GLENWOOD CITY — Saying the City has made “good progress in the past five years” Joseph V. Rohrman, of the accounting firm of CliftonLarsonAllen reported to the city council.
The council listened to the report on city finances at the annual organizational meeting on April 16.
Rohrman stated that during the annual audit, “no issues and no big red flags came up.”
The city’s percent of unassigned fund balances to the General Fund (which is the city’s reserve funds) has increased from 9.2 percent in 2009 to 35.1 percent at the end of last year. Mayor John Larson noted that the council had set a goal of having that percentage at 25.
Another good note was that the city’s debt should be paid off in 2015.
Rohrman also discussed the fund balances for the city’s utilities, fire and ambulance department and library have strong balances. He also talked about the city’s TID district and their funding and noted that one had a large positive balance and indicated that if the city was planning on spending funds in that district it should be done shortly or the balance would have to be shared with other taxing districts.