The Storm Lake City Council on Monday acknowledged the city’s independent audit for Fiscal Year 2025—and auditors say Storm Lake once again earned the highest possible marks for financial reporting, internal controls, and compliance.
City Finance Director Tyler Gibbons reminded the council that the annual audit is required for cities with more than 2,000 residents.
The audit was conducted by Winther Stave & Co. of Spencer. Partner Rod Meendering, the in‑charge auditor, told the council the city received a clean opinion—meaning the financial statements were found to be accurate and presented properly under the cash‑basis accounting standards used by Iowa cities.
The city also received clean results on its major federal awards, including American Rescue Plan Act funds and Community Development Block Grants.
Financially, the city’s cash‑basis net position decreased by about $937,000 in Fiscal Year 2025, driven largely by major capital projects. Governmental disbursements rose 33 percent, including more than $3.4 million in capital spending. Several major funds saw declines, including the General Fund, Road Use Tax, and Local Option Sales Tax, while the Capital Projects Fund increased due to ongoing infrastructure work.
Enterprise funds remained stable overall, with the Water Fund ending the year at $5.37 million and the Sewer Fund at $4.46 million. The city ended the fiscal year with $20.7 million in governmental debt, about half of its constitutional debt limit, and $10.4 million in business‑type debt.
Meendering thanked city staff for their cooperation during the audit process.
Mayor Meg McKeon echoed that appreciation, noting the work that goes into maintaining strong financial practices.
The full audit report will be filed with the Iowa State Auditor’s Office and made available to the public.
