Audit report released for the City of Waukon

Hagen & Kallevang, P.C., Certified Public Accountants of Decorah, recently released an audit report on the City of Waukon.

The City's receipts totaled $4,956,736 for the year ending June 30, 2008, a 42.7 percent decrease from 2007. The receipts included $1,004,230 in property tax, $487,998 from tax increment financing collections, $1,515,219 from charges for service, $403,546 from operating grants, contributions and restricted interest, $1,019,537 from capital grants, contributions and restricted interest, $289,995 from local option sales tax, $103,507 from unrestricted investment earnings, none from bond proceeds, and $132,704 from other general receipts.

Disbursements for the year totaled $6,639,449, a 6.2 percent increase from the prior year, and included $3,459,224 for capital projects, $668,463 for debt service, and $628,303 for culture and recreation. Also, disbursements for business-type activities totaled $601,790.

The significant decrease in receipts is due primarily to not having a major bond issue of $3,900,000 as was the case in the previous year.

A copy of the report is available for review in the Waukon City Clerk's Office, the office of the Auditor of State, and on the Auditor of State's web site at http://auditor.iowa.qov/reports/reports.htm.