Polk is healthy financially
2019-2020 audit report shows almost 35 percent fund balance
COLUMBUS—Polk County is once again healthy financially with an almost 35 percent fund balance, or rainy day fund.
The Polk County Board of Commissioners met last week and heard from Gould Killian CPA Group, PA, who performed the audit for fiscal year 2019-2020, which ended June 30.
The county’s available fund balance was 34.8 percent as of June 30, according to the audit report. That means that the county had $9,211,859 available to spend. The state recommends local governments keep at least 8 percent in fund balance in case of emergencies.
Compared to previous years, the county had $9,323,082 (36.2 percent) in fund balance at fiscal year ending 2019 and $7,626,440 (32.8 percent) available fund balance at fiscal year ending 2018, according to the audit report.
Polk received most of its revenues in ad valorem taxes at $16,743,037, or 60 percent of its revenues. Local option sales tax made up 18 percent of the county’s revenues at $4,973,439; 12 percent of the county’s revenues came from intergovernmental at $3,226,026 and 10 percent, or $2,856,221 came from other, according to the audit report.
Polk County spent the most money last fiscal year in public safety at $7,462,703, compared to other at $7,391,986. Spending on education was $6,925,004 and human services was $4,628,444, according to the audit report.
The county is currently in its 2020-2021 fiscal year. County officials normally begin working on the new budget in the spring and will approve the new budget for fiscal year 2021-2022 in June.