Audit report released on Allamakee County

Allamakee County has implemented new reporting standards for the year ended June 30, 2004, with significant changes in content and structure of the financial statements. The new financial statements include a Statement of Net Assets and a Statement of Activities which provide information about the activities of the County as a whole and present a longer-term view of the County’s finances. Also included is Management’s Discussion and Analysis of the County’s financial statements.

The County has local tax revenue of $14,735,766 for the year ended June 30, 2004, which included $761,253 in tax credits from the state. The County forwarded $9,944,235 of the local tax revenue to the townships, school districts, cities and other taxing bodies in the County.

The County retained $4,791,531 of the local tax revenue to finance County operations, a 13% increase from the prior year. Other revenues included charges for service of $650,317, operating grants, contributions and restricted interest of $3,150,615, unrestricted investment earnings of $106,736 and other general revenues of $518,850.

Expenses for County operations totaled $8,646,797, a 10% decrease from the prior year. Expenses included $3,028,903 for Roads and Transportation, $1,602,798 for Mental Health and $1,035,450 for Public Safety and Court Services.

The significant increase/decrease in revenue and expenses is due primarily to property and other county tax revenues and Roads and Transportation and Capital Projects expenses.

A copy of the audit report is available for review in the office of the Auditor of State and the Allamakee County Auditor’s office.