Receipts for the 2016 fiscal year totaled $12 million, or a 22.6 percent increase over the prior year. This includes $2.6 million from bond and loan proceeds, $2.5 million in property tax, $2.5 million in charges for service, $1.3 million from operating grants, contributions and restricted interest, $1 million from capital grants, contributions and restricted interest, $1 million from local option sales tax, $522,000 from tax increment financing, $203,000 from franchise fees, $102,000 from hotel/motel tax, $99,000 from commercial/industrial tax replacement and $8,700 from miscellaneous receipts.
According to the report, the significant increase is due to approximately $2 million in increased bond and loan proceeds used to fund various projects and refund the 2008 general obligation bonds.
Disbursements for the year totaled $10.7 million, a 7.14 percent increase over the prior year. This includes $2.6 million for public works, $2.2 million for debt service and payments to the refunding bond agent and$1.5 million for public safety and $835,000 for business type activities.
A copy of the report is available at the City Clerk’s office, or at https://auditor.iowa.gov/reports/1620-0237-B00