Editor's Overview: Congratulations to the city of Iowa City in what appears to be city management spending less than it took in.
Eide Bailly LLP, Certified Public Accountants, have released an audit report on the financial statements of the City of Iowa City for the fiscal year ended June 30, 2011. The report shows that City revenues for FY11 totaled $151,324,000, while expenses for the year totaled $117,164,000.
Sources of revenue included $48,011,000 in property taxes, $31,158,000 from operating and capital grants and contributions, and $44,533,000 in charges for services. Expenses included $41,643,000 for business-type activities, $19,145,000 for public works, $18,867,000 for public safety, and $16,501,000 for community and economic development.
The City's Finance Department has also submitted its Comprehensive Annual Financial Report to the Government Finance Officers Association of the United States and Canada (GFOA) for consideration for an award of excellence. The Certificate of Achievement for Excellence in Financial Reporting, the highest form of recognition for state and local financial reporting, has been awarded to the City of Iowa City for the past 26 years.
Copies of the Comprehensive Annual Financial Report and the auditor's report are available for review in the Iowa City Public Library at 123 S. Linn Street or in the City Clerk's office at City Hall, 410 E. Washington Street. The documents are also posted online at www.icgov.org/cafr.
For more information, contact Robin Marshall, City Controller, at 319.356.5085 or e-mail robin-marshall@iowa-city.org.
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