Gronewold, Bell, Kyhnn & Co. P.C. CPAs have released an audit report on the City of Atlantic, Iowa.
The auditors reported that the City’s receipts for its governmental funds totaled $11,881,149 for the year ended June 30, 2020. The receipts included $3,718,868 in property tax, $111,895 in other city taxes, $917,068 in local option sales tax, $182,411 in tax increment financing collections, $1,870,432 from intergovernmental sources, $210,223 from use of money and property, $98,837 from licenses and permits, $430,002 from charges for services, $55,835 from sale of assets, $3,775,000 from debt proceeds, and $510,578 in miscellaneous revenues. The City’s receipts for its proprietary funds totaled $1,878,569 of which $1,809,937 was from charges for services.
Disbursement for its governmental funds totaled $12,293,176, and included $2,179,566 for public safety, $1,450,931 for public works, $12,985 for health and social services, $997,761 for culture and recreation, $233,538 in community and economic development, $594,493 in general government, $1,497,296 for capital projects, and $5,326,606 for debt service. Disbursements of the City’s proprietary funds totaled $1,686,323, of which $996,300 was attributable to its business type activities, and $690,023 was for debt service.
This report contains recommendations to the City Council and other City officials. The City has responded that corrective action is being taken for each item.
A copy of the audit report is available for review in the office of the Auditor of State and the City Administrator’s office.
