Kronlage & Olson, P.C., Certified Public Accountants, on Thursday, March 21, released an audit report on the City of Solon for the year ended June 30, 2023.
The City’s governmental receipts totaled $5,617,893, for the year ended June 30, 2023, a 13% decrease from the prior year. The governmental receipts included $1,680,162 of property tax, $692,062 of tax increment financing, $406,467 of charges for services, $1,153,616 of operating grants, contributions and restricted interest, $859,031 of local option sales tax, $41,700 of unrestricted interest on investments, and $847,849 of other general receipts.
Disbursements for the year ended June 30, 2022, totaled $6,961,583, a 6% decrease from the prior year and included $245,418 for public works, $848,956 for debt service, $1,684,314 for general government, $234,975 for culture and recreation, and $3,422,092 for capital projects. In addition, other financing uses were $5,367. Also disbursements for business type activities totaled $1,375,264.
Kronlage & Olson, P.C. reported four (4) 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, 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 website at https://auditor.iowa.gov/audit-reports.