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City of Newton - Administration

Posted on: January 22, 2024

Waterworks Audit Report Released

auditreport

Nolte, Cornman & Johnson, P.C. today released an audit report on the Newton Municipal Waterworks, Newton, Iowa.

FINANCIAL HIGHLIGHTS

Waterworks revenues totaled $3,684,116 for the year ended June 30, 2023, a 0.09% increase from the prior year, primarily due to an increase in revenue received from metered customers.

Expenses for the Waterworks totaled $3,669,962 for the year ended June 30, 2023, an 8.41 % decrease from the prior year. This decrease was largely due to a decrease in expenses incurred for treatment plant maintenance and distribution operations.

AUDIT FINDINGS

Nolte, Cornman & Johnson, P.C. reported one finding found on page 40 of the annual report. During the year ended June 30, 2023, Waterworks expenditures exceeded the budgeted amounts. Nolte, Cornman & Johnson, P.C. provided the Waterworks with a recommendation to address the finding.

A copy of the audit report is available for review on the Auditor of State's website.

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