Faller, Kincheloe & Co, PLC, Certified Public Accountants, Des Moines, Iowa today released an audit report on the City of Belle Plaine, Iowa.
The City’s receipts totaled $3,320,317 for the year ended June 30, 2020, a 17% decrease from the prior year. Disbursements for the year ended June 30, 2020 totaled $3,087,806, a 46% decrease from the prior year. The significant decrease in receipts was primarily due to less debt proceeds received in the fiscal year. The significant decrease in disbursements is due primarily to a decrease in Enterprise, Sewer Fund disbursements.
Faller, Kincheloe & Co, PLC reported fifteen findings related to the receipt and disbursement of taxpayer funds. They are found on pages 38 through 44 of this report. The findings address issues such as a lack of segregation of duties, the preparation of financial statements, financial reporting concerns, disbursements exceeding budgeted amounts and incorrect certifications of the Annual Urban Renewal report. Faller, Kincheloe & Co., PLC provided the City with recommendations to address each of the findings.
Eight of the fifteen findings discussed above are repeated from the prior year. The City Council has a fiduciary responsibility to provide oversight of the City’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 on the Auditor of State’s web site.