The City’s receipts totaled $11,733,068 for the year ended June 30, 2020, a 26.4% increase over the prior year. Disbursements for the year ended June 30, 2020 totaled $9,319,636, a 0.5% increase over the prior year. The increase in receipts is due primarily to from note issuance proceeds in the current year.
Sand reported three findings related to the receipt and disbursement of taxpayer funds and one finding pertaining to the Shenandoah Library Foundation. They are found on pages 54 through 58 of this report. The findings address a lack of segregation of duties, disbursements exceeding budgeted amounts and a deficit fund balance in Special Revenue, FEMA Emergency Management Assistance Fund. Sand provided the City and the Library Foundation with recommendations to address each of the findings.
Two of the three findings discussed above for the City and one finding for the Library Foundation are repeated from the prior year. The City Council and management of the Library Foundation have a fiduciary responsibility to provide oversight of the City’s and the Library Foundation’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 web site at https://auditor.iowa.gov/audit-reports.