On Wednesday, July 20, Kronlage & Olson, P.C., Certified Public Accountants, released an audit report on the City of Solon for the year ended June 30, 2021.
The City’s governmental receipts totaled $4,129,931, for the year ended June 30, 2021, a 0.22% increase from the prior year. The governmental receipts included $1,437,867 of property tax, $759,377 of tax increment financing, $756,101 of charges for service, $465,054 of operating grants, contributions and restricted interest, $625,231 of local option sales tax, $17,666 of unrestricted interest on investments, and $68,635 of other general receipts.
Disbursements for the year ended June 30, 2020, totaled $3,716,468, a 32.98% increase from the prior year and included $1,067,068 for public works, $279,614 for debt service, $609,646 for general government, and $1,020,058 for culture and recreation.
In addition, other financing uses were $140,741. Also, disbursements for business type activities totaled $1,299,464.
Kronlage & Olson, P.C. reported six findings, which can be found on pages 46-50 of the report.
The findings address improvements needed related to segregation of duties, bank reconciliations, sequential checks, disbursements exceeding budgeted amounts, and information being reported in publication of City Council minutes. Kronlage & Olson provided the City with recommendations to address each of the findings.
The City Council has a fiduciary responsibility to provide oversight of the City’s operations and financial
transactions. Oversight is typically defined as the “watchful and responsibility care” a governing body
exercises in its fiduciary capacity.
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 https://auditor.iowa.gov/audit-reports.