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Audit Shows Palo Finances Stabilizing
PALO, IA (CBS 2/FOX 28) -- A new report finds the city of Palo spent more money than it took in during the 2013 fiscal year, but state monitors say it's nothing to be concerned about.
The report shows both spending and revenue levels dropping significantly. Warren Jenkins called Palo's situation "expected." Jenkins says the 2008 flood had a major impact on both revenue and spending. He says the timing of revenue disbursement also played a role in the budgetary imbalance.
Despite spending more than taking in, figures show Palo remains well below the maximum amount of debt it can tally. The report also noted that city leaders have taken steps to adjust the budget and help stabilize the community's finances as they emerge from flood recovery projects.