Audit Shows Increase In Receipts

The Office of Auditor of State released an audit report on the City of Atlantic, Iowa.

The City’s receipts totaled $16,272,762 for the year ended June 30, 2012, a 7.3% increase over the prior year. The receipts included $3,232,332 in property tax, $86,256 from tax increment financing, $1,791,048 from charges for service, $1,488,034 from operating grants, contributions and restricted interest, $672,533 from capital grants, contributions and restricted interest, $812,825 from local option sales tax, $61,665 from hotel/motel tax, $5,408 from unrestricted interest on investments, $7,721,310 from general obligation and sewer revenue bond proceeds and $401,351 from other general receipts.

Disbursements for the year totaled $19,589,512, a 76.6% increase over the prior year, and included $3,508,919 for capital projects, $1,684,270 for public safety, $1,289,596 for debt service, $1,251,665 for public works and $655,000 for refunding debt. Also, disbursements for business type activities totaled $9,574,448. The significant increase in disbursements is primarily due to the $8.9 million of construction costs for the wastewater treatment plant and the City refunding $655,000 of bonds.

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