City of Newton Audit Released

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 $29,706,060 for the year ended June 30, 2023. The receipts included $8,515,650 in property tax, $509,324 in other city taxes, $1,858, 104 in local option sales tax, $2,718,903 in tax increment financing collections, $6,792,098 from intergovernmental sources, $330,766 from use of money and property, $307,125 from licenses and permits, $2,366,448 from charges for services, $15,717 from special assessments, $4,898,192 from debt proceeds, $137,169 from sale of assets, and $1,256,564 in miscellaneous revenues. The City's receipts for its proprietary funds totaled $6,283,220 of which $5,808,358 was from charges for services.

Disbursements for its governmental funds totaled $26,550,842, and included $7,878,642 for public safety, $4,138,736 for public works, $2,715,670 for culture and recreation, $1,362,895 in community and economic development, $1,751,335 in general government, $4,078,767 for capital projects, and $4,624,797 for debt service. Disbursements of the City's proprietary funds totaled $6,882,669, of which $3,484,875 was attributable to its business type activities, $451,050 was for debt service, and $2,946,744 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.