BerganKDV, Ltd. released an audit report on the City of Coralville in Coralville, Iowa.

Financial Highlights
The City’s governmental fund revenue totaled $59.8 million for the year ended June 30, 2022, a 4% increase from the prior year. General Fund revenue totaled $25,017,572 and included $12,913,646 in property tax, $3,761,432 in other taxes, $4,147,878 from charges for service and $4,194,616 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 $21.4 million, a 17% increase from the prior year.

The City's governmental fund expenditures totaled $59.9 million for the year ended June 30, 2022, a 16% decrease from the prior year. The expenditures included $6.4 million for capital projects, $24.6 million for debt service and $28.9 million for community and economic development. Business-type activities operating and interest expenses totaled $24.7 million, an 11% increase from the prior year.

General Fund expenditures totaled $21,359,475 and included $6,076,750 for public safety, $152,676 for health and social services, $10,758,756 for culture and recreation, $939,628 for community and economic development and $3,431,665 for general government.

Audit Findings
BerganKDV reported five findings related to internal controls and compliance. They are found on pages 108 through 112 of this report. The findings address issues of financial statement preparation, bank reconciliations, disbursements exceeding the budget, funds with negative fund balances and compliance with the Iowa Administrative Code for interfund transfers. BerganKDV provided the City with recommendations to address each of the findings. Four of the findings above are repeated from the prior year.

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 will be on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports.

View FY2022 Annual Audit Report (PDF)