In a recent audit report released by BerganKDV, the financial health of the City of Ottumwa has been thoroughly examined, showcasing a year of significant growth in revenues and a successful reduction in expenses for the fiscal year ending June 30, 2024.
Revenue Insights
The city has reported total revenues of $53,795,871, marking an impressive 12% increase from the previous year. This surge in revenue can largely be attributed to increased activity in grant funding and the introduction of new franchise fees, both of which have played a pivotal role in bolstering the city’s financial resources.
Here’s a closer look at the revenue breakdown:
- Property Tax: $16,316,001
- Other Taxes: $6,560,350
- Charges for Service: $18,377,114
- Operating Grants and Contributions: $5,896,140
- Capital Grants and Contributions: $4,801,058
- Other Income: $1,845,208
These figures indicate a diversified revenue stream, which enhances the city’s ability to fund essential services and projects.
Expense Management
On the other side of the ledger, the city’s total expenses for the year amounted to $45,254,380, reflecting a 2% decrease compared to the prior year. This decrease is a testament to the city’s commitment to fiscal responsibility and efficient management of resources, particularly in reducing Other Post-Employment Benefits (OPEB) expenses.
A breakdown of the expenses reveals the following allocations:
- General Government: $673,986
- Public Safety: $9,016,820
- Public Works: $12,296,831
- Culture and Recreation: $5,112,892
- Health and Social Services: $892,798
- Economic Development: $1,660,251
- Interest and Fiscal Charges: $838,411
- Business-Type Activities: $14,762,391
This careful management of expenditures has allowed the city to not only maintain but improve services for its residents while keeping costs in check.
Conclusion and Availability of the Audit Report
In summary, the fiscal report for the City of Ottumwa paints a picture of a municipality that is thriving financially while being prudent with its spending. The growth in revenue alongside a decrease in expenses is a promising sign for the city’s future.
Residents and interested parties can review the complete audit report, which is available for public access at the City Clerk’s office, the Office of Auditor of State, and online at the Auditor of State’s website: Auditor of State’s Website.
