Bowman and Miller, P. C. release audit report for City of Gladbrook

Bowman and Miller, P. C. today released an audit report on the City of Gladbrook. The City’s receipts totaled $1,495,685 for the year ended June 30, 2011, a 21 percent increase from 2010. The receipts included $288,024 in property tax, $19,402 in tax increment financing collections, $60,388 in local option sales tax, $507,528 from charges for services, $148,861 from operating grants, contributions, and restricted interest, $89,827 from capital grants, contributions and restricted interest, $4,514 in unrestricted investment earnings, $360,000 in note proceeds and $17,141 from other general receipts. Disbursements for the year totaled $1,207,371, a 4.8 percent increase from the prior year, and included, $304,930 for debt service, $183,818 for capital projects and $126,910 for public safety. Also disbursements for business type activities totaled $354,446. The significant increase in receipts is primarily due to an increase in property tax collections and the refinancing of the debt related to construction of the new daycare. A copy of the audit report is available for review in the City Clerk’s office, the Office of Auditor of State and on the Auditor of the State’s website at http://auditor.iowa.gov/reports/reports.htm.