Iowa Auditor of State Rob Sand has released an audit report for the city of Traer, Iowa.

The city’s receipts totaled $6,534,648 for the year ended June 30, 2021, which is a 46.5 percent increase from the previous year.  Disbursements for the same period totaled $6,522,098, which is a 56.1 percent increase from the prior year.  The significant increase in receipts and disbursements is due primarily to the addition of the gas fund.

Sand reported seventeen findings related to the receipt and disbursement of taxpayer funds.  The findings address issues such as a lack of segregation of duties, inadequate monthly financial reporting to the city council, the lack of certain policies and enforcement of established vacation accrual policies, disbursements exceeding budgeted amounts and non-compliance with the Iowa constitution with regard to donations to non-profit organizations.

The city council has a fiduciary responsibility to provide oversight of the city’s operations and financial transactions.

A copy of the audit report is available for review on the Auditor of State’s web site at auditor.iowa.gov/reports/audit-reports.