The City of Storm Lake is required by the State of Iowa to have an outside public accounting firm perform an audit on all the City’s funds annually.
The audit ensures the City’s compliance with State and Federal regulations regarding the use and collection of public funds including taxes and grant funds. In addition, the audit ensure that the City funds are spent as reported and that accounting practices used on a daily basis by the City are correct.
The City must complete the required state budget forms and submit to the Iowa Department of Management and the County Auditor to be certified. This document is due by March 15th of each year. The budget forms include the revenues and expenses of the previously completed fiscal year, the current FY and upcoming fiscal year. The state requires a public hearing and publication of the budget.