Annual Audit Report Released For City Of Spencer
(Spencer)-- An annual audit of finances for the city of Spencer for the fiscal year that ended June 30th, 2019 has been released. It shows receipts of slightly more than $27 million. $6.16 million of that was property and other city taxes along with $9.5 million in charges for services. The remainder of the revenue came from grants and contributions, local option sales tax proceeds, tax increment financing, payments in lieu of taxes, investment income and lodging tax revenue.
Disbursements totaled slightly more than $24.4 million, including just over $4 million for public safety; $1.8 million for public works; $1.88 million for culture and recreation; $1.7 million for general government; nearly $2 million for community and economic development; nearly $844,000 for debt service; $7.2 million for capital projects and nearly $4.9 million for business type activities.
A copy of the report is available for review at the State Auditor's website and the Spencer City Clerk's Office.