City's Fiscal Year Ended With $116,000 General Fund Deficit

According to a financial report submitted to the state of Iowa, the city of Glenwood’s general fund had a deficit of $116,140 at the conclusion of the 2014-2015 fiscal year that ended June 30.

The 2015 fiscal year deficit marks the second consecutive year the city’s general fund has ended the year in the red. The general fund deficit was $297,000 at the conclusion of the 2014 fiscal year.

The financial report was submitted to the state in November by the city’s auditing firm – Council Bluffs-based Hamilton and Associates.

Glenwood City Administrator Brian Kissel said a representative from Hamilton and Associates will provide a formal presentation of the financial report and its audit findings to members of the city council in January.

In June, financial consultant Susanne Gerlach of Des Moines-based Public Financial Management, projected the city would end the fiscal year with a general fund deficit of $99,910. However, in August, Gerlach and Kissel painted a brighter picture, saying the “unaudited” general fund deficit was sitting at $19,558.67.

In an interview last week, Kissel said higher-than-anticipated legal fees and insurance costs contributed to the $116,140 deficit at the end of the year.

Last month, the city council failed to pass a motion to accept the financial report for 2015. The motion was made by council member Kay LeFever, but failed to come to a vote due to a lack of a “second” by another member of the council.
 

The Opinion-Tribune

116 S Walnut St Glenwood, IA 51534-1665
P.O. Box 377, Red Oak, IA 51566
Phone: 712-527-3191
Phone: 712-623-2566
Fax: 712-527-3193

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