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State auditor releases City of Solon audit report for 2011-12 fiscal year

DES MOINES– The state auditor’s office has released the results of a City of Solon audit report for the fiscal year ending June 30, 2012.
The city’s receipts totaled $5,114,337 for the year ended June 30, 2012, an 11.2 percent increase over the previous year. The receipts included $718,952 in property tax, $476,013 from tax increment financing, $1,051,294 from charges for service, $357,882 from operating grants, contributions and restricted interest, $70,988 from capital grants, contributions and restricted interest, $205,044 from local option sales tax, $15,644 from unrestricted interest on investments, $2,184,325 from bond proceeds and $34,195 from other general receipts.
Disbursements for the year totaled $3,246,248, a 6.7 percent decrease from the prior year, and included $637,300 for public works, $421,555 for debt service and $400,295 for culture and recreation. Also, disbursements for business type activities totaled $1,093,011.
The significant increase in receipts is primarily due to an increase in bond proceeds received for street projects and to refund general obligation notes, an increase in property tax and local option sales tax receipts and an increase in water and sewer rates.
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 web site at http://auditor.iowa.gov/reports/1220-0488-B00F.pdf.