East Dubuque council approves fiscal year 2024 audit

Nearly two years after East Dubuque officials began sounding the alarm about the municipality’s financial situation, the city continues its progress toward financial stability. City Council members this week approved the fiscal year 2024 audit, for the year ending April 30, 2024. The report shows that the city ended that year with a $644,795 cash deficit in its general fund — an improvement from the prior year’s audit, which showed a general fund deficit of $1,010,328 at the end of the fiscal year in April 2023. That deficit arose after money from the city’s tax-increment-finance account and other city accounts was improperly used to cover general operational costs under prior city administration. The fiscal year 2024 audit also showed that the city’s revenue increased by 6.5%, or $222,971, from fiscal year 2023 to fiscal year 2024. Expenses fell by 18.4%, or $653,630, during the same period, and the city’s total cash basis net position increased by over 50%.