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State auditor releases report on city’s 2010-11 finances

DES MOINES– State auditor David A. Vaudt released an audit report on the City of Solon.
The City’s receipts totaled $4,600,911 for the year ended June 30, 2011. The receipts included $621,928 in property tax, $461,225 from tax increment financing, $983,547 from charges for service, $383,553 from operating grants, contributions and restricted interest, $142,847 from local option sales tax, $19,903 from unrestricted interest on investments, $1,958,359 from bond proceeds and $29,549 from other general receipts.
Disbursements for the year totaled $3,480,075, and included $857,965 for capital projects, $577,750 for public works and $420,162 for debt service. Also, disbursements for business type activities totaled $952,019.
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/1120-0488-B00F.pdf.