State Auditor Mary Mosiman’s office has released a report on the City of Adel.
According to the report, the City had more than $5,349,000 worth of receipts during the fiscal year that ended June 30th. That’s a 54.5% decrease from the year before. Among those revenues are $1.9 million from charges for service, $1.6 million in property tax, $740,000 from operating grants, contributions and restricted interest, $488,000 from tax increment financing and $422,000 from local option sales tax.
Expenses for the year totaled more than $7,569,000, a 3.7% decrease from the prior year. This includes nearly $2.3 million in disbursements for business type activities, $2 million in debt service, $1 million in public safety and $741,000 for capital projects.
The report states the decrease in revenue is due primarily to the City issuing less debt in fiscal year 2014 than they did in 2013.
A link to the full report can be found HERE.