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State Auditor to reexamine City Of Waterloo’s financial records

(WATERLOO, Iowa)–The City of Waterloo is having its finances reviewed by the State Auditor.

Nearly 150 residents had signed a petition forwarded to the state raising concerns about certain transactions and transfers that were made within the city’s departments.

The petition was filed April 4 and the city was notified by the state April 11. There have not been any accusations of wrongdoing done by the city.

City Councilman, Steven Schmitt, explained to KWWL that audits are common. They often take place weekly in some parts of the state.

“Occasionally you’ll hear on the news, that a school district or a city or a county, or some public agency has an audit,” said Schmitt. “And typically what the result is  that the state comes up with some suggestions on ways to do things a little more factually or a little more CPA like accounting.”

Councilman Schmitt explained residents will probably not feel much impact as a result of the audit. “Assuming that the audit has no findings, i would think that they probably wouldn’t even notice,” said Schmitt.

A spokeswoman with the auditor’s department says the review is expected to be complete by July.

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