LPMU audit report released

Winther, Stave & Co., LLP has recently released an audit report on the Lake Park Municipal Utilities.


The Utilities’ revenues totaled $2,998,335 for the year ended June 30, 2023, a 1.8 percent increase from the prior year. Expenses for the Utilities’ operations for the year ended June 30, 2023 totaled $2,736,364, a 3.6 percent increase from the prior year.


The auditors reported findings related to the receipt and disbursement of taxpayer funds. They are found on page 33 and 34 of this report. The findings address issues such as a lack of segregation of duties and missed adjustments to the financial statements. The auditors provided the Utilities with recommendations to address the finding.

The Board of Trustees has a fiduciary responsibility to provide oversight of the Utilities’ operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity.

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