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LPMU audit report released

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

FINANCIAL HIGHLIGHTS:

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.

AUDIT FINDINGS:

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.