On Wednesday, March 15, Kronlage & Olson, P.C., Certified Public Accountants, released an audit report on the City of Solon for the year ended June 30, 2022.
The City’s governmental receipts totaled $6,397,243, for the year ended June 30, 2022, a 54% increase from the prior year. The governmental receipts included $1,540,724 of property tax, $633,321 of tax increment financing, $364,323 of charges for service, $2,136,825 of operating grants, contributions and restricted interest, $962,370 of local option sales tax, $41,682 of unrestricted interest on investments, and $717,988 of other general receipts.
Disbursements for the year ended June 30, 2022, totaled $7,417,048, a 99% increase from the prior year and included $221,689 for public works, $634,597 for debt service, $896,280 for general government, $646,266 for culture and recreation, and $4,318,227 for capital projects. In addition, other financing uses were $220,812. Also disbursements for business type activities totaled $2,070,433.
Kronlage & Olson, P.C. reported five findings which can be found on pages 46-49 of the report. The findings address improvements needed related to segregation of duties, financial statement preparation, disbursements exceeding budgeted amounts, information being reported in publication of City Council minutes, and information reported on the City’s Annual Urban Renewal Report. 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.