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City auditor reports lower federal funding threshold, fund balances and operating losses in water and sewer
Summary
Smith Schafer auditor Kali Lentz told the council that Mantorville’s federal funding is below the $175,000 compliance threshold, reported a $232,071 General Fund balance at the end of 2024, noted a roughly $60,000 2022 street-project deficit covered by General Capital, and said the water and sewer funds showed net losses (about $85,000 and $33,000 respectively).
An auditor from Smith Schafer presented the city’s annual audit during the June 9 council meeting and summarized key financial figures for 2024.
Kali Lentz said the city does not exceed the federal funding threshold that would trigger additional compliance testing: "We have compliance testing every year and the City does not have more than $175,000 in Federal Dollars so no further testing is needed." She reported the General Fund contained $232,071 at the end of 2024. Lentz also said General Capital funds were used to make up a roughly $60,000 deficit from 2022 street projects, and that the Water and Sewer funds experienced net losses of approximately $85,000 and $33,000, respectively.
Council did not take immediate budgetary action during the meeting; the audit was presented for the record and will inform staff and council planning and future budget work.
