City's local option tax revenue climbs, Lake Improvement income down 20%

Thursday, March 12, 2009

The City of Storm Lake and the independent auditing firm of Hogan - Hansen, have completed an audit report for the City of Storm Lake's Fiscal Year 2007-2008.

In the audit report the City's revenue receipts for FY 07-08 totaled 16,019,030 in all funds, representing a 19.4% decrease from FY 06-07. This decrease was primarily due decreases in grant revenues, investment earnings, and sale of property.

In FY 07-08 the City of Storm Lake received $2,799,837 in property tax receipts, 17.5% of total revenues for the organization.

The City's receipts from Local Option Sales Tax were $1,209,525 up 18.3% from FY 06-07.

The City of Storm Lake's expenses for FY 07-08 totaled $16,780,635 up 41.6% over FY 06-07 mainly due to capital projects, specifically the completion of portions of Project AWAYSIS and the start up of King's Pointe Resort.

A separate audit report was done on the Lake Improvement Commission for Fiscal Year 2007-2008.

In the Fiscal Year 2007-2008 the Lake Improvement Commission recorded a total of $1,369,325 in revenue receipts mostly in the form of State Grants ($1,000,000). Additional revenue sources included local government contributions ($154,294), private donations ($106,000), interest ($81,081), and miscellaneous sources ($27,950).

Total revenues for the FY 07-08 year were 20% lower than in FY 06-07.

Disbursement for the Lake Improvement Commission totaled $837,578 in FY 07-08 down 5% from the previous fiscal year. The expenses were for the operation and maintenance of the dredging project on Lake Storm Lake.

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