Lynn Graves of Graves and Associates CPAs out of Jefferson City, presented the annual audit report for the 2017 fiscal year for the City of Lake Ozark.

Lynn Graves of Graves and Associates CPAs out of Jefferson City, presented the annual audit report for the 2017 fiscal year for the City of Lake Ozark.

"Overall, the city had a good year," stated Graves at the opening of his presentation.

According to Graves' findings, that good year included the City's Governmental Funds account ending with a balance of $1,674,219 which was an increase of $149,565 from 2016.

The City's total revenue exceeded total expenses by $1,043,539 which included all of the Funds maintained by the City.

"The City of Lake Ozark is on a cash basis, revenue from the prior year that is needed in the subsequent year to offset expenses is called carry over and does not appear on the revenue and expense reports," explained Graves. Adding that the total carry over amount included in the 2017 budget was $142,339.

The report also explained that the City's combined net assets, resulting from modified cash basis transactions increased by $791,130 in 2017.

While Graves and Associates recommend that cities collect 96-98% of property taxes, Lake Ozark stood at 95% of collected revenue. Up 92% from last year, according to the independent auditor.

Of the expenditures made public, the City paid $2,132,110 in administration and management expenses; $254,948 for dispatch; $785,605 for the police department; $102,510 for municipal court; $82,044 in planning and zoning; all of which came out of their governmental fund. From the special allocation fund, TIF expenses equalled $1,459,675 and CID expenses totaled $129,959; while a total of $82,044 was spent from the transportation fund for street repairs.