City Audit Report For FY23 Released
A report on the findings of an audit for the City of Glenwood for the 2022-2023 fiscal year has been released.
The audit was conducted by Schroer and Associates, P.C.
According to the report made public in January, the city’s receipts totaled $11,291,860 for the year ended June 30, 2023, a 67.3% increase from the prior year. Disbursements for the year ended June 30, 2023, totaled $10,611,000, an 82% increase from the prior year.
Auditors stated that the significant increase in receipts and disbursements is due to CDBG (Community Development Block Grant) proceeds for housing capital projects within the city.
The auditors reported one finding related to the receipt and disbursement of taxpayer funds. The finding addresses payment of sales tax on a purchase. Schroer and Associates provided the city with a recommendation to address the finding.
The auditors noted that the finding regarding the sales tax was not a repeat finding from the prior fiscal year.
“The city council has a fiduciary responsibility to provide oversight of the city’s operations and financial transactions,” the report stated. “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 on the Auditor of State’s website.