Auditor of State Mary Mosiman has released an audit report on the city of Nevada. The city’s receipts totaled $25,950,181 for the year ended June 30, 2013, a 174 percent increase over the prior year. The receipts included $2,817,636 in property tax, $1,207,521 from tax increment financing, $813,352 from local option sales tax, $3,491,310 from charges for service, $930,891 from operating grants, contributions and restricted interest, $94,475 from capital grants, contributions and restricted interest, $111,513 from unrestricted interest on investments, $15,861,472 of bond and note proceeds and $622,011 from the sale of capital assets.
Disbursements for the year ended June 30, 2013 totaled $24,661,082, a 195 percent increase over the prior year, and included $6,296,215 for payments to the bond refunding agent, $3,133,021 for capital projects and $2,321,931 for debt service. Also, disbursements for business type activities totaled $8,883,961.
The significant increase in both receipts and disbursements is due to refunding debt to take advantage of lower interest rates.
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 http://auditor.iowa.gov/reports/1320-0820-B00F.pdf.