The City of Lake City recently completed their annual audit, and officials are pleased to report only a few minor issues were noted on the summary of the city’s finances. Each August, Cornwell, Frideres, Maher & Associates, a certified public accounting firm out of Fort Dodge, is contracted to complete the survey. Administrator, Eric Wood, says there were only two items of note on their report.
The audit found the General Fund had dipped about $40,000 into the negative. While it is not good to see their primary fund drop below zero, Wood says this issue was a simple fix.
He adds those franchise fees totaled approximately $200,000 for Fiscal Year (FY) 2020, which is more than enough to cover the negative balance. Wood says the Sewer Fund encountered a shortfall due to unanticipated circumstances.
Beyond those two issues identified in the audit, Wood says Lake City is in a sound fiscal position.
The full audit is available for review to the public at Lake City Hall. Due to the pandemic, residents are asked to contact city officials before coming into the office by calling 712-464-3111.