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Audit report released for the City of Adel

Auditor of State Mary Mosiman released an audit report on the City of Adel on Tuesday, Nov. 12.

The city’s receipts totaled $11,751,240 for the year ending June 30, 2013 which is an 8.4 percent increase over the year prior.

Receipts included $1,679,872 in property tax, $495,028 from tax increment financing, $1,802,816 from charges for service, $575, 287 from operating grants, contributions and restricted interest, $551,408 from local option sales tax, $6,596,812 from note proceeds, $4,997 from unrestricted interest on investments and $50,016 from other general receipts.

Disbursements for the year totaled $7,856,391 which is a 28 percent decrease from the year prior. Included in the amount was $3,605,883 for capital projects, $877,707 for debt service, $833,923 for public safety, and $1,392,207 for business type activities.

The increase in receipts is primarily due to the city issuing more debt in fiscal year 2013 than in 2012. The significant decrease in disbursements is due to the city refunding certain general obligation capital loan notes the prior year.

A copy of the audit report is available at the City Clerk’s office, Office of the Auditor of State and the Auditor of State’s website at http://auditor.iowa.gov/reports/1320-0228-B00F.pdf.

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