Gronewold, Bell, Kyhnn & Co. P.C. CPAs have released an audit report on the City of Newton, Iowa.
The auditors reported that the City's receipts for its governmental funds totaled $24,859,565 for the year ended June 30, 2020. The receipts included $7,416,512 in property tax, $464,819 in other city taxes, $1,565,459 in local option sales tax, $2,027,592 in tax increment financing collections, $3,347,441 from intergovernmental sources, $212,974 from use of money and property, $247,113 from licenses and permits, $2,268,378 from charges for services, $13,093 from special assessments, $5,678,000 from debt proceeds, $312,341 from sale of assets, and $1,305,843 in miscellaneous revenues. The City's receipts for its proprietary funds totaled $5,637,472 of which $5,259,314 was from charges for services.
Disbursements for its governmental funds totaled $27,742,114, and included $7,080,878 for public safety, $3,592,615 for public works, $2,398,550 for culture and recreation, $957,173 in community and economic development, $1,207,102 in general government, $6,634,097 for capital projects, and $5,871,699 for debt service. Disbursements of the City's proprietary funds totaled $3,887,177, of which $2,981,276 was attributable to its business type activities, $339,235 was for debt service, and $566,666 was for capital projects.
This report contains recommendations to the City Council and other City officials. The City has responded that corrective action is being taken for each item.
A copy of the audit report is available for review in the office of the Auditor of State and the City Administrator's office.