HomeMy WebLinkAboutFY2013 Annual Financial ReportCity of Iowa City, Iowa
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2013
On the cover
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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS June 30, 2013
Page INTRODUCTORY SECTION Table of contents ................................................................................................................................ 1 Letter of transmittal ............................................................................................................................ 3
Certificate of Achievement for Excellence in Financial Reporting ................................................... 13 City organizational chart .................................................................................................................... 14 City officials....................................................................................................................................... 15
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ......................................................................................... 17
MANAGEMENT’S DISCUSSION AND ANALYSIS .................................................................... 21
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net position ............................................................................................................. 34 Statement of activities .................................................................................................................. 36
Fund financial statements Balance sheet – governmental funds ............................................................................................ 38 Reconciliation of the balance sheet of the governmental funds to the statement of net position 40
Statement of revenues, expenditures, and changes in fund balances – governmental funds ....... 42 Reconciliation of the statement of revenues, expenditures, and changes in fund balances of governmental funds to the statement of activities ..................................................................... 44
Statement of net position – proprietary funds .............................................................................. 46 Statement of revenues, expenses, and changes in fund net position – proprietary funds ............ 48 Statement of cash flows – proprietary funds ................................................................................ 50
Statement of fiduciary assets and liabilities ................................................................................. 52 Notes to financial statements .......................................................................................................... 53
REQUIRED SUPPLEMENTARY INFORMATION Budgetary comparison schedule – budget and actual – all governmental funds and enterprise
funds – budgetary basis……………………………………………………………………….... 98 Budgetary comparison schedule – budget to GAAP reconciliation …………………………….. 100 Note to required supplementary information – budgetary reporting…………………………….. 101
Note to required supplementary information – schedule of funding progress for health and dental plans…………………….…………………………………………………………….………….. 102
COMBINING AND INDIVIDUAL FUND STATEMENTS Combining balance sheet – nonmajor governmental funds ............................................................ 104 Combining statement of revenues, expenditures, and changes in fund balances – nonmajor
governmental funds ...................................................................................................................... 105 Combining statement of net position – nonmajor enterprise funds ................................................ 108 Combining statement of revenues, expenses, and changes in fund net position – nonmajor
enterprise funds ............................................................................................................................ 109 Combining statement of cash flows – nonmajor enterprise funds .................................................. 110 Combining statement of net position – internal service funds ........................................................ 112
Combining statement of revenues, expenses, and changes in fund net position – internal service funds ............................................................................................................................................. 113
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CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS June 30, 2013
Page
COMBINING AND INDIVIDUAL FUND STATEMENTS (continued) Combining statement of cash flows – internal service funds .......................................................... 114
Statement of changes in assets and liabilities – agency funds ......................................................... 116 STATISTICAL SECTION (UNAUDITED)
Net position by component ................................................................................................................. 119
Changes in net position ...................................................................................................................... 120
Fund balances – governmental funds ................................................................................................. 122 Changes in fund balances – governmental funds ............................................................................... 123
General government tax revenues by source ...................................................................................... 124 Assessed and taxable value of property .............................................................................................. 125 Property tax rates – direct and overlapping governments .................................................................. 126
Property tax budgets and collections .................................................................................................. 127 Principal taxpayers ............................................................................................................................. 128
Principal water system customers ...................................................................................................... 130
Sales history and total water charges .................................................................................................. 131 Principal sewer system customers ...................................................................................................... 132 Sales history and total sewer charges ................................................................................................. 133
Ratios of outstanding debt by type ..................................................................................................... 134 Ratios of general obligation bonded debt to assessed value and net bonded debt per capita ............. 135
Ratio of annual debt service expenditures for general bonded debt to total general governmental
expenditures ..................................................................................................................................... 136 Computation of direct and overlapping debt ...................................................................................... 137
Legal debt margin information ........................................................................................................... 138
General obligation debt annual maturity schedule ............................................................................. 139 Schedule of revenue bond coverage ................................................................................................... 140
Revenue debt annual maturity schedule ............................................................................................. 141 Revenue debt annual maturity by funding source .............................................................................. 142 Demographic and economic statistics ................................................................................................ 144
Principal employers ............................................................................................................................ 145 Full-time equivalent city government employees by function ........................................................... 146 Operating indicators by function ........................................................................................................ 148
Capital assets by function ................................................................................................................... 150 COMPLIANCE SECTION
Independent auditor’s 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 ............................................................................................................................. 153 Independent auditor’s report on compliance for each major federal program and report on internal
control over compliance required by OMB Circular A-133 ............................................................... 155
Schedule of expenditures of federal awards ....................................................................................... 157 Notes to the schedule of expenditures of federal awards ................................................................... 162
Schedule of findings and questioned costs ......................................................................................... 163
Summary schedule of prior federal audit findings ............................................................................. 167
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December 19, 2013
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, 2013 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 implemented GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions effective with the June 30, 2011 financial statements. Fund balances for
the governmental funds are reported in classifications that comprise a hierarchy based on the
extent to which the government honors constraints on the specific purposes for which amounts in those funds can be spent. The classifications include: nonspendable amounts that are not in
spendable form or the City is legally or contractually required to be maintained intact; restricted amounts contain restraint on their use externally imposed by creditors, grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or
enabling legislation; committed amounts can only be used for specific purposes imposed by formal action of the government’s highest level of decision-making authority; assigned amounts
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are intended to be used for specific purposes; and the unassigned fund balance is the residual
classification for the General Fund. 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 Office of Management and Budget (OMB) Circular A-133,
Audits of States, Local Governments and Non-Profit Organizations.
While, the financial statements are the responsibility of the City, the responsibility of the auditor
is to express an opinion on the City’s financial statements based on their audit. The goal of the independent audit is to provide reasonable assurance that the City’s financial statements for the
fiscal year ended, June 30, 2013 are free of material misstatement. The audit is conducted in
accordance with generally accepted auditing standards and involves 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 unmodified opinion that the City of Iowa City’s financial statements for the fiscal year ended, June 30, 2013, are fairly presented in conformity with GAAP. 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.
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
these federal programs. These internal accounting and administrative controls are subject to
periodic evaluation by the City's management and 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, Local Governments and Non-Profit Organizations. 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
conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.
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, with three members nominated from specific districts and the remaining four
members 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
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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. The
Manager supervises 543 full-time and 58 part-time permanent municipal employees and 524 temporary employees, including a police force of 82 sworn personnel and a fire department of 63
firefighters.
The City Clerk is appointed by the City Council and reports to the Council. The City Clerk's
Office administers the City government's documentation, City licenses and permits, and provides
information from the Municipal Code and City Ordinances to the public and other City departments. The City Clerk’s Office is also responsible for distributing and maintaining accurate
records of all City Council proceedings. The Clerk supervises 3 full-time employees and 1
temporary employee.
The City Attorney is also appointed by the City Council and works at the direction of the City
Council. The City Attorney supervises the City Attorney's Office, including 4 Assistant City Attorneys and 2 other full-time employees. In addition, the City Attorney acts as Chief Legal
Counsel to the City Council, City Manager, the various City departments and staff, and most City
commissions, committees and boards.
The City provides a full range of services including police and fire protection, construction and
maintenance of roads, streets and infrastructure, inspection and licensing functions, a municipal airport, library, recreational activities, and cultural events. 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. The
City also operates 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
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. Appropriations that are not spent lapse at the end of the year.
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Information Useful in Assessing the Government’s Economic Condition
The City's economic strength is based on the educational sector, medical services, and diversified manufacturing. The University of Iowa and the University of Iowa Hospital and Clinics are the
City’s largest employers with over 30,800 employees. The University of Iowa had a record high enrollment in 2012 and fall semester 2013 enrollment remained steady with 21,970 undergraduate
students. The academic and research missions of the University, along with the health care
services provided at its hospitals and clinics, have a tremendously positive economic impact on the area.
The City also has a significant number of national and international businesses, including Fortune 500 companies. The City continues to see sustained production in our major local industries; ACT
Inc., NCS Pearson, and Proctor & Gamble. While established firms continue to prosper and
expand in Iowa City, opportunities are available for growth of new businesses. Continued economic development efforts with the Iowa City and Coralville Chambers of Commerce, private
interests, the University of Iowa, other surrounding communities, and participation as a member of
the Iowa City Area Development Group, have produced positive results with the retention and expansion of businesses.
In addition, Iowa’s Creative Corridor is a seven-county alliance surrounding Iowa City and has been identified as one of the major growth areas for new business development in the State of Iowa.
This Corridor gives employers workforce access to a region uniquely Iowan, founded with a
manufacturing heritage, but actively seeking new frontiers and opportunities in information technology, biotechnology and bioprocessing, renewable energy, insurance and financial services,
advanced manufacturing, and educational services. Continued developments within Iowa City and
the region have a favorable impact upon the City's economy.
As a whole, the City's economy continues to grow, but at a slow pace. The major employers have been able to maintain steady employment during the national recession as evidence in the unemployment rate for Iowa City, which continues to remain low at 3.8% for the month of June
2013, as compared to 4.6% for the State of Iowa, and 7.6% for the national average.
The rate of new housing construction increased in comparison to the prior year based on the
number of building permits issued. This consisted of 143 new single-family houses in 2012, as compared to 80 in 2011; multi-family dwelling units added to the tax rolls for the year ended
December 31, 2012 was 144, compared to 76 in 2011; and mixed commercial and residential
developments added in 2012 included 100 residential units. Altogether these additions totaled $67,065,000 in 2012, an increase of $21,479,000 from prior year.
Permits for commercial construction increased from $12,113,000 in 2011 to $25,758,000 in 2012. And remodeling permits for residential and commercial also increased by $4,555,000 from 2011
to 2012.
According to the 2010 census, the population of Iowa City is 67,862. This is an increase of 5,672
or 9.1% as compared to the 2000 census. Current population is estimated to be 70,133. There are many signs that the City remains healthy and vibrant with great promise for the future.
The stability of the University of Iowa coupled with historically steady employment by the City’s multi-sector base of manufacturing and service industries, helped insulate the City from any
significant negative economic impacts of the national recession. The City’s property valuations
continue to rise and along with the low unemployment rate, this is indicative of the City's relative economic stability.
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Major Initiatives
The City of Iowa City, with the assistance of the University of Iowa’s Institute of Public Affairs, completed the City’s Strategic Plan. The strategic planning process involved multiple steps,
including gathering input from the general public, front-line City staff, department directors, and the City Council. The Strategic Plan established the prevailing organizational priorities as the
following:
1. Neighborhood Stabilization
2. Economic and Community Development
3. Development of the Downtown and Near Downtown Areas 4. A Strong and Sustainable Financial Foundation
5. Coordinated Communication and Customer Service Orientation
The first priority from the City’s Strategic Plan that will impact the City’s economy is
neighborhood stabilization. The Council has indicated a strong desire to stabilize the
neighborhoods surrounding the city core. An effective stabilization strategy requires a review and analysis of the City’s policies, programs, communications, and capital investment decisions
that directly shape and influence a neighborhood’s character and livelihood. Staff will be focusing on the central planning district neighborhoods; however many aspects of the neighborhood stabilization review will have implications throughout the community. In order to
achieve the Council’s goal, staff will focus on the land use regulations, public infrastructure and open space, private building stock, nuisance mitigation, open stakeholder communication, and
updating planning documents. Projects to further neighborhood stabilization include the
UniverCity Neighborhood Partnership, a joint project between the City and the University of Iowa to ensure the neighborhoods around the university remain vital, safe, affordable, and
attractive places to live and work for both renters and homeowners by acquiring and rehabilitating
homes near the University of Iowa campus for resale as affordable owner-occupied housing. Staff will also be actively working with the Iowa City Community School district to promote
increased coordination in school and neighborhood planning as neighborhood schools play a role
in neighborhood stabilization efforts. The City also continues to invest in neighborhood parks, trails, and events.
The City Council has indicated a strong desire to promote private investment in established commercial areas and strategic green-field sites that have previously been targeted for new
development. The areas that are currently being focused on include the Towncrest commercial area, Sycamore Mall and First Avenue, Highway 6/Highway 1 intersection, 420th Street Industrial Park, and Moss Office and Northgate Corporate Parks.
In the Towncrest commercial area, City staff is working to facilitate redevelopment of several key properties and a streetscape project that will improve the function and aesthetic appeal of the area.
The Towncrest Urban Renewal Area was developed to revitalize the Towncrest commercial district in ways that would serve existing businesses while also drawing new retailers, service
providers, and consumers to the area. The first catalyst project approved in the Towncrest Urban
Renewal Area was a developer’s agreement with MDK Development LLC for the redevelopment of a gas station and a building used for storage at the corner of Muscatine Avenue and William
Street. MDK Development LLC purchased both properties, demolished the buildings and is
currently constructing two new buildings with a combined square footage of 14,500. The two buildings will be primarily medical offices – home to Eye Associates and Towncrest Dental. A
third commercial condo, approximately 2,000 SF is available for lease/purchase. Total project
costs for this development are estimated at $5,200,000. The City’s cost for the Towncrest Renewal are estimated at $2,693,000 and will be paid with tax receipts, transfers from TIF, and
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GO bonds.
The departure of an anchor tenant at Sycamore Mall presented a great challenge, but also a unique opportunity to reinvent the commercial space. Mall ownership has plans for physical
improvements to the property and the City is coordinating four significant capital projects in the area that are expected to last two or more construction seasons. These projects include
improvements to Sycamore and Lower Muscatine Roads, a grade separation project on First
Avenue, and repaving of Highway 6. These projects, which are underway in different phases, will each have a positive impact on the traffic flows and aesthetics in this commercial district.
Total cost for these projects is $17,921,000 and will be paid from a variety of sources including
GO bonds, federal and state grants, road use tax, and utility operations.
The Highway 6/Highway 1 intersection is a viable commercial corridor, in large part because of
high traffic counts. Staff has focused efforts on municipal public works and transit property in the area. As the City relocates municipal operations from this area, prime development space will
become marketable. Staff is working on environmental reviews and preparing a request for
proposal for potential development. Total costs for relocating facilities, abatement and land preparation, as well as, aesthetic improvements are estimated to be $32,575,000 and will be paid
with GO bonds and federal grants. The City has invested considerable money in infrastructure development and achieved shovel
ready status from the State of Iowa for the 420th Street Industrial Park. This project involved annexing and rezoning 180 acres of land and building the street, water, and sewer infrastructure needed to support industrial businesses. The Iowa City Area Development Group and City staff
continue to market this property and respond to inquiries from business and site location consultants. This project costs were $13,762,000 and were funded through bonds, state grants,
road use tax, and wastewater operations.
The City has established an urban renewal area for the development of Moss Office Park, a 243-
acre, 18-lot office research and mix use subdivision on the northeast edge of the city, just off
Interstate 80. Significant infrastructure improvements are necessary to accommodate the planned growth and City staff is working with Moss Office Park owners and adjacent businesses on
potential access arrangements to accommodate a phased development approach to this property. Northgate Corporate Park, adjacent to Moss Office Park, continues to experience build out. Project costs to build the infrastructure are $3,500,000 and are being funded with state grants and
GO bonds.
The third priority of the Strategic Plan is the development of the Downtown and Near Downtown
Areas. Staff is focusing on two distinct geographic areas: Downtown Iowa City and Riverfront Crossings.
In 2012, the Iowa City Downtown District (ICDD), a self-supported municipal improvement district, was formed presenting a unique opportunity to bring together property owners,
businesses, the University of Iowa, and the City of Iowa City. Staff, in partnership with
stakeholders, is working to pursue policies and projects that will more fully realize the potential of the central business district and facilitate new private investment in the area. Some of the
ICDD current initiatives include a downtown community gallery for public art and science
programs, free Wi-Fi in the Pedestrian Mall, holiday lighting, improved snow removal, downtown ambassadors to assist visitors and maintain public spaces, alley beautification, and a
downtown beat cop. The City has also instituted new a parking rate structure, including first hour free to make visiting downtown more convenient.
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Capital projects that directly impact the Downtown region are the completion of the conversion of
Washington Street from one-way to two-way traffic to improve vehicular and pedestrian traffic flow and the downtown maintenance project that will improve the physical condition of the infrastructure and streetscape. The cost of the CBD maintenance project is estimated $1,917,000
and is being funded with GO bonds and transfers from TIF districts. The Library is also in the midst of a remodeling project of the public space at a cost of $403,000. Other projects that will
have a positive impact on downtown include is the University of Iowa’s Voxman-Clapp Music
Building at the corner of Clinton and Burlington Streets and the private development of a multi-use building on land that is currently owned by the City.
The Riverfront Crossing Development Plan is an initiative to revitalize the area south of Iowa City’s downtown area. This area was hard hit by the flooding in 2008 and ideas for improving
the district were initiated as part of a combined flood mitigation plan. Through a grant from the
Partnership for Sustainable Communities the City, the City created a detailed plan for developing the area. The new neighborhood will feature a waterfront park with walking and biking trails,
access to the Iowa River for boating and fishing, a variety of housing options near shopping,
restaurants, a state-of-the-art recital hall and recreational facilities and just a short walk to downtown Iowa City and the University of Iowa campus.
Several capital projects are either underway or being considered that would directly impact the short- and long-term marketability of the Riverfront Crossing area. These projects include
purchasing and rehabilitating the train depot, working with a private partner to develop a mix-use parking facility adjacent to downtown Iowa City which will include three components: parking
facility consisting of approximately 600 parking spaces, commercial space of approximately
25,000 – 35,000 square feet, and 25 - 75 workforce housing units. And a third project is the decommissioning of the north wastewater plant by expanding the south wastewater plant. This
relocation project has costs totaling $61,217,000 and is being funded through federal and state
grants, local option taxes, and wastewater revenues.
The City aims to create a strong and sustainable financial foundation that will provide needed stability and flexibility while utilizing taxpayer dollars in the most efficient and responsible manner. In order to achieve this goal, the City is focusing on two primary areas: new financial
policies and strategies that will provide a greater level of financial stability and second, enhance the level of financial analysis presented to the public so elected officials will have a greater information foundation on which to base future decisions. Policies included in this analysis are
economic development policies, purchasing policies and procedures, target fund balances, debt service coverage levels, general fund contingency level, and an annual review of rates, user charges and fines. The City has also examined operations where the City is providing subsidized
service beyond our borders and developed plans to ensure the City is being equitably reimbursed for such services. In June 2013, Moody’s conducted a review of the City as part of the bond
rating process and reaffirmed the City’s Aaa bond rating. In their report, Moody said the rating
“reflects the City’s stable tax base and economy anchored by the University of Iowa… history of favorable financial operations and expected maintenance of healthy reserves, and manageable
debt profile.”
The fifth and final priority of the City’s Strategic Plan is coordinated communication and
customer service orientation. The City strives to be a high-functioning, customer service orientated organization that actively supports and engages stakeholders through clear, open, and innovative communication methods. A reorganization of staff created a new communication
team, which has assumed the responsibilities of the front desk at City Hall and offers front line customer service assistance to visitors and those contacting City Hall via phone or email. The City launched a redesigned homepage and introduced a City Facebook and Twitter page. These
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communication improvements have allowed the City to reach broader audiences and better
promote activities, community news, and service information. The City also introduced ICgovXpress; a convenient way for Iowa City residents to request services, ask questions, or submit citizens reports of everything from trash and debris in unkempt yards to abandoned cars,
unshoveled walks, and graffiti either online or by downloading the ICgovXpress app to their smart phone.
The City has also completed the first phase of implementing enterprise resource planning software (ERP). On July 1, 2013 the financials modules of general ledger, accounts payable,
purchasing, and budget went live. The human resources and payroll sections are scheduled to go
live January 1, 2014. And the utility billing and revenues portions will be implemented in the fall of 2014. The ERP system will allow for improved internal workflows and internal and external
communication. The cost of this project is $1,876,000 and is being paid with GO bonds, water,
wastewater, sanitation, and stormwater revenues.
On May 14, 2013, City Council adopted the Iowa City 2030 Comprehensive Plan (IC2030). The
City’s last comprehensive plan was completed in 1997 and IC2030 provided an opportunity for the Iowa City community to revisit the vision and goals of the prior plan and assess our progress.
As part of the IC2030, goals and strategies were development in the following areas: land use, housing, economic development, transportation, environment and resources, parks and open space, and arts and culture. The IC2030 will influence major initiatives the City undertakes over
the next several years.
Long-term Financial Planning
It is our intent to support the major initiatives through budget appropriations, departmental
operations, and employee direction so that the organization as a whole is moving in the same
direction.
A significant influence in the preparation of the three-year financial plan (FY15 – FY17) is the passage of property tax reform (SF295) by the state legislature. The property tax reform bill has multiple components including a property tax rollback for commercial and industrial property,
steadily reducing the taxable value of these property types. The bill establishes a standing appropriation for the State to backfill lost revenues to the City due to the commercial and industrial rollback beginning in FY15 and then caps the amount at FY17 levels. The cumulative
reduction in commercial and industrial property taxes due to this rollback is estimated to be $15,418,000 over the next ten years. The maximum reimbursement from the State would be $14,732,000 for a net loss in revenues of $686,000.
This bill also limits the annual taxable valuation growth of residential and agricultural property to
3 percent, instead of the current 4 percent. Initially, the financial impact will be minimal but over
time the consequences of this change will be significant. The effect will be that the taxable percentage of residential property will increase at a slower pace. Without this change, the
estimated taxable percentage of residential property would be 60.85% in assessment year 2022.
With this provision in place, the estimated taxable percentage in year 2022 will be 55.11%, a reduction of 5.74%. Based on the assessed value of residential property in Iowa City, the
cumulative loss is estimated to be $20,772,000 over the next ten years and the City will not receive any money from the State due to lost revenue from this provision.
SF295 also establishes a multi-residential property classification that will include mobile home parks, assisted living facilities, and property primarily intended for human habitation. A gradual rollback will be applied to these properties that will basically treat them as residential property,
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rather than commercial, by the year 2022. The estimated cumulative loss over the next ten years
is $15,505,000 and will not be reimbursed by the State of Iowa. With the implementation of SF295, the City estimates the tax revenue losses to be $1,785,000 for
FY15 – FY17. Since some of the effects of these reforms are gradual, the magnitude of the losses will not be felt till later years and the total cumulative ten-year loss is anticipated to be
$36,963,000, which will significantly affect the City’s ability to finance services at current levels
without finding other revenue sources.
On a more positive note, the City is seeing a small but steady growth in assessed property
valuations when compared with prior years. And based on the increase in building permits in 2012, assessed valuations should increase at greater pace in the future.
In looking at expenses for the FY15 – FY17 financial plan, the City will experience increased expenditures, specifically an increase in bargaining unit contract costs exceeding 2%, additional
federal and state regulations and mandates, and rising public safety retirement funding.
In balancing the budget for the three-year period, the City attempted to reduce costs where
possible, while continuing to provide high quality services; identify and eliminate redundancies that may exist within the organization; examine existing and potential new revenue sources; promote and plan for economic development and redevelopment throughout the City to ensure
strong property values; determine appropriate staffing levels; provide for necessary improvements to existing infrastructure and prioritize capital projects; and uphold fiscal integrity and maintain
adequate cash reserves. The City also continues to strive to reduce the City’s total property tax
levy. For collection year 2012, the levy was $17.842 per $1,000 of assessed value. In 2013, the levy was $17.269, a reduction of 3 percent. And for 2014, the levy is $16.805, a reduction of 3
percent. The consequences of reduced revenues and increased expenses will require continued
review of city operations, service delivery, and alternative revenue sources. 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, 2012. 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 standards. The Comprehensive Annual Financial Report must satisfy both accounting principles
generally accepted in the United States of America and applicable legal requirements.
The Certificate is valid for a period of one year only. The City has received the Certificate for the
last twenty-eight consecutive years. I believe our current report continues to conform to the
Certificate requirements and I will submit it to GFOA to determine its eligibility for another certificate.
In addition, the City received the GFOA’s Award for Distinguished Budget Presentation for its annual appropriated budget beginning July 1, 2013. In order to qualify for the Distinguished
Budget Presentation Award, the City’s budget document was judged to be proficient or outstanding in several categories including policy documentation, financial planning, and organization. This is the second consecutive year the City has received this award.
11
Responsibility and Acknowledgments The Department of Finance prepared the Comprehensive Annual Financial Report of the City of
Iowa City, Iowa for the fiscal year ended June 30, 2013. The City Council, as required by law, is responsible for the complete and accurate preparation of the City’s Comprehensive Annual
Financial Report. I believe that the information presented is accurate in all material respects and
that this report fairly presents the financial position and results of operations of the various funds of the City.
The preparation of this report on a timely basis could not have been accomplished without the efficient and dedicated services of the entire staff of the City's Finance Department. I would like to
express my appreciation to all members of the department who assisted and contributed to its
preparation. I want to especially recognize the contributions of the City’s Controller, Robin Marshall, Assistant Controller, Sara Sproule, Internal Auditor, Nickolas Schaul, Senior Accountant,
Justin Armatis and Payroll Accountant, Chris Hurlbert.
Also, I thank the Mayor, members of the City Council and the City Manager for their interest and
support in planning and conducting the financial operations of the City in a dedicated, responsible, and progressive manner.
Respectfully submitted,
Dennis Bockenstedt
Director of Finance
12
13
City of Iowa City
Citizens
City Manager
Communications Office
Human Resources Human Rights Broadband Telecommunications Airport Operations
Iowa City Municipal Airport
City Attorney City Clerk Library Board Airport Commission
Library
Library Operations
Library Foundation
Fire
Administration Emergency Operations Fire Prevention Training
Police
Administration Administrative Services Field Operations
Parks &
Recreation
Administration Recreation Park Maintenance Cemetery Operations
Finance
Administration Accounting Purchasing Revenue Risk Management
Information Technology Services
Housing & Inspection
Services
HIS Administration Building Inspections Housing Inspections Housing Authority
Senior Center Planning & Community
Development
Administration Urban Planning Community Development
Economic Development Neighborhood Services Metropolitan Planning Organization of Johnson County
Human Services
Public Works
Administration Engineering Services Streets Operations Wastewater Treatment Water Refuse Collection Landfill Storm Water Operations Equipment Replacement
Transportation
Services
Parking Public Transportation
City Council
14
CITY OF IOWA CITY, IOWA
LISTING OF CITY OFFICIALS
June 30, 2013
ELECTED OFFICIALS
Term Expires
Mayor Matt Hayek January 2, 2016
Council Member and Mayor Pro Tem Susan Mims January 2, 2014
Council Member Connie Champion January 2, 2014
Council Member Terry Dickens January 2, 2014
Council Member Rick Dobyns January 2, 2016
Council Member Michelle Payne January 2, 2016
Council Member Jim Throgmorton January 2, 2016
APPOINTED OFFICIALS
Date of Hire
City Manager Thomas Markus December 1, 2010
City Clerk Marian K. Karr May 21, 1979
City Attorney Eleanor Dilkes March 18, 1996
DEPARTMENT DIRECTORS
Assistant to City Manager Geoff Fruin November 28, 2011
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 Transportation Services Chris O’Brien December, 29, 1997
Senior Center Coordinator Linda Kopping March 20, 1995
Interim Fire Chief Roger Jensen June 15, 1987
Parks and Recreation Director Mike Moran September 26, 1983
Director of Finance Dennis Bockenstedt February 15, 2013
Chief of Police Sam Hargadine August 29, 2005
15
16
www.eidebailly.com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
Independent Auditor’s Report
To the Honorable Mayor and
Members of the City Council City of Iowa City, Iowa
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Iowa City, Iowa, (City) as of and for the year ended June 30, 2013, and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
17
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Iowa City, Iowa, as of June 30, 2013, and the
respective changes in financial position and, where, applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Restatement Due to Change in Reporting Entity As discussed in Note 15 to the financial statements, the City changed the components of the reporting
entity during the year, and accordingly, has restated the related fund balances and net position as of
June 30, 2012.
Restatement Due to Correction of an Error
As discussed in Note 16 to the financial statements, the City changed its calculation of the Landfill Closure and Postclosure Care liability during the year, and accordingly, has restated the related net
position as of June 30, 2012.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and other required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquires of management about the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquires, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Iowa City, Iowa’s financial statements. The introductory section, combining
nonmajor fund financial statements, and statistical section are presented for purposes of additional
analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office
of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit
Organization, and is also not a required part of the financial statements.
The combining nonmajor fund financial statements and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining nonmajor fund financial statements and the
schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic
financial statements as a whole. 18
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated December 19, 2013, on our consideration of the City of Iowa City, Iowa’s internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control
over financial reporting and compliance.
Dubuque, Iowa December 19, 2013
19
-20-
(This page left blank intentionally.)
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, 2013. 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 – 12 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,
2013 by $554,620,000 (net position). Of this amount, $125,114,000 (unrestricted net position) may be used to meet the government’s ongoing obligations to its citizens and creditors.
• The City’s total net position increased by $64,129,000 during the fiscal year. Governmental activities increased by $18,370,000 and business-type activities increased by $45,759,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $66,879,000, a decrease of $7,519,000 in comparison with the prior year. Of this total amount, approximately $11,269,000 or 16.8% is unassigned and available for spending at the City’s
discretion.
• At the end of the current fiscal year, the City’s unassigned fund balance for the General Fund was
$17,113,000 or 39.0% of total General Fund expenditures.
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 position presents information on all of the City’s assets and liabilities, with the difference
between the two reported as net position. Over time, increases or decreases in net position 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 position changed during the most
recent fiscal year. All changes in net position 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 and traffic controls), 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, Transit, Wastewater Treatment, and Water.
21
The government-wide financial statements may be found on pages 34 – 37 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 six major governmental funds: General Fund, Employee Benefits Fund, Community
Development Block Grant Fund, Other Shared Revenue and Grants Fund, Other 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 38 – 44 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, Transit, 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 financial statements provide the same type of information as the government-wide financial statements, only in more detail. Parking, Wastewater Treatment, Water, Sanitation, Housing Authority and
Transit Funds are considered to be major funds and are reported individually throughout the report. The other
three 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 108 – 110. Individual fund data for the Internal Service funds is provided in the form of
combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 46 – 51 of this report.
22
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 52.
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 53 – 97 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 position may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets exceeded liabilities by $554,620,000 at the close of the fiscal year ended June
30, 2013.
By far, the largest portion of the City’s net position reflect its investment in capital assets (e.g., land, building,
machinery and equipment, improvements other than buildings, and infrastructure), net any related debt to
acquire those assets that is still outstanding. The City uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although the City’s investment in
its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other resources, since the capital assets themselves cannot be used to liquidate these liabilities.
City of Iowa City's Net Position
June 30, 2013
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2013
2012
(as restated)2013
2012
(as restated)2013 2012
Current and other assets 162,144$ 167,913$ 110,907$ 102,449$ 273,051$ 270,362$
Capital assets 182,263 171,096 317,564 282,954 499,827 454,050
Total Assets 344,407 339,009 428,471 385,403 772,878 724,412
Long-term liabilities outstanding 65,012 78,486 72,048 78,124 137,060 156,610
Current and other liabilities 71,795 71,293 9,403 6,018 81,198 77,311
Total Liabilities 136,807 149,779 81,451 84,142 218,258 233,921
Net position:
Net investment in
capital assets 133,989 118,603 253,617 212,468 387,606 331,071
Restricted 22,867 35,021 19,033 20,176 41,900 55,197
Unrestricted 50,744 35,606 74,370 68,617 125,114 104,223
Total Net Position 207,600$ 189,230$ 347,020$ 301,261$ 554,620$ 490,491$
23
A portion of the City’s net position, $41,900,000 or 7.6%, represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net position, $125,114,000
or 22.6%, 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, 2013, the City is able to report positive balances in all three categories of net
position, 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 position by $18,370,000. The increase in net position of governmental activities is primarily due to receiving grants to fund expenditures in capital assets for flood recovery and mitigation and community development projects and collection of a local
option sales tax to be used to fund future capital improvement projects. The following is a more detailed review of FY13’s operation.
City of Iowa City's Changes in Net Position
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2013
2012
(as restated)2013
2012
(as restated)2013
2012
(as restated)
Revenues:
Program Revenues:
Charges for services 7,688$ 7,067$ 39,065$ 37,183$ 46,753$ 44,250$
Operating grants and contributions 4,731 6,808 9,224 8,656 13,955 15,464
Capital grants and contributions 6,876 6,078 34,251 6,218 41,127 12,296
General Revenues:
Property taxes 51,017 50,516 - - 51,017 50,516
Road use tax 6,589 6,394 - - 6,589 6,394
Local option sales tax 8,858 8,644 - - 8,858 8,644
Other taxes 2,609 2,491 - - 2,609 2,491
Earnings on investments 841 1,096 671 1,540 1,512 2,636
Gain on disposal of capital assets 1,312 2,950 293 336 1,605 3,286
Other 4,390 4,147 918 565 5,308 4,712
Total revenues 94,911 96,191 84,422 54,498 179,333 150,689
Expenses:
Public safety 20,989 21,186 - - 20,989 21,186
Public works 10,240 10,369 - - 10,240 10,369
Culture and recreation 14,481 13,107 - - 14,481 13,107
Community and economic development 10,596 16,305 - - 10,596 16,305
General government 7,513 7,591 - - 7,513 7,591
Interest on long-term debt 2,237 2,400 - - 2,237 2,400
Wastewater treatment - - 10,464 11,069 10,464 11,069
Water - - 9,074 8,781 9,074 8,781
Sanitation - - 7,279 1,848 7,279 1,848
Housing authority - - 7,658 7,911 7,658 7,911
Parking - - 4,579 4,167 4,579 4,167
Airport - - 1,086 1,127 1,086 1,127
Stormwater - - 1,318 1,304 1,318 1,304
Cable television - - 692 689 692 689
Transit - - 6,998 7,187 6,998 7,187
Total expenses 66,056 70,958 49,148 44,083 115,204 115,041
Change in net position before transfers
and extraordinary items 28,855 25,233 35,274 10,415 64,129 35,648
Transfers (10,485) (4,606) 10,485 4,606 - -
Extraordinary items - - - (5,000) - (5,000)
Change in net position 18,370 20,627 45,759 10,021 64,129 30,648
Net position beginning of year, as restated 189,230 168,603 301,261 291,240 490,491 459,843
Net position end of year 207,600$ 189,230$ 347,020$ 301,261$ 554,620$ 490,491$
24
The total revenues for governmental activities for FY13 were $94,911,000. Governmental activities are
primarily funded through taxes, $69,073,000 or 72.8%, and grants and contributions, $11,607,000 or 12.2%.
Grants and contributions decreased from prior year by $1,279,000 as the City’s expenditures for flood mitigation, which were covered by supplemental Community Development Block Grants, have decreased.
Expenses for governmental activities totaled $66,056,000. Governmental activities are tracked by function including Public Safety, Public Works, Community and Economic Development, Culture and Recreation, and
General Government. In FY13, Public Safety accounted for the highest portion of governmental expenses, $20,989,000 or 31.8%, and decreased slightly over the prior year due to start-up cost for the addition of a fourth fire station during FY12 and a reduction in property condemnation. Culture and Recreation,
$14,481,000 or 21.9%, made up another large portion of the governmental expenses and increased over the prior year due to the addition of the Terry Trueblood Recreational Area. Community and Economic Development, $10,596,000 or 16.0%, made up the third highest portion of governmental expenses and
decreased from the prior year due to fewer flood recovery and mitigation projects. Business-type Activities: Business-type activities increased the City’s total net position by $45,759,000. The
increase in net position was primarily in the Wastewater fund and is due to an increase in capital assets funded by grants, rather than debt. The City has been able to utilize federal and state grants to fund a flood recovery
and mitigation project, decommission of the North Wastewater Plant through expansion of the South
Wastewater Plant, rather than have to issue new debt to pay for this project. The Airport fund also saw an increase in net position due to a capital improvement projects funded through grants. For all business-type
activities, revenues exceeded expenses by $35,274,000.
Revenues for business-type activities totaled $84,422,000. Usually, the primary revenue source for business-
type activities is charges for services. For FY13, these revenues totaled $39,065,000 or 46.3%. In addition for FY13, the City’s business type-activities had a significant portion, $43,475,000 or 51.5%, of their revenues from grants and contributions used to help fund capital and flood recovery projects for business-type
activities. This is an increase of $28,601,000 from the prior year due to additional grants to cover expenses for the Wastewater flood mitigation project.
The total expenses for business-type activities in FY13 were $49,148,000. Wastewater Treatment represented the highest portion of business-type activities, $10,464,000 or 21.3%, with Water, $9,074,000 or 18.5%, Housing Authority, $7,658,000 or 15.6%, Sanitation, $7,279,000 or 14.8%, and Transit, $6,998,000 or 14.2%,
making up the remainder of the majority of business-type activities expenses.
The graphs on the following pages represent a breakdown of revenue by source and expenditures by program
area for governmental and business-type activities.
25
Charges for services 8%
Grants and Contributions
12%
Property taxes 54%
Other Taxes 19%
Misc.
Other 7%
Governmental Activities
FY2013 Revenue by Source
Charges for
services 46%
Grants and Contributions 52%
Misc. Other 2%
Business-Type Activities
FY2013 Revenue by Source
26
Public Safety
Public
Works
Culture and
Recreation Community and
Econ Dev
General Govt
Interest Expense
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Do
l
l
a
r
s
(
$
)
Program Area
Governmental Activities
FY2013 Expenditures
by Program Area
(amounts expressed in thousands)
WastewaterTreatment
Water
Sanitation
HousingAuthority
Parking
Airport
Stormwater
Cable TV
Transit
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Do
l
l
a
r
s
(
$
)
Program Area
Business-Type Activities FY2013 Expenditures by Program Area
(amounts expressed in thousands)
27
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, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
The City implemented GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions effective with the June 30, 2011 financial statements. Fund balances for the governmental funds
are reported in classifications that comprise a hierarchy based on the extent to which the government honors constraints on the specific purposes for which amounts in those funds can be spent.
As of the fiscal year ended June 30, 2013, the City’s governmental funds reported combined ending fund balances of $66,879,000, a decrease of $7,519,000 in comparison with the prior year. Of this total amount,
$11,269,000 constitutes unassigned 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 is not available for new spending because of
constraints imposed externally by creditors, grantors, contributors, or laws or regulations of other
governments or constraints imposed internally on the specific purposes for which these amounts can be spent. The restricted fund balance of $53,797,000 or 80.4% contains external restraints on its use. The assigned
fund balance of $1,744,000 or 2.6% has been identified by the City to be used for specific purposes. The nonspendable fund balance is $69,000 or 0.1%, which the City is contractually required to maintain intact or cannot be spent because it is in a nonspendable format, such as inventories.
The General Fund is the chief operating fund of the City. As of the fiscal year ended June 30, 2013, the unassigned fund balance of the General Fund was $17,113,000 while General Fund’s total fund balance was
$44,615,000. As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 39.0% of total General Fund expenditures of $43,886,000, while total fund balance represents 101.7% of that same
amount. During the current fiscal year, the fund balance of the City’s General Fund increased by $4,667,000. This
was due to collection of a local option sales tax that took effect in FY10 to be used to fund future capital improvement projects. This tax was collected through FY13.
The fund balance in the Bridge, Street, and Traffic Control Construction Fund was $6,945,000, an increase of $7,232,000. This fund accounts for transactions relating to the acquisition or construction of major streets,
bridges, and traffic control facilities. The fund balance in the Other Construction Fund was $4,242,000, a decrease of $16,604,000. This fund accounts for the construction or replacement of other governmental general capital assets, such as administrative buildings, with various funding sources, including general
obligation bonds, intergovernmental revenues, and contributions. The changes in these fund balances represent a policy change. Beginning in FY13, bond proceeds were deposited directly into the respective capital improvement projects. Whereas, in prior years, the funds had been deposited and held in the Other
Construction Fund and then transferred to the capital improvement projects as expenditures were incurred. This should help prevent having a deficit fund balance in the Bridge, Street, and Traffic Control Construction Fund in future years. The remaining change in fund balance is due to timing of sale of GO bonds.
The fund balance for the Community Development Block Grant Fund was negative $8,000, representing a
$395,000 decrease in FY13 and revealing that liabilities in this fund were higher than assets. In FY11, the
City received program income that we were required to use prior to accessing new grant funding. This
28
program income has now all been utilized and this fund will normally carry a minimal or zero fund balance
going forward.
The ending fund balance of the Other Shared Revenues and Grants fund was $2,633,000, a $2,034,000
increase. This increase is due to grant funds that were received in FY13 for reimbursement of prior period
expenditures.
The ending fund balance of the Debt Service Fund was $6,527,000, a decrease of $4,482,000. The City utilized tax increment financing receipts from prior years to retire debt early. This resulted in a decrease in reserves in equity in pooled cash and investments at the end of the fiscal year. The ending balance of
unrestricted equity in pooled cash and investments was $5,487,000, representing 28.7% of the total principal and interest payments in FY13 for GO debt.
The fund balance in the Employee Benefits Fund was stable from prior year. The ending fund balance was $1,791,000, a decrease of $9,000 or 0.5% from FY12.
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 position of the enterprise funds was $335,681,000, an increase in net position of $44,226,000. This was primarily due to capital contributions of federal and state grants to fund capital improvement
projects to help with flood recovery and mitigation and transfer of business-type capital assets from
governmental capital project funds. Of the enterprise funds’ net position, $253,617,000 is net investment in capital assets. Unrestricted net position totaled $63,031,000, an increase of $4,220,000 compared to the
previous year due to an increase in capital contributions for funding of capital improvement projects that otherwise would have had to be funded with cash from operating revenues. The Internal Service funds showed net position totaling $31,650,000 as of June 30, 2013, an increase of $3,737,000 primarily due to an operating income in the Loss Reserve Fund as claims were less than anticipated and an operating income in the Equipment Reserve Fund to build up reserves for future capital
outlay. 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. These amendments increased budgeted revenues
by $36,354,000 or 24.5% to a total of $184,741,000 and the expenditure budget by $99,344,000 or 58.5% to a
total of $269,279,000. These increases were due primarily to capital projects in governmental and business-type funds because of timing of completion of projects and ongoing recovery from the flood of 2008 and the
associated grants. 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, 2013 amounts to $499,827,000, 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, 2013 increased by
$11,168,000 for governmental activities compared to the prior year and increased by $34,609,000 for business-type activities over the prior year.
29
The following table reflects the $499,827,000 investment in capital assets, net of accumulated depreciation.
Major capital asset events during the current fiscal year included the following:
• Work continued on the South Wastewater Plant Expansion. This project will relocate the North Wastewater Treatment Plant and consolidate operations into the South Wastewater Treatment Plant
through expansion of south plant facilities and demolition of the north plant facilities. Funding for
the project includes $22,003,000 in federal EDA grants, $13,610,000 in local options sales tax, $5,495,000 in I-JOBS grant monies, $5,000,000 in CDBG Public Infrastructure grants, as well as,
$1,890,000 from Wastewater user fees and $7,000,000 in revenue bonds. The beginning construction in progress balance was $5,717,000 and an additional $34,527,000 was moved into construction in progress at the end of FY13 for a total of $40,244,000. This project is scheduled to be complete in
FY14.
• Current construction projects at the municipal airport include rehabbing existing runways, adding a
parallel runway to improve safety, and obstruction mitigation. The construction in progress balance
at the end of FY13 was $4,153,000. These costs are primarily funded through federal or state grants, with the remainder of funding from GO bonds.
• Completion of a water main replacement on Muscatine Avenue. Project costs were $819,000 and were funded through Water Operations.
• Progress continues on the parking facility and enforcement automation project that includes upgrading parking meters on the streets to allow credit card payments and pay-by-cell options and
add additional pay on foot and pay in lane equipment. Expenses capitalized in FY13 were $804,000.
The project is scheduled to be completed in FY14 with additional costs of $1,531,000 funded through parking operations.
• Reconstruction of a landfill cell that was damaged by a fire in FY12 was started. $993,000 was moved into construction in progress at the end of FY13. Total project costs are $4,000,000 and will be funded through landfill operations.
• Expenses for a variety of street and bridge construction were moved into construction in progress at
the end of FY13 for a total balance of $12,427,000. This includes projects from the City’s major
initiative for economic development with balances of $3,046,000 for Lower Muscatine from Kirkwood to First Avenue and $4,455,000 for Sycamore Street from Highway 6 to City Limits.
Additional construction in progress includes $2,449,000 for the Iowa City Gateway Project, which
will reconstruct and elevate Dubuque Street and Park Road Bridge to provide flood protection. Additional information on the City’s capital assets can be found in Note 5 to the financial statements.
City of Iowa City's Capital Assets
(net of depreciation)
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2012 2012 2012
2013 (as restated)2013 (as restated)2013 (as restated)
Land 22,782$ 22,334$ 28,496$ 28,516$ 51,278$ 50,850$
Buildings 35,065 35,520 80,280 83,171 115,345 118,691
Improvements other than
buildings 4,120 4,103 5,686 6,114 9,806 10,217
Machinery and equipment 14,203 13,678 11,545 10,743 25,748 24,421
Infrastructure 82,815 82,642 139,960 138,282 222,775 220,924
Construction in progress 23,278 12,818 51,597 16,129 74,875 28,947
Total 182,263$ 171,095$ 317,564$ 282,955$ 499,827$ 454,050$
30
Debt Administration: At the end of the fiscal year, the City had total bonded debt outstanding of
$123,165,000. Of this amount, $58,550,000 comprises debt backed by the full faith and credit of the City.
However, $1,190,000 or 2.0% of the general obligation bonds is debt that serves enterprise funds and is abated by their charges for services and $3,449,000 or 5.9% of these bonds is debt that will be paid with Tax
Increment Financing revenues. $64,615,000 represents revenue bonds secured solely by specific revenue
sources.
The City issued $2,655,000 General Obligation bonds during FY13 and during the current fiscal year the
City’s total bonded debt still decreased by $20,340,000 through retirement of debt. 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, 2013 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 $230,776,000. With outstanding General Obligation Debt applicable to this limit of $58,550,000 we are utilizing 25.4% 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
In May 2009, the voters of Iowa City approved a one cent local option sales tax. Collection of this tax
began July 1, 2009 and continued for four years ending as of June 30, 2013. In FY13, the City collected
$8,858,000 in local option sales tax. The City Council has indicated that the priorities for use of this sales tax will be capital projects for the elevation of Dubuque Street, including the reconstruction of Park Road
Bridge, and the expansion of the South Wastewater Plant and demolition of the North Wastewater Plant.
Sales tax proceeds are used to provide local match for available state and federal funding and to reduce our reliance on property tax and increased user fees that would otherwise be needed to fund such projects.
During the 2009 session, the Iowa State Legislature passed a law allowing cities to utilize franchise fee tax as a revenue alternative to property tax. The Iowa City Council passed a local franchise fee tax of 1%
on natural gas and electricity that became effective April 1, 2010. This revenue is being utilized to support additional public safety initiatives, including operating a fourth fire station. In FY13, the City collected $918,000 in local franchise fee.
City of Iowa City's Outstanding Debt
General Obligation and Revenue Bonds
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2013 2012 2013 2012 2013 2012
General obligation bonds 57,360 $ 73,825 $ 1,190$ 1,495$ 58,550$ 75,320$
Revenue bonds 2,655 - 61,960 68,185 64,615 68,185
Total 60,015 $ 73,825 $ 63,150$ 69,680$ 123,165$ 143,505$
31
The City expects continued constraints by the State’s property tax formula. During the last legislative
session, the State passed property tax reform, which will negatively affect the City’s general operating funds. Without the potential for new revenue sources, like those mentioned above, the City’s
opportunities for new initiatives are limited. The Council has established a balanced budget in the
General Fund for FY14 that strives to maintain current service delivery levels. The tax levy rate per $1,000 of assessed valuation for FY14 is provided below:
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 East Washington Street, Iowa City, IA, 52240.
General Levy $ 8.100
Debt Service Levy 4.030
Employee Benefits Levy 3.163
Transit Levy 0.950
Liability Insurance Levy 0.292
Library Levy 0.270
Emergency Levy -
Total City Levy $ 16.805
32
33
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 63,252$ 49,054$ 112,306$
Receivables:
Property tax 50,808 - 50,808
Accounts and unbilled usage 1,448 3,762 5,210
Interest 69 531 600
Notes 17,105 956 18,061
Internal balances (11,321) 11,321 -
Due from other governments 9,796 8,466 18,262
Inventories 659 653 1,312
Assets held for resale 703 - 703
Restricted assets:
Equity in pooled cash and investments 29,601 36,157 65,758
Other post employment benefits asset 24 7 31
Capital assets:
Land and construction in progress 46,058 80,092 126,150
Other capital assets (net of accumulated depreciation)136,205 237,472 373,677
Total assets 344,407 428,471 772,878
Liabilities
Accounts payable 3,287 1,603 4,890
Contracts payable 2,689 4,840 7,529
Accrued liabilities 2,942 298 3,240
Interest payable 156 1,231 1,387
Deposits 1,021 760 1,781
Due to other governments 18 115 133
Notes payable 538 - 538
Unearned revenue 61,144 556 61,700
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,161 428 1,589
Bonds payable 10,347 5,492 15,839
Due in more than one year:
Employee vested benefits 950 317 1,267
Other post employment benefits obligation 2,386 951 3,337
Notes payable 211 - 211
Bonds payable 49,957 58,455 108,412
Landfill closure/post-closure liability - 6,405 6,405
Total liabilities 136,807 81,451 218,258
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET POSITION
June 30, 2013
34
Governmental Business-type
Activities Activities Total
Net position
Net investment in capital assets 133,989$ 253,617$ 387,606$
Restricted for or by:
Employee benefits 2,073 - 2,073
Capital projects 13,319 - 13,319
Debt service 6,527 - 6,527
Other purposes 948 - 948
Bond ordinance - 14,525 14,525
State statute - 1,170 1,170
Future improvements - 234 234
Grant agreement - 3,104 3,104
Unrestricted 50,744 74,370 125,114
Total net position 207,600$ 347,020$ 554,620$
The notes to the financial statements are an integral part of this statement.
June 30, 2013
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET POSITION (continued)
35
Operating Capital
Charges Grants and Grants and
Functions/Programs:Expenses for Services Contributions Contributions
Governmental activities:
Public safety 20,989$ 4,098$ 365$ 30$
Public works 10,240 52 297 5,056
Culture and recreation 14,481 775 - 1,441
Community and economic development 10,596 - 4,069 349
General government 7,513 2,763 - -
Interest on long-term debt 2,237 - - -
Total governmental activities 66,056 7,688 4,731 6,876
Business-type activities:
Wastewater treatment 10,464 12,832 - 30,181
Water 9,074 8,583 442 494
Sanitation 7,279 8,181 23 -
Housing authority 7,658 205 6,968 -
Parking 4,579 5,043 - -
Airport 1,086 314 11 2,452
Stormwater 1,318 974 13 226
Cable television 692 816 - -
Transit 6,998 2,117 1,767 898
Total business-type activities 49,148 39,065 9,224 34,251
Total 115,204$ 46,753$ 13,955$ 41,127$
General revenues:
Property taxes, levied for general purposes
Road use tax
Hotel/motel tax
Gas and electric tax
Local option sales tax
Utility franchise tax
Earnings on investments
Gain on disposal of capital assets
Miscellaneous
Transfers
Total general revenues, transfers, and extraordinary items
Changes in net position
Net position beginning of year, as restated
Net position 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, 2013
(amounts expressed in thousands)
36
Governmental Business-type
Activities Activities Total
(16,496)$ -$ (16,496)$
(4,835) - (4,835)
(12,265) - (12,265)
(6,178) - (6,178)
(4,750) - (4,750)
(2,237) - (2,237)
(46,761) - (46,761)
- 32,549 32,549
- 445 445
- 925 925
- (485) (485)
- 464 464
- 1,691 1,691
- (105) (105)
- 124 124
- (2,216) (2,216)
- 33,392 33,392
(46,761) 33,392 (13,369)
51,017 - 51,017
6,589 - 6,589
872 - 872
819 - 819
8,858 - 8,858
918 - 918
841 671 1,512
1,312 293 1,605
4,390 918 5,308
(10,485) 10,485 -
65,131 12,367 77,498
18,370 45,759 64,129
189,230 301,261 490,491
207,600$ 347,020$ 554,620$
Net (Expense) Revenue and
Changes in Net Position
37
Ca
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3,252 9,695
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38
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(623) 11,269
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h
e
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
a
r
e
a
n
i
n
t
e
g
r
a
l
p
a
r
t
o
f
t
h
i
s
s
t
a
t
e
m
e
n
t
.
BA
L
A
N
C
E
S
H
E
E
T
(
c
o
n
t
i
n
u
e
d
)
GO
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
Ju
n
e
3
0
,
2
0
1
3
(a
m
o
u
n
t
s
e
x
p
r
e
s
s
e
d
i
n
t
h
o
u
s
a
n
d
s
)
Sp
e
c
i
a
l
R
e
v
e
n
u
e
CI
T
Y
O
F
I
O
W
A
C
I
T
Y
,
I
O
W
A
39
Total governmental fund balances 66,879$
Amounts reported for governmental activities in the statement
of net position 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 position.31,650
Other long-term assets are not available to pay for current period
expenditures and therefore are deferred in the funds:
Notes, grants and other receivables - Earned but unavailable 10,821
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 174,564
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds.(1,998)
Accrued post employment benefit obligations are not due and
payable in the current period and therefore are not reported
in the funds.(2,311)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds.(60,304)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds.(211)
Accrued interest on bonds (151)
Internal balance due to integration of internal service funds (11,339)
Total net position of governmental activities 207,600$
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 POSITION
June 30, 2013
40
41
Ca
p
i
t
a
l
Pr
o
j
e
c
t
s
Co
m
m
u
n
i
t
y
Ot
h
e
r
De
v
e
l
o
p
m
e
n
t
Sh
a
r
e
d
Other
Em
p
l
o
y
e
e
Bl
o
c
k
Re
v
e
n
u
e
a
n
d
Ot
h
e
r
De
b
t
Governmental
Ge
n
e
r
a
l
Be
n
e
f
i
t
s
Gr
a
n
t
Gr
a
n
t
s
Co
n
s
t
r
u
c
t
i
o
n
Se
r
v
i
c
e
Funds Total
Re
v
e
n
u
e
s
T
a
x
e
s
38
,
8
8
6
$
9,
4
5
3
$
-
$
-
$
-
$
13
,
2
0
0
$
944 $ 62,483 $
L
i
c
e
n
s
e
s
a
n
d
p
e
r
m
i
t
s
1,
7
8
4
-
-
-
-
-
- 1,784
I
n
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
2,
8
7
1
-
1,
8
3
8
10
,
1
6
2
2,
9
5
7
-
2,113 19,941
C
h
a
r
g
e
s
f
o
r
s
e
r
v
i
c
e
s
1,
4
6
2
25
6
-
25
-
-
57 1,800
U
s
e
o
f
m
o
n
e
y
a
n
d
p
r
o
p
e
r
t
y
55
7
-
27
61
20
10
7
10 782
M
i
s
c
e
l
l
a
n
e
o
u
s
4,
7
6
2
6
29
7
89
46
3
65
9
49 6,325
T
o
t
a
l
r
e
v
e
n
u
e
s
50
,
3
2
2
9,
7
1
5
2,
1
6
2
10
,
3
3
7
3,
4
4
0
13
,
9
6
6
3,173 93,115
Ex
p
e
n
d
i
t
u
r
e
s
C
u
r
r
e
n
t
:
P
u
b
l
i
c
s
a
f
e
t
y
19
,
6
8
5
24
0
-
-
72
3
-
- 20,648
P
u
b
l
i
c
w
o
r
k
s
1,
1
5
9
-
-
4,
9
8
6
84
9
-
1,509 8,503
C
u
l
t
u
r
e
a
n
d
r
e
c
r
e
a
t
i
o
n
12
,
2
9
9
-
-
-
70
1
-
- 13,000
C
o
m
m
u
n
i
t
y
a
n
d
e
c
o
n
o
m
i
c
d
e
v
e
l
o
p
m
e
n
t
2,
0
7
6
-
2,
2
2
2
1,
2
0
6
1,
5
3
0
-
1,185 8,219
G
e
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
6,
7
5
1
35
3
-
-
17
6
6
- 7,286
D
e
b
t
s
e
r
v
i
c
e
:
Pr
i
n
c
i
p
a
l
-
-
-
-
-
16
,
4
6
5
- 16,465
In
t
e
r
e
s
t
-
-
-
-
-
2,
3
3
9
- 2,339
C
a
p
i
t
a
l
o
u
t
l
a
y
1,
9
1
6
-
-
2,
2
5
3
8,
2
5
5
-
5,437 17,861
T
o
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
43
,
8
8
6
59
3
2,
2
2
2
8,
4
4
5
12
,
2
3
4
18
,
8
1
0
8,131 94,321
E
x
c
e
s
s
(
d
e
f
i
c
i
e
n
c
y
)
o
f
r
e
v
e
n
u
e
s
o
v
e
r
(
u
n
d
e
r
)
e
x
p
e
n
d
i
t
u
r
e
s
6,
4
3
6
9,
1
2
2
(6
0
)
1,
8
9
2
(8
,
7
9
4
)
(4
,
8
4
4
)
(4,958) (1,206) (continued)
Sp
e
c
i
a
l
R
e
v
e
n
u
e
CI
T
Y
O
F
I
O
W
A
C
I
T
Y
,
I
O
W
A
ST
A
T
E
M
E
N
T
O
F
R
E
V
E
N
U
E
S
,
E
X
P
E
N
D
I
T
U
R
E
S
,
A
N
D
C
H
A
N
G
E
S
I
N
F
U
N
D
B
A
L
A
N
C
E
S
GO
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
Fo
r
t
h
e
Y
e
a
r
E
n
d
e
d
J
u
n
e
3
0
,
2
0
1
3
(a
m
o
u
n
t
s
e
x
p
r
e
s
s
e
d
i
n
t
h
o
u
s
a
n
d
s
)
42
Ca
p
i
t
a
l
Pr
o
j
e
c
t
s
Co
m
m
u
n
i
t
y
Ot
h
e
r
De
v
e
l
o
p
m
e
n
t
Sh
a
r
e
d
Other
Em
p
l
o
y
e
e
Bl
o
c
k
Re
v
e
n
u
e
a
n
d
Ot
h
e
r
De
b
t
Governmental
Ge
n
e
r
a
l
Be
n
e
f
i
t
s
Gr
a
n
t
Gr
a
n
t
s
Co
n
s
t
r
u
c
t
i
o
n
Se
r
v
i
c
e
Funds Total
Ot
h
e
r
F
i
n
a
n
c
i
n
g
S
o
u
r
c
e
s
(
U
s
e
s
)
I
s
s
u
a
n
c
e
o
f
d
e
b
t
-
-
-
-
2,
5
7
9
76
- 2,655
S
a
l
e
o
f
c
a
p
i
t
a
l
a
s
s
e
t
s
49
6
-
-
87
3
-
-
- 1,369
D
i
s
c
o
u
n
t
o
n
i
s
s
u
a
n
c
e
o
f
b
o
n
d
s
-
-
-
-
(4
2
)
-
- (42)
T
r
a
n
s
f
e
r
s
i
n
9,
3
2
9
-
-
43
8
2,
0
6
0
28
6
13,085 25,198
T
r
a
n
s
f
e
r
s
o
u
t
(1
1
,
5
9
4
)
(9
,
1
3
1
)
(3
3
5
)
(1
,
1
6
9
)
(1
2
,
4
0
7
)
-
(857) (35,493)
T
o
t
a
l
o
t
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
a
n
d
(
u
s
e
s
)
(1
,
7
6
9
)
(9
,
1
3
1
)
(3
3
5
)
14
2
(7
,
8
1
0
)
36
2
12,228 (6,313)
N
e
t
c
h
a
n
g
e
i
n
f
u
n
d
b
a
l
a
n
c
e
s
4,
6
6
7
(9
)
(3
9
5
)
2,
0
3
4
(1
6
,
6
0
4
)
(4
,
4
8
2
)
7,270 (7,519)
Fu
n
d
B
a
l
a
n
c
e
s
,
B
e
g
i
n
n
i
n
g
,
a
s
r
e
s
t
a
t
e
d
39
,
9
4
8
1,
8
0
0
38
7
59
9
20
,
8
4
6
11
,
0
0
9
(191) 74,398
Fu
n
d
B
a
l
a
n
c
e
s
,
E
n
d
i
n
g
44
,
6
1
5
$
1,
7
9
1
$
(8
)
$
2,
6
3
3
$
4,
2
4
2
$
6,
5
2
7
$
7,079 $ 66,879 $
Th
e
n
o
t
e
s
t
o
t
h
e
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
a
r
e
a
n
i
n
t
e
g
r
a
l
p
a
r
t
o
f
t
h
i
s
s
t
a
t
e
m
e
n
t
.
Sp
e
c
i
a
l
R
e
v
e
n
u
e
CI
T
Y
O
F
I
O
W
A
C
I
T
Y
,
I
O
W
A
ST
A
T
E
M
E
N
T
O
F
R
E
V
E
N
U
E
S
,
E
X
P
E
N
D
I
T
U
R
E
S
,
A
N
D
C
H
A
N
G
E
S
I
N
F
U
N
D
B
A
L
A
N
C
E
S
(
c
o
n
t
i
n
u
e
d
)
GO
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
Fo
r
t
h
e
Y
e
a
r
E
n
d
e
d
J
u
n
e
3
0
,
2
0
1
3
(a
m
o
u
n
t
s
e
x
p
r
e
s
s
e
d
i
n
t
h
o
u
s
a
n
d
s
)
43
Net change in fund balances - total governmental funds (7,519)$
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 16,030$
Transfers of capital assets (to)\from enterprise funds - net (660)
Transfers of capital assets (to)\from internal service funds - net (1)
Capital assets contributed 498
Depreciation expense (5,592) 10,275
Bond proceeds are reported as other financing sources in governmental funds
and thus contribute to the change in fund balance. In the statement of net
position, 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 position.
Debt issued (2,655)
Discount / (premium) on bonds issued 42
Repayments of debt 16,465
Amortization of premium 70 13,922
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.52
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 (83)
Change in accrued post employment benefit obligations (456)
Change in accrued interest on debt 32
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 position differs from the
change in fund balance by the cost of the capital asset sold.(57)
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.2,204
Change in net position of governmental activities 18,370$
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2013
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
44
45
Governmental Activities -
Ot
h
e
r
Internal
Wa
s
t
e
w
a
t
e
r
Ho
u
s
i
n
g
En
t
e
r
p
r
i
s
e
Service
Pa
r
k
i
n
g
Tr
e
a
t
m
e
n
t
Wa
t
e
r
Sa
n
i
t
a
t
i
o
n
Au
t
h
o
r
i
t
y
Tr
a
n
s
i
t
Fu
n
d
s
To
t
a
l
Funds
As
s
e
t
s
Cu
r
r
e
n
t
a
s
s
e
t
s
:
E
q
u
i
t
y
i
n
p
o
o
l
e
d
c
a
s
h
a
n
d
i
n
v
e
s
t
m
e
n
t
s
5,
0
3
2
$
15
,
6
5
5
$
7,
4
1
0
$
9,
3
5
6
$
3
,
3
4
4
$
4
,
3
3
1
$
3
,
9
2
6
$
49
,
0
5
4
$
24,946 $
R
e
c
e
i
v
a
b
l
e
s
:
A
c
c
o
u
n
t
s
a
n
d
u
n
b
i
l
l
e
d
u
s
a
g
e
17
5
1
,
3
5
0
88
5
1
,
0
5
9
2
1
0
2
8
1
3,
7
6
2
1,190
I
n
t
e
r
e
s
t
13
41
8
28
21
4
5
3
3
5
3
1
23
N
o
t
e
s
-
-
-
-
9
5
6
-
-
9
5
6
-
A
d
v
a
n
c
e
s
t
o
o
t
h
e
r
f
u
n
d
s
-
-
-
1
,
0
0
1
-
-
-
1
,
0
0
1
-
D
u
e
f
r
o
m
o
t
h
e
r
g
o
v
e
r
n
m
e
n
t
s
-
6
,
9
5
9
58
2
16
1
8
1
0
0
7
9
1
8,
4
6
6
101
I
n
v
e
n
t
o
r
i
e
s
-
-
4
1
1
-
-
2
4
2
-
6
5
3
659
T
o
t
a
l
c
u
r
r
e
n
t
a
s
s
e
t
s
5,
2
2
0
24
,
3
8
2
9,
3
1
6
11
,
4
5
3
4,
3
6
5
4
,
6
8
6
5
,
0
0
1
64
,
4
2
3
26,919
No
n
c
u
r
r
e
n
t
a
s
s
e
t
s
:
R
e
s
t
r
i
c
t
e
d
a
s
s
e
t
s
:
E
q
u
i
t
y
i
n
p
o
o
l
e
d
c
a
s
h
a
n
d
i
n
v
e
s
t
m
e
n
t
s
1,
6
6
8
10
,
0
7
4
4,
6
3
1
16
,
4
4
8
3,
1
0
4
7
2
2
5
3
6
,
1
5
7
-
O
t
h
e
r
p
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34,642 (continued)
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(
c
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47
Governmental Activities -
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51
Agency
Funds
Assets
Equity in pooled cash and investments 145$
Total assets 145$
Liabilities
Accounts payable 6$
Due to agency 139
Total liabilities 145$
The notes to the financial statements are an integral part of this statement.
June 30, 2013
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF FIDUCIARY
ASSETS AND LIABILITIES
52
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
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, public safety, streets, parks, and cultural facilities. It also operates an
airport, a mass transportation system, parking facilities, water treatment, wastewater treatment, storm
water 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 Position and the Statement of
Activities) report information on all of the non-fiduciary 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 inter-fund 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.
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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 or 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 position, 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.
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.
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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 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.
The 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.
The Debt Service Fund accounts for the accumulation of resources for the payment of general
long-term debt principal, interest, and related costs.
The City reports the following major proprietary funds:
The Parking Fund is used to account for the operation and maintenance of the “on” and “off”
street public parking facilities.
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.
The Transit Fund is used to account for the operation and maintenance of the public
transportation system.
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.
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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
statements 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 two
fiduciary funds which are maintained as agency funds, with no attempt to create an ongoing fund balance.
The funds in this category are Project Green, which accounts for donations that are received to plant and
develop yards and lawns, both public and private, within Iowa City, and the Library Foundation, which
accounts for donations that are made to support the library development office.
Proprietary funds distinguish operating revenues and expenses from non-operating 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 non-operating 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.
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 non-restricted investments with a maturity
of three months or less when purchased are considered cash equivalents.
56
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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 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.
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 Transit Fund, Water Fund, and the Equipment Maintenance Fund.
Inventories of materials and supplies in the enterprise funds are determined by actual count and priced on
the FIFO method.
Capital Assets
Capital assets, which include property, buildings, equipment, and infrastructure assets (e.g., roads,
bridges, water mains, 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
requiring capitalization of an asset with an initial, individual cost of less than $50,000 for infrastructure,
$25,000 for buildings and improvements, and $5,000 for equipment 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 10 – 50 years
Vehicles 2 – 20 years
Other equipment 5 – 30 years
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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.
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 7).
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 projects
Business-type/enterprise
b. The amount to be raised by property taxation
c. Income from sources other than property taxation
d. Transfers in and transfers out
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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.
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 $88,101,593 in revenues and other
financing sources and by $147,434,594 in expenditures and other financing uses. Appropriations, as
adopted or amended, 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.
Classification of Fund Balances
Fund balances for the governmental funds are reported in classifications based on the nature of any
limitations requiring the use of resources for specific purposes (see Note 9).
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
2. Compliance and Accountability
At June 30, 2013 the Community Development Block Grant Fund reported a deficit balance of $8,000.
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, 2013 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.
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 $16,324,851 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).
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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.
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2013, consisted of the following:
Interfund balances at June 30, 2013, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans, land and negative cash balance funding. $828,789 of the
$859,658 advances to the Nonmajor Enterprise Funds and $86,039 of the $141,362 advance to the Transit
Fund are not expected to be repaid within the next year. The $148,113 of the advance to the Community
Development Block Grant Fund is expected to be repaid within the next year. $162,888 of the $174,769
advance to the Other Shared Revenue and Grants Fund 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.
Community
Development Debt
General Block Grant Service Sanitation Total
Advances to:
Community Development 148,113 $ - $ - $ - $ 148,113 $
Block Grant
Other Shared Revenue
and Grants - - 174,769 - 174,769
Housing Authority - 18,000 - - 18,000
Transit - - - 141,363 141,363
Nonmajor Enterprise - - - 859,658 859,658
Total 148,113 $ 18,000 $ 174,769 $ 1,001,021 $ 1,341,903 $
Advances from
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Interfund transfers for the year ended June 30, 2013, consisted of the following:
(continued)
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.
In the fund financial statements, total transfers in and transfers out of $39,683,000 are less than total
transfers of $40,365,991 because of the treatment of transfers of capital assets to and from the
governmental activities capital assets.
During the year, construction in process related to general government with a value of $22,036 was
transferred to governmental activities capital assets from Information Technology. No amounts were
reported in the governmental funds, as the amounts did not involve the transfer of financial resources.
However, Information Technology did report a disposal for the capital resources given.
Also during the year, a capital asset related to public safety with a value of $3,160 was transferred from
governmental activities capital assets to Equipment. No amounts were reported in the governmental
funds, as the amounts did not involve the transfer of financial resources. However, Equipment did report
capital contributions for the capital resources received.
Other Capital
Community Shared Projects
Employee Development Revenue and Other Nonmajor
General Benefits Block Grant Grants Construction Governmental Parking
Transfer to:
General -$ 8,705,258$ -$ 122,242$ 317,623$ -$ -$
Debt service 266,650 - - - 19,436 - -
Other shared revenue
and grants 12,758 425,659 - - - - -
Capital Projects
Other Construction 1,054,258 - 330,000 2 - - 45,484
Nonmajor governmental 209,729 - - 1,008,182 9,169,280 130,762 -
Wastewater treatment 7,116,491 - - 12,263 138,805 54,636 -
Water 1,983 - - - 169,708 232,026 -
Housing Authority - - 4,787 - - - -
Transit 2,754,940 - - - - - 156,267
Nonmajor enterprise 98,813 - - - 2,008,203 440,170 -
Internal Service 78,090 - - 26,800 583,744 - 22,060
Total Transfer to 11,593,712$ 9,130,917$ 334,787$ 1,169,489$ 12,406,799$ 857,594$ 223,811$
Transfer from
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
During the year, construction in progress related to the installation of citywide video surveillance systems
with a value of $20,338 was transferred from governmental activities capital asset to Information
Technology. No amounts were reported in the governmental funds, as the amounts did not involve the
transfer of financial resources. However, Information Technology did report capital contributions for the
capital resources received.
Also during the year, construction in progress related to construction along 420th Street with a value of
$659,871 was transferred from governmental activities capital asset to Wastewater Treatment. No
amounts were reported in the governmental funds, as the amounts did not involve the transfer of financial
resources. However, Wastewater Treatment did report capital contributions for the capital resources
received.
Wastewater Housing Nonmajor Total
Treatment Water Sanitation Authority Transit Enterprise Transfer from
23,784$ 49,812$ -$ 43,000$ -$ 66,892$ 9,328,611$
- - - - - - 286,086
- - - - - - 438,417
606,414 - 8,836 3,736 6,072 4,620 2,059,422
711,346 1,406,165 20,020 - - 429,428 13,084,912
- - - - - - 7,322,195
224,000 - 56,000 - - 209,632 893,349
- - - - - - 4,787
- - - - - - 2,911,207
- - - - - - 2,547,186
- 25,000 70,755 - - - 806,449
1,565,544$ 1,480,977$ 155,611$ 46,736$ 6,072$ 710,572$ 39,682,621
Transfers from governmental activities capital assets to internal service funds 23,499
Transfers to governmental activities capital assets from internal service funds 22,036
Transfers from governmental activities capital assets to enterprise funds 659,871
40,365,991$
Transfer from
63
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
5. Capital Assets
Capital asset activity for the year ended June 30, 2013, was as follows:
Beginning
July 1, 2012
(as Restated)
Acquisitions
and
Transfers
Disposals
and
Transfers
Balance
June 30, 2013
Governmental activities:
Capital assets, not being depreciated:
Land 22,333,177$ 448,224$ - $ 22,781,401$
Construction in progress 12,818,641 13,058,595 2,599,111 23,278,125
Total capital assets, not being depreciated 35,151,818 13,506,819 2,599,111 46,059,526
Capital assets, being depreciated:
Buildings 51,829,704 1,992,086 40,000 53,781,790
Improvements other than buildings 6,346,047 267,227 - 6,613,274
Machinery and equipment 38,271,825 3,661,920 1,228,735 40,705,010
Infrastructure 111,719,873 2,621,448 - 114,341,321
Total capital assets being depreciated 208,167,449 8,542,681 1,268,735 215,441,395
Less accumulated depreciation for:
Buildings 16,310,408 2,406,299 - 18,716,707
Improvements other than buildings 2,242,817 250,153 - 2,492,970
Machinery and equipment 24,593,789 3,160,645 1,252,285 26,502,149
Infrastructure 29,078,366 2,479,611 31,139 31,526,838
Total accumulated depreciation 72,225,379 8,296,708 1,283,424 79,238,664
Total capital assets, being depreciated, net 135,942,070 245,973 (14,689) 136,202,731
Governmental activities capital assets, net 171,093,888$ 13,752,792$ 2,584,422$ 182,262,257$
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Beginning
July 1, 2012
(as Restated)
Acquisitions
and
Transfers
Disposals
and
Transfers
Balance
June 30, 2013
Business-type activities:
Capital assets, not being depreciated:
Land 28,516,095$ -$ 20,091$ 28,496,004$
Construction in progress 16,128,436 39,286,700 3,818,292 51,596,844
Total capital assets, not being depreciated 44,644,531 39,286,700 3,838,383 80,092,848
Capital assets, being depreciated:
Buildings 141,312,033 756,077 192,546 141,875,564
Improvements other than buildings 10,559,851 16,131 - 10,575,982
Machinery and equipment 31,027,767 2,241,488 27,322 33,241,933
Infrastructure 205,637,129 6,175,769 - 211,812,898
Total capital assets being depreciated 388,536,780 9,189,465 219,868 397,506,377
Less accumulated depreciation for:
Buildings 58,140,040 3,606,058 150,964 61,595,134
Improvements other than buildings 4,445,983 444,267 - 4,890,250
Machinery and equipment 20,284,611 1,439,648 27,322 21,696,937
Infrastructure 67,355,271 4,497,448 - 71,852,719
Total accumulated depreciation 150,225,905 9,987,421 178,286 160,035,040
Total capital assets, being depreciated, net 238,310,875 (797,956) 41,582 237,471,337
Business-type activities capital assets, net 282,955,406$ 38,488,744$ 3,879,965$ 317,564,185$
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 951,071$
Public works 2,299,439
Culture and recreation 2,039,376
Community and economic development 39,577
General government 262,541
Internal service funds 1,537,172
Total depreciation expense - governmental activities 7,129,177$
Business-type activities:
Parking 786,683$
Transit 1,040,925$
Wastewater treatment 3,912,369
Water 2,168,711
Sanitation 415,434
Housing authority 128,284
Nonmajor enterprise 1,535,015
Total depreciation expense - business-type activities 9,987,421$
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
6. Long Term Debt
Changes in Debt for Bonds
Bond debt activity for the year ended June 30, 2013, was as follows:
General Obligation Bonds
Various issues of general obligation bonds totaling $58,550,000 are outstanding as of June 30, 2013. The
bonds have interest rates ranging from 0.5% to 5.6% and mature in varying annual amounts ranging from
$105,000 to $1,545,000 per issue, with the final maturities due in the year ending June 30, 2022. 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.
Due Within
July 1, 2012 Issues Retirements June 30, 2013 One Year
Governmental activities:
General obligation bonds $ 73,825,000 $ - $ 16,465,000 $ 57,360,000 $ 10,275,000
Plus: Unamortized
Premium 400,654 - 71,851 328,803 74,104
Total general obligation bonds 74,225,654 - 16,536,851 57,688,803 10,349,104
Revenue bonds - 2,655,000 - 2,655,000 -
Less: Unamortized
Discounts - 42,480 2,124 40,356 2,124
Total revenue bonds - 2,612,520 (2,124) 2,614,644 (2,124)
$ 74,225,654 $ 2,612,520 $ 16,534,727 $ 60,303,447 $ 10,346,980
Business-type activities:
General obligation bonds $ 1,495,000 - $ $ 305,000 $ 1,190,000 $ 300,000
Less: Unamortized
Discounts 11,527 - 3,842 7,685 3,842
Total general obligation bonds 1,483,473 - 301,158 1,182,315 296,158
Revenue bonds 68,185,000 - 6,225,000 61,960,000 5,115,000
Plus: Unamortized
Premium 874,307 - 69,569 804,738 81,221
Total revenue bonds 69,059,307 - 6,294,569 62,764,738 5,196,221
$ 70,542,780 $ - $ 6,595,727 $ 63,947,053 $ 5,492,379
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
As of June 30, 2013, the City of Iowa City was authorized to issue general obligation bonds totaling
$7,750,000 that had not been issued.
Annual debt service requirements to maturity for general obligation bonds are as follows:
Revenue Bonds
As of June 30, 2013, the following unmatured revenue bond issues are outstanding:
Wastewater Taxable Urban
Parking Treatment Water Renewal
Original issue amount $ 9,110,000 $ 48,020,000 $ 21,815,000 $ 2,655,000
Interest rates 3.0% to 5.0% 3.0% to 5.0% 1.5% to 4.5% 1.0% to 3.9%
Annual maturities $ 530,000 to $ 450,000 to $ 385,000 to $ 130,000 to
$ 770,000 $ 2,205,000 $ 835,000 $ 200,000
Amount outstanding $ 7,675,000 $ 35,205,000 $ 19,080,000 $ 2,655,000
Revenue bond debt service requirements to maturity are as follows:
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2014 10,275,000 1,733,030 300,000 44,325
2015 10,135,000 1,429,063 300,000 33,225
2016 9,575,000 1,119,055 295,000 22,125
2017 7,975,000 822,825 295,000 11,062
2018 7,120,000 586,544 - -
2019-2023 12,280,000 708,356 - -
Total 57,360,000$ 6,398,873$ 1,190,000$ 110,737$
Governmental Activities Business-type Activities
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2014 - 75,335 5,115,000 2,376,928
2015 - 75,335 5,290,000 2,206,665
2016 130,000 75,335 5,500,000 2,015,284
2017 130,000 74,035 5,670,000 1,807,671
2018 135,000 72,345 5,900,000 1,588,927
2019-2023 710,000 321,385 27,255,000 4,342,583
2024-2028 800,000 223,125 7,230,000 457,366
2029-2033 750,000 72,740 - -
Total 2,655,000$ 989,635$ 61,960,000$ 14,795,424$
Governmental Activities Business-type Activities
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The revenue bond ordinances required that wastewater treatment, parking system, water revenues, and
urban renewal tax 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,
Water Revenue and Taxable Urban Renewal 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 and $5,000 per
month until the reserve balance equals or exceeds $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.
On November 29, 2012, the City of Iowa City issued taxable urban renewal revenue bonds in the amount
of $2,655,000. The bonds were issued to finance costs of aiding in the planning, undertaking and
carrying out of an urban renewal project.
68
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2013, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2013
General Obligation Bonds:
Multi-Purpose Mar. 2005 7,020,000 3.0 - 4.0 6/15 1,610,000$
Multi-Purpose Jun. 2006 6,265,000 3.625 - 4.0 6/16 2,190,000
Multi-Purpose Jun. 2006 1,000,000 5.5 - 5.6 6/16 365,000
Refunded Water
Construction (1)Sep. 2006 3,350,000 3.6 - 3.75 6/17 1,190,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 3,950,000
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 4,960,000
Refunded Multi-Purpose (2) Oct. 2008 17,005,000 3.0 - 3.75 6/18 7,395,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 4,220,000
Taxable- Housing Improvements June 2009 505,000 1.5 - 3.0 6/14 105,000
Refunded Multi-Purpose (3) June 2009 5,840,000 2.0 - 4.0 6/16 2,640,000
Multi-Purpose Aug. 2010 7,420,000 2.0 - 2.75 6/20 5,250,000
Multi-Purpose June 2011 7,925,000 2.0 - 3.625 6/21 6,425,000
Refunded Multi-Purpose and
Library Construction (4) June 2011 10,930,000 2.0 - 3.625 6/21 9,635,000
Multi-Purpose June 2012 9,070,000 2.0 - 2.25 6/22 8,305,000
Taxable-Urban Renewal June 2012 620,000 0.5 - 0.6 6/14 310,000
Total General Obligation Bonds 58,550,000$
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2012
Revenue Bonds:
Refunded Parking Bonds (5) Nov. 2009 9,110,000$ 3.0 - 5.0 7/24 7,675,000$
Refunded Wastewater
Treatment Bonds (6) Oct. 2008 24,280,000 3.0 - 5.0 7/22 17,880,000
Refunded Wastewater
Treatment Bonds (7) May 2009 8,660,000 3.5 - 5.0 7/25 7,675,000
Refunded Wastewater
Treatment Bonds (8) Apr. 2010 15,080,000 3.0 - 4.0 7/20 9,650,000
Refunded Water Bonds (9) Oct. 2008 7,115,000 3.0 - 4.375 7/24 5,700,000
Refunded Water Bonds (10) May 2009 9,750,000 4.0 - 4.5 7/25 8,430,000
Refunded Water Bonds (11) June 2012 4,950,000 1.5 - 2.1 7/22 4,950,000
Taxable Urban Renewal Nov. 2012 2,655,000 1.0 - 3.9 6/32 2,655,000
Total Revenue Bonds 64,615,000$
123,165,000$
69
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
(1) 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 refunded the November 1997 Water Construction General
Obligation Bonds.
(2) This bond issue refunded the April 1998, March 1999, and July 2000 General Obligation Bonds.
(3) This bond issue refunded the June 2001 General Obligation Bonds.
(4) This bond issue refunded the May 2002 General Obligation Bonds.
(5) This bond issue refunded the December 1999 Parking Revenue Bonds.
(6) This bond issue refunded the March 1996, May 1997, and January 1999 Wastewater Revenue
Bonds.
(7) This bond issue refunded the October 2000 Wastewater Revenue Bonds.
(8) This bond issue refunded the December 2001 and April 2002 Wastewater Revenue Bonds.
(9) This bond issue refunded the May 1999 Water Revenue Bonds.
(10) This bond issue refunded the December 2000 Water Revenue Bonds.
(11) This bond issue refunded the October 2002 Water Revenue Bonds.
Conduit Debt Obligations
From time to time, the City has issued Industrial Development Revenue Bonds, Facility Refunding
Revenue Bonds, and Midwestern Disaster Area 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, 2013, there were four series of Industrial Development Revenue Bonds, Facility
Refunding Revenue Bonds, and Midwest Disaster Area Revenue Bonds outstanding, with an aggregate
principal amount payable of $42,122,114.
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2013, the general obligation debt issued by the City did not exceed its legal debt limit
computed as follows (amounts expressed in thousands):
Assessed valuation:
Real property $ 4,531,989
Utilities 83,538
Total valuation $ 4,615,527
Debt limit, 5% of total assessed valuation $ 230,776
Debt applicable to debt limit:
General obligation bonds 58,550
Legal debt margin $ 172,226
70
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
7. Other Long-term Liabilities
Notes Payable
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.
Employee Vested Benefits
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund.
Note Payable activity for the year ended June 30, 2013, was as follows:
Due Within
July 1, 2012 Issues Retirements June 30, 2013 One Year
Governmental activities: $ 211,000 - $ - $ 211,000$ - $
Changes in Long-Term Liabilities - Employee Vested benefits
Employee Vested Benefits activity for the year ended June 30, 2013, was as follows:
July 1, 2012 Due Within
(Restated) Issues Retirements June 30, 2013 One Year
Governmental activities: $ 2,027,799 1,190,536$ 1,107,721$ 2,110,614$ 1,160,900$
Business-type activities: $ 763,444 414,166$ 434,910$ 742,700$ 427,285$
71
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Landfill Closure / 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, 2013, is $6,404,915,
which is based on 45.72% usage (filled) of the landfill and is included in accrued liabilities within the
Sanitation Fund. It is estimated that an additional amount of approximately $7,604,085 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, 2025. The estimated total current cost of the
landfill closure and post-closure care costs at June 30, 2013, was determined by a licensed professional
engineer and approximated at $14,009,000. 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,
2013. 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.
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, 2013, the Sanitation Fund had $15,260,663 in related
equity in pooled cash and investments, at fair value designated for satisfaction of closure and 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.
Changes in Long-Term Liabilities - Landfill Closure Post-closure Care Costs
Landfill Closure Post-closure care activity for the year ended June 30, 2013, was as follows:
Due Within July 1, 2012
(as Restated) Issues Retirements June 30, 2013 One Year
Business-type activities: $ 6,116,618 $ $ 288,297 $ 6,404,915 -$
72
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Other Post Employment Benefits
Changes in Long-Term Liabilities - Other Post Employment Benefits
July 1, 2012 Net OPEB Obligation
(as Restated) Current Year June 30, 2013
Governmental activities: $ 1,883,268 $ 478,989 $ 2,362,257
Business-type activities: $ 803,530 $ 139,839 $ 943,369
The City implemented GASB Statement No. 45, Accounting and Financial Reporting by Employers for
Postemployment Benefits other Than Pensions during the year ended June 30, 2009.
Plan Description: The City operates one self-funded medical and dental plan for all employees, which is
offered to current and retired employees and their dependents. All full-time employees who retire or
terminate/resign and their eligible dependents 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. These benefits cease upon Medicare eligibility.
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, which results in an implicit rate subsidy and an OPEB liability.
Funding Policy: The plan member’s contribution requirements are established and may be amended by
the City. The City currently finances the benefit plans on a pay-as-you-go basis.
73
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Annual OPEB Cost and Net OPEB Obligation: The City’s annual OPEB cost is calculated based on the
annual required contribution (ARC) of the City, an amount actuarially determined in accordance with
GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
projected to cover normal costs each year and amortize any unfunded actuarial liabilities over a period not
to exceed 30 years.
The following table shows the components of the City’s annual OPEB cost for the year ended June 30,
2013, the amount actually contributed to the plans, and changes in the City’s net OPEB obligation:
Annual required contribution $ 643,988
Interest on net OPEB obligation 94,038
Adjustment to annual required contribution (89,560)
Annual OPEB costs 648,466
Contributions made (29,638)
Increase in net OPEB obligation 618,828
Net OPEB obligation beginning of year 2,686,798
Net OPEB obligation end of year $3,305,626
For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2008. The end
of year net OPEB obligation was calculated by the actuary as the cumulative difference between the
actuarially determined funding requirements and the actual contributions for the year ended June 30,
2013.
The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plans and the net
OPEB obligation as of June 30, 2013 are summarized as follows:
Percentage of Annual
Annual OPEB Cost Net OPEB
Year Ended OPEB Cost Contributed from City Obligation
June 30, 2011 $ 598,776 14.7% $2,257,342
June 30, 2012 $ 600,965 28.5% $2,686,798
June 30, 2013 $ 648,466 4.6% $3,305,626
Funded Status and Funding Progress: As of July 1, 2012, the most recent actuarial valuation date for the
period July 1, 2012 through June 30, 2013, the actuarial accrued liability was $7,163,715, with no
actuarial value of assets, resulting in an unfunded actuarial accrued liability (UAAL) of $7,163,715. The
covered payroll (annual payroll of active employees covered by the plans) was $34,992,423 and the ratio
of the UAAL to covered payroll was 20.5%. As of June 30, 2013, there were no trust fund assets.
Actuarial Methods and Assumptions: Actuarial valuations of an ongoing plan involve estimates of the
value of reported amounts and assumptions about the probability of events far into the future. Examples
include assumption about future employments, mortality, and the health care cost trend. Actuarially
determined amounts are subject to continual review as actual results are compared with past expectations
and new estimates are made about the future. Actuarial calculations of the OPEB plan reflect a long-term
perspective.
74
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The required schedule of funding progress, presented as required supplementary information in the
section following the Notes to Financial Statements, will present multi-year trend information about
whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial
accrued liabilities for benefits.
Calculations are based on the types of benefits provided under the terms of the substantive plan at the
time of each valuation and on the pattern of sharing of costs between the employer and plan members to
that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the
potential effects of legal or contractual funding limitations on the pattern of cost sharing between the
employer and plan members in the future.
As of the July 1, 2012 actuarial valuation date, the actuarial cost method used is the entry-age normal
method. The actuarial assumption includes a 3.5% discount rate and an inflation rate of 3% per annum.
The projected annual medical trend rate is 8.5%. The ultimate medical trend rate is 5.0%. The medical
trend rate is decreased to 8.0% for year two and then reduced by 0.5% each year until reaching the 5.0%
ultimate trend rate. The projected annual dental trend rate is 5.0%. The ultimate dental trend rate is 4%.
The dental trend rate is decreased to 4.75% for year two and then reduced by 0.25% each year until
reaching the 4% ultimate trend rate.
Mortality rates for active employees are from the RP-2000 Employee Table (Male and Female) Projected
to 2013 (Projection Scall AA). For retirees, mortality rates are from the RP-2000 Healthy Annuitant
Table (Male and Female) Projected to 2013 (Projection Scale AA). Annual retirement and termination
probabilities were developed from the retirement probabilities from the MFPRSI and IPERS pension plan
turnover tables, adjusted to be consistent with expected first fiscal year retirements.
Projected claim costs of the health and dental plans are $821.13 per month. The salary increase rate was
assumed to be 3.5% per year. The UAAL is being amortized as a level percentage of projected payroll
expenses over 30 years on an open basis.
8. Short Term Debt
During FY13, the City entered into additional multiple short term loans totaling $976,826 and repaid
multiple short term loans totaling $1,243,826. The outstanding loans mature one year from the date of the
loan and bear interest rates ranging from 2% to 3.25%. The loans were used to fund the acquisition and
rehabilitation of single family homes as part of the UniverCity Neighborhood Partnership Program
(UniverCity). UniverCity is a cooperative effort of the City of Iowa City and the University of Iowa
dedicated to ensuring that the University of Iowa Campus and surrounding neighborhoods remain vital,
safe, affordable, and attractive places to live and work for both renters and homeowners. The short term
loans have been repaid and will be repaid with the proceeds from the sale of the rehabilitated homes.
Notes Payable activity for the year ended June 30, 2013, was as follows:
Due Within
July 1, 2012 Issues Retirements June 30, 2013 One Year
Governmental activities: $ 805,000 976,826 $ 1,243,826 $ 538,000$ 538,000 $
75
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The short term loans have been repaid and will be repaid with the proceeds from the sale of the
rehabilitated homes.
9. Fund Equity
Fund balances for the governmental funds are reported in classifications that comprise a hierarchy based
on the extent to which the government honors constraints on the specific purposes for which amounts in
those funds can be spent.
• The Nonspendable classification contains amounts not in spendable form or legally or
contractually required to be maintained intact.
• Restricted amounts contain restraint on their use externally imposed by creditors, grantors,
contributors, or laws or regulations of other governments; or imposed by law through
constitutional provisions or enabling legislation.
• Committed amounts can only be used for specific purposes imposed by formal action of the
government’s highest level of decision-making authority. The highest level of decision-making
authority is the City Council and it takes a resolution to establish, modify or rescind a fund
balance commitment.
• Amounts intended to be used for specific purposes are Assigned. Assignments should not cause
deficits in the Unassigned fund balance. The Finance Director has been delegated authority by
the City Council through a resolution to assign amounts to be used for specific purposes.
• Unassigned fund balance is the residual classification for the General Fund.
The City would use Restricted fund balances first, followed by Committed resources, and then Assigned
resources, as appropriate opportunities arise, but reserves the right to selectively spend Unassigned
resources first to defer the use of these other classified funds.
76
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
10. 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, 2013 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
$500,000 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
$21,000,000 annual aggregate of losses paid. Settled claims have not exceeded this commercial coverage
in any of the past twenty five fiscal years. The operating funds pay annual premiums to the Loss Reserve
Fund. Accumulated monies in the Loss Reserve Fund are available to cover the self-insured retention
amounts and any uninsured losses.
Components of Fund Balance
Community Other
Development Shared Other
Employee Block Revenue and Other Debt Governmental
General Benefits Grant Grants Construction Service Funds Total
Nonspendable:
Perpetual Care Principal 69,000$ -$ -$ -$ -$ -$ -$ 69,000$
Total Nonspendable 69,000 - - - - - - 69,000
Restricted for:
Public Safety 630,118 - - - - - - 630,118
Local Option Sales Tax 25,006,448 - - - - - - 25,006,448
Debt Service - - - - - 7,265,326 - 7,265,326
GO Bond Projects - - - - 8,436,272 - 7,542,654 15,978,926
State Funding - - - 2,913,535 - - - 2,913,535
Grant Agreement - - - - - - - -
Public Safety Employee
Benefits - 1,791,164 - - - - - 1,791,164
Other Restricted 52,038 - - - - - 160,504 212,542
Total Restricted 25,688,604 1,791,164 - 2,913,535 8,436,272 7,265,326 7,703,158 53,798,059
Assigned to:
Library Programs 647,681 - - - - - - 647,681
Senior Center Programs 41,269 - - - - - - 41,269
Replacement and Acquisition Reserves 1,021,162 - - - - - - 1,021,162
Other Assigned 33,405 - - - - - - 33,405
Total Assigned 1,743,517 - - - - - - 1,743,517
Unassigned:17,113,181 - (7,695) (280,684) (4,194,174) (737,850) (624,068) 11,268,710
Total Fund Balances 44,614,302$ 1,791,164$ (7,695)$ 2,632,851$ 4,242,098$ 6,527,476$ 7,079,090$ 66,879,286$
77
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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, 2013 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, 2013 and 2012 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2011 – 2012 $ 700,000 $ 691,000 $ 207,000 $ 1,184,000
2012 – 2013 1,184,000 1,616,000 1,177,000 1,623,000
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 $125,000 per employee with an aggregate stop-loss of $8,406,094. 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\administrative fee. Changes in the Loss
Reserve Fund’s claims liability amount for health care coverage for the years ended June 30, 2013 and
2012 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2011 – 2012 $ 728,000 $ 6,147,000 $ 6,159,000 $ 716,000
2012 – 2013 716,000 5,480,000 5,687,000 509,000
78
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
11. Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2013 are as follows:
The total significant encumbrances as of June 30, 2013 are as follows:
Project Amount
Bridge, street and traffic Paving and bridge construction,
control construction engineering design and consulting 7,657,330$
Other construction Public works, culture & recreation, Economic Dev,
Fire & Police, construction 1,927,869
Wastewater South wastewater plant expansion 10,488,259
Sanitation Landfill cell reconstruction 923,725
Airport Runway grading and paving 626,171
21,623,354$
Fund
Project Amount
Other Construction Financial System, library equipment and
police equipment 587,636$
587,636$
Fund
79
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
12. 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.
13. 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, 7155 Lake Drive Suite 201, West Des Moines, Iowa 50266 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, 2013,
members contributed 9.40%. 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 26.12% of earnable compensation of each member in FY 2013,
24.76% of earnable compensation in FY 2012, and 19.9% of earnable compensation in FY 2011. The
contributions paid by the City for the years ended June 30, 2011, 2012, and 2013, were $1,826,791,
$2,232,637, and $2,428,631.85 respectively, and was equal to the required contributions for each year.
80
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
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 eighteen or older, 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 seven years of
service or after attaining the age of 55. Full benefits are equal to 60% of the average of the highest five
years of covered wages times years of service divided by 30.
Plan members are required to contribute 5.78% of their annual covered salary and the City is required to
contribute 8.67% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2011, 2012, and 2013, were $1,969,422,
$2,245,326, and $2,423,438 respectively, and were equal to the required contributions for each year.
14. Additional Revenue Bond Disclosures
Water System
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer Service,
Distribution, and Public Information/Education. There are a total of 32.75 (FTE) employees who work in
the Water Division. This division serves 70,133 people and has 26,150 customers. The average daily use
for fiscal year 2013 was approximately 5.54 million gallons per day (MGD). A peak flow of over 8.6
MGD was experienced during the summer of 2012.
Water Sources: The primary source of water for the City is the alluvial aquifer collector wells along the
Iowa River. Four collector wells can provide approximately 10.5 MGD. Additional sources include two
Jordan aquifer wells which can provide 2.0 MGD; three Siluran aquifer wells which can provide 1.0
MGD; a sand pit that can provide 1.0 MGD; a river intake that can provide 3.0 MGD; for a total of
approximately 17.5 MGD maximum capacity.
Water Treatment Processes: The facilities include one treatment plant (constructed in 2003) located at 80
Stephen Atkins Drive. The plant is a surface water plant design that includes aeration, lime softening
(coagulation/flocculation/sedimentation), and granular activated carbon filtration processes with
fluoridation and free chlorination. The grade four water facility employs operators that perform over 200
water quality tests per day in-house and collect samples for testing at the University Hygienic Laboratory.
This testing ensures that the water meets all of the Safe Drinking Water Act Standards.
81
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Distribution System: The water flows through approximately 268 miles of water mains and includes over
25,000 service connections. The distribution piping consists of cast iron, ductile and PVC main that
ranges in size from 2” to 30”. The treatment plant site has effective water storage capacity of 1.75 million
gallons of water; in addition there are four remote ground storage reservoirs (with pumping stations) that
add up to remote effective storage capacity of 6.0 million gallons of water. The water system also
provides for fire protection with approximately 3,330 public and private hydrants located throughout the
community.
Billing and Collections: Customers are billed monthly on a combined utility statement which includes
charges for sewer, water, solid waste, and curbside recycling. Under present City policy and City
ordinances, utility bills are due when received but contain a delinquency date which provides 15 days for
payment. If payment is not made in full within 22 days, a notice is mailed which allows 25 calendar days
before service is disconnected. The City’s bad debt write-offs have been less than 0.5% of gross revenues
for the past three years.
Rates:
The following rates and charges were effective July 1, 2012.
Water Service Charge Minimums (includes up to the first 100 cubic feet (c.f.))
Meter Size Meter Size
(Inches) Charge (Inches) Charge
5/8” $6.41 2” $22.14
3/4” 7.00 3” 40.91
1” 8.26 4” 71.37
1 1/2” 16.47 6” 143.61
Monthly Usage in excess of 100 cubic feet (c.f.)
101 – 3,000 $2.99 per 100 c.f.
3,001 and over $2.15 per 100 c.f.
Single Purpose Meter Charges
First 100 (c.f) Minimum Monthly Charge
Usage in excess of 100 cubic feet (c.f.) $2.99 per 100 c.f.
Changes in water rates over the last ten fiscal years:
2004 - 5%
2005 0%
2006 0%
2007 - 5%
2008 0%
2009 0%
2010 0%
2011 0%
2012 0%
2013 0%
82
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Financial Information: The following table summarizes the results of operations for the Water System for
the fiscal years ended June 30, 2013, 2012, and 2011.
2013 2012 2011
Operating Revenues:
Charges for services 8,583 $ 8,419 $ 8,054 $
Miscellaneous 174 26 42
Total operating revenues 8,757 8,445 8,096
Operating Expenses:
Personal services 2,633 2,554 2,407
Commodities 1,609 967 929
Services and charges 2,106 2,132 2,128
6,348 5,653 5,464
Depreciation 2,169 2,275 2,230
Total operating expenses 8,517 7,928 7,694
Operating income 240 517 402
Nonoperating Revenues (Expenses):
Gain ( Loss) on disposal of capital assets - (10) -
Insurance Recoveries - - 2
Operating Grants 442 - -
Interest income 143 204 256
Interest expense (731) (964) (1,032)
Total nonoperating revenues (expenses)(146) (770) (774)
Income before capital contributions
and transfers 94 (253) (372)
Capital contributions 494 1,057 973
Transfers in 893 478 795
Transfers out (1,481) (110) (336)
Change in net assets - 1,172 1,060
Net Assets, Beginning 63,274 62,102 61,042
Net Assets, Ending 63,274 $ 63,274 $ 62,102 $
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
83
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The following table summarizes the budget and actual figures for the Water System for the fiscal year
ended June 30, 2013 and the budget for the fiscal year ended June 30, 2014 on a cash basis.
The following table summarizes the Water System funds on hand for the fiscal years ended June 30,
2013, 2012, and 2011.
WATER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
2013 2012 2011
Operating Funds $ 7,410 $ 8,284 $ 9,607
Restricted and Designated Funds 4,631 4,260 4,665
Total Funds on Hand $ 12,041 $ 12,544 $ 14,272
FY14
Actual Budget Percentage Budget
Charges for services 8,673 $ 8,185 $ 105.96% 8,226 $
Interest income 144 141 102.13%148
Miscellaneous 174 39 446.15%12
Operating grants 1,395 2,284 61.08%-
Transfers from other funds 355 336 105.65%-
Bond sales - - 0.00%-
Total Receipts 10,741$ 10,985$ 97.78%8,386$
Personal services 2,714 $ 2,640 $ 102.80% 2,690 $
Commodities 515 645 79.84%603
Services and charges 2,162 2,096 103.15% 2,009
Capital outlay 2,408 4,448 54.14% 1,244
Transfer to capital project funds 1,406 1,908 73.69%-
Transfers to other funds 43 - 4300.00%-
Operating subsidy 24 24 100.00%-
Debt service payments 7,411 8,216 90.20% 2,329
Total Disbursements 16,683 $ 19,977 $ 83.51% 8,875 $
WATER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2013
(amounts expressed in thousands)
84
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Sewer System
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately 295 miles
of sanitary sewers, 15 sanitary sewer lift stations, 2 storm water pumping stations, and 2 treatment plants.
There are a total of 25.40 (FTE) employees who work in the Wastewater Division. This division serves
70,133 people and has over 24,000 customers. The average daily combined treatment flow for 2013 was
9.84 million gallons per day (MGD).
The North Plant was constructed in 1935 and the South Plant was completed in 1990 and upgraded in
2002. The connecting of the North and South Plants was completed in 1998. The City has the capability
to divert all wastewater treatment to the South Plant and control all operations remotely through computer
systems. The combined wastewater treatment system design has a maximum daily treatment capacity of
41.10 MGD. Both plants are in compliance with federal clean water standards. The City is utilizing
federal and state grants to fund a flood recovery and mitigation project to decommission the North
Wastewater Plant through expansion of the South Wastewater Plant.
Billing and Collections: Customers are billed monthly on a combined utility statement which includes
charges for sewer, water, solid waste, and curbside recycling. Under present City policy and City
ordinances, utility bills are due when received but contain a delinquency date which provides 15 days for
payment. If payment is not made in full within 22 days, a notice is mailed which allows 25 calendar days
before service is disconnected. The City’s bad debt write-offs have been less than 0.5% of gross revenues
for the past three years.
Rates:
The following rates and charges were effective July 1, 2012.
Sewer Service Charge Minimum (includes up to the first 100 cubic feet (c.f.)) $8.15
Monthly Usage in excess of 100 cubic feet (c.f.) $3.99
Changes in sewer rates over the last ten fiscal years:
2004 0%
2005 0%
2006 0%
2007 8%
2008 0%
2009 5%
2010 0%
2011 0%
2012 0%
2013 0%
85
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Financial Information: The following table summarizes the results of operations for the Sewer System for
the fiscal years ended June 30, 2013, 2012, and 2011.
2013 2012 2011
Operating Revenues:
Charges for services 12,832 $ 12,670 $ 12,836 $
Miscellaneous 102 145 63
Total operating revenues 12,934 12,815 12,899
Operating Expenses:
Personal services 1,938 1,993 1,961
Commodities 854 954 895
Services and charges 2,548 2,716 2,621
5,340 5,663 5,477
Depreciation 3,912 3,952 4,017
Total operating expenses 9,252 9,615 9,494
Operating income 3,682 3,200 3,405
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - (12) (40)
Operating grants - - -
Interest income 367 360 382
Interest expense (1,400) (1,564) (1,704)
Total nonoperating revenues (expenses) (1,033) (1,216) (1,362)
Income before capital contributions
and transfers 2,649 1,984 2,043
Capital contributions 30,841 3,223 2,394
Transfers in 7,322 2,454 1,716
Transfers out (1,566) (359) (171)
Change in net assets 39,246 7,302 5,982
Net Assets, Beginning 92,032 84,730 78,748
Net Assets, Ending 131,278$ 92,032$ 84,730$
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
SEWER SYSTEM
STATEMENT OF REVENUES, EXPENSES
86
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The following table summarizes the budget and actual figures for the Sewer System for the fiscal year
ended June 30, 2013 and the budget for the fiscal year ended June 30, 2014 on a cash basis.
The following table summarizes the Sewer System funds on hand for the fiscal years ended June 30,
2013, 2012, and 2011.
FY14
Actual Budget Percentage Budget
Charges for services 12,890$ 12,759$ 101.03%12,549$
Interest income 291 301 96.68%276
Miscellaneous 103 57 180.70%170
Capital grants 23,493 12,808 183.42%15,051
Local option sales tax 7,116 12,116 58.73%-
Bond sales - - 0.00%7,000
Total Receipts 43,893$ 38,041$ 115.38%35,046$
Personal services 2,250$ 2,374$ 94.78%2,295$
Commodities 580 659 72.11%683
Services and charges 3,146 4,363 88.01%2,492
Capital outlay 30,665 26,576 115.39%26,535
Transfer to capital project funds 1,542 1,573 98.03%-
Operating subsidy 24 24 100.00%-
Debt service payments 6,412 6,412 100.00%4,724
Total Disbursements 44,619$ 41,981$ 106.28%36,729$
SEWER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2013
(amounts expressed in thousands)
2013 2012 2011
Operating Funds 15,655$ 14,551$ 12,882$
Restricted and Designated Funds 10,074 11,905 12,002
Total Funds on Hand 25,729$ 26,456$ 24,884$
SEWER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
87
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Parking System
The Parking System currently consists of approximately 4,084 parking spaces located at various parking
facilities in the central business district of the City. T h e P arking Division of the Iowa
City Transportation Services Department oversees the operation of parking garages, parking lots, and on-
street (metered) parking. Parking Services enforces parking regulation in the central business district,
while the Police Department enforces parking regulations in residential areas. Recognizing that there is a
high demand for parking in downtown Iowa City, Parking Services promotes turnover of on-street
metered parking spaces in the core of the downtown. Customers with longer-term needs are encouraged to
use the garages or on streets in outlying areas. There are a total of 29.25 (FTE) employees who work in
the Parking Division.
Parking System Utilization, Demand and Other Considerations: The City tracks Parking System
utilization by the hour in each of the cashiered facilities. During peak hours, the occupancy rate
regularly runs between 85% to 99% depending on the time of year and the time of day. Peak hours for
the Parking System are 10:00 am through 3:00pm with high occupancy rates regularly maintained
through 5:30 pm daily.
In addition to hourly parking, the Parking System offers monthly permit parking. The Parking System
currently has 1,449 permit holders. The largest customer for the monthly permit parking is the
University of Iowa with 615 permits. There are currently over 623 people on the Parking System's
waiting lists for monthly permit parking.
In addition to monthly and permit parking, the Parking System has parking space contracts with the
Sheraton Hotel in the amount of $8,000.00 per month and with the Hotel Vetro in the amount of
$2,000.00 per month.
The City regularly evaluates parking demand. As development has continued to move south of
Burlington Street and the central business district, the need for additional spaces in this area has
increased. The Applied Real Estate Analysis ("AREA"), in conjunction with Desman Associates,
estimates that there is demand for 600 additional parking spaces in downtown Iowa City. The
underlying economic growth and employment base of the City continues to contribute to increased
demand.
Parking System Rates and Charges: Rates for the Parking System are set by the City Council. Parking
System rates are reviewed annually. The rates vary by facility and the hourly and monthly rates and
charges as approved by the City Council are listed below by facility. These rates include the most recent
hourly rate adjustments that were approved by the City Council on March 21, 2006 and became effective
July 1, 2006 and the proposed monthly permit rate adjustments that were approved by the City Council
on June 2, 2009 and became effective July 1, 2009.
88
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Parking Facilities: The Parking System consists of 3 cashiered garages and 1 unattended garage, as well
as, various parking lots and on-street metered parking in the Central Business District. The City
completes regular visual inspections of the parking garages to evaluate their current appearance and
general condition. The garages are visually inspected for the condition of the main structural elements
(columns, girders, beams), parking decks, expansion and control joints, and their coating systems.
Based on the most recent inspections, all of the Parking System's facilities are in excellent/good
condition. All garages will continue to receive routine inspections and maintenance. A description of
each parking facility, their locations, access, the number of spaces, monthly permits, and current rates are
as follows:
Capitol Street Garage
Constructed 1980
Address 220 S. Capitol Street
Description Located on a parcel confined by Burlington Street to the south, Capitol
Street to the west, Clinton Street to the east and the Old Capitol Town
Center to the north.
Access This is a cashiered facility with two entry lanes off of Clinton Street; two
entry lanes off of Capitol Street; and four exit lanes onto Capitol Street.
Spaces 875
Monthly Permits 235
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Capitol Street Garage rates over the last ten fiscal years:
Hourly Monthly
2004 0% 17%
2005 0% 0%
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
89
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Dubuque Street Garage
Constructed 1980
Address 220 S. Dubuque Street
Description Located on a parcel confined by Burlington Street to the south, Dubuque
Street to the west, Linn Street to the east and the Sheraton Hotel to the
north.
Access This is a cashiered facility with two entry lanes off of Dubuque Street;
one entry lanes off of Linn Street; and two exit lanes onto Dubuque
Street.
Spaces 625
Monthly Permits 325
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Dubuque Street Garage rates over the last ten fiscal years:
Hourly Monthly
2004 0% 20%
2005 0% 0%
2006 0% 0%
2007 25% 8%
2008 0% 0%
2009 0% 0%
2010 0% 23%
2011 0% 0%
2012 0% 0%
2013 0% 0%
Chauncey Swan Garage
Constructed 1993
Address 415 E. Washington Street
Description Located on a parcel confined by College Street to the south, Van Buren
Street to the east, Gilbert Street to the west and Washington Street to the
north.
Access This is an automated facility with one entry/exit lane off of College
Street; one entry/ exit lane off of Washington Street; and one entry/exit
lane through the Recreation Center parking lot onto Burlington Street.
Spaces 475
Monthly Permits 400
Rates Hourly $0.60 per hour
Monthly $80.00 per month
90
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Changes in Chauncey Swan Garage rates over the last ten fiscal years:
Hourly Monthly
2004 0% 22%
2005 0% 0%
2006 0% 0%
2007 20% 9%
2008 0% 0%
2009 0% 0%
2010 0% 17%
2011 0% 14%
2012 0% 0%
2013 0% 0%
Tower Place Garage
Constructed 2001
Address 335 E. Iowa Avenue
Description Located on a parcel confined by Iowa City Senior Center to the south,
Gilbert Street to the east, Linn Street to the west and Iowa Avenue to the
north.
Access This is a cashiered facility with two entry lanes off of Iowa Avenue;
three exit lanes onto Iowa Avenue; and secured permit-only entry and
exit off of Gilbert Street.
Spaces 510
Monthly Permits 315
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Tower Place Garage rates over the last ten fiscal years:
Hourly Monthly
2004 0% 17%
2005 0% 0%
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
91
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
On-Street Parking Meters: The City operates short-term meters (1-2 hours) concentrated in the
core of the downtown. These meters are intended for shopper's use. Each parking meter dial states the
maximum time. Longer term meters become more common away from the core downtown area.
Meters 1,175
Rates Hourly $0.50 - $0.75 per hour based on proximity to the central
business district and usage.
Parking Lots: The City operates seven parking lots in the Central Business District. They consist of
a mix of permit spaces and metered spaces.
Spaces 430
Monthly Permits 204
Rates Hourly $0.50 - $0.75 per hour based on proximity to the central
business district and usage.
Monthly $60.00 per month
Moped Parking: FY12 saw the implementation of a parking permit program for mopeds, scooters,
and motorcycles. Spaces were designated throughout the Central Business District to accommodate
the use of mopeds and scooters while also removing them from parking in bicycle racks.
Spaces 148
Annual Permits 625
Rates Annual $45.00 per year
92
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Financial Information: The following table summarizes the results of operations for the Parking System
for the fiscal years ended June 30, 2013, 2012, and 2011.
2013 2012 2011
Operating Revenues:
Charges for services 5,043$ 4,743$ 5,234$
Miscellaneous 37 162 104
Total operating revenues 5,080 4,905 5,338
Operating Expenses:
Personal services 1,718 1,733 1,662
Commodities 630 107 75
Services and charges 1,201 1,194 1,183
3,549 3,034 2,920
Depreciation 787 815 908
Total operating expenses 4,336 3,849 3,828
Operating income 744 1,056 1,510
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - (10) -
Operating grants - - -
Interest income 42 40 51
Interest expense (324) (366) (408)
Total nonoperating revenues (expenses)(282) (336) (357)
Income before capital contributions
and transfers 462 720 1,153
Capital contributions - 4 269
Transfers in - - -
Transfers out (224) (16) -
Change in net assets 238 708 1,422
Net Assets, Beginning 16,722 16,014 14,592
Net Assets, Ending 16,960$ 16,722$ 16,014$
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
93
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
The following table summarizes the budget and actual figures for the Parking System for the fiscal year
ended June 30, 2013 and the budget for the fiscal year ended June 30, 2014 on a cash basis.
The following table summarizes the Parking System funds on hand for the fiscal years ended June 30,
2013, 2012, and 2011.
PARKING SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
2013 2012 2011
Operating Funds $ 5,032 $ 5,218 $ 5,928
Restricted and Designated Funds 1,668 1,528 1,521
Total Funds on Hand $ 6,700 $ 6,746 $ 7,449
FY14
Actual Budget Percentage Budget
Charges for services 4,623$ 4,500$ 102.73%4,632$
Interest income 47 42 111.90%39
Miscellaneous 290 322 90.06%50
Operating grants - - 0.00%-
Transfers from Other Funds - 24 0.00%-
Bond sales - - 0.00%-
Total Receipts 4,960$ 4,888$ 101.47%4,721$
Personal services 1,697$ 1,881$ 90.22%1,755$
Commodities 62 134 101.09%107
Services and charges 1,210 1,197 46.27%1,270
Capital outlay 647 1,506 42.96%900
Transfer to capital project funds 45 45 0.00%-
Interfund Loan Repayment 507 589 86.08%-
Debt service payments 839 839 100.00%838
Total Disbursements 5,007$ 6,191$ 80.88%4,870$
PARKING SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2013
(amounts expressed in thousands)
94
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
15. Restatement of Beginning Balances
The restatement of fund balances and net assets/net position were due to the following:
The Mass Transportation Fund, which was previously recorded in the General Fund, was reclassified as
an Enterprise Fund. This eliminated approximately $966,000 from the Employee Benefits tax levy
asking, annually. Prior to FY03 the Transit Enterprise Fund continually required funding assistance from
the General Fund. In FY03, Transit Operations were transferred to the General Fund to allow the Transit
employees benefits to be paid by the Employee Benefit Levy. The Employee Benefit Levy can only be
utilized on General Fund and Road Use Tax Fund employee benefits per Iowa Code. In FY06, the Court
Street Transportation Center was built and the operating revenues were assigned to Transit per federal
grants. Since FY08, the Transit operations in the General Fund have provided surplus revenue for
Transit.
Restatements of fund balances, net assets/net position previously reported are as follows:
(Amounts in thousands)
Fund
Fund Balances/Net
Assets/Net Position,
Ending June 30, 2012
as Previously
Reported
Effect of
Reclassification of
Mass Transportation
Fund
Fund Balances/Net
Assets/Net Position,
Ending June 30, 2012
as Restated
General 43,557$ (3,609)$ 39,948$
Capital Projects -
Other Construction 20,883$ (37)$ 20,846$
Governmental Activities 209,925$ (20,695)$ 189,230$
Transit -$ 20,695$ 20,695$
Business-type Activities 274,099$ 20,695$ 294,794$
95
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
16. Correction of an error
A prior period adjustment was required in the Sanitation fund. This adjustment was due to the capacity
used in calculating the expense and related liability for future closure and post-closure care costs for the
landfill. The figure that had been used in the calculation was the tonnage of the developed cells versus
the total capacity tonnage of the landfill.
17. Subsequent events
On July 16, 2013, the City of Iowa City issued General Obligation Bonds, Series 2013A & 2013B, in the
amounts of $7,230,000 and $520,000 respectively. The bonds were issued to finance costs of
acquisitions, construction, improvements and installation of capital improvement projects.
18. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued six statements not yet implemented
by the City. The statements, which might impact the City’s financial statements, are as follows:
Statement No. 65, Items Previously Reported as Assets and Liabilities, issued March 2012, will be
effective for the fiscal year ending June 30, 2014. The objective of this Statement is to establish
accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred
inflows of resources, certain items that were previously reported as assets and liabilities and recognizes,
as outflows of resources or inflows of resources, certain items that were previously reported as assets and
liabilities.
(Amounts in thousands)
Fund
Net Position/Net
Assets, Ending
June 30, 2012 as
Previously
Reported
Effect of Prior
Period
Adjustment
Net Position/Net
Assets, Ending
June 30, 2012 as
Restated
Sanitation 25,545$ 6,467$ 32,012$
Business-type Activities
After Effect of Reclassification
of Mass Transportation Fund 294,794$ 6,467$ 301,261$
Restatement of net position/net assets previously reported are as follows:
96
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2013
Statement No. 66, Technical Corrections – 2012 – an amendment of GASB Statements No. 10 and No.
62, issued March 2012, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve accounting and financial reporting for a governmental financial reporting entity
by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No.
54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of
Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA
Pronouncements.
Statement No. 67, Financial Reporting for Pension Plans – an amendment of GASB Statement No. 25,
issued June 2012, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to establish accounting and financial reporting requirements related to pensions for
governments whose employees are provided with pensions through pension plans that are covered by the
scope of this Statement, as well as for nonemployer governments that have a legal obligation to contribute
to those plans.
Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement
No. 27, issued June 2012, will be effective for the fiscal year ending June 30, 2015. The objective of this
Statement is to improve information provided by state and local governmental employers about financial
support for pensions that is provided by other entities.
Statement No. 69, Government Combinations and Disposals of Government Operations, issued January
2013, will be effective for the fiscal year ending June 30, 2015. The objective of this statement is to
improve financial reporting by addressing accounting and financial reporting for government
combinations and disposals of government operations. The term government combinations is used in this
Statement to refer to a variety of arrangements including mergers and acquisitions.
Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, issued
April 2013, will be effective for the fiscal year ending June 30, 2014. The objective of this Statement is to
improve the recognition, measurement, and disclosure guidance for state and local governments that have
extended or received financial guarantees that are nonexchange transactions.
The City’s management has not yet determined the effect these statements will have on the City’s
financial statements.
97
Governmental
Fund Types Enterprise Fund
Actual Budgetary Types Actual Total Actual
Basis Budgetary Basis Budgetary Basis
Revenues:
Property taxes 50,416$ -$ 50,416$
Delinquent property taxes 3 - 3
Tax increment financing taxes 376 - 376
Other city taxes 11,217 - 11,217
Licenses and permits 1,777 7 1,784
Intergovernmental 19,033 36,641 55,674
Charges for services 3,826 37,026 40,852
Use of money and property 827 1,178 2,005
Miscellaneous 4,058 1,649 5,707
Total revenues 91,533 76,501 168,034
Expenditures/Expenses:
Public safety 20,256 - 20,256
Public works 6,732 - 6,732
Health and social services 293 - 293
Culture and recreation 12,171 - 12,171
Community and economic development 10,158 - 10,158
General government 7,078 - 7,078
Debt service 19,170 - 19,170
Capital outlay 21,665 - 21,665
Business-type - 89,618 89,618
Total expenditures/expenses 97,523 89,618 187,141
Excess (deficiency) of revenues over
(under) expenditures/expenses (5,990) (13,117) (19,107)
Other financing sources and uses, net (4,792) 10,426 5,634
Net change in fund balances (10,782) (2,691) (13,473)
Balances, beginning of year 76,966 86,975 163,941
Balances, end of year 66,184 84,284 150,468
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, 2013
(dollar amounts expressed in thousands)
BUDGETARY BASIS
98
Final to Actual
Variance -
Positive
Original Final (Negative)
50,407$ 50,407$ 9$
- - 3
507 507 (131)
11,032 11,107 110
1,440 1,440 344
38,627 73,396 (17,722)
41,067 40,549 303
1,535 2,050 (45)
3,772 5,285 422
148,387 184,741 (16,707)
21,450 21,579 1,323
7,718 7,763 1,031
291 293 -
12,685 13,032 861
7,218 15,388 5,230
7,619 7,544 466
20,226 20,326 1,156
25,724 84,671 63,006
67,004 98,683 9,065
169,935 269,279 82,138
(21,548) (84,538) 65,431
11,946 15,603 (9,969)
(9,602) (68,935) 55,462
107,619 163,941
98,017 95,006
Budgeted Amounts
99
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 91,533$ 1,582$ 93,115$
Expenditures 97,523 (3,202) 94,321
Net (5,990) 4,784 (1,206)
Other financing sources (uses)(4,792) (1,521) (6,313)
Beginning Fund Balances 76,966$ (2,568)$ 74,398$
Ending Fund Balances 66,184$ 695$ 66,879$
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 76,501$ (26,330)$ 50,171$
Expenditures 89,618 (39,273) 50,345
Net (13,117) 12,943 (174)
Other financing sources (uses)10,426 33,974 44,400
Beginning Fund Balances 86,975 204,480$ 291,455
Ending Fund Balances 84,284$ 251,397$ 335,681$
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, 2013
(dollar amounts expressed in thousands)
100
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2013
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 revenues by $36,354,000 and expenditures by
$99,344,000. The budget amendments were primarily due to changes in the breadth and timing of capital
improvement projects, which the City budgets in full during the initial year of the projects and amends
future year budgets for carryover. Additional amendments are related to flood recovery and mitigation
costs and the associated grants from flooding in the summer of 2008.
101
City of Iowa City, Iowa
Note to Required Supplementary Information – Schedule of Funding Progress for Health and
Dental Plans
For the Year Ended June 30, 2013
Actuarial
Valuation
Date
Fiscal
Year
Actuarial
Value of
Assets
Actuarial
Accrued
Liability (AAL)
Unfunded AAL
(UAAL)
Funded
Ratio Covered Payroll
UAAL As a
Percentage of
Covered
Payroll
July 1, 2008 June 30, 2009 $ - $ 15,235,196 $ 15,235,196 0.00% $ 29,842,842 51.1%
July 1, 2010 June 30, 2011 $ - $ 6,893,438 $ 6,893,438 0.00% $ 31,505,702 21.9%
July 1, 2012 June 30, 2013 $ - $ 7,163,715 $ 7,163,715 0.00% $ 34,992,423 20.5%
102
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:
Economic Development Fund – accounts for revenue and expenditures of economic development
activities.
Metropolitan Planning Organization of Johnson County (formerly Johnson County Council of
Governments) Fund – accounts for the financial activities of the metropolitan/rural cooperative planning
organization.
CAPITAL PROJECT FUND
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:
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.
103
Capital
Projects
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control
Development County Construction Total
Assets
Equity in pooled cash and investments 267$ 142$ 7,717$ 8,126$
Receivables:
Property tax 277 - - 277
Due from other governments - 45 3,207 3,252
Assets held for resale - - 165 165
Restricted assets:
Equity in pooled cash and investments - - 1 1
Total assets 544$ 187$ 11,090$ 11,821$
Liabilities and Fund Balances
Liabilities:
Accounts payable 265$ 2$ 389$ 656$
Contracts payable - - 1,757 1,757
Accrued liabilities - 10 9 19
Deferred revenue 275 45 1,989 2,309
Liabilities payable from restricted assets:
Deposits - - 1 1
Total liabilities 540 57 4,145 4,742
Fund balances:
Restricted 30 130 7,542 7,702
Unassigned (26) - (597) (623)
Total fund balances 4 130 6,945 7,079
Total liabilities and fund balances 544$ 187$ 11,090$ 11,821$
Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2013
(amounts expressed in thousands)
104
Capital
Projects
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control
Development County Construction Total
Revenues
Property taxes 656$ -$ 288$ 944$
Intergovernmental - 252 1,861 2,113
Charges for services - - 57 57
Use of money and property - - 10 10
Miscellaneous 32 14 3 49
Total revenues 688 266 2,219 3,173
Expenditures
Current:
Public works - - 1,509 1,509
Community and economic
development 547 638 - 1,185
Capital outlay - - 5,437 5,437
Total expenditures 547 638 6,946 8,131
Excess (deficiency) of revenues over
(under) expenditures 141 (372) (4,727) (4,958)
Other Financing Sources (Uses)
Transfers in 36 327 12,722 13,085
Transfers out (94) - (763) (857)
Total other financing sources
and (uses)(58) 327 11,959 12,228
Net change in fund balances 83 (45) 7,232 7,270
Fund Balances, Beginning (79) 175 (287) (191)
Fund Balances, Ending 4$ 130$ 6,945$ 7,079$
Special Revenue
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2013
(amounts expressed in thousands)
105
106
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:
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.
107
Cable
Airport Stormwater Television Total
Assets
Current assets:
Equity in pooled cash and investments 570$ 1,763$ 1,593$ 3,926$
Receivables:
Accounts and unbilled usage - 100 181 281
Interest - 1 2 3
Due from other governments 777 14 - 791
Total current assets 1,347 1,878 1,776 5,001
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 109 - 116 225
Other post employment benefits asset 7 - - 7
Capital assets:
Land 7,244 2,167 - 9,411
Buildings 4,930 - 731 5,661
Improvements other than buildings 357 - - 357
Machinery and equipment 281 259 110 650
Infrastructure 12,460 38,379 - 50,839
Accumulated depreciation (5,018) (9,895) (386) (15,299)
Construction in progress 4,153 1,865 - 6,018
Total noncurrent assets 24,523 32,775 571 57,869
Total assets 25,870 34,653 2,347 62,870
Liabilities
Current liabilities:
Accounts payable 96 21 117 234
Contracts payable 778 47 - 825
Accrued liabilities 1 3 10 14
Employee vested benefits 2 - 17 19
Total current liabilities 877 71 144 1,092
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 9 - - 9
Advances from other funds 860 - - 860
Employee vested benefits 2 - 13 15
Other post employment benefits obligation - 6 10 16
Total noncurrent liabilities 871 6 23 900
Total liabilities 1,748 77 167 1,992
Net Position
Net investment in capital assets 24,407 32,775 455 57,637
Restricted for future improvements 100 - - 100
Unrestricted (385) 1,801 1,725 3,141
Total net position 24,122$ 34,576$ 2,180$ 60,878$
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET POSITION
NONMAJOR ENTERPRISE FUNDS
June 30, 2013
(amounts expressed in thousands)
108
Cable
Airport Stormwater Television Total
Operating Revenues:
Charges for services 314$ 974$ 816$ 2,104$
Miscellaneous - 1 - 1
Total operating revenues 314 975 816 2,105
Operating Expenses:
Personal services 67 200 522 789
Commodities 25 177 9 211
Services and charges 246 201 139 586
338 578 670 1,586
Depreciation 757 744 34 1,535
Total operating expenses 1,095 1,322 704 3,121
Operating income (loss)(781) (347) 112 (1,016)
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 293 - - 293
Operating grants 11 13 - 24
Interest income - 1 3 4
Total nonoperating revenues (expenses)304 14 3 321
Income (loss) before capital contributions
and transfers (477) (333) 115 (695)
Capital contributions 2,452 226 - 2,678
Transfers in 465 2,083 - 2,548
Transfers out (57) (598) (55) (710)
.
Change in net position 2,383 1,378 60 3,821
Net Position, Beginning, as restated 21,739 33,198 2,120 57,057
Net Position, Ending 24,122$ 34,576$ 2,180$ 60,878$
(amounts expressed in thousands)
NONMAJOR ENTERPRISE FUNDS
AND CHANGES IN FUND NET POSITION
COMBINING STATEMENT OF REVENUES, EXPENSES,
CITY OF IOWA CITY, IOWA
For the Year Ended June 30, 2013
109
Cable
Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 315$ 971$ 822$ 2,108$
Payments to suppliers (180) (369) (145) (694)
Payments to employees (66) (202) (518) (786)
Net cash flows from operating activities 69 400 159 628
Cash Flows From Noncapital Financing Activities
Operating grants received (2) (1) - (3)
Transfers from other funds 465 2,083 - 2,548
Transfers to other funds (57) (598) (55) (710)
Repayment of advances from other funds (279) - - (279)
Net cash flows from noncapital financing activities 127 1,484 (55) 1,556
Cash Flows From Capital and Related Financing
Activities
Capital grants received 2,273 - - 2,273
Acquisition and construction of property and equipment (2,855) (865) - (3,720)
Proceeds from sale of property 313 - 4 317
Net cash flows from capital and related financing
activities (269) (865) 4 (1,130)
Cash Flows From Investing Activities
Interest on investments 2 1 4 7
Net increase (decrease) in cash and cash equivalents (71) 1,020 112 1,061
Cash and Cash Equivalents, Beginning 750 743 1,597 3,090
Cash and Cash Equivalents, Ending 679$ 1,763$ 1,709$ 4,151$
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss)(781)$ (347)$ 112$ (1,016)$
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 757 744 34 1,535
Changes in:
Receivables:
Accounts and unbilled usage - (4) 6 2
Accounts payable 91 9 3 103
Accrued liabilities - (1) 1 -
Employee vested benefits - (2) - (2)
Deposits 1 - - 1
Other post employment benefits asset/obligation 1 1 3 5
Total adjustments 850 747 47 1,644
Net cash flows from operating activities 69$ 400$ 159$ 628$
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 226$ -$ 226$
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2013
(amounts expressed in thousands)
110
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.
111
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Assets
Current assets:
Equity in pooled cash and investments 8,839$ 762$ 12,503$ 2,842$ 24,946$
Receivables:
Accounts and unbilled usage - - 1,190 - 1,190
Interest 8 1 11 3 23
Due from other governments 100 - - 1 101
Inventories 659 - - - 659
Total current assets 9,606 763 13,704 2,846 26,919
Noncurrent assets:
Other post employment benefits asset - - 24 - 24
Capital assets:
Land 45 - - - 45
Buildings 578 - - 243 821
Improvements other than buildings 50 - - - 50
Machinery and equipment 15,041 214 24 1,939 17,218
Infrastructure - 31 - 1,577 1,608
Accumulated depreciation (10,129) (199) (14) (2,220) (12,562)
Construction in progress 99 420 - - 519
Total noncurrent assets 5,684 466 34 1,539 7,723
Total assets 15,290 1,229 13,738 4,385 34,642
Liabilities
Current liabilities:
Accounts payable 451 1 155 26 633
Accrued liabilities 15 1 2,135 19 2,170
Employee vested benefits 31 1 3 28 63
Total current liabilities 497 3 2,293 73 2,866
Noncurrent liabilities:
Employee vested benefits 24 1 3 23 51
Other post employment benefits obligation 6 4 - 65 75
Total noncurrent liabilities 30 5 3 88 126
Total liabilities 527 8 2,296 161 2,992
Net Position
Net investment in capital assets 5,684 466 10 1,539 7,699
Unrestricted 9,079 755 11,432 2,685 23,951
Total net position 14,763$ 1,221$ 11,442$ 4,224$ 31,650$
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
June 30, 2013
112
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 5,563$ 232$ 10,390$ 1,839$ 18,024$
Miscellaneous 7 - 3 4 14
Total operating revenues 5,570 232 10,393 1,843 18,038
Operating Expenses:
Personal services 869 30 255 958 2,112
Commodities 2,392 2 188 147 2,729
Services and charges 361 172 7,978 516 9,027
3,622 204 8,421 1,621 13,868
Depreciation 1,244 25 3 265 1,537
Total operating expenses 4,866 229 8,424 1,886 15,405
Operating income (loss)704 3 1,969 (43) 2,633
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 237 - - (22) 215
Operating grants - - - 1 1
Interest income 21 2 28 8 59
Total nonoperating revenues (expenses)258 2 28 (13) 275
Income (loss) before capital contributions
and transfers 962 5 1,997 (56) 2,908
Capital contributions 3 - - 20 23
Transfers in 223 420 - 163 806
Change in net position 1,188 425 1,997 127 3,737
Net Position, Beginning 13,575 796 9,445 4,097 27,913
Net Position, Ending 14,763$ 1,221$ 11,442$ 4,224$ 31,650$
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2013
AND CHANGES IN FUND NET POSITION
113
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Cash Flows From Operating Activities
Receipts from customers and users 5,563$ 232$ 9,203$ 1,843$ 16,841$
Payments to suppliers (2,711) (173) (8,698) (680) (12,262)
Payments to employees (865) (28) (25) (938) (1,856)
Net cash flows from operating activities 1,987 31 480 225 2,723
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 226 420 - 163 809
Net cash flows from noncapital financing
activities 226 420 - 163 809
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (1,786) (425) (5) (269) (2,485)
Proceeds from sale of property 254 2 - (22) 234
Net cash flows from capital and related
financing activities (1,532) (423) (5) (291) (2,251)
Cash Flows From Investing Activities
Interest on investments 29 2 42 11 84
Net increase in cash and cash
equivalents 710 30 517 108 1,365
Cash and Cash Equivalents, Beginning 8,129 732 11,986 2,734 23,581
Cash and Cash Equivalents, Ending 8,839$ 762$ 12,503$ 2,842$ 24,946$
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss)704$ 3$ 1,969$ (43)$ 2,633$
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 1,244 25 3 265 1,537
Changes in:
Receivables:
Accounts and unbilled usage - - (1,190) - (1,190)
Due from other governments (7) - - - (7)
Inventories (169) - - - (169)
Accounts payable 211 1 (532) (17) (337)
Accrued liabilities 1 1 229 1 232
Employee vested benefits (6) - - 7 1
Other post employment benefits
asset/obligation 9 1 1 12 23
Total adjustments 1,283 28 (1,489) 268 90
Net cash flows from operating activities 1,987$ 31$ 480$ 225$ 2,723$
Noncash Investing, Capital, and Financing
Activities:
Contributions of capital assets from
government and others 3$ -$ -$ 20$ 23$
Contributions of capital assets to
government and others -$ -$ -$ 22$ 22$
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2013
114
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.
115
Balance Balance
July 1, 2012 Increases Decreases June 30, 2013
Project Green
Assets
Equity in pooled cash and investments 204$ 68$ 127$ 145$
Interest receivable 1 - 1 -
Total assets 205$ 68$ 128$ 145$
Liabilities
Accounts payable -$ 6$ -$ 6$
Due to agency 205$ 62$ 128$ 139$
Total liabilities 205$ 68$ 128$ 145$
Library Foundation
Assets
Equity in pooled cash and investments -$ 9$ 9$ -$
Accounts receivable 9 - 9 -
9$ 9$ 18$ -$
Liabilities
Accrued liabilities 9$ -$ 9$ -$
Total liabilities 9$ -$ 9$ -$
Total Agency Funds
Assets
Equity in pooled cash and investments 204$ 77$ 136$ 145$
Accounts receivable 9 - 9 -
Interest receivable 1 - 1 -
Total assets 214$ 77$ 146$ 145$
Liabilities
Accounts payable -$ 6$ -$ 6$
Accrued liabilities 9$ -$ 9$ -$
Due to agency 205 62 128 139
Total liabilities 214$ 68$ 137$ 145$
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2013
AGENCY FUNDS
116
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 119
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 124
These schedules contain information to help the reader assess the
government’s most significant local revenue source, the property tax.
Debt Capacity 134
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 144
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 146
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.
117
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Percentage of Assessed Value
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48.456 65.012
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$
77
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7
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$
45.996 62.064
20
0
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7
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4
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94
,
8
6
4
54
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3
3,
9
2
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3
6
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x
a
b
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1
,
2
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8
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0
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0
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2
4
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2
9
1
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5
6
2
$
94
,
8
6
4
41
,
5
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2
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4
2
7
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9
6
8
$
45.560 61.806
20
0
9
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s
s
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s
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d
2
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9
9
1
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7
0
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5
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1
0
8
,
1
2
3
3,3
9
6
4,
0
9
7
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9
9
4
$
11
1
,
5
4
0
54
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0
8
1
4,
2
6
3
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6
1
5
$
Ta
x
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1
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1
0
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9
6
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4
1
0
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6
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$
11
1
,
5
4
0
44
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5
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7
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5
6
6
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7
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1
$
44.080 60.202
20
1
0
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s
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s
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d
3
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5
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4
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1
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1
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2
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2
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11
7
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1
3
61
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0
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6
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3
7
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1
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1
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1
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2
4
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5
1
5
,
9
8
9
$
11
7
,
8
1
3
45
,
1
5
7
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6
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9
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9
$
45.589 61.217
20
1
1
A
s
s
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d
3
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1
2
2
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8
7
5
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3
1
5
1,
2
2
3
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3
0
4
3,2
3
9
4,
3
4
5
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2
5
5
$
25
,
4
0
9
79
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1
9
6
4,
4
4
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8
6
0
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1
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6
4
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4
4
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5
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4
1,
2
2
3
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3
0
4
3,2
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9
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6
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6
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2
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$
25
,
4
0
9
46
,
3
3
3
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7
5
7
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46.909 61.979
20
1
2
A
s
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3
,
1
8
2
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6
3
6
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2
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2
3
1
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7
5
6
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6
3
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4
1
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4
9
3
$
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,
4
0
9
81
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2
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0
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5
2
0
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1
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2
$
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x
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1
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5
4
4
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2
6
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6
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2
3
1
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7
5
6
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6
3
2,
7
7
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4
1
6
$
25
,
4
0
9
48
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3
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8
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8
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1
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3
$
48.530 63.010
20
1
3
A
s
s
e
s
s
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d
3
,
2
8
4
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2
4
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1
6
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2
3
6
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6
0
9
3,0
9
7
4,
5
2
0
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2
7
7
$
11
,
7
1
2
83
,
5
3
8
4,
6
1
5
,
5
2
7
$
Ta
x
a
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1
,
6
6
6
,
0
3
6
1,4
4
8
1,2
3
6
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6
0
9
3,0
9
7
2,
9
0
0
,
9
9
6
$
11
,
7
1
2
47
,
4
0
4
2,
9
6
0
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1
1
2
$
50.752 64.134
So
u
r
c
e
s
:
Io
w
a
D
e
p
a
r
t
m
e
n
t
o
f
M
a
n
a
g
e
m
e
n
t
No
t
e
s
:
Pr
o
p
e
r
t
y
i
s
r
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a
s
s
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s
s
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d
i
n
t
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d
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m
b
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y
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a
r
s
t
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m
a
k
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d
j
u
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t
m
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n
t
s
t
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p
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p
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y
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a
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s
,
a
c
c
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A
s
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C
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f
I
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,
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l
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a
l
p
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a
l
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a
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t
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0
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f
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12
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Total
Io
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Direct &
Co
l
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c
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C
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6
Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections1 Collections
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
2008 39,973 39,768 99.5 70 39,838 99.7
2009 43,168 43,118 99.9 18 43,136 99.9
2010 45,393 45,318 99.8 17 45,335 99.9
2011 47,789 47,826 100.1 8 47,834 100.1
2012 49,595 49,543 99.9 1 49,544 99.9
2013 50,407 50,139 99.5 3 50,142 99.5
Source: Certificate of City Taxes and Johnson County Treasurer's Office
Note: This schedule is presented on a cash basis of accounting. Taxes are collected by the Johnson County Treasurer and
submitted to the City in the following month. Because of the month delay, some years will show Current Tax Collections in
excess of the Total Tax Levied.
1 Delinquent tax collection is presented by collection year, rather than levy year, because information is not available from
Johnson County Treasurer by levy year.
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)
(amounts expressed in thousands)
127
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Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
2004 253,454,012 8,850,608$
2005 254,560,239 8,315,719
2006 267,107,998 8,844,993
2007 261,072,632 8,414,310
2008 249,361,929 7,976,536
2009 234,804,167 7,497,903
2010 234,342,825 7,568,378
2011 236,838,370 7,661,898
2012 246,618,257 7,953,738
2013 254,616,773 8,194,467
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
131
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2013
20
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13
2
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
2004 294,683,685 12,482,393$
2005 297,714,953 12,557,646
2006 302,925,357 12,373,762
2007 315,199,203 11,084,369
2008 285,492,596 12,221,769
2009 276,455,246 12,499,949
2010 265,375,857 12,541,905
2011 280,303,237 12,748,695
2012 282,134,840 12,784,321
2013 285,472,392 12,883,641
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
133
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Assessed Value Per Capita 3
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79
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27.73 : 1000 1,315 $
20
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82
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25.77 : 1000 1,318
20
0
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2
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,
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7
6,
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1
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85
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3
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2
80
,
4
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81
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82
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1
78
,
4
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19.97 : 1000 1,157
20
0
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4
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2
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3
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6
1
5
81
,
2
2
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4,
3
1
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85
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5
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11
,
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73
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17.30 : 1000 1,068
20
1
0
4
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3
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6
,
1
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1
71
,
7
9
2
3,
7
3
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75
,
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3
13
,
9
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2
61
,
5
7
1
14.07 : 1000 907
20
1
1
4
,
4
4
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77
,
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3,
1
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,
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13
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,
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20
1
2
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,
5
2
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1
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2
74
,
2
2
6
1,
4
8
3
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7
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20
1
3
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1
5
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57
,
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8
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1,
1
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1
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5
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,
3
4
4
11.34 : 1000 746
No
t
e
s
:
1 Ge
n
e
r
a
l
O
b
l
i
g
a
t
i
o
n
b
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n
d
s
,
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l
a
t
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d
p
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m
i
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m
s
a
n
d
d
i
s
c
o
u
n
t
s
.
2 Ci
t
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o
f
I
o
w
a
C
i
t
y
B
u
d
g
e
t
B
o
o
k
.
3 Po
p
u
l
a
t
i
o
n
d
a
t
a
c
a
n
b
e
f
o
u
n
d
o
n
p
a
g
e
1
4
4
.
13
5
CITY OF IOWA CITY, IOWA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES1
Last Ten Fiscal Years
(amounts expressed in thousands)
Total
General
Fiscal Year Governmental Ratio of Debt
Ended Total Expenditures Service to General
June 30 Principal2 Interest2 Debt Service and Transfers Expenditures
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 93,360 .10 : 1.00
2007 6,700 3,464 10,164 93,639 .11 : 1.00
2008 7,323 3,556 10,879 99,178 .11 : 1.00
2009 8,418 3,364 11,782 102,607 .11 : 1.00
2010 9,354 3,064 12,418 108,950 .11 : 1.00
2011 10,386 2,889 13,275 120,424 .11 : 1.00
2012 13,294 2,543 15,837 119,242 .13 : 1.00
2013 16,465 2,339 18,804 129,814 .14 : 1.00
Notes:
1 General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Funds.
2 Beginning in FY13, Taxable Urban Renewal Revenue Bonds are also included.
136
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2013
(amounts expressed in thousands, except per capita)
Total General Percent Amount
Long-Term Applicable Applicable
Name of Direct Debt to the City of to the City of
Governmental Unit Outstanding Iowa City Iowa City Per Capita
City of Iowa City 60,514$ 100.00 %60,514$ 862.8527$
Iowa City Community
School District 15,165 58.38 8,853 126.2288
Total 75,679$ 69,367$ 989.0815$
Per capita assessed value 65,811$
Source: Johnson County Auditor's Office.
each overlapping government.
However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of
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.
137
20
0
4
20
0
5
20
0
6
20
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7
20
0
8
20
0
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20
1
0
20
1
1
2012 2013
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14
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9
Fiscal
Year Net Revenue Annual Debt Service2
Ended Available for Ratio of
June 30 Revenue Expenses1 Debt Service Principal Interest Total Coverage
Parking Revenue3
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
2008 4,995 2,454 2,541 355 606 961 2.64
2009 5,630 3,024 2,606 370 584 954 2.73
20106 5,509 3,149 2,360 390 504 894 2.64
2011 5,389 2,920 2,469 420 391 811 3.04
2012 4,945 3,034 1,911 500 339 839 2.28
2013 5,122 3,549 1,573 515 324 839 1.87
Wastewater Treatment Revenue4
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
20086 13,332 4,581 8,751 4,105 3,071 7,176 1.22
20096 13,462 5,202 8,260 4,260 2,813 7,073 1.17
20106 13,174 5,050 8,124 4,205 2,307 6,512 1.25
20116 13,281 5,477 7,804 1,840 2,054 3,894 2.00
2012 13,175 5,663 7,512 4,615 1,693 6,308 1.19
2013 13,301 5,340 7,961 4,865 1,547 6,412 1.24
Water Revenue5
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
20086 9,258 5,348 3,910 955 1,229 2,184 1.79
20096 8,833 5,726 3,107 995 1,171 2,166 1.43
20106 8,336 5,153 3,183 680 1,055 1,735 1.83
2011 8,354 5,464 2,890 1,110 902 2,012 1.44
20126 8,649 5,653 2,996 1,200 861 2,061 1.45
20136 9,342 6,348 2,994 845 758 1,603 1.87
Notes:
1 Excludes depreciation and interest.
2 Includes principal and interest of revenue bonds only.
3 Parking Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total Annual Debt Service"
is required to be at least 1.25.
4 Wastewater Treatment Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total
Annual Debt Service" is required to be at least 1.10.
5 Water Revenue bonds ratio of "Net Revenue Available for Debt Service" to "Total Annual Debt Service"
is required to be at least 1.10.
6 Refunded Revenue Bonds paid are excluded from the principal of Annual Debt Service.
CITY OF IOWA CITY, IOWA
SCHEDULE OF REVENUE BOND COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
140
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Fiscal Year Principal Interest Total
2013 515,000$ 323,975$ 838,975$
2014 530,000 308,300 838,300
2015 540,000 292,250 832,250
2016 560,000 272,950 832,950
2017 580,000 250,150 830,150
2018 605,000 226,450 831,450
2019 625,000 201,850 826,850
2020 650,000 176,350 826,350
2021 680,000 148,900 828,900
2022 705,000 119,469 824,469
2023 735,000 88,869 823,869
2024 770,000 54,000 824,000
2025 695,000 17,375 712,375
Total 8,190,000$ 2,480,888$ 10,670,888$
Fiscal Year Principal Interest Total
2013 4,865,000$ 1,546,888$ 6,411,888$
2014 3,250,000 1,418,681 4,668,681
2015 3,370,000 1,304,900 4,674,900
2016 3,520,000 1,175,119 4,695,119
2017 3,625,000 1,034,575 4,659,575
2018 3,775,000 886,575 4,661,575
2019 3,915,000 731,400 4,646,400
2020 4,090,000 557,463 4,647,463
2021 3,740,000 378,013 4,118,013
2022 2,485,000 232,288 2,717,288
2023 1,220,000 141,250 1,361,250
2024 700,000 93,250 793,250
2025 740,000 57,250 797,250
2026 775,000 19,375 794,375
Total 40,070,000$ 9,577,027$ 49,647,027$
(continued)
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE
Parking
Outstanding
Sewer
Outstanding
142
Fiscal Year Principal Interest Total
2013 845,000$ 757,529$ 1,602,529$
2014 1,335,000 649,946 1,984,946
2015 1,380,000 609,515 1,989,515
2016 1,420,000 567,215 1,987,215
2017 1,465,000 522,946 1,987,946
2018 1,520,000 475,903 1,995,903
2019 1,565,000 426,515 1,991,515
2020 1,620,000 374,103 1,994,103
2021 1,680,000 317,571 1,997,571
2022 1,740,000 256,781 1,996,781
2023 1,805,000 191,764 1,996,764
2024 1,325,000 128,847 1,453,847
2025 1,390,000 68,481 1,458,481
2026 835,000 18,788 853,788
Total 19,925,000$ 5,365,904$ 25,290,904$
Fiscal Year Principal Interest Total
2013 -$ 38,086$ 38,086$
2014 - 75,335 75,335
2015 - 75,335 75,335
2016 130,000 75,335 205,335
2017 130,000 74,035 204,035
2018 135,000 72,345 207,345
2019 135,000 70,185 205,185
2020 140,000 67,485 207,485
2021 140,000 64,545 204,545
2022 145,000 61,325 206,325
2023 150,000 57,845 207,845
2024 150,000 53,945 203,945
2025 155,000 49,745 204,745
2026 160,000 45,095 205,095
2027 165,000 39,975 204,975
2028 170,000 34,365 204,365
2029 175,000 28,245 203,245
2030 185,000 21,770 206,770
2031 190,000 14,925 204,925
2032 200,000 7,800 207,800
Total 2,655,000$ 1,027,721$ 3,682,721$
Taxable Urban Renewal
Outstanding
Outstanding
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE (continued)
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2004 2005 2006 2007 2008 2009 2010
Public Safety
Police 97.25 94.25 94.25 96.25 96.25 103.25 103.25
Animal Shelter1 6 6 6 6 6 6 6
Fire 58 56 57 57 57 57 57
Inspection Services 14.13 13.88 14.88 14.88 15.38 15.55 15.55
Public Works
Public Works Admin 2 2 2 2 2 2 2
Engineering 13.6 11.6 11.6 11.6 11.35 11.35 11.35
Flood Recovery - - - - - - -
Culture and Recreation
Parks and Rec Admin 2 2 2 2 2 2 2
Recreation 15.17 15.17 15.17 15.42 15.42 15.42 15.42
Parks 13 12 13 13 13 13 13
Forestry 3 3 3 3 3 3 3
Cemetery 3 3 3 3 3 3 3
CBD Maintenance 3 3 3 3 3 3 3
Library 43.25 42.63 42.63 42.89 43.14 43.14 43.14
Senior Center 5.81 6.31 6.31 6.31 6.31 6.31 6.31
Community and Economic Development 9.45 8.45 8.45 8.45 8.95 9.05 9.05
General Government
City Council 7 7 7 7 7 7 7
City Clerk 4 4 4 4 4 4 4
City Attorney 6.6 6.6 6.6 6.6 6.6 6 6
City Manager2 3 3 3 3 3 3 3
Personnel 4 4 4 4 4 4 4
Human Rights 2.5 2.5 2.5 2.5 2.5 2.5 2.5
Finance 28.61 26.61 26.75 26.75 26.5 26.3 26.3
Government Buildings 4.96 4.96 4.96 4.96 4.96 4.96 4.96
Energy Conservation 0.5 0.5 0.5 0.5 0.25 0.25 0.25
Transit3 48.5 50.5 50.5 50.5 54.75 58.5 58.5
Special Revenue
Employee Benefits 0.34 0.34 0.39 0.39 0.29 0.29 0.29
CIP / Roads 7 3 2 2 1 2 2
Flood Mitigation Grants - - - - - - -
Community Development 5.35 4.35 4.35 4.35 3.98 3.88 3.88
UniverCity Program
Traffic Engineering 5.65 5.65 4.15 4.15 4.15 4.15 4.15
Streets 22 22 23.5 23.5 23.5 25.5 25.5
MPOJC (formerly JCCOG)6.1 6.1 6.6 6.6 6.6 6.6 6.6
Other Shared Revenues
Library Development 1.5 0.8 1 1 1 1 1
Capital Project Administration - - - - - - -
Internal Service Funds
Information Technology 7.5 8 11.75 12 12.3 12.3 12.3
Equipment 11.26 11.25 11.26 11.26 11.26 11.26 11.26
Central Services 0.75 0.75 0.75 0.75 0.75 0.75 0.75
Risk Management 1.33 1.32 1.38 1.38 1.73 1.93 1.93
Business-Type Activities
Parking 31.5 32.75 32.75 32.75 32.75 33.25 33.25
Mass Transit3
Wastewater Treatment 27.3 27.3 25.5 25.5 25.5 25.6 25.6
Water 31.7 31.7 32.5 32 32.75 32.75 32.75
Sanitation 32.35 34.35 33.85 33.85 34.85 34.85 35.85
Airport 2 2 1.6 1.6 1.6 1.75 1.75
Cable Television 6.19 6.19 6.19 6.19 6.19 6.44 6.44
Stormwater - - 0.5 1 2 1.9 1.9
Housing Authority 12.5 12.75 13.25 13.25 13.25 13.25 13.25
Total 610.65 599.56 605.37 608.13 614.81 629.03 630.03
Source: City's Financial Plan
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
146
2011 2012 2013
98 97 103
6 6 0
66 65 65
15.55 15.55 15.55
2 2 2
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13 13 13
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6.31 6.5 6.5
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7 7 7
4 4 4
5.6 5.6 5.6
3 3 5
4 4 4
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26.24 27.53 23.47
4.96 4.83 4.83
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152
www.eidebailly.com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
153
Independent Auditor’s 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
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information of
the City of Iowa City, Iowa, (City) as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated December 19, 2013.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do
not express an opinion on the effectiveness of the City’s internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the
preceding paragraph and was not designed to identify all deficiencies in internal control over financial
reporting that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompanying
schedule of findings and questioned costs, we identified a certain deficiency in internal control that we
consider to be a material weakness. A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. We
consider the deficiency described in Part II of the accompanying schedule of findings and questioned
costs as item 2013-A to be a material weakness.
154
A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Comments involving statutory and other legal matters about the City’s operations for the year ended June 30, 2013, are based exclusively on knowledge obtained from procedures performed during our audit
of the financial statements of the City and are reported in Part IV of the accompanying Schedule of
Findings and Questioned Costs. Since our audit was based on tests and samples, not all transactions that
might have had an impact on the comments were necessarily audited. The comments involving statutory and other legal matters are not intended to constitute legal interpretations of those statutes.
City’s Response to Finding
The City’s response to the finding identified in our audit is described in the accompanying schedule of findings and questioned costs. The City’s response was not subjected to the auditing procedures applied
in the audit of the financial statements and, accordingly, we express no opinion on it.
Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Dubuque, Iowa
December 19, 2013
www.eidebailly.com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
155
Independent Auditor’s Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance Required by OMB Circular A-133
To the Honorable Mayor and Members of the City Council City of Iowa City, Iowa
Report on Compliance for Each Major Federal Program
We have audited the City of Iowa City, Iowa’s (City) compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and
material effect on each of the City’s major federal programs for the year ended June 30, 2013. The City’s major federal programs are identified in the summary of auditor’s results section of the accompanying
schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts and grants applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on the compliance for each of the City’s major federal
programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the
compliance requirements referred to above that could have a direct and material effect on a major federal
program occurred. An audit includes examining, on a test basis, evidence about the City’s compliance with those requirements and performing such other procedures as we considered necessary in the
circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the City’s compliance.
Opinion on Each Major Federal Program
In our opinion, the City of Iowa City, Iowa, complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major Federal programs for the year ended June 30, 2013.
156
Report on Internal Control over Compliance Management of the City is responsible for establishing and maintaining effective internal control over
compliance with the compliance requirements referred to above. In planning and performing our audit of
compliance, we considered the City’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on
compliance for each major federal program and to test and report on internal control over compliance in
accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the
effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a compliance requirement will not be prevented,
or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance
is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control
over compliance that we consider to be material weaknesses. However, material weaknesses may exist
that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.
Dubuque, Iowa
December 19, 2013
157
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal
CFDA Federal
Number Expenditures
U.S. Department of Commerce:
Direct program:
Economic Adjustment Assistance 11.307 18,803,973$
Economic Adjustment Assistance 11.307 329,688
Total U.S. Department of Commerce 19,133,661
U.S. Department of Housing and Urban Development:
Direct program:
Community Development Block Grants/
Entitlement Grants 14.218 990,119
Community Development Block Grants/
Entitlement Grants 14.218 558,125 Community Development Block Grants/Entitlement Grants 14.218 229,814 1,778,058
Pass-through program from:Iowa Economic Development Authority:
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRHB-225 1,420,382
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRH-210 629,583
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRI-271 9,852,193
Community Development Block Grants/ State's Program and Non-Entitlement Grants in Hawaii 14.228 08-DRI-273 299,323
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRIEF-276 223,701
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRB-204 20,078
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRMH-215 345
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRIEF-274 111,464
Community Development Block Grants/ State's Program and Non-Entitlement Grants in Hawaii 14.228 08-DRIEF-275 IC 1,008
Grantor/Program
Pass-Through
Number
Entity Identifying
158
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal
CFDA Federal
Number Expenditures
U.S. Department of Housing and Urban Development: (continued)
Pass-through program from: (continued)Iowa Economic Development Authority: (continued)
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRMI-007 91,859$
Community Development Block Grants/
State's Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRH-010 337,042
12,986,978
Direct program:
Home Investment Partnerships Program 14.239 224,238 Home Investment Partnerships Program 14.239 210,480 Home Investment Partnerships Program 14.239 207,939 Home Investment Partnerships Program 14.239 131,154 773,811
Public and Indian Housing 14.850 122,679
Section 8 Housing Choice Vouchers 14.871 6,670,788
Public Housing Capital Fund 14.872 121,379
Public Housing Capital Fund 14.872 53,026
Public Housing Capital Fund 14.872 228
174,633
Total U.S. Department of Housing and Urban Development 22,506,947
U.S. Department of Justice:
Pass-through program from:Iowa Department of Justice:
Violence Against Women Formula Grants 16.588 VW-13-34 43,086
Direct program:
Bulletproof Vest Partnership Program 16.607 2,840
Bulletproof Vest Partnership Program 16.607 401
3,241
Public Safety Partnership and Community
Policing Grants 16.710 44,356 Pass-through program from:Governor’s Office of Drug Control Policy:Public Safety Partnership and Community
Policing Grants 16.710 10-Hotspots/Interdiction 18,491
62,847
Pass-Through
Entity Identifying
Grantor/Program Number
159
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal
CFDA Federal
Number Expenditures
U.S. Department of Justice: (continued)
JAG Program Cluster:
Direct program:
Edward Byrne Memorial Justice
Assistance Grant Program 16.738 29,087$
Edward Byrne Memorial Justice
Assistance Grant Program 16.738 24,880
Edward Byrne Memorial Justice
Assistance Grant Program 16.738 15,438
Pass-through program from:
Governor’s Office of Drug Control Policy:
Edward Byrne Memorial Justice
Assistance Grant Program 16.738 10JAG-42356 64,370
133,775 Pass-through program from:Governor’s Office of Drug Control Policy:
ARRA – Recovery Act – Edward
Byrne Memorial Justice Assistance
Grant (JAG) Program/Grants to
States and Territories 16.803 10JAG-42356 32,262
Direct program:ARRA – Recovery Act – Edward Byrne Memorial Justice Assistance Grant (JAG) Program/Grants to Units of
Local Government 16.804 23,724
Total JAG Program Cluster 189,761
Total U.S. Department of Justice 298,935
U.S. Department of Transportation:
Direct program:
Airport Improvement Program 20.106 2,018,623
Airport Improvement Program 20.106 130,396
Airport Improvement Program 20.106 10,887
Airport Improvement Program 20.106 7,740
2,167,646
Pass-Through
Entity Identifying
Grantor/Program Number
160
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal
CFDA Federal
Number Expenditures
U.S. Department of Transportation: (continued)
Highway Planning and Construction Cluster:
Pass-through program from:
Iowa Department of Transportation:
Highway Planning and Construction 20.205 STP-U-3715(637)--70-52 1,697,342$
Highway Planning and Construction 20.205 HDP-3715(634)--71-52 367,510
Highway Planning and Construction 20.205 BRM-3715(650)--8N-52 295,344
Highway Planning and Construction 20.205 FHWA IA08-05 4,503
Iowa Department of Transportation and
Metropolitan Planning Organization
of Johnson County:
Highway Planning and
Construction 20.205 13MPO-MPOJC 175,000
2,539,699
Iowa Department of Transportation: Recreational Trails Program 20.219 NRT-3715(649)--9G-52 389,885
Total Highway Planning and Construction Cluster 2,929,584
Federal Transit Cluster:
Pass-through program from:
Iowa Department of Transportation:
Federal Transit – Capital Investment
Grants 20.500 IA-04-0117-371-11 739,797
Direct program:Federal Transit – Formula Grants 20.507 1,043,854
Total Federal Transit Cluster 1,783,651
Transit Services Program Cluster:
Pass-through program from:
Iowa Department of Transportation: Enhanced Mobility of Seniors and
Individuals with Disabilities 20.513 IA-16-X002-371-13 88,992
Job Access and Reverse Commute
Program 20.516 IA-37-X022-371-12 31,024 Job Access and Reverse Commute Program 20.516 IA-37-X022-371-13 92,942
123,966
New Freedom Program 20.521 IA-57-X001-371-12 24,004 New Freedom Program 20.521 IA-57-X009-371-13 32,148 56,152
Total Transit Services Program Cluster 269,110
Entity Identifying
Pass-Through
Grantor/Program Number
See Notes to the Schedule of Expenditures of Federal Awards
161
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal
CFDA Federal
Number Expenditures
U.S. Department of Transportation: (continued)
Pass-through program from: (continued)Iowa Department of Public Safety:
Governor's Traffic Safety Bureau:
Alcohol Impaired Driving
Countermeasures Incentive Grants I 20.601 PAP 13-410, Task 30 19,463$ Alcohol Impaired Driving
Countermeasures Incentive Grants I 20.601 PAP 12-410, Task 41 6,338
25,801
Total U.S. Department of Transportation 7,175,792
U.S. Environmental Protection Agency
Direct program:
Urban Waters Small Grants 66.440 9,709
U.S. Department of Energy:
Direct program:ARRA – Energy Efficiency and Conservation Block Grant Program (EECBG)81.128 23,419
U.S. Department of Homeland Security:
Pass-through program from:
Iowa Homeland Security and Emergency
Management Division:
Disaster Grants – Public Assistance
(Presidentially Declared Disasters)97.036 FEMA-1763 DR-IA 475,304
Disaster Grants – Public Assistance
(Presidentially Declared Disasters)97.036 FEMA DR-4119-IA 49,993
Disaster Grants – Public Assistance
(Presidentially Declared Disasters)97.036 FEMA DR-4126-IA 49,732
575,029
Hazard Mitigation Grant 97.039 DR-1763-0137-01 275,515 Hazard Mitigation Grant 97.039 HMGP-DR-1854-0006 01 104,046 Hazard Mitigation Grant 97.039 FEMA-DR-1763-0015 01 1,035 380,596
Total U.S. Department of Homeland Security 955,625
Total 50,104,088$
Pass-Through
Entity Identifying
Grantor/Program Number
162
City of Iowa City, Iowa
Notes to the Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Iowa City, Iowa, and is presented on the modified accrual basis of accounting for governmental funds and the full
accrual basis of accounting for proprietary funds. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
The City received federal awards both directly from federal agencies and indirectly through pass-through entities.
Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient.
Note 2 - Subrecipients
Of the federal expenditures presented in the accompanying schedule of expenditures of federal awards, the City
provided federal awards to subrecipients as follows:
Federal Amount
CFDA Provided to
Number Subrecipients
Community Development Block Grants/Entitlement Grants 14.218 1,102,570$
Home Investment Partnerships Program 14.239 539,903
Public Safety Partnership and Community Policing Grants 16.710 7,738
Edward Byrne Memorial Justice Assistance Grant Program 16.738 70,910
ARRA – Recovery Act – Edward Byrne Memorial Justice
Assistance Grant (JAG) Program/Grants to States and Territories 16.803 19,998
New Freedom Program 20.521 56,152
Program Title
163
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2013
Part I: Summary of the Independent Auditor's Results:
Financial Statements
Type of auditor's report issued Unmodified
Internal control over financial reporting:
Material weaknesses identified Yes
Significant deficiencies identified not
considered to be material weaknesses None reported
Noncompliance material to financial statements noted? No
Federal Awards
Internal control over major programs:
Material weaknesses identified No
Significant deficiencies identified not
considered to be material weaknesses None reported
Type of auditor's report issued on compliance for major programs: Unmodified
Any audit findings disclosed that are required to be reported in
accordance with OMB Circular A-133 §.510(a): No
Identification of major programs:
Name of Federal Program CFDA Number
Economic Adjustment Assistance 11.307
Community Development Block Grants/Entitlement Grants 14.218
JAG Cluster
Edward Byrne Memorial Justice Assistance Grant Program 16.738
ARRA – Recovery Act – Edward Byrne Memorial Justice
Assistance Grant (JAG) Program/Grants to States and
Territories 16.803
ARRA – Recovery Act – Edward Byrne Memorial Justice
Assistance Grant (JAG) Program/Grants to Units of Local
Government 16.804
Airport Improvement Program 20.106
Highway Planning and Construction Cluster
Highway Planning and Construction 20.205
Recreational Trails Program 20.219
Federal Transit Cluster
Federal Transit – Capital Investment Grants 20.500
Federal Transit – Formula Grants 20.507
164
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2013
Part I: Summary of the Independent Auditor's Results: (continued)
Dollar threshold used to distinguish between type A
and type B programs: $1,503,123
Auditee qualified as low-risk auditee? Yes
Part II: Findings Related to the Financial Statements:
MATERIAL WEAKNESS:
2013-A Material Audit Adjustment
Criteria – A properly designed system of internal control over financial reporting allows entities to
initiate, authorize, record, process, and report financial data reliably in accordance with generally accepted accounting principles.
Condition – During the course of our engagement, we proposed a material audit adjustment to the
financial statements that would not have been identified as a result of the City’s existing internal
controls and, therefore, could have resulted in material misstatements of the City’s financial statements.
Cause – The material audit adjustment was to adjust the beginning of the year net position of the
Sanitation Fund for the Landfill Closure and Postclosure Care Liability which was calculated
incorrectly in the past based on incorrect landfill capacity information supplied to the accounting staff. Effect – The effect of this condition was financial data not in accordance with generally accepted accounting principles.
Recommendation –We recommend that additional financial statement review procedures be
implemented to insure accuracy of recorded amounts.
Response – The information used for the past several years to calculate the Landfill Closure and
Postclosure Liability was consistent with the information that is used in the calculation of the funding
requirements for the Municipal Solid Waste Sanitary Landfill Financial Assurance Report Form
submitted to the Department of Natural Resources of the State of Iowa each year. While these calculations are similar in nature, the City has chosen a very conservative approach that is allowed by
the State to show the funding requirement. This alternate approach is not allowed by U.S. GAAP in the
calculation of the liability, therefore creating a discrepancy.
Accounting will work to implement a more stringent review process of the information obtained from
other City divisions and outside entities to make sure the information is in compliant with U.S. GAAP
requirements.
Part III: Findings and Questioned Costs for Federal Awards:
There were no findings and questioned costs to report.
165
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2013
Part IV: Other Findings Related to Required Statutory Reporting:
2013-IA-A Certified Budget – Disbursements during the year ended June 30, 2013, did not exceed the amount
budgeted. However, before the budget was amended, disbursements exceeded the amount budgeted
for the Community and Economic Development function.
Recommendation – The budget should have been amended in accordance with Chapter 384.18 of
the Code of Iowa before disbursements were allowed to exceed the budget.
Response – The City is looking to improve its budget monitoring procedures and revise the budget preparation process to help reduce the likelihood of such an occurrence.
2013-IA-B Questionable Expenditures – We noted no expenditures that we believe may fail to meet the
requirements of public purpose as defined in an Attorney General’s opinion dated April 25, 1979.
2013-IA-C Travel Expense – No expenditures of City money for travel expenses of spouses of City officials or employees were noted.
2013-IA-D Business Transactions – Business transactions between the City and City officials or employees
are detailed as follows:
Name, Title, and Transaction
Business Connection Description Amount
Art Bettis, Spouse of Brenda Nations, Consulting
Environmental Coordinator, Landfill Services $ 1,500
Terry Dickens, Council Member
Part owner of Herteen & Stocker Jewelers Service Charge 16
In accordance with Chapter 362.5(3)(j) of the Code of Iowa, the transactions with the Environmental Coordinator and the Council Member do not appear to represent conflicts of interest
since total transactions with each individual did not exceed $1,500 during the fiscal year.
2013-IA-E Bond Coverage – Surety bond coverage of City officials and employees is in accordance with statutory provisions. The amount of coverage should be reviewed annually to ensure the coverage is adequate for
current operations.
2013-IA-F Council Minutes – No transactions were found that we believe should have been approved in the
City Council minutes but were not.
2013-IA-G Deposits and Investments – No instances of non-compliance with the deposit and investment
provisions of Chapters 12B and 12C of the Code of Iowa and the City’s investment policy were
noted.
166
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2013
Part IV: Other Findings Related to Required Statutory Reporting: (continued) 2013-IA-H Urban Renewal Annual Report – The urban renewal annual report was properly approved and
certified to the Iowa Department of Management on or before December 1.
2013-IA-I Revenue Bonds – No instances of non-compliance with the provisions of the City’s revenue bond
resolutions were noted.
167
City of Iowa City, Iowa
Summary Schedule of Prior Federal Audit Findings
Year Ended June 30, 2013
There were no prior year federal findings.