City of Waukon releases annual audit report

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

The City has implemented new reporting standards for the year ended June 30, 2004, with significant changes in content and structure of the financial statements. The new financial statements now include a Statement of Activities and Net Assets which provides information about the activities of the City as a whole. Also included is Management’s Discussion and Analysis of the City’s financial statements.

The City’s receipts totaled $3,960,233 for the year ended June 30, 2004, a 5.7 percent increase from 2003. The receipts included $848,735 in property tax, $589,101 from tax increment financing collections, $1,219,947 from charges for service, $411,106 from operating grants, contributions, and restricted interest, $77,153 from capital grants, contributions and restricted interest, $264,650 from local option sales tax, $21,996 from unrestricted investment earnings, $500,000 from bond proceeds, and $27,545 from other general receipts.

Disbursements for the year totaled $3,114,071, an 8.4 percent decrease from the prior year, and included $737,950 for debt service, $709,056 for capital projects, and $526,815 for public safety. Also, disbursements for business type activities totaled $591,465.

The significant changes in receipts and disbursements is due primarily to bond proceeds of $500,000 and less community and economic development costs to fund, respectively.

A copy of the audit report is available for review in the office of the Auditor of State and the City Clerk’s office.