Audit report released for the City of Waukon

Hagen and Kallevang, P.C., Certified Public Accountants of Decorah, recently released an audit report on the City of Waukon.
The City’s receipts totaled $7,161,366 for the year ended June 30, 2011, a 52.2 percent increase from the prior year. The receipts included $1,122,589 in property tax, $640,990 from tax increment financing collections, $1,549,807 from charges for service, $438,753 from operating grants, contributions and restricted interest, $114,281 from capital grants, contributions and restricted interest, $433,853 from local option sales tax, $41,671 from unrestricted interest on investments, $2,744,412 from bond proceeds, and $75,010 from sale of capital assets.
Disbursements for the year totaled $6,022,311, a 19.8 percent increase from the prior year, and included $1,474,317 for debt services, $784,295 for culture and recreation, and $610,093 for capital projects. Also, disbursements for business type activities totaled $1,713,900.
The significant increase in receipts and disbursements is due primarily to a new bond issue of $1.89 million dollars and interim financing of construction projects of nearly $877,000.
A copy of the report is available for review in the City Clerk’s Office, in the office of the Auditor of State, and on the Auditor of State’s web site at http://auditor.iowa.gov/reports/index.html.