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City of Coralville News

Posted on: March 19, 2020

City of Coralville Audit Report Is Available

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

Financial Highlights 
The City’s governmental fund revenue totaled $66.1 million for the year ended June 30, 2019, an 18% increase from the prior year. General Fund revenue totaled $23,083,664 and included $12,762,074 in property tax, $3,636,151 in other taxes, $4,656,347 from charges for service and $2,029,092 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 $25.6 million, a 5% decrease from the prior year. 

The City’s governmental fund expenditures totaled $126.1 million for the year ended June 30, 2019, a 49% increase from the prior year. The expenditures included $50.8 million for capital projects, $18.2 million for debt service and $35 million for community and economic development. Business-type activities operating and interest expenses totaled $25.9 million, a 2% increase from the prior year. 

General Fund expenditures totaled $20,284,391, and included $5,481,071 for public safety, $152,676 for health and social services, $10,700,830 for culture and recreation, $721,010 for community and economic development and $3,228,804 for general government. 

Audit Findings 
Hogan - Hansen reported five findings related to internal controls and compliance. They are found on pages 77 through 81 of this report. The findings address issues of financial statement preparation, Data Collection Form filing, disbursements exceeding the budget, funds with negative fund balances and compliance with the Iowa Administrative Code for interfund transfers. Hogan - Hansen provided the City with recommendations to address each of the findings. 

The City of Coralville’s City Council has a fiduciary responsibility to provide oversight of the City of Coralville’s operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity. 

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/audit-reports

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