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OFFICE OF AUDITOR OF STATE STATE OF IOWA

State Capitol Building Des Moines, Iowa 50319-0004

David A. Vaudt, CPA Auditor of State

Telephone (515) 281-5834

Facsimile (515) 242-6134

NEWS RELEASE

FOR RELEASE

October 8, 2004

Contact: Andy Nielsen 515/281-5834

Auditor of State David A. Vaudt today released an audit report on the Villisca Municipal

Power Plant, Villisca, Iowa.

The Power Plant’s receipts totaled $761,298 for the year ended December 31, 2003

.

The

receipts included $657,681 in charges for service and $17,962 in interest on investments. The

Power Plant also received note proceeds of $1,470,000 that are reported as other financing

sources.

Disbursements for the year totaled $2,405,555, and included $735,289 for electric

operations, $126,778 for debt payments and $1,543,488 for various capital projects.

This

report

contains

numerous

recommendations

to

Power

Plant

officials.

For

example,

operating procedures should be reviewed to obtain the maximum internal control possible.

Monthly

receipts

and

disbursement

journals

should

be

reconciled

to

financial

reports.

Also,

procedures should be established to reconcile utility billings, collections and delinquencies for

each billing period. In addition, the budget should be reviewed and amendments made before

disbursements exceed the budget. The Power Plant also should establish the required accounts

and make the necessary transfers as required by the note resolution. Power Plant officials have

responded favorably to the recommendations.

A copy of the audit report is available for review in the Office of Auditor of State and the

Power Plant’s office.

###

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