Auditor of State Mary Mosiman today released an audit report on the City of Adel, Iowa.
The City’s receipts totaled $11,751,240 for the year ended June 30, 2013, an 8.4 percent increase over the prior year. The 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, a 28 percent decrease from the prior year, and included $3,605,883 for capital projects, $877,707 for debt service and $833,923 for public safety. Also, disbursements for business-type activities totaled $1,392,207.
The increase in receipts is primarily due to the City issuing more debt in fiscal year 2013 than it issued in fiscal year 2012. The significant decrease in disbursements is due primarily to the City refunding certain general obligation capital loan notes in the prior year.
A copy of the audit report is available for review in the City Clerk’s Office, in the Office of Auditor of State and on the Auditor of State’s web site at http://auditor.iowa.gov/reports/1320-0228-B00F.pdf.