The City of Clarkfield received their annual audit this week. The audit was prepared by Conway, Deuth & Schmiesing and was presented during the Tuesday, June 19 meeting.
The audit measured six areas of compliance, and according to the final report issued to the city, Clarkfield passed all six. The report listed several minor recommendations, such as using credit cards for city purchases instead of debit cards (primarily for security reasons), though no serious changes were identified.
According to the report, total assets for the city declined slightly since 2016, totaling $9,961,135 last year. Cash and investment balances also declined, falling from $2,701,289 in 2016 to $2,487,211 in 2017. The audit did not find any serious concern with these changes, and ascribed their cause to larger investments in equipment and infrastructure.
In 2017, taxes and special assessments accounted for 31.34% of revenue, the second largest revenue source after intergovernmental sources (which accounted for 36.91% of total revenue). Donations accounted for 10.7%, similar to previous years.
The largest source of expenditure was public safety (23.82%) followed closely by general government (19.63%). Other areas of expenditure included economic development (10.75%), streets and highways (15.36%), and culture and recreation (9.42%).