Auditor of State Mary Mosiman today released an audit report on the city of Colo.
The city’s receipts totaled $1,029,458 for the year ended June 30, 2016, a 54.5 percent decrease from the prior year. The receipts included $242,530 in property tax; $79,905 from tax increment financing; $317,856 from charges for services; $238,785 from operating grants, contributions and restricted interest; $111,897 from local option sales tax; $5,558 from unrestricted interest on investments and other general receipts of $32,927.
Disbursements for the year ended June 30, 2016 totaled $1,109,340, a 46.3 percent decrease from the prior year, and included $210,277 for public works, $172,203 for debt service and $171,293 for public safety. Also, disbursements for business type activities totaled $278,527. The significant decrease in receipts and disbursements was primarily the result of general obligation note proceeds received and disbursed during fiscal year 2015 for a street project.
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/reports/1621-0814-B00F.