Iowa UST Fund Audit Report

State Auditor, Mary Mosiman, released an audit report on the Iowa Petroleum Underground Storage Tank Board (UST Board) for the year ended June 30, 2016. The responsibilities of the UST Board include expending moneys for remedial (cleanup) action and underground storage tank improvement. PMCI’s Dawn Carlson serves on the IUST Fund Board of Directors as a Governor-appointed board member as does Patricia Beck of Community Oil, Carroll, IA and others. The audit report states the UST Board had total revenues of $298,543 for the year ended June 30, 2016, a 72% increase over the prior year. The significant increase in revenues is due to an increase in interest on investments. Revenues included $86,633 of environmental protection charges, cost recovery and community remediation buy-ins and $211,910 of interest on investments. General Fund expenditures totaled $9,482,578 for the year ended June 30, 2016, a 5% increase over the prior year. Expenditures included $5,649,843 for remedial claims, $1,532,334 for administrative costs and $2,221,177 for innocent landowner claims. At June 30, 2016, the estimate for potential claims for clean-up charges totaled $23,828,800.