City of Colfax audit report

Roof, Gerdes, Erlbacher, PLC, Certified Public Accountants in Des Moines released an audit report on the City of Colfax.

FINANCIAL HIGHLIGHTS:

The City’s receipts totaled $4,207,766 for the year ended June 30, 2024, a 23 percent decrease from the prior year.

Disbursements for the year ended June 30, 2024 totaled $4,186,484, a 13 percent decrease from the prior year. The decrease in receipts is primarily due to a decrease in bond and note proceeds received during the year. The decrease in disbursements is due to decreased debt service costs.

AUDIT FINDINGS:

Roof, Gerdes, Erlbacher, PLC, PLC reported 10 findings related to the receipt and disbursement of taxpayer funds. They are found on pages 38 through 44 of this report. The findings address issues such as a lack of segregation of duties, the preparation of financial statements, disbursements exceeding budgeted amounts and noncompliance with the sinking fund requirements for the revenue bonds and notes. Roof, Gerdes, Erlbacher, PLC provided the City with recommendations to address each of the findings.

Nine of the 10 findings discussed above are repeated from the prior year. The City Council has a fiduciary responsibility to provide oversight of the City’s operations and financial transactions. 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 at Audit Reports - Auditor of State.