The City of North Liberty’s Audit Report for FY24 Now Available

The City of North Liberty is required to annually conduct an audit of its finances, which was completed and accepted by the City Council at its Jan. 28, 2025, meeting. BerganKDV performed and released an audit report. Included in the findings:

The City’s receipts totaled $38,173,711 for the year ended June 30, 2024, a 36 percent decrease from the prior year. The receipts included $13,750,430 in property tax, $4,518,015 from tax increment financing, $459,757 from franchise fees, $14,692,598 from charges for service, $4,082,631 from operating grants and contributions, $210,060 from capital grants and contributions, $442,963 of Unrestricted interest on investments, and sale of capital assets of $17,257.

Disbursements for the year ended June 30, 2024, totaled $49,629,969 a 6 percent increase from the prior year, and included $3,467,877 for public works, $3,111,142 for general government, $5,337,317 for public safety, $152,000 for health and social services, $5,421,576 for culture and recreation, $1,493,755 for community and economic development, $7,941,431 for debt service and $14,312,578 for capital projects. Also, disbursements for business–type activities totaled $8,392,293.

The decrease in receipts was due to bond issuance in 2023. The increase in disbursements was due to increased capital activity.

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.