City of Coralville News

Posted on: December 29, 2016

City of Coralville Audit Report Is Available

Coralville City Hall

Hogan - Hansen, A Professional Corporation, released an audit report on the City of Coralville, Iowa.

The City’s governmental fund revenue totaled $52.0 million for the year ended June 30, 2016, a 13.3% decrease from the prior year due primarily to less state and federal grant revenue. General Fund revenue totaled $19,018,187 and included $9,281,637 in property tax, $3,531,350 in other taxes, $4,728,604 from charges for service, $320,844 from federal and state sources, $702,810 from other licenses and permits, and $452,942 from other sources. Operating revenue from business-type activities which include the hotel and conference center, sewer, water, solid waste, transit, parking enterprise, and storm water funds totaled $24.9 million, a 2.6% increase from the prior year.

The City's governmental fund expenditures totaled $56.1 million for the year ended June 30, 2016, a 32% decrease from the prior year due to a significant decrease in capital projects expenditures. The expenditures included $15.2 million for capital projects, $16.1 million for debt service, and $10.6 million for culture and recreation. Business-type activities operating and interest expenses totaled $25.1 million, a 1.1% increase from the prior year.

General Fund expenditures totaled $19,257,879 and included $5,087,910 for public safety, $124,370 for health and social services, $10,299,120 for culture and recreation, $751,234 for community and economic development, and $2,995,245 for general government.

A copy of the audit report is available in the financial documents section at www.coralville.org/finance, in the City Clerk’s office at 1512 7th Street, office of the Auditor of State, and on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports.