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City of Coralville News

Posted on: March 10, 2021

City of Coralville Audit Report Is Available

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

Financial Highlights
The City’s governmental fund revenue totaled $51.3 million for the year ended June 30, 2020, a 22% decrease from the prior year. General Fund revenue totaled $21,609,924 and included $12,779,336 in property tax, $3,651,389 in other taxes, $3,602,794 from charges for service and $1,576,405 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 $22.0 million, a 14% decrease from the prior year.

The City's governmental fund expenditures totaled $80.7 million for the year ended June 30, 2020, a 36% decrease from the prior year. The expenditures included $18.0 million for capital projects, $29.1 million for debt service and $10.8 million for community and economic development. Business-type activities operating and interest expenses totaled $24.9 million, a 4% decrease from the prior year.

General Fund expenditures totaled $22,784,429, and included $5,941,974 for public safety, $152,686 for health and social services, $10,673,104 for culture and recreation, $2,751,774 for community and economic development and $3,264,891 for general government.

Audit Findings
Hogan - Hansen reported five findings related to internal controls and compliance. They are found on pages 76 through 80 of this report. The findings address issues of financial statement preparation, Iowa escheat law, 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. 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 on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports..

View FY2020 Coralville Annual Audit Report (PDF)

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