Finance Department

Functions


Responsibilities of the Finance Department include:
  • Administering accounts payable and receivable
  • Developing and managing the City’s annual budget
  • Managing investments and human resources

Ensuring Accountability


Three staff members ensure that the City’s finances are accounted for and spent in accordance with the goals of the Storm Lake City Council and the State Code of Iowa.


Audit

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 current and previous FY audit reports are also available on the State of Iowa’s Auditor Website.

Budget

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.

The Iowa Department of Management website lists the most current required budget as well as the previous three (3) years.