On Tuesday, Kerber Rose CPAs presented the Common Council with their final audit report for 2018. The bottom line is that the City is in the black, and no serious issues were discovered.
Under Sec. 86.303(5)(c), Wis. Stats., every municipality is required to submit a financial report to the Wisconsin Department of Revenue. Audits are conducted by private contractors to assure that the information included is both accurate and properly presented.
A full copy of the report (PDF) is available for download or reading online.
Revenue and expenditures in the audit are divided into several categories. The two main sources of revenue are
- Governmental Activities: These include taxes, licensing fees, fines (e.g., parking, speeding), interest accrued from those funds, and so forth.
- Business Type Activities: Utilities
Detailed descriptions of assets (what the city has) and liabilities (what the city owes) are listed in the report. The bottom line, however, is that the City of Lodi currently is just over $23.3 million in the black.
A Lodi native, Blaze attended the University of Wisconsin, Green Bay where he graduated with a degree in theatre technology & design. He has traveled extensively throughout the United States and the world–including a 6-year stint in China. He has been a teacher, a writer, a designer, and is the founder of the Redleaf Consulting Group.