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