By John R. Stone

Reporter

The city of Glenwood is in good financial shape according to Abby Schmidt of AbdoSolutions, the firm that performs the annual city audits.

Schmidt went through the various city funds and went over balances and changes from previous years as she told the commission “you are in a good place.”

She also went over the management letter which makes suggestions for future financial dealings.

The deficit in the storm sewer fund was mentioned and city administrator David Iverson explained that revenue from the storm water fee isn’t sufficient to cover some storm sewer expenses when streets are repaired. He said the city may need to look at adjusting the fee.

As with previous years, the report mentions the city’s separation of financial duties which affects internal control of disbursements, internal cash receipts, utility billing, liquor store and payroll. This has been mentioned in nearly every city audit, the city does not have enough individual staff members to separate duties sufficiently to meet auditor’s recommendations.

She also reminded the city the need for sufficient collateral for city deposits in financial institutions and encouraged the city to seek the highest possible interest rates on idle cash in city coffers and a few other technical recommendations.

Among the some of the highlights in the report:

City fund balances have improved each year from 2018 reaching $3,069,479 at the start of 2023.

The city has $2,091,404 in debt from the 2018 street project and 2019 fire hall work with a projected $451,413 in interest due through 2039. The bond for the street project will be paid off in 2039, the fire hall work, 2032.

The Glenwood off sale liquor store showed a net profit of 10.3 per cent which is slightly higher than the state average of 8.8%.

Property tax rates in Glenwood in 2022 were 71.2%. The report did not have a comparison with class four and five cities as it did for 2021 where Glenwood’s 68.2% rate for 2021 compared with 57.6% with class four cities, 99.7% for class five cities and 70.7% for Pope County cities.

Taxes per capita in 2022 were $814 as compared to $739 in 2021. Again, there was no comparison with class four or five cities. In 2021 Glenwood’s per capita taxes were $739 as compared with $630 for class four cities, $559 for class five cities and $579 for other Pope County cities.

Debt per capita debt for the city was $1,382. There was no comparison with other entities for 2022 but for 2021 Glenwood’s per capita debt was $1,488 which compared with $2,198 for class four cities, $2,853 for class five cities and $2,785 with other Pope County cities.

Glenwood’s debt service as a percentage of total budget was 5.13%, lower than the 7.14% from 2021. The 7.14% from 2021 compares with 13.38% for class four cities, 13.23% for class five cities and 8.78 for other Pope County cities.

Expenditures per capita in 2022 were $956 which compares with $860 the previous year.

The commission approved the report.