HomeMy WebLinkAboutFY2007 Annual Financial Report
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2007
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2007
Page
INTRODUCTORY SECTION
Table of contents................................................................................................................................ 1
Letter of transmittal............................................................................................................................ 3
City organizational chart.................................................................................................................... 10
City officials....................................................................................................................................... 11
Certificate of Achievement for Excellence in Financial Reporting................................................... 12
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT......................................................................................... 13
MANAGEMENT’S DISCUSSION AND ANALYSIS.................................................................... 15
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net assets................................................................................................................. 26
Statement of activities.................................................................................................................. 28
Fund financial statements
Balance sheet – governmental funds............................................................................................ 30
Reconciliation of the balance sheet of the governmental funds to the statement of net assets.... 32
Statement of revenues, expenditures, and changes in fund balances – governmental funds....... 33
Reconciliation of the statement of revenues, expenditures, and changes in fund balances of
governmental funds to the statement of activities..................................................................... 35
Statement of net assets – proprietary funds ................................................................................. 36
Statement of revenues, expenses, and changes in fund net assets – proprietary funds................ 39
Statement of cash flows – proprietary funds................................................................................ 40
Statement of fiduciary assets and liabilities................................................................................. 42
Notes to financial statements.......................................................................................................... 43
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary comparison schedule – budget and actual – all governmental funds and enterprise ...
funds – budgetary basis……………………………………………………………………….... 70
Budgetary comparison schedule – budget to GAAP reconciliation …………………………….. 72
Note to required supplementary information – budgetary reporting…………………………….. 73
COMBINING AND INDIVIDUAL FUND STATEMENTS
Combining balance sheet – nonmajor governmental funds............................................................ 76
Combining statement of revenues, expenditures, and changes in fund balances – nonmajor
governmental funds...................................................................................................................... 77
Combining statement of net assets – nonmajor enterprise funds.................................................... 80
Combining statement of revenues, expenses, and changes in fund net assets – nonmajor
enterprise funds............................................................................................................................ 81
Combining statement of cash flows – nonmajor enterprise funds.................................................. 82
Combining statement of net assets – internal service funds ........................................................... 84
Combining statement of revenues, expenses, and changes in fund net assets – internal service
funds............................................................................................................................................. 85
Combining statement of cash flows – internal service funds.......................................................... 86
Combining statement of changes in assets and liabilities – agency funds...................................... 88
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CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2007
Page
STATISTICAL SECTION (UNAUDITED)
Net assets by component.................................................................................................................... 93
Changes in net assets.......................................................................................................................... 94
Fund balances – governmental funds................................................................................................. 96
Changes in fund balances – governmental funds............................................................................... 97
General government tax revenues by source...................................................................................... 98
Assessed and taxable value of property.............................................................................................. 99
Property tax rates – direct and overlapping governments .................................................................. 100
Property tax budgets and collections.................................................................................................. 101
Principal taxpayers............................................................................................................................. 102
Ratios of outstanding debt by type..................................................................................................... 103
Ratios of general obligation bonded debt to assessed value and net bonded debt per capita............. 104
Ratio of annual debt service expenditures for general bonded debt to total general governmental
expenditures..................................................................................................................................... 105
Computation of direct and overlapping debt...................................................................................... 106
Legal debt margin information........................................................................................................... 107
General obligation debt annual maturity schedule............................................................................. 108
Schedule of revenue bond coverage................................................................................................... 109
Revenue debt annual maturity schedule............................................................................................. 110
Demographic and economic statistics................................................................................................ 111
Principal employers............................................................................................................................ 112
Full-time equivalent city government employees by function........................................................... 114
Operating indicators by function........................................................................................................ 116
Capital assets by function................................................................................................................... 118
COMPLIANCE SECTION
Report on internal control over financial reporting and on compliance and other matters based on
an audit of financial statements performed in accordance with Government Auditing Standards .. 121
Report on compliance with requirements applicable to each major program and internal
control over compliance in accordance with OMB Circular A-133................................................ 123
Schedule of expenditures of federal awards....................................................................................... 125
Notes to the schedule of expenditures of federal awards ................................................................... 128
Schedule of findings and questioned costs......................................................................................... 129
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December 14, 2007
To the Citizens, Honorable Mayor, Members
of the City Council and City Manager
City of Iowa City, Iowa
The Comprehensive Annual Financial Report (CAFR) of the City of Iowa City, Iowa (the City)
for the fiscal year ended June 30, 2007 is submitted herewith in accordance with the provisions of
Chapter 11 of the Code of Iowa. The City’s Finance Department prepared this report.
Responsibility for both the accuracy of the data presented and the completeness and fairness of
the presentation, including all disclosures, rest with the City. I believe the information, as
presented, is accurate in all material respects and presented in a manner designed to fairly present
the financial position and results of operations of the City. All disclosures necessary to enable the
reader to gain an understanding of the City's financial affairs have been included.
This report consists of management’s representation concerning the finances of the City of Iowa
City. Management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these
representations, management of the City has established a comprehensive internal control
framework that is designed both to protect the government’s assets from loss, theft, or misuse and
to compile sufficient reliable information for the preparation of the City’s financial statements in
conformity with accounting principles generally accepted in the United States of America
(GAAP). Because the cost of internal controls should not outweigh their benefits, the City’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free from material misstatement. As
management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The CAFR reflects all funds of the City in accordance with standards set by the Governmental
Accounting Standards Board (GASB). In 1999, GASB adopted Statement No. 34, Basic
Financial Statements – Management’s Discussion and Analysis – For State and Local
Governments . The final effective date for the implementation of GASB No. 34 for the City of
Iowa City was June 30, 2003. This report complies with those standards. This statement
significantly changes governmental financial reporting in order to bring it closer to a private
sector model.
The City is required to undergo an annual single audit in conformity with the provisions of the
Single Audit Act of 1996 and the U.S. Office of Management and Budget (OMB) Circular A-133,
Audits of State and Local Governments . Information related to this single audit, including the
schedules of federal financial assistance, findings and questioned costs, and independent auditors’
reports on the internal accounting and administrative controls and compliance with applicable
laws and regulations are included in the compliance section of this report.
GAAP require that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statements in the form of Management’s Discussion and Analysis
(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
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conjunction with it. The City’s MD&A can be found immediately following the report of the
independent auditors.
The City of Iowa City’s financial statements have been audited by Eide Bailly, LLP of Dubuque,
Iowa, a firm of licensed certified public accountants. The goal of the independent audit was to
provide reasonable assurance that the City’s financial statements for the fiscal year ended, June 30,
2007 are free of material misstatement. The independent audit involved examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and evaluating the
overall financial statement preparation. The independent auditor concluded, based upon the audit,
that there was a reasonable basis for rendering an unqualified opinion that the City of Iowa City’s
financial statements for the fiscal year ended, June 30, 2007, are fairly presented in conformity with
GAAP.
Profile of the Government
The City of Iowa City was incorporated April 6, 1853. The City is governed by a seven member
Council; each member serves a four-year term. Elections are held every two years allowing for
continuation in office of at least three members at each biennial election. The Council members are
elected at large, but three members are nominated from specific districts, and the four other
members are nominated at large. The Council elects the Mayor from its own members for a two-
year term.
The City Council is the legislative body and makes all policy determinations for the City through
the enactment of ordinances and resolutions. It also adopts a budget to determine how the City will
obtain and spend its funds. The Council appoints members of boards, commissions and
committees.
The City Manager is the chief administrative officer for the City and is appointed by the City
Council. The City Manager implements policy decisions of the City Council and enforces City
ordinances. In addition, the City Manager appoints and directly supervises the directors of the
City’s operating departments and supervises the administration of the City’s personnel system. He
supervises 545 full-time and 88 permanent part-time municipal employees and 455 temporary
employees including a police force of 73 sworn personnel and a fire department of 56 firefighters.
The City owns and operates its water supply and distribution system and sewage collection and
treatment system with secondary treatment also provided. Virtually the entire City has separate
storm and sanitary sewer systems. The City operates a municipal off-street and on-street parking
system in the downtown area. Since 1971, the City has operated a transit system.
The annual budget serves as the foundation for the City’s financial planning and control. All
departments of the City are required to submit requests for appropriation to the City Manager in
October. The City Manager uses these requests as the starting point for developing a proposed
budget. The City Manager then presents this proposed budget to the Council for review in
December. The Council is required to hold a public hearing on the proposed budget and to adopt a
final budget no later than March 15. The appropriated budget is prepared by fund, function (e.g.,
Public Safety), and department (e.g., Police).
The City adopts a three-year financial plan that includes both operations and capital improvements.
This three-year plan permits a more comprehensive review of the City’s financial condition,
allowing analysis of the current and future needs and requirements. During preparation of the plan,
careful review is made of property tax levy rates, utility and user fee requirements, ending cash
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balances by fund, debt service obligations, bond financing needs, capital outlay for equipment
purchases and major capital improvement projects. The state requires at least a one-year operating
budget. While legal spending control is exercised at a state mandated function level, management
control is set at the Department Manager level. Encumbrance accounting is utilized in all funds for
budgetary control. Encumbrances outstanding at year-end for the governmental fund types are
reflected as reservations of the fund balances. Appropriations that are not encumbered lapse at the
end of the year.
Information useful in assessing the government’s economic condition
The City's economic strength is based upon education, medical services, and diversified
manufacturing. The University of Iowa is the City’s largest employer with almost 25,500
employees and the University of Iowa Hospitals and Clinics is the largest university-owned
teaching medical center in the United States. The City also has a significant number of private
employers who have a history of providing stable and increasing employment in the community.
The relative stability of the University of Iowa, coupled with the City’s multi-sector base of
industrial and commercial interests, will continue to help insulate the City from the significant
negative economic impacts related to unemployment.
The City continues to see sustained production in our major local industries, such as ACT, Proctor
& Gamble, and Pearson. Continued economic development efforts involving the Iowa City and
Coralville Chambers of Commerce, local private interests, the University of Iowa and other
surrounding communities through participation as members of the Iowa City Area Development
Group, have proved positive with the retention and expansion of businesses. In addition, the
corridor between Iowa City and Cedar Rapids has been identified as one of the major growth areas
for new business development in the State of Iowa. Continued developments within Iowa City and
the region have a favorable impact upon the City's economy.
There have been improvements in the budget challenges faced by the State of Iowa, however, the
City's economy as a whole continues to grow. The major employers have been able to maintain
their workforce size. The unemployment rate for Johnson County continues to remain low at
between 2.4% and 2.9%. The City has consistently experienced modest increases in assessed
property valuations. New housing construction continues to be relatively strong with 137 new
single-family houses and 201 multi-family units added to the tax rolls for the year ended
December 31, 2006. This, along with the low unemployment rate, continues to be indicative of
the City's economic well being.
The 2000 census population of Iowa City was 62,220. After further review by the United Census
Bureau, the population was revised to 62,887 in 2006. This represents a 5.0% increase over the
1990 population of 59,738.
In preparing the financial plan for the three years ending June 30, 2010, the process of budget
balancing has again been most difficult. With the continued tax limitations imposed by the state
(specifically the residential rollback factor) and other federal and state regulations and mandates,
the municipal service needs for our growing community are becoming increasingly difficult to
satisfy.
In balancing the budget for the three-year period, the City attempted to maintain service levels,
wherever practical. In addition, our planning has been directed at maintaining our current fiscal
strength and avoiding any erosion of that fiscal position, including the City’s Aaa bond rating.
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A continuing major objective in the three-year financial plan is to maintain or increase the City's
cash reserve position. In addition, procedures were adopted to allocate unreserved fund balances
between the contingency and undesignated fund balances. The contingency fund is available during
the fiscal year for unanticipated and unbudgeted expenditures, while the undesignated fund balance
is intended to be maintained as working capital. The City is committed to drawing from the
undesignated fund balance only in emergency situations. This unreserved fund balance allocation
along with specific budgeting techniques has allowed the City to increase or maintain fund balances
over the past year.
The City continues to pursue cooperative efforts with other local governments. Joint funding,
purchasing, planning and other efforts allow the City to meet mandates for new and improved
services in the future at the most reasonable cost. Joint cooperation currently encompasses
regional transportation planning, human services, solid waste management planning, a hazardous
materials response program, an enhanced 911 emergency communications system, community
relations, joint operation of an animal control facility, joint operation of an indoor swimming pool
facility, and joint economic development efforts. While such cooperative efforts are not new in
concept, the City expects to enter into more agreements with neighboring governmental
subdivisions, as well as with the University of Iowa.
There are many signs that the City remains healthy and vibrant with great promise for the future.
The University of Iowa continues to add new buildings and facilities. The City continues to see
sustained production in major local industries. Industrial and commercial interests within the
community have continued to thrive.
The City will be challenged during the next couple of years to maintain its vitality through greater
economic development efforts, fiscal restraint in local government, and continued cooperation
among local government officials. We are confident that the City is positioning itself to better meet
the needs of the community in the future through more effective long-term financial planning, and
increased financial strength and stability of the City. The City Council and its staff are committed
to managing the City's destiny well into the future.
Major Initiatives
The City continues to be proactive in maintaining and building its streets, bridges, storm water
mains, and trail systems and spent approximately $7,398,000 in fiscal year 2007 on various
projects. The major projects were the widening of US Highway 6 from Lakeside Drive to the
eastern city limits, including traffic controls; completion of Camp Cardinal Boulevard, an arterial
street connecting western Iowa City to Coralville; and widening State Highway 1(North Dodge
Street) to Interstate 80.
Construction continued on Phase 2 of the Mormon Trek Boulevard Extension, a three phase project
to construct a southern arterial lining western and eastern sides of the City. Phase 1 began in FY02
with design costs, continued with land acquisition in FY03 and construction work concluding in
FY06. Cost of Phase 1 was $3.7 million. Phase 2 of the Mormon Trek Boulevard Extension is
construction of a box culvert and the closing of an airport runway. Estimated cost of Phase 2 will
be $3.6 million. Phase 3 will be the construction of McCollister Road and a bridge spanning the
Iowa River. Estimated costs of Phase 3 are $7 million. When all phases are completed, the
roadway will serve a combination of through and local traffic needs. Estimated costs for the entire
project total $14.3 million with $6 million in federal funding.
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The Iowa City Housing Authority provides rental assistance for 1,150 units, with an annual
contribution contract with the Federal Government of $6,400,000. Community Development Block
Grant and HOME Community Development Block Grant and Home Investment Partnership funds
totaling approximately $1,633,000 were utilized for economic development, housing, public
services and facilities, and planning activities during fiscal year 2007. Community and Economic
Development also leveraged approximately $1,128,000 million in other funds. These programs
provide for broad based financial impacts locally for builders, developers, and others.
Financial Information
Single Audit: As a recipient of federal financial assistance, the City is responsible for ensuring that
adequate internal controls are in place to ensure compliance with applicable laws and regulations
related to those programs. These internal accounting and administrative controls are subject to
periodic evaluation by the City's management.
The results of the City's single audit for the fiscal year ended June 30, 2007 provided no instances of
material weaknesses in the internal controls or significant violations of applicable laws and
regulations based upon the audit of the basic financial statements.
Retirement Plans: With the exception of police and fire employees, substantially all permanent
City employees are covered by the Iowa Public Employees Retirement System (IPERS). The state
annually sets the contribution rate for all municipal entities and covered employees. All covered
employees are required to contribute 3.7% of their salary, while employers contribute 5.75%. There
is no allocation or measurement of unfunded liability to any municipal entity and, upon the
retirement of employees, IPERS has the sole responsibility for their benefits. The City has no
responsibility to pay employee pension benefits of IPERS besides the required contribution.
The City’s police and fire employees are covered by the Municipal Fire and Police Retirement
System of Iowa (MFPRSI). This statewide system is a cost-sharing multiple-employer public
employee retirement system. The state annually sets the contribution rate for all municipal
entities and employees. The City has no responsibility to pay employee pension benefits of
MFPRSI besides the required contribution.
Cash Management: The majority of the City's investment activity is carried on by the City's
investment pool, except for those funds which are required to maintain their investments separately.
This pooled concept provides for greater investment earnings that are then allocated to the City’s
funds on a systematic basis.
The intention of the cash management system is to limit the amount of funds placed in accounts
where low or no interest is paid. Idle cash is invested in various instruments with various
maturity dates of less than one year, depending on the anticipated cash requirements during the
period.
The overall strategy of holding deposits and making investments is to expose the City to a minimum
amount of credit risk and market risk. All bank balances of deposits as of the balance sheet date are
entirely insured or collateralized with securities held by the State of Iowa Sinking Fund.
For the year ended June 30, 2007, the City earned $7,651,000 from all investments, an increase of
$2,398,000 from the prior year. The following table shows how this was allocated by fund type
for the fiscal years 2007 and 2006:
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Risk Management: The City is exposed to a variety of accidental losses and has established a risk
management strategy that attempts to minimize losses and the carrying cost of insurance.
Risk control techniques have been established to reasonably ensure that the City’s employees are
aware of their responsibilities regarding loss exposures related to their duties. In a similar manner,
risk control techniques have been established to reduce possible losses to property owned by or
under the control of the City. Furthermore, supervisory personnel are held responsible for
monitoring risk control techniques on an operational basis. The City completed its seventeenth year
under a property and liability insurance program that provides for a $100,000 self-insured retention
per occurrence on property losses, a $500,000 self-insured retention per occurrence on liability, and
a $400,000 self-insured retention on workers’ compensation losses. The insurance provides
coverage for claims in excess of the aforementioned self-insured retention up to a maximum of
$19,000,000 annual aggregate of the losses paid. The operating funds pay annual premiums to the
Loss Reserve Fund, which is accounted for as an internal service fund. The balance in the Loss
Reserve Fund is available to cover the self-insured retention amounts and any uninsured losses.
The total assets in the Loss Reserve Fund as of June 30, 2007 were $6,419,000.
Independent Audit : Chapter 11 of the Code of Iowa requires an annual audit to be performed.
The independent public accounting firm of Eide Bailly LLP was selected by the City. In addition to
meeting the requirements set forth in Chapter 11, the audit was also designed to meet the
requirements of the Single Audit Act of 1996 and related OMB Circular A-133. The independent
auditors’ report on the basic financial statements and combining and individual fund statements and
schedules is included in the financial section of this report. The independent auditors’ reports
related specifically to the single audit are included in the compliance section of this report.
The financial statements are the responsibility of the City. The responsibility of the certified
public accountants is to express an opinion on the City’s financial statements based on their audit.
An audit is conducted in accordance with generally accepted auditing standards. Those standards
require that the audit be planned and performed in a manner to obtain a reasonable assurance as to
whether the financial statements are free of material misstatement.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting (the Certificate) to the City of
Iowa City, Iowa for its Comprehensive Annual Financial Report for the fiscal year ended June 30,
2006. The Certificate is the highest form of recognition for excellence in state and local financial
reporting.
In order to be awarded the Certificate, a governmental unit must publish an easily readable and
efficiently organized Comprehensive Annual Financial Report, whose contents conform to program
2007 2006
Investment Investment
Fund Type Earnings Earnings
(in thousands) (in thousands)
Governmental 4,045 $ 2,678 $
Business-type 3,606 2,575
Totals 7,651 $ 5,253 $
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Administration Energy Conservation Engineering Equipment Maintenance Landfill Solid Waste Collection Stormwater Management Streets Traffic Engineering Wastewater Management WaterSenior Center
10
CITY OF IOWA CITY, IOWA
LISTING OF CITY OFFICIALS
June 30, 2007
ELECTED OFFICIALS
Term Expires
Mayor Ross Wilburn January 1, 2008
Council Member and Mayor Pro tem Regenia Bailey January 1, 2008
Council Member Connie Champion January 1, 2010
Council Member Amy Correia January 1, 2010
Council Member Bob Elliott January 1, 2008
Council Member Mike O’Donnell January 1, 2010
Council Member Dee Vanderhoef January 1, 2008
APPOINTED OFFICIALS
Date of Hire
City Manager Stephen J. Atkins July 20, 1986
City Clerk Marian K. Karr May 21, 1979
City Attorney Eleanor Dilkes March 18, 1996
DEPARTMENT DIRECTORS
Assistant City Manager Dale E. Helling August 16, 1975
Director of Housing and Inspection Services Douglas W. Boothroy September 22, 1975
Library Director Susan Craig July 28, 1975
Director of Planning & Community Development Jeff Davidson January 26, 1981
Director of Public Works Rick Fosse February 22, 1984
Director of Parking and Transit Joseph Fowler January 2, 1970
Senior Center Coordinator Linda Kopping March 20, 1995
Fire Chief Andrew Rocca July 14, 1978
Parks and Recreation Director Terry G. Trueblood February 18, 1986
Director of Finance Kevin O’Malley August 19, 1985
Chief of Police Sam Hargadine August 29, 2005
11
12
Management’s Discussion and Analysis
As management of the City of Iowa City, we present this narrative overview and analysis of the financial
activities of the City for the fiscal year ended June 30, 2007. This narrative is intended to be used in
conjunction with additional information that is included in the letter of transmittal, which can be found on
pages 3 – 9 of this report.
Financial Highlights
• The assets of the City of Iowa City exceeded its liabilities at the close of the fiscal year ending June
30, 2007 by $350,357,000 (net assets). Of this amount, $44,738,000 (unrestricted net assets) may be
used to meet the government’s ongoing obligations to its citizens and creditors.
• The City’s total net assets increased by $23,435,000 during the fiscal year. Governmental activities
increased by $7,345,000 and business-type activities increased by $16,090,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $36,629,000, an increase of $4,676,000 in comparison with the prior year. Of this total
amount, approximately $29,788,000, or 81% was unreserved and is available for spending at the
City’s discretion.
• At the end of the current fiscal year, the City’s unreserved, undesignated fund balance for the General
Fund was $18,528,000, or 41% of total General Fund expenditures.
• The City’s total debt decreased by $4,375,000, during the current fiscal year. The key factor to this
decrease was the retirement of bonds.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The City’s basic financial statements are comprised of three components: 1) government-
wide financial statements, 2) fund financial statements; and 3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic financial statements
themselves.
Government-wide Financial Statements: The government-wide financial statements are designed to
provide readers with a broad overview of the City’s finances in a manner similar to a private-sector
business.
The statement of net assets presents information on all of the City’s assets and liabilities, with the
difference between the two reported as net assets . Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City’s net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise
to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g.,
uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by taxes and intergovernmental revenues ( governmental activities ) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges ( business-type
activities ). The governmental activities of the City include Public Safety, Public Works (roads, traffic
controls, and transit), Culture and Recreation, Community and Economic Development, General
Government, and Interest on long-term debt. The business-type activities of the City include Airport,
Cable Television, Housing Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment,
and Water.
15
The government-wide financial statements may be found on pages 26 – 29 of this report.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the City can be divided into three categories: governmental funds,
proprietary funds, and fiduciary funds.
Governmental Funds: Governmental funds are used to account for essentially the same function
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources , as well as on balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements and is typically the basis that is used in developing the next annual budget.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. Both the
governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and
changes in fund balances provide a reconciliation to facilitate this comparison.
The City has five major governmental funds: General Fund, Employee Benefits Fund, Community
Development Block Grant Fund, Capital Projects – Bridge, Street, and Traffic Control Construction Fund,
and Debt Service Fund. Information is presented separately in the governmental funds balance sheet and
in the governmental funds statement of revenues, expenditures, and changes in fund balances for these
major funds. Data from all other non-major governmental funds is combined into a single aggregated
presentation and are referenced under a single column as “Other Governmental Funds”. Individual fund
data on each of these non-major governmental funds is provided in the form of combining statements
elsewhere in this report.
The City adopts an annual appropriated budget for all governmental funds as required by state statute.
Budget comparisons have been provided for the Governmental funds and the Enterprise funds, to
demonstrate compliance with the adopted budget.
The basic governmental funds financial statements can be found on pages 30 – 35 of this report.
Proprietary Funds: The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide financial
statements. The City uses enterprise funds to account for its Airport, Cable Television, Housing
Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment, and Water activities.
Internal Service funds are an accounting device used to accumulate and allocate costs internally among
the City’s various functions. The City has four Internal Service Funds: Equipment Maintenance, Central
Services, Loss Reserve, and Information Technology. Because these services predominantly benefit
governmental rather than business-type functions, they have been included within governmental activities
in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only
in more detail. Wastewater Treatment, Water, Sanitation, and Housing Authority Funds are considered to
be major funds and are reported individually throughout the report. The other 4 non-major enterprise
funds are grouped together for reporting purposes and listed under a single heading “Other Enterprise
Funds”. Detailed information for each of the non-major funds is provided in the combining statements on
pages 80 – 82. Individual fund data for the Internal Service funds is provided in the form of combining
statements elsewhere in this report.
16
The basic proprietary fund financial statements can be found on pages 36 – 41 of this report.
Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties outside
the government. Fiduciary funds are not available to support the City’s own programs and therefore are
not reflected in the government-wide financial statements. The City has two fiduciary funds: Project
Green and Library Foundation, which are maintained as agency funds.
The basic fiduciary funds financial statements can be found on page 42.
Notes to Financial Statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found on pages 43 – 68 of this report.
Other Information: The combining statements referred to in the above paragraphs in connection with
non-major governmental funds, non-major enterprise funds, and internal service funds are presented
immediately following the notes.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position.
In the case of the City, assets exceeded liabilities by $350,357,000 at the close of the fiscal year ended
June 30, 2007.
By far, the largest portion of the City’s net assets reflect its investment in capital assets (e.g., land,
building, machinery and equipment, improvements other than buildings, and infrastructure), less any
related debt to acquire those assets that is still outstanding. The City uses these capital assets to provide
services to its citizens; consequently, these assets are not available for future spending. Although the
City’s investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other resources, since the capital assets themselves
cannot be used to liquidate these liabilities.
City of Iowa City's Net Assets
June 30, 2007
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2007 2006 2007 2006 2007 2006
Current and other assets 107,390 $ 99,035 $ 94,847 $ 87,544 $ 202,237 $ 186,579 $
Capital assets 153,380 150,644 255,577 252,130 408,957 402,774
Total Assets 260,770 249,679 350,424 339,674 611,194 589,353
Long-term liabilities outstanding 82,616 80,333 115,332 121,239 197,948 201,572
Current and other liabilities 57,903 56,440 4,986 4,419 62,889 60,859
Total Liabilities 140,519 136,773 120,318 125,658 260,837 262,431
Net assets:
Invested in capital assets, net of
related debt 101,027 95,227 172,518 155,346 273,545 250,573
Restricted 8,181 6,852 23,893 15,682 32,074 22,534
Unrestricted 11,043 10,827 33,695 42,988 44,738 53,815
Total Net Assets 120,251 $ 112,906 $ 230,106 $ 214,016 $ 350,357 $ 326,922 $
17
A portion of the City’s net assets (9.2% or $32,074,000) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net assets (12.8% or
$44,738,000) may be used to meet the government’s ongoing obligations to its citizens and creditors. At
the end of the fiscal year ended June 30, 2007, the City is able to report positive balances in all three
categories of net assets, both for the government as a whole, as well as for its separate governmental and
business-type activities.
Governmental Activities: Governmental activities increased the City’s net assets by $7,345,000. The
increase in net assets of governmental activities is primarily due to expenditures for capital assets less
depreciation expense.
The following is a more detailed review of FY07’s operation.
City of Iowa City's Changes in Net Assets
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2007 2006 2007 2006 2007 2006
Revenues:
Program Revenues:
Charges for services 6,598 $ 6,296 $ 34,397 $ 33,973 $ 40,995 $ 40,269 $
Operating grants and contributions 3,215 2,937 7,172 7,417 10,387 10,354
Capital grants and contributions 4,283 3,849 4,866 3,018 9,149 6,867
General Revenues:
Property taxes 41,492 37,770 - - 41,492 37,770
Road use tax 5,305 5,303 - - 5,305 5,303
Other taxes 1,412 1,240 - - 1,412 1,240
Earnings on investments 4,045 2,678 3,606 2,575 7,651 5,253
Gain (loss) on disposal of capital assets 281 100 591 185 872 285
Other 3,656 4,422 343 391 3,999 4,813
Total revenues 70,287 64,595 50,975 47,559 121,262 112,154
Expenses:
Public safety 16,694 16,690 - - 16,694 16,690
Public works 13,560 12,723 - - 13,560 12,723
Culture and recreation 11,970 11,458 - - 11,970 11,458
Community and economic development 4,680 6,264 - - 4,680 6,264
General government 7,258 6,892 - - 7,258 6,892
Interest on long-term debt 3,459 3,404 - - 3,459 3,404
Wastewater Treatment - - 11,537 11,710 11,537 11,710
Water - - 8,823 9,324 8,823 9,324
Sanitation - - 6,684 6,101 6,684 6,101
Housing Authority - - 6,884 7,026 6,884 7,026
Parking - - 4,403 3,884 4,403 3,884
Airport - - 418 512 418 512
Stormwater - - 932 817 932 817
Cable Television - - 525 576 525 576
Total expenses 57,621 57,431 40,206 39,950 97,827 97,381
Change in net assets before transfers 12,666 7,164 10,769 7,609 23,435 14,773
Transfers (5,321) 208 5,321 (208) - -
Change in net assets 7,345 7,372 16,090 7,401 23,435 14,773
Net assets beginning of year 112,906 105,534 214,016 206,615 326,922 312,149
Net assets end of year 120,251 $ 112,906 $ 230,106 $ 214,016 $ 350,357 $ 326,922 $
18
Business-type Activities: Business-type activities increased the City’s total assets by $16,090,000. The
increases in net assets were primarily in the Wastewater, Water, and Sanitation funds. For all business-
type activities, revenues exceeded expenses by $10,769,000. This was primarily due to increases in
grants and contributions and earnings on investments.
The graphs on the following pages represent a breakdown of revenue by source and expenditures by
program area for governmental and business-type activities.
19
Governmental Activities
FY2007 Revenue
by Source
Grants and
Contributions
11%
Charges for
services
9%
Misc.
Other
11%
Property taxes
59%
Other Taxes
10%
Business-Type Activities
FY2007 Revenue
by Source
Charges for
services
67%
Misc. Other
9%Grants and
Contributions
24%
20
Governmental Activities
FY2007 Expenditures
by Program Area
(amounts expressed in thousands)
Public
Works
Community and
Econ Dev
General
Govt
Interest
Expense
Public
Safety
Culture and
Recreation
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Program Area
Do
l
l
a
r
s
(
$
)
Business-Type Activities
FY2007 Expenditures
by Program Area
(amounts expressed in thousands)
Airport
Sanitation
Wastewater
Treatment
Stormwater
Housing
Authority
Parking
Water
Cable TV
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Program Area
Do
l
l
a
r
s
(
$
)
21
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds: The financial reporting focus of the City’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information may
be/is useful in assessing the City’s financing requirements. In particular, unreserved fund balance may serve
as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
As of the fiscal year ended June 30, 2007, the City’s governmental funds reported combined ending fund
balances of $36,629,000, an increase of $4,676,000 in comparison with the prior year. Of this total amount,
$29,788,000 constitutes unreserved fund balance, which is available to use as working capital for the General
Fund since property tax revenues are received only twice a year and the remainder is available to meet the
future needs of the City . The remainder of the fund balance (18.7%) is reserved to indicate that it is not
available for new spending because it has already been committed. This remainder has been committed 1) to
liquidate contracts and purchase orders of the prior period ($708,000), 2) to fund various debt service
payments ($4,289,000), and 3) to fund employee retirement commitments ($1,549,000).
The General Fund is the chief operating fund of the City. As of the fiscal year ended June 30, 2007, the
unreserved fund balance of the General Fund was $18,528,000, while General Fund’s total fund balance was
$19,096,000. As a measure of the General Fund’s liquidity, it may be useful to compare both unreserved fund
balance and total fund balance to total fund expenditures. Unreserved fund balance represents 40.9% of total
General Fund expenditures ($45,296,000), while total fund balance represents 42.2% of that same amount.
The fund balance of the City’s General Fund increased by $1,975,000 during the current fiscal year . This was
primarily due to an increase in taxes, intergovernmental revenue, and interest earned.
The Bridge, Street, and Traffic Control Construction Fund had a deficit fund balance of ($2,799,000) as
compared to a deficit balance of ($1,855,000) in the prior period. This fund accounts for transactions relating
to the acquisition or construction of major streets, bridges, and traffic control facilities. The deficit is due to
capital expenditures. The City anticipates receiving funds from the Iowa Department of Transportation. If
not, bonds will be issued in 2008 to cover the capital expenditures.
The Debt Service Fund had a fund balance of $4,289,000, an increase of $1,564,000 from the prior year, all of
which is reserved for the payment of debt service (i.e. payment of general obligation principal and interest).
Proprietary Funds : The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
The ending net assets of the enterprise funds were $223,654,000, a net asset increase of $15,502,000 . This
was primarily due to an increase in the investment of capital assets, net of related debt . Of the enterprise
funds’ net assets, $172,518,000 is invested in capital assets, net of related debt. Unrestricted net assets totaled
$27,243,000, a decrease of $9,881,000 compared to the previous year.
The Internal Service funds showed net assets totaling $17,970,000 as of June 30, 2007, an increase of
$2,324,000 from the previous year.
Budgetary Highlights
The City presents budgetary information as allowed by GASB Statement No. 41. Budgets are based on nine
functional areas as required by state statute, not by fund or fund type.
The City had two budget amendments during the fiscal year, which is our common practice. These
amendments increased the expenditure budget by $24,292,000 to a total of $155,618,000. This represented a
22
18.5% increase. The major increase was due to capital projects in governmental and business-type funds due
to timing of completion of projects.
Capital Assets and Debt Administration
Capital Assets: The City’s investment in capital assets for its governmental and business-type activities as of
June 30, 2007 amounts to $408,957,000 (net of accumulated depreciation). This investment in capital assets,
including land, buildings, improvements other than buildings, equipment, streets, bridges, trails, wastewater
and water systems, and other infrastructure represents the value of resources utilized to provide services to its
citizens. The City’s investment in capital assets for the fiscal year ended June 30, 2007 increased by
$2,736,000 for governmental activities compared to the prior year and increased by $3,447,000 for business-
type activities over the prior year.
The following table reflects the $408,957,000 investment in capital assets (net of accumulated depreciation).
City of Iowa City's Capital Assets
(net of depreciation)
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2007 2006 2007 2006 2007 2006
Land 14,130 $ 12,969 $ 22,586 $ 22,997 $ 36,716 $ 35,966 $
Buildings 43,169 44,258 80,759 84,113 123,928 128,371
Improvements other than
buildings 3,589 3,672 8,100 8,340 11,689 12,012
Machinery and equipment 10,556 11,027 11,367 12,424 21,923 23,451
Infrastructure 70,073 64,939 125,449 121,064 195,522 186,003
Construction in progress 11,863 13,779 7,316 3,192 19,179 16,971
Total $ 153,380 $ 150,644 $ 255,577 $ 252,130 $ 408,957 $ 402,774
Major capital asset events during the current fiscal year included the following:
• The transportation department purchased 6 new buses at a cost of $1,966,000, which was included in CIP.
• Airport projects included environmental assessment, runway design, grading, lighting, paving and runway
extension. CIP at fiscal year end totaled $2,695,000.
• A variety of street and bridge construction in new residential areas and replacement and expansion of
existing infrastructure amounted to $7,389,000.
• The fire department purchased a new pumper truck at a cost of $462,000.
• Construction of the fifth landfill cell as part of the landfill master plan was completed with a total cost of
$1,522,000.
• The purchase of 160 acres for the Sand Lake Recreation Area was completed for a cost of $1,000,000.
Additional information on the City’s capital assets can be found in Note 5 to the financial statements.
23
Debt Administration: At the end of the fiscal year, the City had total bonded debt outstanding of
$186,600,000. Of this amount, $85,840,000 comprises debt backed by the full faith and credit of the City.
However, 6% of this total, $5,489,000 is debt that serves enterprise funds and is abated by their charges for
services. The remaining $100,760,000 represents revenue bonds secured solely by specific revenue sources.
City of Iowa City's Outstanding Debt
General Obligation and Revenue Bonds
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2007 2006 2007 2006 2007 2006
General obligation bonds 80,351 $ 78,181 $ 5,489 $ 6,879 $ 85,840 $ 85,060 $
Revenue bonds - - 100,760 105,915 100,760 105,915
Total 80,351 $ 78,181 $ 106,249 $ 112,794 $ 186,600 $ 190,975 $
During the current fiscal year the City’s total bonded debt decreased by $4,375,000.
• The City issued $12,220,000 in General Obligation bonds during FY07. $3,350,000 of the bonds issued
were refunding bonds and the remainder was used to finance the cost of the City’s 2007 Capital
Improvements Programs.
The City continues to have the same excellent bond rating on its General Obligation bonds that it has had for
the past several years. This rating is given to those bonds judged to be of the best quality and carrying the
smallest degree of investment risks. The City's bond ratings by Moody’s Investors Services, Inc. as of June
30, 2007 were as follows:
General obligation bonds Aaa
Parking revenue bonds A
Wastewater treatment revenue bonds A
Water revenue bonds A
The City continues to operate well under the State debt capacity debt limitations. State statute limits the amount
of General Obligation Debt outstanding to 5% of the assessed value of all taxable property in Iowa City. The
current debt limitation for the City is $191,721,745. With outstanding General Obligation Debt applicable to
this limit of $85,840,000 we are utilizing 44.8% of this limit.
More detailed information on debt administration is provided in Note 6 of the financial statements .
Economic Factors and Next Year’s Budget and Rates
The City’s expectation is continued constraints by the State property tax formula. Therefore, the City will not
have opportunities for new initiatives and will strive to maintain current service delivery levels.
Requests for Information
This report is designed to provide a general overview of the City of Iowa City’s finances for all of those with an
interest in the government’s finances. Questions concerning any of the information provided in this report, or
requests for additional financial information should be addressed to City of Iowa City, Finance Department, 410
E. Washington Street, Iowa City, IA, 52240.
24
25
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 43,089 $ 45,359 $ 88,448 $
Receivables:
Property tax 40,218 - 40,218
Accounts and unbilled usage 62 3,490 3,552
Interest 682 1,441 2,123
Notes 11,323 1,502 12,825
Internal balances (7,354) 7,354 -
Due from other governments 5,618 563 6,181
Prepaid insurance 17 - 17
Inventories 473 393 866
Restricted assets:
Equity in pooled cash and investments 13,262 34,745 48,007
Capital assets:
Land and construction in progress 25,993 29,902 55,895
Other capital assets (net of accumulated depreciation) 127,387 225,675 353,062
Total assets 260,770 350,424 611,194
Liabilities
Accounts payable 5,578 643 6,221
Contracts payable 975 667 1,642
Accrued liabilities 3,195 324 3,519
Interest payable 296 2,526 2,822
Deposits 828 657 1,485
Due to other governments - 169 169
Unearned revenue 47,031 - 47,031
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,030 244 1,274
Bonds payable 7,338 5,916 13,254
Due in more than one year:
Employee vested benefits 933 220 1,153
Notes Payable 211 - 211
Bonds payable 73,104 99,435 172,539
Landfill closure/post-closure liability - 9,517 9,517
Total liabilities 140,519 120,318 260,837
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
June 30, 2007
26
Governmental Business-type
Activities Activities Total
Net Assets
Invested in capital assets, net of related debt 101,027 $ 172,518 $ 273,545 $
Restricted for or by:
Employee benefits 1,549 - 1,549
Debt service 4,289 - 4,289
Streets 2,270 - 2,270
Other purposes 73 - 73
Bond ordinance - 20,459 20,459
State statute - 561 561
Future improvements - 497 497
Grant agreement - 2,376 2,376
Unrestricted 11,043 33,695 44,738
Total net assets 120,251 $ 230,106 $ 350,357 $
The notes to the financial statements are an integral part of this statement.
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
June 30, 2007
(amounts expressed in thousands)
27
Operating Capital
Charges Grants and Grants and
Functions/Programs: Expenses for Services Contributions Contributions
Governmental activities:
Public safety 16,694 $ 3,088 $ 203 $ 64 $
Public works 13,560 1,229 1,530 4,219
Culture and recreation 11,970 712 33 -
Community and economic development 4,680 - 1,449 -
General government 7,258 1,569 - -
Interest on long-term debt 3,459 - - -
Total governmental activities 57,621 6,598 3,215 4,283
Business-type activities:
Wastewater Treatment 11,537 12,535 1 1,539
Water 8,823 8,240 - 845
Sanitation 6,684 7,204 6 -
Housing Authority 6,884 132 7,165 -
Parking 4,403 4,704 - -
Airport 418 234 - 1,231
Stormwater 932 622 - 1,251
Cable television 525 726 - -
Total business-type activities 40,206 34,397 7,172 4,866
Total 97,827 $ 40,995 $ 10,387 $ 9,149 $
General revenues:
Property taxes, levied for general purposes
Road use tax
Hotel/motel tax
Gas and electric tax
Earnings on investments
Gain on disposal of capital assets
Miscellaneous
Transfers
Total general revenues and transfers
Changes in net assets
Net assets beginning of year
Net assets end of year
The notes to the financial statements are an integral part of this statement.
Program Revenues
CITY OF IOWA CITY, IOWA
STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2007
(amounts expressed in thousands)
28
Governmental Business-type
Activities Activities Total
(13,339) $ -$ (13,339) $
(6,582) - (6,582)
(11,225) - (11,225)
(3,231) - (3,231)
(5,689) - (5,689)
(3,459) - (3,459)
(43,525) - (43,525)
- 2,538 2,538
- 262 262
- 526 526
- 413 413
- 301 301
- 1,047 1,047
- 941 941
- 201 201
- 6,229 6,229
(43,525) 6,229 (37,296)
41,492 - 41,492
5,305 - 5,305
683 - 683
729 - 729
4,045 3,606 7,651
281 591 872
3,656 343 3,999
(5,321) 5,321 -
50,870 9,861 60,731
7,345 16,090 23,435
112,906 214,016 326,922
120,251 $ 230,106 $ 350,357 $
Net (Expense) Revenue and
Changes in Net Assets
29
Capital
Projects
Bridge,
Community Street, and
Development Traffic Other
Employee Block Control Debt Governmental
General Benefits Grant Construction Service Funds Total
Assets
Equity in pooled cash and investments 20,043 $ 1,481 $ -$ 3$ 3,626 $ 3,459 $ 28,612 $
Receivables:
Property tax 22,434 8,703 - - 9,080 1 40,218
Accounts and unbilled usage 51 - - 11 - - 62
Interest 371 28 - - - 63 462
Notes 117 - 10,385 - 374 447 11,323
Advances to other funds 4 - 18 - 238 - 260
Due from other governments 1,833 205 74 1,366 - 2,072 5,550
Inventories 194 - - - - - 194
Restricted assets: -
Equity in pooled cash and investments 1,686 - - - - 11,576 13,262
Total assets 46,733 $ 10,417 $ 10,477 $ 1,380 $ 13,318 $ 17,618 $ 99,943 $
(continued)
Special Revenue
CITY OF IOWA CITY, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2007
(amounts expressed in thousands)
30
Capital
Projects
Bridge,
Community Street, and
Development Traffic Other
Employee Block Control Debt Governmental
General Benefits Grant Construction Service Funds Total
Liabilities and Fund Balances
Liabilities:
Accounts payable 1,043 $ 9$ 60 $ 1,960 $ -$ 2,161 $ 5,233 $
Contracts payable - - - 842 - 133 975
Accrued liabilities 1,180 1 10 18 - 95 1,304
Advances from other funds 920 - 4 - - 238 1,162
Deferred revenue 23,671 8,858 10,434 1,359 9,029 461 53,812
Liabilities payable from restricted assets:
Deposits 823 - - - - 5 828
Total liabilities 27,637 8,868 10,508 4,179 9,029 3,093 63,314
Fund balances:
Reserved for:
Inventories 194 - - - - - 194
Encumbrances 273 - - - - 435 708
Debt service - - - - 4,289 - 4,289
Employee retirement commitments - 1,549 - - - - 1,549
Perpetual care 101 - - - - - 101
Unreserved
Undesignated:
General fund 18,528 - - - - - 18,528
Special revenue funds - - (31) - - 3,397 3,366
Capital projects funds - - - (2,799) - 10,693 7,894
Total fund balances 19,096 1,549 (31) (2,799) 4,289 14,525 36,629
Total liabilities and fund balances 46,733 $ 10,417 $ 10,477 $ 1,380 $ 13,318 $ 17,618 $ 99,943 $
The notes to the financial statements are an integral part of this statement.
CITY OF IOWA CITY, IOWA
BALANCE SHEET (continued)
GOVERNMENTAL FUNDS
June 30, 2007
(amounts expressed in thousands)
Special Revenue
31
Total governmental fund balances 36,629 $
Amounts reported for governmental activities in the statement
of net assets are different because:
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The assets and liabilities
of the internal service funds are included in governmental
activities in the statement of net assets. 17,970
Prepaid insurance benefits future periods and is included in
governmental activities in the statement of net assets. 17
Other long-term assets are not available to pay for current period
expenditures and therefore are deferred in the funds:
Notes receivable - Earned but unavailable 6,781
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 148,124
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds. (1,869)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds. (80,442)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds. (211)
Accrued interest on bonds (296)
Internal balance due to integration of internal service funds (6,452)
Total net assets of governmental activities 120,251 $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
CITY OF IOWA CITY
RECONCILIATION OF THE BALANCE SHEET OF THE
GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS
June 30, 2007
32
Capital
Projects
Bridge,
Community Street, and
Development Traffic Other
Employee Block Control Debt Governmental
General Benefits Grant Construction Service Funds Total
Revenues
Taxes 22,792 $ 8,528 $ -$ -$ 9,152 $ 2,433 $ 42,905 $
Licenses and permits 1,404 - - - - - 1,404
Intergovernmental 3,835 - 1,299 744 - 7,577 13,455
Charges for services 2,063 219 - 141 - - 2,423
Use of money and property 2,430 44 - 40 255 609 3,378
Miscellaneous 3,388 - 276 28 100 66 3,858
Total revenues 35,912 8,791 1,575 953 9,507 10,685 67,423
Expenditures
Current:
Public safety 16,116 111 - - - 185 16,412
Public works 9,623 - - 2,688 - 141 12,452
Culture and recreation 9,947 - - - - 314 10,261
Community and economic development 1,050 - 563 - - 1,832 3,445
General government 6,650 405 - - 25 114 7,194
Debt service:
Principal - - - - 6,700 - 6,700
Interest - - - - 3,464 - 3,464
Capital outlay 1,910 - 1,070 4,710 - 5,310 13,000
Total expenditures 45,296 516 1,633 7,398 10,189 7,896 72,928
Excess (deficiency) of revenues over
(under) expenditures (9,384) 8,275 (58) (6,445) (682) 2,789 (5,505)
Other Financing Sources (Uses)
Issuance of debt - - - - - 8,870 8,870
Sale of capital assets 505 (35) - - - - 470
Transfers in 12,527 - - 5,501 2,246 1,278 21,552
Transfers out (1,673) (7,990) - - - (11,048) (20,711)
Total other financing sources and (uses) 11,359 (8,025) - 5,501 2,246 (900) 10,181
Net change in fund balances 1,975 250 (58) (944) 1,564 1,889 4,676
Fund Balances, Beginning 17,121 1,299 27 (1,855) 2,725 12,636 31,953
Fund Balances, Ending 19,096 $ 1,549 $ (31) $ (2,799) $ 4,289 $ 14,525 $ 36,629 $
Special Revenue
CITY OF IOWA CITY, IOWA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended June 30, 2007
(amounts expressed in thousands)
33
34
Net change in fund balances - total governmental funds 4,676 $
Amounts reported for governmental activities in the statement of activities
are different because:
Governmental funds report capital outlays as expenditures while governmental
activities report depreciation expense to allocate those expenditures over the
life of the asset. Capital outlays and contributed capital assets exceeded
depreciation expense in the current year as follows:
Expenditures for capital assets 12,995 $
Transfers of capital assets to enterprise funds (6,193)
Capital assets contributed 1,916
Depreciation expense (5,178) 3,540
Bond proceeds are reported as financing sources in governmental funds and thus
contribute to the change in fund balance. In the statement of net assets,
however, issuing debt increases long-term liabilities and does not affect the
statement of activities. Similarly, repayment of principal is an expenditure in
the governmental funds but reduces the liability in the statement of net assets.
Debt issued (8,870)
Repayments of debt 6,700
Amortization of premium 15 (2,155)
Because some revenues will not be collected for several months after the
City's year end, they are not considered available revenues and are deferred
in the governmental funds. (133)
Some expenses reported in the statement of activities do not require the
use of current financial resources and therefore are not reported as
expenditures in governmental funds:
Change in accrued compensated absences (137)
Change in accrued interest on debt (10)
In the statement of activities, only the gain on the sale of the capital assets is
recognized, whereas in the governmental funds, the proceeds from the sale
increased financial resources. Thus, the change in net assets differs from the
change in fund balance by the cost of the capital asset sold. (189)
Prepaid items in the governmental funds have been recorded
as expenditures when paid. However, the statement of activities will report
these items as expenses in the period that the corresponding net asset is
exhausted. 17
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The net revenue of certain activities of
internal service funds is reported with governmental activities. 1,736
Change in net assets of governmental activities 7,345 $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2007
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
35
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Treatment Water Sanitation Authority Funds Total Funds
Assets
Current assets:
Equity in pooled cash and investments 7,676 $ 13,551 $ 16,319 $ 3,477 $ 4,336 $ 45,359 $ 14,477 $
Receivables:
Accounts and unbilled usage 1,383 956 816 1 334 3,490 -
Interest 507 308 412 92 122 1,441 220
Notes - - 14 1,318 170 1,502 -
Advances to other funds - - 2,100 - - 2,100 -
Due from other governments 1 1 158 46 357 563 68
Inventories - 393 - - - 393 279
Total current assets 9,567 15,209 19,819 4,934 5,319 54,848 15,044
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 14,260 4,707 10,956 2,376 2,446 34,745 -
Capital assets:
Land 695 6,296 1,055 790 13,750 22,586 45
Buildings 59,486 23,461 999 5,319 29,274 118,539 831
Improvements other than buildings 7,365 2,331 121 9 587 10,413 50
Machinery and equipment 9,849 10,420 179 115 846 21,409 12,227
Infrastructure 85,196 42,372 10,837 - 33,919 172,324 940
Accumulated depreciation (50,327) (14,840) (7,823) (3,243) (20,777) (97,010) (8,837)
Construction in progress 807 2,733 64 270 3,442 7,316 -
Total noncurrent assets 127,331 77,480 16,388 5,636 63,487 290,322 5,256
Total assets 136,898 92,689 36,207 10,570 68,806 345,170 20,300
(continued)
Business-type Activities - Enterprise Funds
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2007
36
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Treatment Water Sanitation Authority Funds Total Funds
Liabilities
Current liabilities:
Accounts payable 101 $ 149 $ 91 $ 161 $ 141 $ 643 $ 345 $
Contracts payable 20 253 67 - 327 667 -
Accrued liabilities 128 201 194 63 202 788 1,985
Advances from other funds - - - - 1,180 1,180 -
Due to other governments - 46 107 16 - 169 -
Bonded debt payable (net of unamortized discounts) 4,051 1,514 - - 351 5,916 -
Total current liabilities 4,300 2,163 459 240 2,201 9,363 2,330
Noncurrent liabilities:
Liabilities payable from restricted assets:
Interest payable 1,577 641 - - 308 2,526 -
Deposits - 377 1 261 18 657 -
Advances from other funds - - - 18 - 18 -
Bonded debt payable (net of unamortized discounts) 59,969 29,504 - - 9,962 99,435 -
Landfill closure/postclosure liability - - 9,517 - - 9,517 -
Total noncurrent liabilities 61,546 30,522 9,518 279 10,288 112,153 -
Total liabilities 65,846 32,685 9,977 519 12,489 121,516 2,330
Net Assets
Invested in capital assets, net of related debt 62,751 48,490 5,432 3,260 52,585 172,518 5,256
Restricted by bond ordinance 14,260 4,265 - - 1,934 20,459 -
Restricted by state statute - - 561 - - 561 -
Restricted for future improvements - - - - 497 497 -
Restricted by grant agreement - - - 2,376 - 2,376 -
Unrestricted (5,959) 7,249 20,237 4,415 1,301 27,243 12,714
Total net assets 71,052 $ 60,004 $ 26,230 $ 10,051 $ 56,317 $ 223,654 17,970 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 6,452
Net assets of business-type activities 230,106 $
The notes to the financial statements are an integral part of this statement.
June 30, 2007
(amounts expressed in thousands)
Business-type Activities - Enterprise Funds
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
PROPRIETARY FUNDS
37
38
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Treatment Water Sanitation Authority Funds Total Funds
Operating Revenues:
Charges for services 12,535 $ 8,240 $ 7,204 $ 132 $ 6,286 $ 34,397 $ 15,163 $
Miscellaneous 53 51 34 98 107 343 -
Total operating revenues 12,588 8,291 7,238 230 6,393 34,740 15,163
Operating Expenses:
Personal services 1,497 2,091 2,109 838 2,213 8,748 1,825
Commodities 554 1,463 300 11 184 2,512 1,901
Services and charges 2,185 1,802 3,527 5,877 1,600 14,991 8,668
4,236 5,356 5,936 6,726 3,997 26,251 12,394
Depreciation 4,209 2,024 935 198 1,753 9,119 1,237
Total operating expenses 8,445 7,380 6,871 6,924 5,750 35,370 13,631
Operating income (loss) 4,143 911 367 (6,694) 643 (630) 1,532
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets - - - 113 478 591 61
Operating grants 1 - 6 7,165 - 7,172 -
Interest income 1,119 929 909 316 333 3,606 666
Interest expense (3,213) (1,549) - - (628) (5,390) -
Total nonoperating revenues (expenses) (2,093) (620) 915 7,594 183 5,979 727
Income before capital contributions
and transfers 2,050 291 1,282 900 826 5,349 2,259
Capital contributions 1,539 845 - - 2,482 4,866 -
Transfers in 928 3,045 - - 2,670 6,643 65
Transfers out (97) (237) (43) - (979) (1,356) -
Change in net assets 4,420 3,944 1,239 900 4,999 15,502 2,324
Net Assets, Beginning 66,632 56,060 24,991 9,151 51,318 15,646
Net Assets, Ending 71,052 $ 60,004 $ 26,230 $ 10,051 $ 56,317 $ 17,970 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 588
Change in net assets of business-type activities 16,090 $
The notes to the financial statements are an integral part of this statement.
Business-type Activities - Enterprise Funds
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For the Year Ended June 30, 2007
39
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Treatment Water Sanitation Authority Funds Total Funds
Cash Flows From Operating Activities
Receipts from customers and users 12,803 $ 8,477 $ 6,748 $ 485 $ 6,176 $ 34,689 $ 15,133 $
Payments to suppliers (2,710) (3,279) (3,251) (5,803) (1,698) $ (16,741) (10,909) $
Payments to employees (1,498) (2,080) (2,100) (833) (2,203) $ (8,714) (1,889) $
Net cash flows from operating activities 8,595 3,118 1,397 (6,151) 2,275 9,234 2,335
Cash Flows From Noncapital Financing Activities
Grants received 1 - 6 7,165 - 7,172 -
Transfers from other funds 121 97 - - 232 450 65
Transfers to other funds (97) (237) (43) - (979) (1,356) -
Repayment/(payment) of notes receivable - - (14) (66) 55 (25) -
Advances to other funds - - (26) - - (26) -
Repayment of advances from other funds - - - - (44) (44) -
Net cash flows from noncapital financing activities 25 (140) (77) 7,099 (736) 6,171 65
Cash Flows From Capital and Related Financing
Activities
Capital grants received - - - - 1,231 1,231 -
Acquisition and construction of property and
equipment (163) (715) (586) (326) (1,406) (3,196) (702)
Proceeds from sale of property - - - 533 835 1,368 141
Proceeds from issuance of refunding debt (principal
less discount) - 3,335 - - - 3,335 -
Principal paid on bonded debt (4,074) (5,176) - - (645) (9,895) -
Interest paid on bonded debt (3,239) (1,511) - - (634) (5,384) -
Net cash flows from capital and related financing
activities (7,476) (4,067) (586) 207 (619) (12,541) (561)
Cash Flows From Investing Activities
Interest on investments 915 945 900 298 317 3,375 638
Net increase (decrease) in cash and cash equivalents 2,059 (144) 1,634 1,453 1,237 6,239 2,477
Cash and Cash Equivalents, Beginning 19,877 18,402 25,641 4,400 5,545 73,865 12,000
Cash and Cash Equivalents, Ending 21,936 $ 18,258 $ 27,275 $ 5,853 $ 6,782 $ 80,104 $ 14,477 $
(continued)
Business-type Activities - Enterprise Funds
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended June 30, 2007
40
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Treatment Water Sanitation Authority Funds Total Funds
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 4,143 $ 911 $ 367 $ (6,694) $ 643 $ (630) $ 1,532 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating activities:
Depreciation expense 4,209 2,024 935 198 1,753 9,119 1,237 $
Changes in:
Receivables:
Accounts and unbilled usage 216 108 (383) 186 47 174 -
Due from other governments (1) 67 (107) 18 (269) (292) (30)
Inventories - (32) - - - (32) (16)
Accounts payable 29 (18) (3) 82 86 176 (324)
Accrued liabilities (1) 11 9 5 10 34 (64)
Due to other governments - 36 50 3 - 89 -
Deposits - 11 - 51 5 67 -
Landfill closure/postclosure liability - - 529 - - 529 -
Total adjustments 4,452 2,207 1,030 543 1,632 9,864 803
Net cash flows from operating activities 8,595 $ 3,118 $ 1,397 $ (6,151) $ 2,275 $ 9,234 $ 2,335 $
Noncash Investing, Capital, and
Financing Activities:
Contributions of capital assets from government
and others 2,346 $ 3,793 $ -$ -$ 4,920 $ 11,059 $ -
The notes to the financial statements are an integral part of this statement.
Business-type Activities - Enterprise Funds
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF CASH FLOWS (continued)
PROPRIETARY FUNDS
For the Year Ended June 30, 2007
41
Agency
Funds
Assets
Equity in pooled cash and investments 198 $
Accounts receivable 5
Interest receivable 3
Total assets 206 $
Liabilities
Accounts payable 2$
Accrued liabilities 6
Due to agency 198
Total liabilities 206 $
The notes to the financial statements are an integral part of this statement.
June 30, 2007
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF FIDUCIARY
ASSETS AND LIABILITIES
42
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS
June 30, 2007
1. Accounting Policies
The City of Iowa City, Iowa, (the City) was incorporated April 6, 1853, and operates under the
Council/Manager form of government. The City provides a broad range of services to its citizens
including general government, a mass transportation system, public safety, streets, parks, and cultural
facilities. It also operates an airport, parking facilities, water treatment, wastewater treatment, stormwater
collection, sanitation collection and disposal (including landfill operations), cable television, and a
housing authority.
The financial statements of the City have been prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles. The more significant accounting
policies of the City are described below.
The Reporting Entity
For financial reporting purposes, the City includes all of its funds, organizations, agencies, boards,
commissions, and authorities. The City has also considered all potential component units for which it is
financially accountable, and other organizations for which the nature and significance of their relationship
with the City are such that exclusion would cause the City’s financial statements to be misleading or
incomplete. The Governmental Accounting Standards Board has set forth criteria to be considered in
determining financial accountability. These criteria include appointing a voting majority of an
organization’s governing body, and (1) the ability of the City to impose its will on that organization or (2)
the potential for the organization to provide specific benefits to, or impose specific financial burdens on
the City. There were no component units required to be included.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the Statement of Net Assets and the Statement of
Activities) report information on all of the nonfiduciary activities of the primary government.
Governmental activities , which normally are supported by taxes and intergovernmental revenues, are
reported separately from business-type activities , which rely to a significant extent on fees and charges for
support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported as general revenues .
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are charges between the City’s water and sewer function and
various other functions of the government. Eliminations of these charges would distort the direct costs
and program revenues reported for the various functions concerned.
43
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
Description of Funds
These financial statements include all funds owned or administered by the City, for which the City acts as
custodian.
The City maintains its records on a modified cash basis of accounting under which only cash receipts,
cash disbursements and encumbrances, investments, and bonded debt are recorded. These modified cash
basis accounting records have been adjusted to the accrual or modified accrual basis, as necessary, to
prepare the accompanying financial statements in accordance with GAAP.
The accounts of the City are organized on the basis of funds, each of which is considered to be a separate
accounting entity. The fund categories are governmental, proprietary, and fiduciary. Each fund is
accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities,
net assets, revenues, and expenditures or expenses, as appropriate. The individual funds account for the
governmental resources allocated to them for the purpose of carrying on specific activities in accordance
with laws, regulations, or other restrictions.
Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its “measurement
focus.” The government-wide financial statements and proprietary funds are accounted for on the flow of
economic resources measurement focus and use the accrual basis of accounting. Agency funds do not
have a measurement focus and use the accrual basis of accounting. Under the accrual method, revenues
are recorded when earned and expenses are recorded at the time liabilities are incurred. The City applies
all applicable Financial Accounting Standards Board pronouncements issued on or before November 30,
1989, except those that conflict with GASB pronouncements, in accounting and reporting for these funds.
All governmental funds are accounted for using a current financial resources measurement focus, which
generally includes only current assets and current liabilities on the balance sheet. The modified accrual
basis of accounting is used for these funds. Under the modified accrual basis, revenue is recognized when
susceptible to accrual, which is in the period in which it becomes both available (collectible within the
current period or soon thereafter to be used to pay liabilities of the current period) and measurable (the
amount of the transaction can be determined). Revenue accrued includes property taxes,
intergovernmental revenue, and interest earned on investments (if they are collected within 60 days after
the year-end). Expenditures are recorded when the related fund liability is incurred. Principal and interest
on long-term debt, as well as expenditures related to compensated absences and claims and judgments,
are recorded only when payment is due.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial resources of
the general government, except those required to be accounted for in another fund.
44
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
The Employee Benefits Fund is used to account for the employee benefits related to those
employees who are paid through governmental fund types, which are funded by a separate
property tax levy.
The Community Development Block Grant Fund accounts for revenue from the U.S. Department
of Housing and Urban Development’s Community Development Block Grant programs.
The Bridge, Street, and Traffic Control Construction Fund accounts for the construction or
replacement of infrastructure fixed assets, such as streets, bridges, dams, sidewalks, and lighting
systems.
The Debt Service Fund accounts for the accumulation of resources for and the payment of general
long-term debt principal, interest, and related costs.
The City reports the following major proprietary funds:
The Wastewater Treatment Fund is used to account for the operation and maintenance of the
wastewater treatment facility and sanitary sewer system.
The Water Fund is used to account for the operation and maintenance of the water system.
The Sanitation Fund is used to account for the operation and maintenance of the solid waste
collection system and landfill.
The Housing Authority Fund is used to account for the operations and activities of the City’s low
and moderate income housing assistance and public housing programs.
Additionally, the City reports internal service funds to account for goods and services provided by one
department to other City departments on a cost reimbursement basis. The funds in this category are the
Equipment Maintenance Fund, Central Services Fund, Loss Reserve Fund , and the Information
Technology Fund.
The City also reports fiduciary funds which are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide financial
statement because the resources of those funds are not available to support the City’s own programs. The
accounting used for fiduciary funds is much like that used for proprietary funds. The City has four
fiduciary funds which are maintained as agency funds, with no attempt to create an ongoing fund balance.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of
the City’s enterprise funds and of the City’s internal service funds are charges to customers for sales and
services. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use
restricted resources first, then unrestricted resources as they are needed.
45
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Uses of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue, expenditures and expenses, as appropriate,
during the reporting period. Actual results could differ from these estimates. Material estimates that are
particularly susceptible to significant change in the near-term relate to the determination of landfill
closure and post-closure care costs, total capacity of the landfill at closure, and calculation of the costs of
claims incurred, but not reported.
Cash and Investments
The City maintains one primary demand deposit account through which the majority of its cash resources
are processed. Substantially all investment activity is carried on by the City in an investment pool, except
for those funds required to maintain their investments separately. The earnings on the pooled investments
are allocated to the funds on a systematic basis. All investments are stated at fair value except for the
Iowa Public Agency Investment Trust (IPAIT) which is valued at amortized cost pursuant to Rule 2a-7
under the Investment Company Act of 1940.
For the purpose of the Statement of Cash Flows, restricted and nonrestricted investments with a maturity
of three months or less when purchased are considered cash equivalents.
Receivables and Revenue Recognition
Property tax receivable is recognized in governmental funds on the levy or lien date, which is the date that
the tax asking is certified by the City to the County Board of Supervisors. Current year delinquent
property tax receivable represents unpaid taxes from the current year. The succeeding year property tax
receivable represents taxes certified by the City to be collected in the next fiscal year for the purposes set
out in the budget for the next fiscal year. By statute, the City is required to certify its budget to the County
Auditor by March 15 of each year for the subsequent fiscal year. However, by statute, the tax asking and
budget certification for the following fiscal year becomes effective on the first day of that year. Although
the succeeding year property tax receivable has been recorded, the related revenue is deferred in both the
government-wide and fund financial statements and will not be recognized as revenue until the year for
which it is levied.
Federal and state grants, primarily capital grants, are recorded as receivables and the revenue is
recognized during the period in which the City fulfills the requirements for receiving the grant awards, as
long as the susceptible to accrual criteria are met.
Income from investments in all fund types and from charges for services in proprietary fund types is
recognized when earned. Licenses and permits, fines and forfeitures, fees and refunds, charges for
services (in governmental fund types), miscellaneous and other revenues are recorded as revenue when
received in cash because they are generally not measurable until actually received.
46
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Inventories
Inventories are recognized only in those funds in which they are material to the extent of affecting
operations. For the City, these are the General Fund, Water Fund, and the Equipment Maintenance Fund.
Inventories are reported at the lower of cost (first-in, first-out) or market. The costs of governmental fund
type inventories are recorded as expenditures when purchased.
Capital Assets
Capital assets, which include property, buildings, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements. The City follows the policy of not
capitalizing an asset with an initial, individual cost of less than $50,000 for infrastructure assets and
$5,000 for remaining assets. Such assets are recorded at original purchase cost or at fair value at the date
of donation when received as donated properties.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Infrastructure 3 – 100 years
Buildings and structures 20 – 50 years
Improvements other than buildings 15 – 50 years
Vehicles 2 – 20 years
Other equipment 5 – 30 years
Bond Premiums and Discounts
Debt issued at a premium or discount is recorded net of the unamortized premium or discount. In the
governmental funds, premiums and discounts are recorded entirely as other financing sources or uses in
the year of issuance. In the proprietary funds and the government-wide statements, they are amortized
over the life of the bonds.
Compensated Absences
Permanent City employees accumulate vacation and sick leave hours for subsequent use or for payment
upon death, resignation, or retirement. The City pays its employees (except firefighters) one-half of the
accumulated sick leave at the time of termination on the basis of the employee’s then effective hourly
base salary, provided that the dollar amount of the payment may be up to, but not exceed, the amount that
an employee would be paid if the employee had terminated on June 28, 1985. Employees hired on or after
June 29, 1985, are not eligible for payment of accumulated sick leave upon termination, death, or
retirement.
Pensions
The provision for pension cost is recorded on the accrual basis (based on statutorily determined
contribution rates), and the City’s policy is to fund pension costs as they accrue.
47
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Landfill Closing Costs
Costs expected to be incurred in ultimately closing the present landfill site are being systematically
provided for through charges to expense over the estimated useful life of the landfill on the basis of
capacity used (see Note 13).
Budgetary and Legal Appropriation and Amendment Policies
The City prepares and adopts an annual function budget, as prescribed by Iowa statutes, for all funds
except internal service and agency funds. This is formalized in a separate budgetary report, the Financial
Plan. This budget is adopted on or before March 15 of each year to become effective July 1, and
constitutes the City’s appropriation for each program and purpose specified therein until amended. The
adopted budget must include the following:
a. Expenditures for each function:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic development
General government
Debt service
Capital outlay
Business-type
b. The amount to be raised by property taxation
c. Income from sources other than property taxation
d. Transfers in and transfers out
The legal level of control (the level at which expenditures may not legally exceed appropriations) is the
function level for all funds combined, rather than at the individual fund level. Management can transfer
appropriations within a function, within a fund type, and between fund types, without the approval of the
governing body so long as the total budget by function area will not be exceeded. It is necessary,
therefore, to aggregate the expenditures of the budgeted activities within the governmental fund types
with the expenditures of the budgeted activities within the enterprise funds on a function basis, and to
compare such function totals to function budgeted totals in order to demonstrate legal compliance with
the budget. The City’s budget for revenue focuses on the individual fund revenue rather than on
aggregated fund totals.
The City formally adopts budgets for several funds that are not required by state law to be included in the
annual function budget. Annual operating budgets are adopted for the internal service funds for
management control purposes. Such budgets, however, are not legally required to be adopted under state
statutes. These budgets are adopted and amended at the same time and in the same manner as the City’s
annual function budget.
48
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
A City budget for the current fiscal year may be amended for any of the following purposes as prescribed
by Iowa statute:
a. To permit the appropriation and expenditure of unexpended, unencumbered cash balances on hand at
the end of the preceding fiscal year.
b. To permit the appropriation and expenditure of amounts anticipated being available from sources
other than property taxation.
c. To permit transfers between funds.
d. To permit transfers between programs.
A budget amendment must be prepared and adopted in the same manner as the original budget. The City’s
budget was amended as prescribed, and the effects of those amendments are shown in the accompanying
budgetary comparison schedule. The original budget was increased by $27,670,000 in revenues and other
financing sources and by $39,535,000 in expenditures and other financing uses. Appropriations as
adopted or amended, and not encumbered, lapse at the end of the fiscal year.
As allowed by GASB Statement No. 41, Budgetary Comparison Schedules – Perspective Differences, the
City presents budgetary comparison schedules as required supplementary information based on the
program structure of nine functional areas as required by state statute for its legally adopted budget.
Restricted Assets
Assets within the individual funds, which can be designated by the City Council for any use within the
fund’s purpose, are considered to be unrestricted assets. Assets, which are restricted for specific uses by
bonded debt requirements, grant provisions, or other requirements, are classified as restricted assets.
Liabilities which are payable from restricted assets, are classified as such.
2. Compliance and Accountability
At June 30, 2007 the Capital Project Fund for bridge, street, and traffic control construction reported a
deficit fund balance of $2,799,000. The deficit is due to capital expenditures. The City anticipates
receiving funds from the Iowa Department of Transportation. If not, bonds will be issued in 2008 to
cover the capital expenditures. At June 30, 2007 the Community Development Block Grant Fund
reported a deficit balance of $31,000. The deficit is due to deferred revenue from the Department of
Housing and Urban Development (HUD). The City anticipates receiving these funds from HUD.
3. Cash and Pooled Investments
The City’s deposits in banks at June 30, 2007 were entirely covered by federal depository insurance,
national credit union administration, or by the State Sinking Fund in accordance with Chapter 12C of the
Code of Iowa. This chapter provides for additional assessments against the depositories to insure there
will be no loss of public funds.
49
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
The City is authorized by statute to invest public funds in obligations of the United States government, its
agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured
Iowa depository institutions approved by City Council and secured pursuant to the limitations set forth in
Chapter 12C of the Code of Iowa; prime eligible bankers acceptances; certain high rated commercial
paper; perfected repurchase agreements; Iowa Public Agency Investment Trust (IPAIT); certain
registered open–end management investment companies registered with the Securities & Exchange
Commission under the federal Investment Company Act of 1940; certain joint investment trusts; and
warrants or improvement certificates of a drainage district.
Investments are stated at fair value. In addition, the City had investments in the Iowa Public Agency
Investment Trust which are valued at an amortized cost of $3,000,000 pursuant to Rule 2a-7 under the
Investment Company Act of 1940.
Interest rate risk. The City’s investment policy limits the investment of general and operating funds to
one year, unless a temporary extension of maturities is approved by the City Council. In such cases, the
average maturity of each fund’s portfolio shall not exceed 397 days. Funds not identified as operating
funds may be invested in instruments whose maturities do not exceed five years at the time of purchase.
Credit risk. State law limits investments to commercial paper and corporate bonds to the top two ratings
issued by nationally recognized statistical rating organizations. It is the City’s policy to comply with
rating restrictions. The investment in Iowa Public Agency Investment Trust is not rated by Moody’s
Investors service as it is a state security that is backed by the full faith and credit of the issuing
government and is not subject to credit risk.
Concentration of credit risk. The City investment policy limits the amount that may be invested in any
one issuer to a maximum amount approved by the City Council.
The aforementioned Iowa Public Agency Investment Trust (IPAIT) represents an investment in a pool
managed by others. IPAIT is a common trust established under Iowa law pursuant to Iowa Code Chapter
28E in 1987 to enable eligible Iowa public agencies to safely and effectively invest their available
operating and reserve funds. IPAIT is registered under the Investment Company Act of 1940.
The IPAIT portfolios have followed established money market mutual fund investment parameters
designed to maintain a $1 per unit net asset value since inception and were registered with the Securities
and Exchange Commission (SEC).
Due to legal and budgetary reasons, the general fund is assigned a portion of the investment earnings
associated with other funds. These funds are the employee benefits, other shared revenue and sanitation
funds.
50
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2007, consisted of the following:
Community
Development Debt
General Block Grant Service Sanitation Total
Advances to:
General -$ -$ -$ 920,070 $ 920,070 $
Community Development
Block Grant 4,210 - - - 4,210
Nonmajor governmental - - 237,810 - 237,810
Housing Authority - 18,000 - - 18,000
Nonmajor enterprise - - - 1,180,029 1,180,029
Total 4,210 $ 18,000 $ 237,810 $ 2,100,099 $ 2,360,119 $
Advances from
Interfund balances at June 30, 2007, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans, land and negative cash funding. $1,157,839 of the
$1,180,029 advances to the Non-Major Enterprise Funds and $760,572 of the $920,070 advances to the
General Fund are not expected to be repaid within the next year. $228,216 of the $237,810 advance to the
Non-Major Governmental Funds is not expected to be repaid within the next year. None of the $18,000
advance to Housing Authority is expected to be repaid within the next year. The $4,210 advance to the
Community Development Block Grant Fund is expected to be repaid within the next year.
51
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Interfund transfers for the year ended June 30, 2007, consisted of the following:
Employee Nonmajor Governmental
General Benefits Governmental Activities
Transfer to:
General -$ 7,989,735 $ 4,184,159 $ -$
Debt service 688,200 - 1,144,648 -
Bridge, street and traffic
control construction - - 5,275,058 -
Nonmajor governmental 760,133 - 371,201 -
Wastewater treatment - - - 807,380
Water - - - 2,947,681
Nonmajor enterprise 159,121 - 72,830 2,438,326
Internal Service 65,153 - - -
Total Transfer to 1,672,607 $ 7,989,735 $ 11,047,896 $ 6,193,387 $
Transfer from
Transfers are used to move revenues and bond proceeds from the fund that State statutes or the budget
requires to collect them to the fund that the State statutes or the budget requires to expend them. Also
included are capital assets that were transferred from governmental activities to enterprise funds.
52
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Wastewater Nonmajor Internal Total
Treatment Water Sanitation Enterprise Service Transfer from
-$ -$ -$ 352,821 $ 42 $ 12,526,757 $
- 24,764 - 388,635 - 2,246,247
- 92,095 - 134,394 - 5,501,547
- - 43,363 103,726 - 1,278,423
- 120,267 - - - 927,647
97,167 - - - - 3,044,848
- - - - - 2,670,277
- - - - - 65,153
97,167 $ 237,126 $ 43,363 $ 979,576 $ 42 $ 28,260,899 $
Transfer from
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
5. Capital Assets
Capital asset activity for the year ended June 30, 2007, was as follows:
Beginning
July 1, 2006
Acquisitions
and
Transfers
Disposals
and
Transfers
Balance
June 30, 2007
Governmental activities:
Capital assets, not being depreciated:
Land 12,969,398 $ 1,161,190 $ -$ 14,130,588 $
Construction in progress 13,779,020 9,367,464 11,283,797 11,862,687
Total capital assets, not being depreciated 26,748,418 10,528,654 11,283,797 25,993,275
Capital assets, being depreciated:
Buildings 56,809,554 407,763 286,380 56,930,937
Improvements other than buildings 4,778,334 95,137 - 4,873,471
Machinery and equipment 32,409,606 2,602,933 1,814,626 33,197,913
Infrastructure 81,649,256 7,171,976 30,572 88,790,660
Total capital assets being depreciated 175,646,750 10,277,809 2,131,578 183,792,981
Less accumulated depreciation for:
Buildings 12,551,401 1,382,281 172,116 13,761,566
Improvements other than buildings 1,106,275 177,799 - 1,284,074
Machinery and equipment 21,382,178 2,846,224 1,585,910 22,642,492
Infrastructure 16,710,660 2,008,222 1,223 18,717,659
Total accumulated depreciation 51,750,514 6,414,526 1,759,249 56,405,791
Total capital assets, being depreciated, net 123,896,236 3,863,283 372,329 127,387,190
Governmental activities capital assets, net 150,644,654 $ 14,391,937 $ 11,656,126 $ 153,380,465 $
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Beginning
July 1, 2006
Acquisitions
and
Transfers
Disposals
and
Transfers
Balance
June 30, 2007
Business-type activities:
Capital assets, not being depreciated:
Land 22,997,038 $ -$ 410,060 $ 22,586,978 $
Construction in progress 3,191,665 7,686,845 3,562,089 7,316,421
Total capital assets, not being depreciated 26,188,703 7,686,845 3,972,149 29,903,399
Capital assets, being depreciated:
Buildings 118,641,072 53,763 154,734 118,540,101
Improvements other than buildings 10,220,955 191,380 - 10,412,335
Machinery and equipment 21,270,202 168,485 28,791 21,409,896
Infrastructure 163,782,876 8,541,522 - 172,324,398
Total capital assets being depreciated 313,915,105 8,955,150 183,525 322,686,730
Less accumulated depreciation for:
Buildings 34,528,228 3,312,812 59,585 37,781,455
Improvements other than buildings 1,880,639 431,533 - 2,312,172
Machinery and equipment 8,845,986 1,220,257 23,445 10,042,798
Infrastructure 42,719,676 4,155,793 - 46,875,469
Total accumulated depreciation 87,974,529 9,120,395 83,030 97,011,894
Total capital assets, being depreciated, net 225,940,576 (165,245) 100,495 225,674,836
Business-type activities capital assets, net 252,129,279 $ 7,521,600 $ 4,072,644 $ 255,578,235 $
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 586,387 $
Public works 2,575,657
Culture and recreation 1,706,626
Community and economic development 38,119
General government 271,075
Internal service funds 1,236,662
Total depreciation expense - governmental activities 6,414,526 $
Business-type activities:
Wastewater treatment 4,209,456 $
Water 2,023,883
Sanitation 935,242
Housing authority 198,448
Nonmajor enterprise 1,753,366
Total depreciation expense - business-type activities 9,120,395 $
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
6. Bonded and Other Long-Term Debt
Changes in Long-term Liabilities
Long-term liability activity for the year ended June 30, 2007, was as follows:
Due Within
July 1, 2006 Issues Retirements June 30, 2007 One Year
Governmental activities:
General obligation bonds $ 78,181,155 $ 8,870,000 $ 6,700,525 $ 80,350,630 $ 7,323,235
Plus: Unamortized
Premium (discount) 105,646 - 14,382 91,264 14,382
Total general obligation bonds 78,286,801 8,870,000 6,714,907 80,441,894 7,337,617
Note payable 211,000 - - 211,000 -
Employee vested benefits 1,834,833 1,084,224 954,715 1,964,342 1,029,990
$ 80,332,634 $ 9,954,224 $ 7,669,622 $ 82,617,236 $ 8,367,607
Business-type activities:
General obligation bonds $ 6,878,845 3,350,000 $ $ 4,739,475 $ 5,489,370 $ 576,765
Less: Unamortized
discounts 65,017 - 34,280 30,737 3,842
Total general obligation bonds 6,813,828 3,350,000 4,705,195 5,458,633 572,923
Revenue bonds 105,915,000 - 5,155,000 100,760,000 5,415,000
Less: Unamortized
Discounts 939,712 - 72,049 867,663 72,049
Total revenue bonds 104,975,288 - 5,082,951 99,892,337 5,342,951
Landfill closure/post-closure 8,987,677 528,934 - 9,516,611 -
Employee vested benefits 462,590 242,798 241,358 464,030 243,810
121,239,383 $ 4,121,732 $ 10,029,504 $ 115,331,611 $ 6,159,684 $
A note payable was issued to Greater Iowa City Housing Fellowship for the purchase of an 11 unit
apartment building for low income and disabled housing in the Peninsula Neighborhood. The terms of
the loan are 1%, interest only payments for twenty years with a final balloon payment of $211,000 due on
August 1, 2025.
.
56
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund
The City issued $3,350,000 of general obligation bonds for a current refunding of $3,300,000 of general
obligation bonds. The refunding was undertaken to reduce total future debt service payments. The result
of the transaction is a reduction of $191,000 in future debt service payments.
General Obligation Bonds
Various issues of general obligation bonds totaling $85,840,000 are outstanding as of June 30, 2007. The
bonds have interest rates ranging from 2.5% to 5.6% and mature in varying annual amounts ranging from
$80,000 to $2,195,000 per issue, with the final maturities due in the year ending June 30, 2023. Interest
and principal payments on all general obligation bonds, except tax abated portions recorded in the
enterprise funds, are accounted for through the Debt Service Fund.
Portions of several general obligation bond issues have been used to acquire or expand the enterprise fund
facilities. In some instances, revenue generated by the enterprise funds is used to pay the general long-
term debt principal and interest. The liability for those bonds that are expected to be paid by enterprise
funds is included in those funds.
Annual debt service requirements to maturity for general obligation bonds are as follows:
Fiscal Year Ending Governmental Activities Business-type Activities
June 30 Principal Interest Principal Interest
2008 7,323,235 3,555,825 576,765 200,686
2009 7,538,235 3,260,829 571,765 181,493
2010 7,694,538 2,956,124 590,462 161,826
2011 7,965,840 2,638,170 604,160 140,850
2012 8,257,143 2,303,586 622,857 119,247
2013-2017 31,171,639 6,658,716 2,523,361 249,212
2018-2022 9,740,000 1,392,919 - -
2023 660,000 35,640 - -
Total $ 80,350,630 $ 22,801,809 $ 5,489,370 $ 1,053,314
Revenue Bonds
As of June 30, 2007, the following unmatured revenue bond issues are outstanding:
Wastewater
Parking Treatment Water
Original issue amount $ 11,350,000 $ 83,935,000 $ 30,700,000
Interest rates 5.9% to 6.0% 3.3% to 5.8% 2.0% to 5.6%
Annual maturities $ 355,000 to $ 305,000 to $ 280,000 to
$ 895,000 $ 3,010,000 $ 910,000
Amount outstanding $ 10,390,000 $ 64,580,000 $ 25,790,000
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Revenue bond debt service requirements to maturity are as follows:
Fiscal Year Ending Business-type Activities
June 30 Principal Interest
2008 5,415,000 4,905,893
2009 5,625,000 4,668,765
2010 5,875,000 4,413,216
2011 6,195,000 4,139,939
2012 6,505,000 3,851,052
2013-2017 27,965,000 15,042,664
2018-2022 31,035,000 7,434,768
2023-2026 12,145,000 1,149,844
$ 100,760,000 $ 45,606,141
The revenue bond ordinances required that wastewater treatment, parking system, and water revenues be
set aside into separate and special accounts as they are received. The use and the amounts to be included
in the accounts are as follows:
Account Amount
(a) Revenue Bond and Interest Amount sufficient to pay current bond and interest maturities.
Sinking Reserve
(b) Revenue Debt Service Reserve Amount required to be deposited in the Revenue Bond and
Interest Reserve until the reserve fund equals: Parking Revenue
and Water Revenue bonds – maximum debt service due on the
bonds in any succeeding fiscal year. Wastewater Revenue
bonds – 125% of the average principal and interest payments
over the life of all the Wastewater Revenue bonds.
(c) Improvement Reserve $20,000 per month until the reserve balance equals or exceeds
$2,000,000 for Wastewater Revenue bonds, $5,000 per month
until the reserve balance equals or exceeds $300,000 for Parking
Revenue bonds and $450,000 for Water Revenue bonds, with no
further deposits once the minimum balance is reached. If the
reserve falls below the required minimum, monthly transfers in
the aforementioned amounts will resume.
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2007, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2007
General Obligation Bonds:
Multi-Purpose Apr. 1998 8,500,000 4.35 – 4.75 6/13 3,325,000
Multi-Purpose Mar. 1999 9,000,000 4.125 – 4.7 6/18 5,225,000
Multi-Purpose Jul. 2000 14,310,000 5.0 – 5.5 6/18 10,290,000
Multi-Purpose Jun. 2001 11,500,000 4.0 – 4.9 6/16 7,480,000
Multi-Purpose and Library
Construction May 2002 29,100,000 3.5 – 5.0 6/21 20,700,000
Refunded Multi-Purpose (1) Oct. 2002 10,600,000 2.5 – 4.0 6/15 3,185,000
Multi-Purpose Nov. 2003 5,570,000 2.5 – 3.6 6/14 3,880,000
Taxable – Urban Renewal Mar. 2004 7,305,000 4.0 – 5.4 6/23 7,305,000
Multi-Purpose Mar. 2005 7,020,000 3.0 – 4.0 6/15 5,820,000
Multi-Purpose Jun. 2006 6,265,000 3.625 – 4.0 6/16 5,790,000
Multi-Purpose Jun. 2006 1,000,000 5.5 – 5.6 6/16 930,000
Refunded Water
Construction (2) Sep. 2006 3,350,000 3.6 – 3.75 6/17 3,040,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 8,870,000
Total General Obligation Bonds 85,840,000
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2007
Revenue Bonds:
Parking Bonds Dec. 1999 $ 11,350,000 5.875 – 6.0 7/24 $10,390,000
Wastewater Treatment
Bonds Mar. 1996 18,300,000 5.0 – 5.75 7/21 13,925,000
Wastewater Treatment
Bonds May 1997 10,600,000 5.15 – 5.5 7/22 8,275,000
Wastewater Treatment
Bonds Jan. 1999 7,000,000 4.25 – 4.87 7/19 5,180,000
Wastewater Treatment
Bonds Oct. 2000 12,000,000 5.125 – 5.5 7/25 10,240,000
Wastewater Treatment
Bonds Dec. 2001 10,250,000 4.5 – 5.0 7/20 10,250,000
Refunded Wastewater
Treatment Bonds (3) May 2002 25,785,000 3.25 – 4.1 7/12 16,710,000
Water Bonds May 1999 9,200,000 4.75 – 5.0 7/24 7,615,000
Water Bonds Dec. 2000 13,000,000 5.0 – 5.625 7/25 10,995,000
Water Bonds Oct. 2002 8,500,000 2.0 – 4.65 7/22 7,180,000
Total Revenue Bonds 100,760,000
$186,600,000
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
(1) This bond issue has a portion of the general obligation bonds payable shown as a liability on the
balance sheet of the Water Fund.
(2) This bond issue has the general obligation bonds payable shown as a liability on the balance sheet of
the Water Fund. Also, this bond issue refunds the November 1997 Water Construction General
Obligation Bonds.
(3) This bond issue refunds the January 1993 Wastewater Revenue Bonds.
Conduit Debt Obligations
From time to time, the City has issued Industrial Development Revenue Bonds and Facility Refunding
Revenue Bonds to provide financial assistance to private sector entities for the acquisition, construction,
and renovation of industrial and commercial facilities deemed to be in the public interest. The bonds are
collateralized by the property financed and are payable solely from payments received on the underlying
mortgage loans. All payments on the bonds are made by the private sector entities directly to a bond
trustee, who is a third party financial institution, and in turn, disburses the payment to the respective bond
holders. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
financial statements.
As of June 30, 2007, there were two series of Industrial Development Revenue Bonds and Facility
Refunding Revenue Bonds outstanding, with an aggregate principal amount payable of $43,640,166.
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2007, the general obligation debt issued by the City did not exceed its legal debt margin
computed as follows:
Assessed valuation:
Real property $ 3,771,634,528
Utilities 62,800,379
Total valuation $ 3,834,434,907
Debt limit, 5% of total assessed valuation $ 191,721,745
Debt applicable to debt limit:
General obligation bonds 85,840,000
Legal debt margin $ 105,881,745
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
7. Segment Information
The City issued revenue bonds to finance construction of its parking facilities. Summary financial
information for the parking department is presented below:
Condensed Statement of Net Assets
Assets:
Current assets $ 2,757
Restricted assets 2,048
Capital assets 17,837
Total assets 22,642
Liabilities:
Current liabilities 593
Noncurrent liabilities payable from restricted assets 316
Other noncurrent liabilities 9,962
Total liabilities 10,871
Net assets:
Invested in capital assets, net of related debt 9,381
Restricted 2,040
Unrestricted 350
$ 11,771
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Condensed Statement of Revenues, Expenses, and Changes in Net Assets
Operating revenue $ 4,808
Depreciation expense (873)
Other operating expenses (2,973)
Operating income 962
Nonoperating revenues (expenses):
Interest income 227
Interest expense (628)
Transfers – net (156)
Change in net assets 405
Beginning net assets 11,366
Ending net assets $ 11,771
Condensed Statement of Cash Flows
Net cash flows from:
Operating activities $ 1,903
Noncapital financing activities (101)
Capital and related financing activities (1,400)
Investing activities 225
Net increase 627
Cash and cash equivalents, beginning 3,831
Cash and cash equivalents, ending $ 4.458
8. Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
workplace accidents, errors and omissions; and natural disasters. During fiscal year 1988 the City
established the Loss Reserve Fund, an internal service fund, to account for and finance its uninsured risks
of loss. During the year ended June 30, 2007 the City purchased property, liability, and workers’
compensation insurance under the program that provides for a $100,000 self-insured retention per
occurrence on property losses, a $500,000 self-insured retention per occurrence on liability, and a
$400,000 self-insured retention on workers’ compensation losses. The liability insurance provides
coverage for claims in excess of the aforementioned self-insured retention up to a maximum of
$19,000,000 annual aggregate of losses paid. The operating funds pay annual premiums to the Loss
Reserve Fund. Accumulated monies in the Loss Reserve Fund are available to cover the self-insured
retention amounts and any uninsured losses. Settled claims have not exceeded this commercial coverage
in any of the past nine fiscal years.
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
The Housing Authority Fund is insured under a separate policy with the Assisted Housing Risk
Management Association. The remaining funds participate in the Loss Reserve Fund. The funds make
payments to the Loss Reserve Fund based on actuarial estimates of the amounts needed to pay prior- and
current-year claims and to establish a reserve for catastrophic losses. The Fund’s accrued liabilities
balance includes a claims liability at June 30, 2007 based on the requirements of GASB Statement No.
10, as amended, which requires that a liability for claims be reported if information prior to the issuance
of the financial statements indicates that it is probable that a liability has been incurred at the date of the
financial statements and the amount of the loss can be reasonably estimated. Changes in the Loss Reserve
Fund’s claims liability amount for property, liability, and workers’ compensation for the years ended
June 30, 2007 and 2006 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2005 – 2006 $ 1,114,000 $ 1,204,000 $ 879,000 $ 1,439,000
2006 – 2007 1,439,000 233,000 435,000 1,237,000
Also, the City is partially self-insured, through stop-loss insurance, for employee health care coverage,
which is available to all of its permanent employees. This insurance provides stop-loss coverage for
claims in excess of $100,000 per employee with an aggregate stop-loss of $6,393,248. The operating
funds are charged premiums by the Loss Reserve Fund. The City reimburses a health insurance provider
for actual medical costs incurred, plus a claims processing fee. Changes in the Loss Reserve Fund’s
claims liability amount for health care coverage for the years ended June 30, 2007 and 2006 are as
follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2005 – 2006 $ 389,000 $ 5,317,000 $ 5,261,000 $ 445,000
2006 – 2007 445,000 6,484,000 6,340,000 589,000
63
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
9. Contractual Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2007 are as follows:
Project Amount
Bridge, Street and Traffic Paving and bridge construction, 2,331,820 $
Control Construction engineering design and consulting
Other Construction Recreation center construction, park amphitheater,
and fire station construction 130,308
Water Water main construction 330,426
Parking Garage Repair & Maintance 81,501
Sanitation Landfill consulting 230,877
Airport Runway extension consulting, grading and paving 342,203
Cable TV Refranchising consulting 44,290
3,491,425 $
Fund
10. Contingent Liabilities
Litigation
The City is a defendant in a number of lawsuits arising principally from claims against the City for
alleged improper actions by City employees, with such lawsuits typically involving claims of improper
police action, unlawful taking of property by zoning, negligence, appeals of condemnations, and
discrimination. Total damages claimed are substantial; however, it has been the City’s experience that
such actions are settled for amounts substantially less than claimed amounts. The City’s management
estimates that the potential claims against the City, not covered by various insurance policies, would not
materially affect the financial condition of the City. The City has the authority to levy additional taxes
(outside the regular limit) to cover uninsured judgments against the City.
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
11. Pension and Retirement Systems
Municipal Fire and Police Retirement System of Iowa
The City is a participating employer in the Municipal Fire and Police Retirement System of Iowa
(MFPRSI or the Plan), which is a cost-sharing multiple-employer defined benefit public police and fire
employees retirement system. All fire fighters and police officers appointed under civil service participate
in the Plan. The Plan provides retirement, disability, and death benefits that are established under state
statute. The Plan issues a publicly available financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to Municipal Fire and Police
Retirement System of Iowa, 2836 104 th Street, Des Moines, Iowa 50322 or the report may be obtained
from website www.mfprsi.org under the publications link. A member may retire at age 55 with 22 years
of employment, and receive full benefits that are equal to 66% of the member’s average final
compensation. Additionally, members retiring with more than 22 years of service will receive an
additional 2% of the member’s average final compensation for up to 8 years of additional service. Other
benefits are also calculated at varying percentages of the average final compensation. Benefits vest after
four years of service.
Member contribution rates are established by state statute. For the fiscal year ended June 30, 2007,
members contributed 9.35%. The City’s contribution rate is based upon an actuarially determined normal
contribution rate. The normal contribution rate is provided by state statute to be the actuarial liabilities of
the plan less current plan assets, the total then being divided by 1% of the actuarially determined present
value of prospective future compensation of all members, further reduced by member contributions.
Legislatively appropriated contributions from the state to the plan may further reduce the City’s
contribution rate. However, the City’s contribution rate may not be less than 17% of earnable
compensation.
The City was required to contribute 27.75% of earnable compensation of each member in 2007, 28.21%
of earnable compensation in 2006, and 24.92% of earnable compensation in 2005. The contributions paid
by the City for the years ended June 30, 2005, 2006, and 2007, were $1,750,377, $1,925,332, and
$1,954,182 respectively, and was equal to the required contributions for each year.
Iowa Public Employees Retirement System
The City contributes to the Iowa Public Employees Retirement System (IPERS), which is a cost-sharing
multiple-employer defined benefit pension plan administered by the State of Iowa. IPERS provides
retirement and death benefits, which are established by State statute to plan members and beneficiaries.
IPERS issues a publicly available financial report that includes financial statements and required
supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117, Des
Moines, Iowa 50306-9117.
All employees, except temporary employees of six months or less of employment duration, who do not
participate in any other public retirement system in the state are eligible and must participate in IPERS.
The pension plan provides retirement and death benefits that are established by state statute. Generally, a
member may retire at the age of 65, or any time after age 62 and 20 years or more of service, or when age
plus years of service equals or exceeds 88, and receive unreduced (for age) benefits. Members may also
retire at the age of 55 or more at reduced benefits. Benefits vest after four years of service or after
attaining the age of 55. Full benefits are equal to 60% of the average of the highest three years of covered
wages times years of service divided by 30.
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Plan members are required to contribute 3.70% of their annual covered salary and the City is required to
contribute 5.75% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2005, 2006, and 2007, were $1,247,065,
$1,329,784, and $1,384,110 respectively, and were equal to the required contributions for each year.
12. Post-Employment Benefits
All full-time employees who retire or terminate/resign are offered the following post-employment benefit
options:
Health insurance and dental insurance – The option of continuing with the City’s health insurance
plan at the individual’s expense.
Life insurance – The option of converting the employee’s City-paid policy to an individual policy at
the individual’s expense with the City’s life insurance carrier.
Long-term disability – For employees who terminate/resign and have been on the plan for a minimum
of one year, the option of converting the employee’s City-paid group policy to a personal policy at the
individual’s expense with the City’s long-term disability insurance carrier.
The above options, while at the individual’s own expense, are included within the City’s overall insurance
package. Therefore, a portion of the above coverage is being subsidized by the City and its current
employees. However, the City cannot reasonably estimate the amount of this subsidy and it is being
expensed as incurred by the City.
13. Landfill Closure and Post-closure Care Costs
In August 1993, the GASB issued Statement No. 18, Accounting for Municipal Solid Waste Landfill
Closure and Post-closure Care Costs (the Statement). Under these rules, in addition to operating
expenses related to current activities of the landfill, an expense provision and related liability are being
recognized based on the future closure and post-closure care costs that will be incurred near or after the
date the landfill no longer accepts waste. The recognition of these landfill closure and post-closure care
costs is based on the amount of the landfill used during the year.
The estimated liability for landfill closure and post-closure care costs as of June 30, 2007, is
approximately $9,517,000, which is based on 75% usage (filled) of the landfill and is included in accrued
liabilities within the Sanitation Fund. It is estimated that an additional amount of approximately
$4,596,500 will be recognized as closure and post-closure care expenses between the date of the balance
sheet and the date the landfill is expected to be filled to capacity by the year ended June 30, 2019. The
estimated total current cost of the landfill closure and post-closure care costs at June 30, 2007, was
determined by engineers from Howard R. Green Company and approximated $12,621,500. It is based on
the amount that would be paid if all equipment, facilities, and services required to close, monitor, and
maintain the landfill were acquired as of June 30, 2007. These amounts are based on an estimated post-
closure care and monitoring period of 30 years, consistent with current State Department of Natural
Resources regulations. However, the actual cost of closure and post-closure care may be higher due to
inflation, changes in technology, or changes in landfill laws and regulations.
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
The City is required by federal and state laws and regulations to provide some form of financial assurance
to finance closure and post-closure care. The City will meet its financial assurance obligations through the
issuance of general obligation bonds. As of June 30, 2007, the Sanitation Fund had $10,393,313 in related
equity in pooled cash and investments, at fair value designated for satisfaction of post-closure costs. The
City estimates that these cash reserves will only provide a fraction of the dollars needed to close and
monitor the landfill. The remaining portion of post-closure care costs, anticipated future inflation costs
and additional costs that might arise from changes in post-closure requirements (due to changes in
technology or more rigorous environmental regulations, for example) may need to be covered by charges
to future landfill users as well as City taxpayers.
14. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued seven statements not yet
implemented by the City. The statements, which might impact the City are as follows:
Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other than Pension Plans,
issued April 2004, will be effective for the City for the fiscal year ending June 30, 2008. This statement
establishes uniform financial reporting standards for other postemployment benefit (OPEB) plans and
supersedes the interim guidance included in Statement No. 26. This statement affects reporting by
administrators or trustees of OPEB plan assets or by employers or sponsors that include OPEB plan assets
as trust or agency funds in their financial reports.
Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other
than Pensions issued June 2004, will be effective for the City for the fiscal year ending June 30, 2009.
This statement establishes standards for the measurement, recognition, and display of (OPEB)
expense/expenditures and related liabilities (assets), note disclosures and, if applicable, required
supplementary information (RSI) in the financial reports of state and local governmental employers.
Statement No. 47, Accounting for Termination Benefits issued June 2005, establishes accounting
standards for termination benefits. For termination benefits provided through an existing defined benefit
OPEB plan, the provisions of this Statement should be implemented simultaneously with the
requirements of Statement 45.
Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of
Assets and Future Revenues issued September 2006, will be effective for the fiscal year ending June 30,
2008. This statement establishes standards for transactions in which a government receives, or is entitled
to, resources in exchange for future cash flows generated by collecting specific receivables or specific
future revenues. It also establishes standards that apply to all intra-entity transfers of assets and future
revenues.
Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations issued
November 2006, will be effective for the fiscal year ending June 30, 2009. This statement establishes
standards for accounting and financial reporting for obligations to address the current or potential
detrimental effects of existing pollution.
Statement No. 50, Pension Disclosures , issued May 2007, will be effective for the fiscal year ending June
30, 2008. This statement more closely aligns the financial reporting requirements for pensions with those
for other postemployment benefits.
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2007
Statement No. 51, Accounting and Financial Reporting for Intangible Assets , issued June 2007 will be
effective for the fiscal year ending June 30, 2010. This statement requires that all intangible assets not
specifically excluded by its scope be classified as capital assets.
The City’s management has not yet determined the effect these statements will have on the City’s
financial statements.
68
69
Governmental
Fund Types Enterprise Fund
Actual Budgetary Types Actual Total Actual
Basis Budgetary Basis Budgetary Basis
Revenues:
Property Tax 38,960 $ -$ 38,960 $
Tax increment financing taxes 2,433 - 2,433
Other city taxes 1,495 - 1,495
Licenses and permits 1,400 - 1,400
Intergovernmental 11,891 8,390 20,281
Charges for services 4,428 32,317 36,745
Use of money and property 2,609 3,678 6,287
Miscellaneous 2,494 1,942 4,436
Total revenues 65,710 46,327 112,037
Expenditures/Expenses:
Public safety 16,734 - 16,734
Public works 10,438 - 10,438
Culture and recreation 10,505 - 10,505
Community and economic development 5,002 - 5,002
General government 7,010 - 7,010
Debt service 15,202 - 15,202
Capital outlay 12,097 - 12,097
Business-type - 39,640 39,640
Total expenditures/expenses 76,988 39,640 116,628
Excess (deficiency) of revenues over
(under) expenditures/expenses (11,278) 6,687 (4,591)
Other financing sources and uses, net 15,356 (931) 14,425
Net change in fund balances 4,078 5,756 9,834
Balances, beginning of year 37,552 73,648 111,200
Balances, end of year 41,630 79,404 121,034
See Note to Required Supplementary Information.
CITY OF IOWA CITY
BUDGETARY COMPARISON SCHEDULE
BUDGET AND ACTUAL - ALL GOVERNMENTAL FUNDS AND ENTERPRISE FUNDS
REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended June 30, 2007
(dollar amounts expressed in thousands)
BUDGETARY BASIS
70
Final to Actual
Variance -
Positive
Original Final (Negative)
39,094 $ 39,094 $ (134) $
1,496 2,467 (34)
1,382 1,502 (7)
1,220 1,220 180
35,321 38,812 (18,531)
38,463 37,757 (1,012)
2,440 5,813 474
4,385 4,806 (370)
123,801 131,471 (19,434)
16,763 17,430 696
10,683 11,042 604
10,331 11,271 766
5,091 6,368 1,366
7,502 7,399 389
12,018 15,202 -
23,611 37,712 25,615
45,327 49,194 9,554
131,326 155,618 38,990
(7,525) (24,147) 19,556
8,760 13,519 906
1,235 (10,628) 20,462
94,728 111,200
95,963 100,572
Budgeted Amounts
71
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 65,710 $ 1,713 $ 67,423 $
Expenditures 76,988 (4,060) 72,928
Net (11,278) 5,773 (5,505)
Other financing sources (uses) 15,356 (5,175) 10,181
Beginning Fund Balances 37,552 $ (5,599) $ 31,953 $
Ending Fund Balances 41,630 $ (5,001) $ 36,629 $
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 46,327 $ (5,608) $ 40,719 $
Expenditures 39,640 (4,270) 35,370
Net 6,687 (1,338) 5,349
Other financing sources (uses) (931) 11,084 10,153
Beginning Fund Balances 73,648 134,504 $ 208,152
Ending Fund Balances 79,404 $ 144,250 $ 223,654 $
See Note to Required Supplementary Information.
CITY OF IOWA CITY
Governmental Fund Types
Enterprise Fund Types
BUDGETARY COMPARISON SCHEDULE
BUDGET TO GAAP RECONCILIATION
REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended June 30, 2007
(dollar amounts expressed in thousands)
72
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2007
In accordance with Code of Iowa, the City Council annually adopts a budget following required public
notice and hearing which includes all funds, except internal service funds and agency funds. The budget
basis of accounting is cash basis. The annual budget may be amended during the year utilizing similar
statutorily prescribed procedures.
Formal and legal budgetary control is based upon nine major classes of expenditures known as functions,
not by fund or fund type. These nine functions are: public safety, public works, health and social
services, culture and recreation, community and economic development, general government, debt
service, capital outlay and business-type. The legal level control is at the aggregated function level, not at
the fund or fund type level.
During the year, budget amendments increased budgeted expenditures by $24,292,000. The budget
amendments were primarily due to changes in breadth and timing of capital improvement projects.
73
74
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds account for revenues derived from specific sources that are required to be
accounted for as separate funds. The funds in this category and their purpose are as follows:
Other Shared Revenue and Grants Fund – accounts for revenue from various sources, primarily road
use tax monies from the State of Iowa and reimbursable programs funded by federal and state grants.
Economic Development Fund – accounts for revenue and expenditures of economic development
activities.
Johnson County Council of Governments Fund – accounts for the financial activities of the
metropolitan/rural cooperative planning organization.
CAPITAL PROJECTS FUNDS
Capital Projects Funds are utilized to account for all resources used in the acquisition and construction of
capital facilities and other major fixed assets, with the exception of those that are financed by proprietary
fund monies. The fund in this category is as follows:
Other Construction Fund – accounts for the construction or replacement of other City general fixed
assets, such as administrative buildings with various funding sources, including general obligation bonds,
intergovernmental revenues and contributions.
75
Capital
Projects
Other Johnson
Shared County
Revenue and Economic Council of Other
Grants Development Governments Construction Total
Assets
Equity in pooled cash and investments 2,204 $ 1,025 $ 51 $ 179 $ 3,459 $
Receivables:
Property tax - 1 - - 1
Interest - 28 - 35 63
Notes 447 - - - 447
Due from other governments 488 - 40 1,544 2,072
Restricted assets:
Equity in pooled cash and investments 5 - - 11,571 11,576
Total assets 3,144 $ 1,054 $ 91 $ 13,329 $ 17,618 $
Liabilities and Fund Balances
Liabilities:
Accounts payable 103 $ -$ -$ 2,058 $ 2,161 $
Contracts payable - - - 133 133
Accrued liabilities 75 - 18 2 95
Advances from other funds 238 - - - 238
Deferred revenue 453 - - 8 461
Liabilities payable from restricted assets:
Deposits 5 - - - 5
Total liabilities 874 - 18 2,201 3,093
Fund balances:
Reserved for:
Encumbrances - - - 435 435
Unreserved
Undesignated 2,270 1,054 73 10,693 14,090
Total fund balances 2,270 1,054 73 11,128 14,525
Total liabilities and fund balances 3,144 $ 1,054 $ 91 $ 13,329 $ 17,618 $
Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2007
(amounts expressed in thousands)
76
Capital
Projects
Other Johnson
Shared County
Revenue and Economic Council of Other
Grants Development Governments Construction Total
Revenues
Property taxes -$ 2,433 $ -$ -$ 2,433 $
Intergovernmental 5,347 200 274 1,756 7,577
Use of money and property 10 89 - 510 609
Miscellaneous 45 - 1 20 66
Total revenues 5,402 2,722 275 2,286 10,685
Expenditures
Current:
Public safety - - - 185 185
Public works 138 - - 3 141
Culture and recreation 314 314
Community and economic
development 68 1,128 603 33 1,832
General government 114 114
Debt service
Capital outlay 90 - 5 5,215 5,310
Total expenditures 296 1,128 608 5,864 7,896
Excess (deficiency) of revenues over
(under) expenditures 5,106 1,594 (333) (3,578) 2,789
Other Financing Sources (Uses)
Issuance of bonds - - - 8,870 8,870
Transfers in 87 - 360 831 1,278
Transfers out (5,705) (1,107) - (4,236) (11,048)
Total other financing sources
and (uses) (5,618) (1,107) 360 5,465 (900)
Net change in fund balances (512) 487 27 1,887 1,889
Fund Balances, Beginning 2,782 567 46 9,241 12,636
Fund Balances, Ending 2,270 $ 1,054 $ 73 $ 11,128 $ 14,525 $
Special Revenue
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
For the Year Ended June 30, 2007
(amounts expressed in thousands)
NONMAJOR GOVERNMENTAL FUNDS
77
78
NONMAJOR ENTERPRISE FUNDS
Enterprise Funds account for operations and activities of the City that are financed and operated in a manner
similar to a private business enterprise, and where the costs of providing services to the general public on a
continuing basis are expected to be financed or recovered primarily through user charges, or where the City has
decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for
capital maintenance, public policy, management control, accountability, or other purposes. The funds in this
category are as follows:
Parking Fund – accounts for the operation and maintenance of the “on” and “off” street public parking facilities.
Airport Fund – accounts for the operation and maintenance of the airport facility.
Stormwater Fund – accounts for the operation and maintenance of the stormwater operation.
Cable Television Fund – accounts for the operation and maintenance of the Broadband Telecommunications
Commission that oversees the franchise agreement with the cable television company, including production and
broadcasting on the government television channels.
79
Cable
Parking Airport Stormwater Television Total
Assets
Current assets:
Equity in pooled cash and investments 2,410 $ -$ 969 $ 957 $ 4,336 $
Receivables:
Accounts and unbilled usage 94 - 67 173 334
Interest 83 12 14 13 122
Notes 170 - - - 170
Due from other governments - 357 - - 357
Total current assets 2,757 369 1,050 1,143 5,319
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 2,048 398 - - 2,446
Capital assets:
Land 3,938 7,682 2,130 - 13,750
Buildings 25,039 3,494 - 741 29,274
Improvements other than buildings 166 421 - - 587
Machinery and equipment 397 184 168 97 846
Infrastructure - 2,073 31,846 - 33,919
Accumulated depreciation (11,723) (3,174) (5,654) (226) (20,777)
Construction in progress 20 2,695 727 - 3,442
Total noncurrent assets 19,885 13,773 29,217 612 63,487
Total assets 22,642 14,142 30,267 1,755 68,806
Liabilities
Current liabilities:
Accounts payable 33 96 4 8 141
Contracts payable 67 260 - - 327
Accrued liabilities 142 10 6 44 202
Advances from other funds - 1,180 - - 1,180
Bonded debt payable (net of unamortized discounts)351 - - - 351
Total current liabilities 593 1,546 10 52 2,201
Noncurrent liabilities:
Liabilities payable from restricted assets:
Interest payable 308 - - - 308
Deposits 8 10 - - 18
Bonded debt payable (net of unamortized discounts)9,962 - - - 9,962
Total noncurrent liabilities 10,278 10 - - 10,288
Total liabilities 10,871 1,556 10 52 12,489
Net Assets
Invested in capital assets, net of related debt 9,381 13,375 29,217 612 52,585
Restricted by bond ordinance 1,934 - - - 1,934
Restricted for future improvements 106 391 - - 497
Unrestricted 350 (1,180) 1,040 1,091 1,301
Total net assets 11,771 $ 12,586 $ 30,257 $ 1,703 $ 56,317 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
June 30, 2007
80
Cable
Parking Airport Stormwater Television Total
Operating Revenues:
Charges for services 4,704 $ 234 $ 622 $ 726 $ 6,286 $
Miscellaneous 104 - 3 - 107
Total operating revenues 4,808 234 625 726 6,393
Operating Expenses:
Personal services 1,584 88 127 414 2,213
Commodities 143 12 18 11 184
Services and charges 1,246 140 137 77 1,600
2,973 240 282 502 3,997
Depreciation 873 193 650 37 1,753
Total operating expenses 3,846 433 932 539 5,750
Operating income (loss) 962 (199) (307) 187 643
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - 483 - (5) 478
Interest income 227 17 47 42 333
Interest expense (628) - - - (628)
Total nonoperating revenues (expenses) (401) 500 47 37 183
Income (loss) before transfers 561 301 (260) 224 826
Capital contributions - 1,231 1,251 - 2,482
Transfers in 44 188 2,438 - 2,670
Transfers out (200) (492) (134) (153) (979)
.
Change in net assets 405 1,228 3,295 71 4,999
Net Assets, Beginning 11,366 11,358 26,962 1,632 51,318
Net Assets, Ending 11,771 $ 12,586 $ 30,257 $ 1,703 $ 56,317 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2007
AND CHANGES IN FUND NET ASSETS
81
Cable
Parking Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 4,870 $ (34) $ 623 $ 717 $ 6,176 $
Payments to suppliers (1,393) (71) (153) (81) (1,698)
Payments to employees (1,574) (86) (127) (416) (2,203)
Net cash flows from operating activities 1,903 (191) 343 220 2,275
Cash Flows From Noncapital Financing Activities
Transfers from other funds 44 188 - - 232
Transfers to other funds (200) (492) (134) (153) (979)
Repayment of advances from other funds - (44) - - (44)
Repayment of notes receivable 55 - - - 55
Net cash flows from noncapital financing activities (101) (348) (134) (153) (736)
Cash Flows From Capital and Related Financing
Activities
Capital grants received - 1,231 - - 1,231
Acquisition and construction of property and equipment (121) (1,221) (51) (13) (1,406)
Proceeds from sale of property - 835 - - 835
Principal paid on bonded debt (645) - - - (645)
Interest paid on bonded debt (634) - - - (634)
Net cash flows from capital and related financing
activities (1,400) 845 (51) (13) (619)
Cash Flows From Investing Activities
Interest on investments 225 7 44 41 317
Net increase (decrease) in cash and cash equivalents 627 313 202 95 1,237
Cash and Cash Equivalents, Beginning 3,831 85 767 862 5,545
Cash and Cash Equivalents, Ending 4,458 $ 398 $ 969 $ 957 $ 6,782 $
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss) 962 $ (199) $ (307) $ 187 $ 643 $
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 873 193 650 37 1,753
Changes in:
Receivables:
Accounts and unbilled usage 58 - (2) (9) 47
Due from other governments - (269) - - (269)
Accounts payable (4) 81 2 7 86
Accrued liabilities 10 2 - (2) 10
Deposits 4 1 - - 5
Total adjustments 941 8 650 33 1,632
Net cash flows from operating activities 1,903 $ (191) $ 343 $ 220 $ 2,275 $
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 1,231 $ 3,689 $ -$ 4,920 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2007
82
INTERNAL SERVICE FUNDS
Internal Service Funds account for goods and services provided by one department to other City departments on a
cost-reimbursement basis. The funds in this category are:
Equipment Maintenance Fund – accounts for the provision of maintenance for City vehicles and equipment and
vehicle rental to other City departments from a central vehicle pool.
Central Services Fund – accounts for the support services of photocopying, paper supplies, mail, overnight
shipping, and two-way radios provided to other City departments.
Loss Reserve Fund – accounts for the property, liability, Workers’ Compensation and health insurance premiums
and claims activity for City departments, including the self-insured retention portion.
Information Technology Fund – accounts for the accumulation and allocation of costs associated with
telecommunications and data processing, including the operation and replacement of equipment.
83
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Assets
Current assets:
Equity in pooled cash and investments 5,103 $ 482 $ 6,321 $ 2,571 $ 14,477 $
Receivables:
Interest 75 7 98 40 220
Due from other governments 68 - - - 68
Inventories 279 - - - 279
Total current assets 5,525 489 6,419 2,611 15,044
Noncurrent assets:
Capital assets:
Land 45 - - - 45
Buildings 578 - - 253 831
Improvements other than buildings 50 - - - 50
Machinery and equipment 10,644 240 - 1,343 12,227
Infrastructure - - - 940 940
Accumulated depreciation (7,398) (155) - (1,284) (8,837)
Total noncurrent assets 3,919 85 - 1,252 5,256
Total assets 9,444 574 6,419 3,863 20,300
Liabilities
Accounts payable 119 13 207 6 345
Accrued liabilities 76 2 1,833 74 1,985
Total liabilities 195 15 2,040 80 2,330
Net Assets
Invested in capital assets, net of related debt 3,919 85 - 1,252 5,256
Unrestricted 5,330 474 4,379 2,531 12,714
Total net assets 9,249 $ 559 $ 4,379 $ 3,783 $ 17,970 $
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2007
84
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 3,916 $ 306 $ 9,209 $ 1,732 $ 15,163 $
Total operating revenues 3,916 306 9,209 1,732 15,163
Operating Expenses:
Personal services 785 35 135 870 1,825
Commodities 1,626 15 6 254 1,901
Services and charges 375 153 7,687 453 8,668
2,786 203 7,828 1,577 12,394
Depreciation 1,025 26 - 186 1,237
Total operating expenses 3,811 229 7,828 1,763 13,631
Operating income (loss) 105 77 1,381 (31) 1,532
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 33 (2) - 30 61
Interest income 239 23 264 140 666
Total nonoperating revenues 272 21 264 170 727
Income before capital contributions
Income before transfers 377 98 1,645 139 2,259
Transfers in 61 - - 4 65
Change in net assets 438 98 1,645 143 2,324
Net Assets, Beginning 8,811 461 2,734 3,640 15,646
Net Assets, Ending 9,249 $ 559 $ 4,379 $ 3,783 $ 17,970 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2007
AND CHANGES IN FUND NET ASSETS
85
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Cash Flows From Operating Activities
Receipts from customers and users 3,886 $ 306 $ 9,209 $ 1,732 $ 15,133 $
Payments to suppliers (2,021) (161) (8,007) (720) (10,909)
Payments to employees (797) (35) (197) (860) (1,889)
Net cash flows from operating activities 1,068 110 1,005 152 2,335
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 61 - - 4 65
Net cash flows from noncapital financing
activities 61 - - 4 65
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (677) (20) - (5) (702)
Proceeds from sale of property 110 1 - 30 141
Net cash flows from capital and related
financing activities (567) (19) - 25 (561)
Cash Flows From Investing Activities
Interest on investments 230 22 249 137 638
Net increase in cash and cash
equivalents 792 113 1,254 318 2,477
Cash and Cash Equivalents, Beginning 4,311 369 5,067 2,253 12,000
Cash and Cash Equivalents, Ending 5,103 $ 482 $ 6,321 $ 2,571 $ 14,477 $
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 105 $ 77 $ 1,381 $ (31) $ 1,532 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 1,025 26 - 186 1,237
Changes in:
Receivables:
Due from other governments (30) - - - (30)
Inventories (16) - - - (16)
Accounts payable (4) 7 (314) (13) (324)
Accrued liabilities (12) - (62) 10 (64)
Total adjustments 963 33 (376) 183 803
Net cash flows from operating activities 1,068 $ 110 $ 1,005 $ 152 $ 2,335 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2007
86
AGENCY FUNDS
The Agency Funds account for assets held by the City in a trustee or custodial capacity for other entities, such as
individuals, private organizations, or other governmental units. The funds in this category are:
Project Green Fund – accounts for donations that are received to plant and develop yards and lawns, both public
and private, within Iowa City.
Library Foundation – accounts for donations that are made to support the library development office.
Parks and Recreation Foundation – accounts for donations that are received for park improvements.
PATV – accounts for investments made on behalf of Public Access Television.
87
Balance Balance
July 1, 2006 Increases Decreases June 30, 2007
Project Green
Assets
Equity in pooled cash and investments 241 $ 66 $ 110 $ 197 $
Interest receivable 4 3 4 3
Total assets 245 $ 69 $ 114 $ 200 $
Liabilities
Accounts payable 54 $ 2$ 54 $ 2$
Due to agency 191 67 60 198
Total liabilities 245 $ 69 $ 114 $ 200 $
Library Foundation
Assets
Equity in pooled cash and investments 2$ 5$ 6$ 1$
Accounts receivable 4 1 - 5
6$ 6$ 6$ 6$
Liabilities
Accounts payable 1$ -$ 1$ -$
Accrued liabilities 4 6 4 6
Due to agency 1 - 1 -
Total liabilities 6$ 6$ 6$ 6$
Parks and Recreation Foundation
Assets
Equity in pooled cash and investments 52 $ 1$ 53 $ -$
Interest receivable 1$ -$ 1$ -$
Total assets 53 $ 1$ 54 $ -$
Liabilities
Accounts payable 53 $ 1$ 54 $ -$
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2007
AGENCY FUNDS
88
Balance Balance
July 1, 2006 Increases Decreases June 30, 2007
PATV
Assets
Equity in pooled cash and investments 116 $ 205 $ 321 $ -$
Interest receivable 2 - 2 -
118 $ 205 $ 323 $ -$
Liabilities
Due to agency 118 $ 205 $ 323 $ -$
Total Agency Funds
Assets
Equity in pooled cash and investments 411 $ 277 $ 490 $ 198 $
Accounts receivable 4 1 - 5
Interest receivable 7 3 7 3
Total assets 422 $ 281 $ 497 $ 206 $
Liabilities
Accounts payable 108 $ 3$ 109 $ 2$
Accrued liabilities 4 6 4 6
Due to agency 310 272 384 198
Total liabilities 422 $ 281 $ 497 $ 206 $
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (continued)
AGENCY FUNDS
For the Year Ended June 30, 2007
89
90
Statistical Section
This part of the City of Iowa City’s comprehensive annual financial report represents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the government’s overall
financial health.
Contents Page
Financial Trends 93
These schedules contain trend information to help the reader understand how
the government’s financial performance and well-being have changed over
time.
Revenue Capacity 98
These schedules contain information to help the reader assess the
government’s most significant local revenue source, the property tax.
Debt Capacity 103
These schedules present information to help the reader assess the
affordability of the government’s current levels of outstanding debt and the
government’s ability to issue additional debt in the future.
Demographic and Economic Information 111
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the government’s financial
activities take place.
Operating Information 114
These schedules contain service and infrastructure data to help the reader
understand how the information in the government’s financial report relates
to the services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial report for the relevant year. The city implemented GASB 34 in FY03; schedules
presenting government-wide information include information beginning in that year.
91
92
2003 2004 2005 2006 2007
Governmental activities
Invested in capital assets, net of related debt 73,447 $ 67,090 $ 84,768 $ 95,227 $ 101,027 $
Restricted 22,499 17,705 16,973 6,852 8,181
Unrestricted 16,926 11,700 3,793 10,827 11,043
Total governmental activities net assets 112,872 $ 96,495 $ 105,534 $ 112,906 $ 120,251 $
Business-type activities
Invested in capital assets, net of related debt 111,487 $ 150,817 $ 150,797 $ 155,346 $ 172,518 $
Restricted 24,420 14,932 15,038 15,682 23,893
Unrestricted 33,339 36,246 40,780 42,988 33,695
Total business-type activites net assets 169,246 $ 201,995 $ 206,615 $ 214,016 $ 230,106 $
Primary government
Invested in capital assets, net of related debt 184,934 $ 217,907 $ 235,565 $ 250,573 $ 273,545 $
Restricted 46,919 32,637 32,011 22,534 32,074
Unrestricted 50,265 47,946 44,573 53,815 44,738
Total primary government net assets 282,118 $ 298,490 $ 312,149 $ 326,922 $ 350,357 $
Fiscal Year
CITY OF IOWA CITY, IOWA
(amounts expressed in thousands)
(Accrual basis of accounting)
Last Five Fiscal Years
NET ASSETS BY COMPONENT
93
2003 2004 2005 2006 2007
Expenses
Governmental activities:
Public Safety 13,844 $ 15,015 $ 15,286 $ 16,690 $ 16,694 $
Public Works 11,539 10,423 11,521 12,723 13,560
Culture and recreation 10,131 12,051 11,341 11,458 11,970
Community and economic development 3,133 2,580 6,960 6,264 4,680
General government 6,251 6,527 6,500 6,892 7,258
Debt Service 3,662 3,440 3,602 3,404 3,459
Total governmental activities expenses 48,560 50,036 55,210 57,431 57,621
Business-type activities:
Wastewater 12,086 12,344 12,214 11,710 11,537
Water 7,861 8,011 8,313 9,324 8,823
Sanitation 4,082 6,103 6,031 6,101 6,684
Housing Authority 6,519 7,219 7,466 7,026 6,884
Parking 3,554 3,898 3,989 3,884 4,403
Airport 431 515 520 512 418
Stormwater 652 1,452 817 932
Cable Television 687 549 607 576 525
Total business-type activities expenses 35,220 39,291 40,592 39,950 40,206
Total primary government expenses 83,780 $ 89,327 $ 95,802 $ 97,381 $ 97,827 $
Program Revenues
Governmental activities:
Charges for services
Public Safety 2,507 $ 3,038 $ 2,928 $ 2,971 $ 3,088 $
Public Works 1,118 1,006 1,076 1,062 1,229
Culture and recreation 1,145 630 653 707 712
Community and economic development 192 - - - -
General government 1,416 1,428 1,482 1,556 1,569
Operating grants and contributions 2,965 2,150 2,592 2,937 3,215
Capital grants and contributions 2,205 6,198 7,679 3,849 4,283
Total governmental activities program revenues 11,548 14,450 16,410 13,082 14,096
Business-type activities:
Charges for services:
Wastewater 12,445 12,580 12,145 12,145 12,535
Water 9,677 9,164 8,602 9,012 8,240
Sanitation 6,531 7,111 7,154 7,133 7,204
Housing Authority 221 219 181 168 132
Parking 3,636 4,011 4,045 3,936 4,704
Airport 180 213 220 264 234
Stormwater - 104 592 597 622
Cable Television 298 673 708 718 726
Capital grants and contributions: Wastewater 1,077 968 761 773 1,539
Capital grants and contributions: Water 640 452 588 606 845
Capital grants and contributions: Sanitation - - - 46 -
Capital grants and contributions: Airport - 116 283 1,125 1,231
Capital grants and contributions: Stormwater - 717 755 468 1,251
Operating grants and contributions: Housing Authority 6,291 6,950 7,012 7,414 7,165
Operating grants and contributions: Water 131 - - - -
Operating grants and contributions: Airport 36 - - - -
Operating grants and contributions: Sanitation 201 9 - 3 6
Operating grants and contributions: Wastewater - - - - 1
Total business-type activities program revenues 41,364 43,287 43,046 44,408 46,435
Total primary government revenues 52,912 $ 57,737 $ 59,456 $ 57,490 $ 60,531 $
(continued)
Fiscal Year
CITY OF IOWA CITY, IOWA
(amounts expressed in thousands)
(Accrual basis of accounting)
Last Five Fiscal Years
CHANGES IN NET ASSETS
94
2003 2004 2005 2006 2007
Net (Expense) / Revenues
Governmental activities (37,012) $ (35,586) $ (38,800) $ (44,349) $ (43,525) $
Business-type activities 6,144 3,996 2,454 4,458 6,229
Total primary government net expense (30,868) $ (31,590) $ (36,346) $ (39,891) $ (37,296) $
General Revenues and Other Changes in Net Assets
Governmental activities:
General revenues:
Property taxes 32,257 $ 34,173 $ 35,327 $ 37,770 $ 41,492 $
Road use tax 5,144 5,311 5,269 5,303 5,305
Other taxes 1,399 1,609 1,351 1,240 1,412
Earnings on investments 1,207 1,056 1,576 2,678 4,045
Miscellaneous 3,174 3,746 3,994 4,422 3,656
Gain on sale of assets (1,726) 65 95 100 281
Transfers 1,444 (1,840) 645 208 (5,321)
Total governmental activities 42,899 44,120 48,257 51,721 50,870
Business-type activities:
General revenues:
Earnings on investments 1,305 991 1,771 2,575 3,606
Gain on sale of assets 315 1,009 304 185 591
Miscellaneous 994 335 418 391 343
Transfers (1,444) 1,840 (645) (208) 5,321
Total business-type activities 1,170 4,175 1,848 2,943 9,861
Total primary government 44,069 $ 48,295 $ 50,105 $ 54,664 $ 60,731 $
Change in Net Assets
Governmental activites 5,887 $ 8,534 $ 9,457 $ 7,372 $ 7,345 $
Business-type activites 7,314 8,171 4,302 7,401 16,090
Total primary government 13,201 $ 16,705 $ 13,759 $ 14,773 $ 23,435 $
Fiscal Year
CITY OF IOWA CITY, IOWA
CHANGES IN NET ASSETS (continued)
Last Five Fiscal Years
(Accrual basis of accounting)
(amounts expressed in thousands)
95
2003 2004 2005 2006 2007
General Fund
Reserved 1,094 $ 396 $ 362 $ 570 $ 568 $
Unreserved 13,012 14,301 15,525 16,551 18,528
Total general fund 14,106 $ 14,697 $ 15,887 $ 17,121 $ 19,096 $
All other Governmental Funds
Reserved 11,536 $ 1,677 $ 2,198 $ 1,592 $ 1,984 $
Reserved for long-term debt 4,448 6,930 3,067 2,725 4,289
Unreserved, reported in:
Special revenue funds 3,819 9,379 6,222 3,422 3,366
Captal projects funds 1,047 3,882 6,143 7,093 7,894
Total all other governmental funds 20,850 $ 21,868 $ 17,630 $ 14,832 $ 17,533 $
Fiscal Year
CITY OF IOWA CITY, IOWA
(amounts expressed in thousands)
(Modified accrual basis of accounting)
Last Five Fiscal Years
FUND BALANCES, GOVERNMENTAL FUNDS
96
2003 2004 2005 2006 2007
Revenues:
Property taxes and assessments 31,966 $ 35,538 $ 36,677 $ 39,011 $ 42,905 $
Licenses and permits 961 1,361 1,255 1,279 1,404
Intergovernmental 12,193 12,058 15,546 14,260 13,455
Charges for services 4,674 3,240 3,301 2,227 2,423
Use of money and property 997 1,002 1,354 2,203 3,378
Miscellaneous 2,558 4,377 4,121 4,176 3,858
Total governmental activities expenses 53,349 $ 57,576 $ 62,254 $ 63,156 $ 67,423 $
Expenditures
Current
Public safety 13,115 $ 14,025 $ 14,601 $ 15,819 $ 16,412 $
Public works 8,149 9,156 9,698 10,351 12,452
Culture and recreation 8,061 9,392 9,183 10,122 10,261
Community and economic development 3,715 3,486 6,375 4,698 3,445
General government 5,887 6,080 6,282 6,510 7,194
Debt service
Principal 4,742 5,172 9,349 6,099 6,700
Interest 3,683 3,336 3,676 3,458 3,464
Capital projects 20,095 16,065 13,939 15,153 13,000
Total expenditures 67,447 $ 66,712 $ 73,103 $ 72,210 $ 72,928 $
Excess (deficiency) of revenues over
(under) expenditures (14,098) $ (9,136) $ (10,849) $ (9,054) $ (5,505) $
Other financing sources (uses):
Issuance of long-term debt 10,600 $ 12,875 $ 7,020 $ 7,265 $ 8,870 $
Sale of capital assets - 384 406 109 470
Issuance of note payable - - 211 - -
Premium (discount) on issuance of bonds 93 (19) 43 29 -
Payment of refunded bonds (6,415) - - - -
Transfers in 15,172 14,614 15,776 21,627 21,552
Transfers out (14,554) (16,733) (15,237) (21,540) (20,711)
Total other financing sources (uses) 4,896 $ 11,121 $ 8,219 $ 7,490 $ 10,181 $
Net change in fund balances (9,202) $ 1,985 $ (2,630) $ (1,564) $ 4,676 $
Debt service as a percentage of
noncapital expenditures 17.8% 16.8% 22.0% 16.7% 17.0%
Fiscal Year
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
CITY OF IOWA CITY, IOWA
(amounts expressed in thousands)
(modified accrual basis of accounting)
Last Five Fiscal Years
97
CITY OF IOWA CITY, IOWA
GENERAL GOVERNMENT TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(Modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
Year Property Tax Road Use Tax Hotel/Motel Tax Total
1998 20,635 $ 4,087 $ 501 $ 25,223 $
1999 22,153 4,575 570 27,298
2000 24,271 4,928 554 29,753
2001 27,071 4,852 497 32,420
2002 28,623 5,077 646 34,346
2003 31,966 5,103 559 37,628
2004 34,958 5,311 580 40,849
2005 36,076 5,269 611 41,956
2006 38,336 5,303 674 44,313
2007 42,221 5,305 683 48,209
98
Taxable Property
Fiscal Assessed Value/ Total Taxable Total
Year Ended Estimated Exempt Assessed Direct
June 30 Actual Value Property Value Value Tax Rate
1998 2,423,557 123,068 2,300,489 13.050
1999 2,597,827 128,115 2,469,712 13.133
2000 2,699,944 136,493 2,563,451 13.851
2001 2,920,580 137,713 2,782,867 14.757
2002 2,975,254 152,991 2,822,263 14.850
2003 3,214,973 155,407 3,059,566 16.813
2004 3,322,001 176,188 3,145,813 17.596
2005 3,834,435 181,186 3,653,249 17.314
2006 3,953,781 183,799 3,769,982 17.729
2007 4,280,119 212,203 4,067,916 17.302
CITY OF IOWA CITY, IOWA
ASSESSED AND TAXABLE VALUE OF PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
Source: City of Iowa City Assessor’s Office
Notes:
Property is reassessed in the odd numbered years to make adjustments to all property values, according to current market
values.
As per the Code of Iowa, all real and tangible personal property subject to taxation shall be valued at its actual value and,
except as otherwise provided, shall be reassessed at 100% of its actual value, and the value so assessed shall be taken and
considered as the assessed value and taxable value of the property upon which the levy shall be made.
Taxable property includes real property, buildings and structures, industrial plant and fixtures, commercial equipment
assessed as real property and utilities distribution property.
Exempt property includes all property that is owned by religious and educational institutions, charitable and benevolent
societies, low-rent housing and associations for war veterans. Each must apply for property tax exempt status with the City
Assessor, who determines if the property qualifies under state guidelines. Exempt property is assessed each year like other
taxable property. Property owned by governmental entities is not taxable and is not included in “Exempt Property."
99
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Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections Collections
1998 20,807 $ 20,521 $ 98.6 %8$ 20,529 $ 98.7 %
1999 21,735 21,842 100.5 22 21,864 100.6
2000 23,945 23,989 100.2 5 23,994 100.2
2001 26,089 25,684 98.4 31 25,715 98.6
2002 27,920 28,423 101.8 5 28,428 101.8
2003 31,975 31,863 99.6 16 31,879 99.7
2004 34,073 34,009 99.8 23 34,032 99.9
2005 34,403 34,814 101.2 15 34,829 101.2
2006 36,460 36,654 100.5 44 36,698 100.7
2007 39,094 38,947 99.6 13 38,960 99.7
Source: Certificate of city taxes and Johnson County Treasurer's Office
(amounts expressed in thousands)
Percent of
Levy
Collected
Total as
a Percent of
Levy
CITY OF IOWA CITY, IOWA
PROPERTY TAX BUDGETS AND COLLECTIONS
Last Ten Fiscal Years
(Cash basis of accounting)
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104
CITY OF IOWA CITY, IOWA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES 1
Last Ten Fiscal Years
(amounts expressed in thousands)
Total
General
Fiscal Year Governmental Ratio of Debt
Ended Total Expenditures Service to General
June 30 Principal Interest Debt Service and Transfers Expenditures
1998 1,988 $ 739 $ 2,727 $ 47,311 $ .06 : 1.00
1999 2,452 1,038 3,490 45,851 .08 : 1.00
2000 2,918 1,360 4,278 52,727 .08 : 1.00
2001 3,541 1,763 5,304 53,898 .10 : 1.00
2002 3,599 2,136 5,735 53,462 .11 : 1.00
2003 2 4,742 3,683 8,425 82,001 .10 : 1.00
2004 5,172 3,336 8,508 83,445 .10 : 1.00
2005 9,349 3,676 13,025 88,342 .15 : 1.00
2006 6,099 3,458 9,557 93,750 .10 : 1.00
2007 6,700 3,464 10,164 93,639 .11 : 1.00
Notes:
1General Fund, Special Revenue Funds and Debt Service Fund.
2 Beginning in FY03, Capital Projects Funds are also included.
105
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2007
(amounts expressed in thousands, except per capita)
Amount
Total General % Applicable Applicable
Long-Term to the to the
Name of Bonded Debt City of City of
Governmental Unit Outstanding Iowa City Iowa City Per Capita
City of Iowa City 85,840 $ 100.00% 85,840 $ 1,365 $
Iowa City Community
School District 31,700 61.20% 19,400 308
Total 117,540 $ 105,240 $ 1,673 $
Per capita assessed value 68,060 $
Source: Johnson County Auditor's Office
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city.
This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the
residents and businesses of Iowa City. This process recognizes that, when considering the city's ability to issue
and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account.
However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of
each overlapping government.
106
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Fiscal
Year Net Revenue Annual Debt Service 2
Ended Available for Ratio of
June 30 Revenue Expenses 1 Debt Service Principal Interest Total Coverage
Parking Revenue 3
1998 3,822 $ 1,770 $ 2,052 $ 390 $ 195 $ 585 $ 3.51
1999 3,653 1,713 1,940 415 168 583 3.33
2000 3,716 1,861 1,855 455 139 594 3.12
2001 4,309 2,176 2,133 485 836 1,321 1.61
2002 4,272 1,960 2,312 510 746 1,256 1.84
2003 4,198 1,953 2,245 375 715 1,090 2.06
2004 4,164 2,319 1,845 395 687 1,082 1.71
2005 4,360 2,377 1,983 305 663 968 2.05
2006 4,161 2,380 1,781 320 645 965 1.85
2007 5,035 2,973 2,062 335 626 961 2.15
Wastewater Treatment Revenue 4
1998 11,066 $ 2,809 $ 8,257 $ 1,490 $ 3,382 $ 4,872 $ 1.69
1999 11,362 2,987 8,375 2,065 3,519 5,584 1.50
2000 11,872 3,259 8,613 2,160 3,691 5,851 1.47
2001 12,824 3,248 9,576 2,505 3,589 6,094 1.57
2002 12,501 3,389 9,112 3,005 4,236 7,241 1.26
2003 13,000 4,463 8,537 3,060 4,385 7,445 1.15
2004 12,947 4,523 8,424 3,280 3,672 6,952 1.21
2005 12,600 4,432 8,168 3,630 3,537 7,167 1.14
2006 12,798 4,260 8,538 3,815 3,390 7,205 1.19
2007 13,708 4,236 9,472 3,905 3,234 7,139 1.33
Water Revenue 5
1999 8,571 $ 3,295 $ 5,276 $ -$ -$ -$ 0.00
2000 9,626 3,384 6,242 - 299 299 20.88
2001 10,629 3,410 7,219 140 445 585 12.34
2002 10,179 3,428 6,751 705 1,175 1,880 3.59
2003 10,241 4,361 5,880 500 1,088 1,588 3.70
2004 10,627 4,360 6,267 925 1,427 2,352 2.66
2005 9,287 4,783 4,504 845 1,340 2,185 2.06
2006 9,918 5,722 4,196 880 1,305 2,185 1.92
2007 9,220 5,356 3,864 915 1,268 2,183 1.77
Note:
1Excludes depreciation and interest.
2Includes principal and interest of revenue bonds only.
3Parking Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total Annual Debt Service"
is required to be at least 1.25.
4Wastewater Treatment Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total
Annual Debt Service" is required to be at least 1.10.
5Water Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total Annual Debt Service"
is required to be at least 1.10.
CITY OF IOWA CITY, IOWA
SCHEDULE OF REVENUE BOND COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
109
Principal Outstanding
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19
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112
113
1998 1999 2000 2001 2002 2003
Public Safety
Police 88.25 90.75 96.25 96.25 97.25 97.25
Fire 52 52 52 52 58 58
Animal Shelter 5 5.44 5.5 5.5 5.5 6
Inspection Services 14.13 14.13 14.13 14.13 14.13 14.13
Public Works
Public Works Admin 2 2 2 3 2 2
Engineering 11 11 10.6 11.6 13.6 13.6
Traffic Engineering 3.75 3.75 4.15 4.15 4.15 5.65
Streets 23 23 23.5 23.5 23.5 22
Culture and Recreation
Parks and Rec Admin 2 2 2 2 2 2
Recreation 12.67 13.17 14.67 15.17 15.17 15.17
Parks 11.5 12 13 13 13 13
Forestry 3 3 3 3 3 3
Cemetery 3 3 3 3 3 3
CBD Maintenance 2.5 3 3 3 3 3
Library 38 38 40.25 40.25 41.25 41.25
Senior Center 5.5 5.5 6 6 6 5.81
Community and Economic Development 8.45 8.45 8.55 8.55 9.05 8.35
General Government
City Council 7 7 7 7 7 7
City Manager 3 3 3 3 3 3
City Clerk 4.5 4.5 5 4.5 4.5 4
City Attorney 6 6 6 6 6.6 6.6
Personnel 3 4 4 4 4 4
Finance 28.22 28.62 27.71 27.36 28.61 28.61
Government Buildings 4.08 4.08 4.08 4.97 4.96 4.96
Energy Conservation 0.5 0.5 0.5 0.5 0.5 0.5
Human Rights 2 2 2 2 2 2.5
Transit 49.5 48.75 48.25 48.25 48.5 48.5
Special Revenue
Employee Benefits 0.38 0.38 0.45 0.45 0.4 0.34
CIP / Roads 7 6 7 7
Community Development 4.75 4.75 4.75 4.75 4.75 5.45
JCCOG 5.8 5.8 6.1 6.1 6.1 6.1
Library Development 1.5 1.5 1.5 1.5 1.5 1.5
Internal Service Funds
Information Technology 5.5 5.5 7.95 7.5 7.5 7.5
Equipment 9.5 9.5 9.5 9.5 10.25 11.25
Central Services 1.7 1.7 2.1 2.25 0.75 0.75
Risk Management 1.59 1.59 1.56 1.46 1.26 1.33
Business-Type Activities
Parking 27.5 30.5 30.5 37 37 31.5
Wastewater Treatment 28.3 30.3 25.3 25.3 26.3 26.3
Water 25.95 25.95 26.2 26.2 28.2 30.7
Sanitation 31 31 31.85 32.35 32.35 32.35
Airport 1.5 1.5 1.75 2 2 2
Cable television 4.6 4.75 5.25 5.25 5.25 6.19
Stormwater
Housing Authority 10.75 11.75 10.75 12.5 12.5 12.5
Total 553.87 565.11 581.65 591.79 606.38 605.64
Source: City's Financial Plans.
CITY OF IOWA CITY, IOWA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full-Time Equivalent Employees as of June 30
114
2004 2005 2006 2007
97.25 94.25 94.25 96.25
58 56 57 57
6 6 6 6
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13 12 13 13
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43.25 42.63 42.63 42.89
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4.96 4.96 4.96 4.96
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31.5 32.75 32.75 32.75
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32.35 34.35 33.85 33.85
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610.65 599.56 605.37 608.13
Full-Time Equivalent Employees as of June 30
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(continued)
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3,137 3,100
Wa
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So
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Va
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La
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a
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a
r
s
119
120