’s web site at http://auditor.iowa.gov/reports.