Bowman and Miller, P. C. release city audit
September 20, 2013
Bowman and Miller, P. C. today released an audit report on the City of Gladbrook, Iowa. The City’s receipts totaled $1,326,695 for the year ended June 30, 2013, a 34 percent decrease from 2012. The receipts included $279,465 in property tax, $187 in tax increment financing collections, $68,205 in local option sales tax, $467,595 from charges for services, $183,582 from operating grants, contributions, and restricted interest, $171,290 from capital grants, contributions and restricted interest, $2,230, in unrestricted investment earnings,$144,718 in note proceeds and $9,423 from other general receipts. Disbursements for the year totaled $1,120,609, a 44 percent decrease from the prior year, and included $203,497 for capital projects, $172,028 for public works and $118,719 for public safety. Also, disbursements for business type activities totaled $397,620. The significant decrease in receipts is primarily due to the completion of the new water tower and water distribution projects from which loan proceeds and a community development block grant were received in 2012. A copy of the audit is available for review in the City Clerk’s office, the Office of Auditor of State, and on the Auditor of State’s web site at http://auditor.iowa.gov/reports/reports.htm.
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