MASON CITY – An audit performed on the city of Mason City’s finances for the fiscal year ending June 30, 2013, was released last week.
The audit, performed by certified public accountants Kronlage & Olson, P.C., of Charles City, showed that the city’s revenues totaled $51,014,040 while expenses totaled $50,881,450.
Revenues included $20,291,901 of property taxes; $10,129,460 in federal and state funds; $17,657,179 of charges for services; and $304,603 of uses for money and property.
Expenses included $8,942,796 for public safety; $3,174,323 for public works; $734,159 for health and social services; $3,396,606 for culture and recreation; $5,490,905 for community and economic development; $2,200,056 for general government; $3,342,294 for debt service; $6,120,323 for capitol projects; and $17,479,988 for business-type activities.
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3.3 million for debt service bothers me, that is almost as much as culture and recreation. Why is there so much debt? I don’t think other city’s our size operate like that. I don’t know but it is just a thought, we should get rid of that debt as soon as possible with interest rates going up.