RSM US LLP Released an Audit Report on City of Waterloo for FY2022

(Waterloo, IA) On March 31, 2023 RSM US LLP, released an audit report for the City of Waterloo for its Fiscal Year 2022 that ended on June 30, 2022.

The City of Waterloo’s revenues totaled $152,638,805 for the year ended June 30, 2022, a 5.2% increase from the prior year. Revenues included $53,380,778 in property tax, $42,746,756 from charges for service, $13,960,640 from operating grants and contributions, $14,554,059 from capital grants and contributions, and $27,996,572 from other general revenues.

Expenses for City operations totaled $136,198,499, a 7.9% increase from the prior year. Expenses included $35,225,720 for Public Safety, $40,090,235 for Public Works, $270,849 for Health and Social Services, $12,776,096 for Culture and Recreation, $17,995,941 for Community and Economic Development, $8,221,016 for General Government and $2,432,132 for interest on long-term debt. Expenses for business type activities totaled $19,186,510.

A copy of the audit report is available for review in the City Clerk’s Office, in the Office of Auditor of State and on the Auditor oSavef State’s web site at https://auditor.iowa.gov/audit-reports. Additionally, staff from RSM will present their findings during the work session on Monday, April 17^th at 4 PM in the Harold E. Getty Council Chambers.

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