NEWS RELEASE Schroer & Associates, P.C. today released an audit report on the City of Missouri Valley, Iowa. FINANCIAL HIGHLIGHTS: The City’s receipts totaled $6,078,858 for the year ended June 30, 2022, a 46.1% increase from the prior year. Disbursements for the year ended June 30, 2022 totaled $5,901,616, a 32.7% increase from the prior year. The significant increase in receipts is due to intergovernmental funds received for flood projects. The significant increase in disbursements was due to 2019 flood repair project expenses in the current year. AUDIT FINDINGS: Schroer & Associates, P.C. reported four finding related to the receipt and disbursement of taxpayer funds. They are found on pages 43 to 48 of this report. The findings address issues such as lack of segregation of duties and deficit fund balances. Schroer & Associates, P.C. provided the City with recommendations to address each of the findings. Three of the four findings discussed above are repeated from the prior year. The City Council has a fiduciary responsibility to provide oversight of the City’s operation 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 is available for review on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports. MVTN 2-22-23
