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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2011
Page
INTRODUCTORY SECTION
Table of contents ................................................................................................................................ 1
Letter of transmittal ............................................................................................................................ 3
City organizational chart .................................................................................................................... 10
City officials....................................................................................................................................... 11
Certificate of Achievement for Excellence in Financial Reporting ................................................... 12
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ......................................................................................... 13
MANAGEMENT’S DISCUSSION AND ANALYSIS .................................................................... 15
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net assets ................................................................................................................. 26
Statement of activities .................................................................................................................. 28
Fund financial statements
Balance sheet – governmental funds ............................................................................................ 30
Reconciliation of the balance sheet of the governmental funds to the statement of net assets .... 32
Statement of revenues, expenditures, and changes in fund balances – governmental funds ....... 33
Reconciliation of the statement of revenues, expenditures, and changes in fund balances of
governmental funds to the statement of activities ..................................................................... 35
Statement of net assets – proprietary funds ................................................................................. 36
Statement of revenues, expenses, and changes in fund net assets – proprietary funds ................ 39
Statement of cash flows – proprietary funds ................................................................................ 40
Statement of fiduciary assets and liabilities ................................................................................. 42
Notes to financial statements .......................................................................................................... 43
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary comparison schedule – budget and actual – all governmental funds and enterprise ...
funds – budgetary basis……………………………………………………………………….... 80
Budgetary comparison schedule – budget to GAAP reconciliation …………………………….. 82
Note to required supplementary information – budgetary reporting…………………………….. 83
Schedule of Funding Progress for Health and Dental Plans…………………….………………….. 84
COMBINING AND INDIVIDUAL FUND STATEMENTS
Combining balance sheet – nonmajor governmental funds ............................................................ 86
Combining statement of revenues, expenditures, and changes in fund balances – nonmajor
governmental funds ...................................................................................................................... 87
Combining statement of net assets – nonmajor enterprise funds .................................................... 90
Combining statement of revenues, expenses, and changes in fund net assets – nonmajor
enterprise funds ............................................................................................................................ 91
Combining statement of cash flows – nonmajor enterprise funds .................................................. 92
Combining statement of net assets – internal service funds ........................................................... 94
Combining statement of revenues, expenses, and changes in fund net assets – internal service
funds ............................................................................................................................................. 95
Combining statement of cash flows – internal service funds .......................................................... 96
Statement of changes in assets and liabilities – agency funds ........................................................ 98
1 1
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2011
Page
STATISTICAL SECTION (UNAUDITED)
Net assets by component .................................................................................................................... 101
Changes in net assets .......................................................................................................................... 102
Fund balances – governmental funds ................................................................................................. 104
Changes in fund balances – governmental funds ............................................................................... 105
General government tax revenues by source ...................................................................................... 106
Assessed and taxable value of property .............................................................................................. 107
Property tax rates – direct and overlapping governments .................................................................. 108
Property tax budgets and collections .................................................................................................. 109
Principal taxpayers ............................................................................................................................. 110
Principal water system customers ...................................................................................................... 112
Sales history and total water charges .................................................................................................. 113
Principal sewer system customers ...................................................................................................... 114
Sales history and total sewer charges ................................................................................................. 115
Ratios of outstanding debt by type ..................................................................................................... 116
Ratios of general obligation bonded debt to assessed value and net bonded debt per capita ............. 117
Ratio of annual debt service expenditures for general bonded debt to total general governmental
expenditures ..................................................................................................................................... 118
Computation of direct and overlapping debt ...................................................................................... 119
Legal debt margin information ........................................................................................................... 120
General obligation debt annual maturity schedule ............................................................................. 121
Schedule of revenue bond coverage ................................................................................................... 122
Revenue debt annual maturity schedule ............................................................................................. 123
Revenue debt annual maturity by funding source .............................................................................. 124
Demographic and economic statistics ................................................................................................ 126
Principal employers ............................................................................................................................ 127
Full-time equivalent city government employees by function ........................................................... 128
Operating indicators by function ........................................................................................................ 130
Capital assets by function ................................................................................................................... 132
COMPLIANCE SECTION
Report on internal control over financial reporting and on compliance and other matters based on
an audit of financial statements performed in accordance with Government Auditing Standards .. 135
Report on compliance with requirements that could have a direct and material effect on each
major program and on internal control over compliance in accordance with OMB Circular A-
133 ................................................................................................................................................... 137
Schedule of expenditures of federal awards ....................................................................................... 139
Notes to the schedule of expenditures of federal awards ................................................................... 144
Schedule of findings and questioned costs ......................................................................................... 145
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December 14, 2011
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, 2011 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 #54, Fund Balance Reporting and Governmental Fund
Type Definitions effective with these 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, 2011 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 unqualified opinion that the City of Iowa City’s financial statements for the fiscal year
ended, June 30, 2011, 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, but three members are nominated from specific districts, and the four other
members are nominated at large. The Council elects the Mayor from its own members for a two-
year term.
The City Council is the legislative body and makes all policy determinations for the City through
the enactment of ordinances and resolutions. It also adopts a budget to determine how the City will
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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 565 full-time and 74 part-time permanent municipal employees and 356
temporary employees, including a police force of 79 sworn personnel and a fire department of 64
firefighters. 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, maintenance of grounds and buildings, 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 encumbered lapse at the end of the year.
Information Useful in Assessing the Government’s Economic Condition
The City's economic strength is based upon education, medical services, and diversified
manufacturing. The University of Iowa and the University of Iowa Hospital and Clinics is the
City’s largest employer with over 26,000 employees. The University of Iowa Hospitals and
Clinics is the largest university-owned teaching medical center in the United States. The City
also has a significant number of private employers who have a history of providing stable and
increasing employment in the community. The relative stability of the University of Iowa,
coupled with the City’s multi-sector base of industrial and commercial interests, has helped
insulate the City from the significant negative economic impacts related to unemployment.
The City continues to see sustained production in our major local industries, such as ACT and NCS
Pearson. Continued economic development efforts involving the Iowa City and Coralville
Chambers of Commerce, local private interests, the University of Iowa and other surrounding
communities through participation as members of the Iowa City Area Development Group, have
proved positive with the retention and expansion of businesses.
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In addition, the Iowa’s Technology 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 and 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, and educational services.
Continued developments within Iowa City and the region have a favorable impact upon the City's
economy.
There have been budget challenges faced by the State of Iowa; however, the City's economy as a
whole continues to grow. The major employers have had only minimal reductions in their
workforce size as evidence in the unemployment rate for Iowa City, which continues to remain
low at 4.8% for the month of June 2011, as compared to 6.0% for the State of Iowa, and 9.2% for
the national average. The City has experienced modest increases in assessed property valuations.
The rate of new housing construction increased in comparison to the prior year. This consisted of
108 new single-family houses in 2010, as compared to 127 in 2009; multi-family dwelling units
added to the tax rolls for the year ended December 31, 2010 increased to 88, compared to 81 in
2009; and a mixed commercial and residential development added in 2010 that included 16
residential units. Altogether these additions totaled $43,957,000 in FY10, an increase of
$2,807,000 from prior year. This, along with the low unemployment rate, continues to be
indicative of the City's relative economic stability.
According to the 2010 census, the population of Iowa City is 67,892. This is an increase of 5,672
or 9.1% as compared to the 2000 census.
In response to national economic recession, the City has been able to utilize state and federal
stimulus programs that were designed to preserve and create jobs and promote economic
recovery, assist people impacted by the recession, provide investments needed to increase
economic efficiency, and stabilize state and local government budgets. While Iowa City’s
housing market and unemployment have not felt the impact as greatly as other areas of the
country, the City has been able to take advantage of stimulus funds to complete projects and
strengthen the local economy. Iowa City applied for funds totaling $58,575,000 and has been
approved for $11,487,000.
Current projects funded with stimulus funds 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. The South Wastewater Treatment Plant expansion
and relocation and demolition of the North Wastewater Treatment Plant and construction of a
fourth fire station are additional projects funded through stimulus programs.
There are many signs that the City remains healthy and vibrant with great promise for the future.
The University of Iowa continues to add new buildings and facilities. The City continues to see
sustained production in major local industries. Industrial and commercial interests within the
community continue to thrive.
Major Initiatives
Iowa City continues to deal with the recovery efforts from the flood experienced in 2008. The
City of Iowa City was among several cities in Iowa that received a Presidential Disaster
declaration, which brought the Federal Emergency Management Agency (FEMA) technical and
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financial assistance to Iowa City. These on-going efforts include expansion of the South
Wastewater Treatment Plant and demolition of the North Wastewater Treatment Plant, elevating
Dubuque Street and rebuilding Park Road Bridge, constructing levees to prevent future flooding,
as well as, rebuilding the City’s Animal Shelter. In addition, the City received $23,293,000 in
Hazard Mitigation Grants and Community Development Block Grants and is in the process of
acquiring properties in the flood-impacted neighborhoods.
The City is developing a general industrial park on the southeast side. This project involves
annexing and rezoning 180 acres of land and building the street, water, and sewer infrastructure
needed to support industrial businesses. This project is estimated to cost $7,300,000 and will be
funded with cash on hand, bonds, grants and Tax Increment Financing (TIF). This project is
scheduled to be completed in phases, with the land being “shovel ready” for industries to build.
The City of Iowa City is in the planning process of constructing a mixed-use parking facility
adjacent to downtown Iowa City. The mixed-use parking facility 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. The City is
hoping to work with a private partner to develop the commercial and housing spaces. As this is
still in the planning phase, the cost of this project is unknown, but it is anticipated that the parking
facility will be financed with bonds and the commercial and housing space will be funded by the
private developer in conjunction with the City. The City anticipates establishing an urban
renewal area for the purposes of allowing Tax Increment Financing of the commercial and
residential space.
The City has received grants totaling $3,950,000 to construct new single family homes in Iowa
City to replace homes lost during the 2008 flood. These funds can be used to assist the
homebuyer with the downpayment of up to 25% of the home cost. A total of 77 new homes were
constructed in the first two rounds of the Single Family New Construction (SFNC) Program and
round three is currently in progress and will include an additional 31 homes in Iowa City by
December 31, 2012.
The City and the University of Iowa have joined together in a cooperative effort to acquire and
rehabilitate 26 homes in the neighborhoods surrounding the University of Iowa Campus to ensure
the neighborhoods remain vital, safe, affordable, and attractive places to live and work for both
renters and homeowners. The City has secured a $1,250,000 state I-JOBS grant to help fund the
UniverCity Neighborhood Partnership.
Upcoming projects for the City include Moss Green Urban Village, Towncrest Urban Renewal,
and Riverfront Crossing Development. The City has established an urban renewal area for the
development of Moss Green Urban Village, a 243-acre, 18-lot office research and mixed-use
subdivision on the northeast edge of the city. The Towncrest Urban Renewal Plan 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 costs for Towncrest
Renewal are estimated at $1,400,000 and will be covered through TIF. The Riverfront Crossing
Development Plan is an initiative to revitalize the area south of Iowa City’s downtown area. It
will be a mixed-use zoning district that will allow for commercial and residential development
with identified costs estimated at $800,000 and additional expenses anticipated. A TIF district is
being considered for this project. This project will include purchasing and rehabilitating the train
depot, which relates to the recent announcement of a $230,000,000 federal grant that will be used
to develop passenger rail services from Chicago to Iowa City, pending matching State funds.
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Long-term Financial Planning
In preparing the financial plan for the three years ending June 30, 2015, the process of budget
balancing has been difficult. With the continued tax limitations imposed by the state (specifically
the residential rollback factor), increased federal and state regulations and mandates, rising costs,
including retirement funding, and fewer opportunities for grants and outside funding sources, the
municipal service needs for our growing community are becoming increasingly difficult to
satisfy.
In balancing the budget for the three-year period, the City attempted to maintain service levels,
wherever practical. In addition, our planning has been directed at maintaining our current fiscal
strength and avoiding any erosion of that fiscal position, including the City’s Aaa bond rating.
A continuing major objective in the three-year financial plan is to maintain or increase the City's
cash reserve position. In addition, procedures were adopted to allocate unassigned fund balances
between the contingency and working capital. The contingency balance is available during the
fiscal year for unanticipated and unbudgeted expenditures, while the working capital is used for the
General Fund since property tax revenues are received only twice a year. The City is committed
to drawing from the contingency balance only in emergency situations. This unassigned fund
balance allocation along with specific budgeting techniques has allowed the City to increase or
maintain fund balances over the past year.
The City continues to pursue cooperative efforts with other local governments. Joint funding,
purchasing, planning and other efforts allow the City to meet mandates for new and improved
services in the future at the most reasonable cost. Joint cooperation currently encompasses
regional transportation planning, human services, solid waste management planning, a hazardous
materials response program, an enhanced 911 emergency communications system, community
relations, joint operation of an animal control facility and an indoor swimming pool facility, and
joint economic development efforts. While such cooperative efforts are not new in concept, the
City expects to enter into more agreements with neighboring governmental subdivisions, as well
as with the University of Iowa.
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,
2010. 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-six consecutive years. I believe our current report continues to conform to the
Certificate requirements and I am submitting it to GFOA to determine its eligibility for another
certificate.
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CITY OF IOWA CITY, IOWA
LISTING OF CITY OFFICIALS
June 30, 2011
ELECTED OFFICIALS
Term Expires
Mayor Matt Hayek January 2, 2012
Council Member and Mayor Pro tem Ross Wilburn January 2, 2012
Council Member Regenia Bailey January 2, 2012
Council Member Connie Champion January 2, 2014
Council Member Terry Dickens January 2, 2014
Council Member Susan Mims January 2, 2014
Council Member Mike Wright January 2, 2012
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 City Manager Dale E. Helling August 16, 1975
Director of Housing and Inspection Services Douglas W. Boothroy September 22, 1975
Library Director Susan Craig July 28, 1975
Director of Planning & Community Development Jeff Davidson January 26, 1981
Director of Public Works Rick Fosse February 22, 1984
Director of Transportation Services Chris O’Brien December, 29, 1997
Senior Center Coordinator Linda Kopping March 20, 1995
Fire Chief Andrew Rocca July 14, 1978
Parks and Recreation Director Mike Moran September 26, 1983
Director of Finance Kevin O’Malley August 19, 1985
Chief of Police Sam Hargadine August 29, 2005
11
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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, 2011. This narrative is intended to be used in
conjunction with additional information that is included in the letter of transmittal, which can be found on
pages 3 – 9 of this report.
Financial Highlights
• The assets of the City of Iowa City exceeded its liabilities at the close of the fiscal year ending June 30,
2011 by $459,843,000 (net assets). Of this amount, $97,894,000 (unrestricted net assets) may be used to
meet the government’s ongoing obligations to its citizens and creditors.
• The City’s total net assets increased by $34,160,000 during the fiscal year. Governmental activities
increased by $22,207,000 and business-type activities increased by $11,953,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $69,220,000, an increase of $18,489,000 in comparison with the prior year. Of this total
amount, approximately $14,190,000 or 20% was unassigned and is 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
$15,931,000 or 34% 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 assets presents information on all of the City’s assets and liabilities, with the difference
between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City’s net assets changed during the most
recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in
this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by taxes and intergovernmental revenues (governmental activities) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-type
activities). The governmental activities of the City include Public Safety, Public Works (roads, traffic
controls, and transit), Culture and Recreation, Community and Economic Development, General Government,
and Interest on long-term debt. The business-type activities of the City include Airport, Cable Television,
Housing Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment, and Water.
15
The government-wide financial statements may be found on pages 26 – 29 of this report.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the City can be divided into three categories: governmental funds,
proprietary funds, and fiduciary funds.
Governmental Funds: Governmental funds are used to account for essentially the same function reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements focus on near-term inflows and outflows of
spendable resources, as well as on balances of spendable resources available at the end of the fiscal year.
Such information may be useful in evaluating a government’s near-term financing requirements and is
typically the basis that is used in developing the next annual budget.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison.
The City has five major governmental funds: General Fund, Employee Benefits Fund, Community
Development Block Grant Fund, Other Shared Revenue and Grants Fund, and Debt Service Fund.
Information is presented separately in the governmental funds balance sheet and in the governmental funds
statement of revenues, expenditures, and changes in fund balances for these major funds. Data from all other
non-major governmental funds is combined into a single aggregated presentation and are referenced under a
single column as “Other Governmental Funds”. Individual fund data on each of these non-major
governmental funds is provided in the form of combining statements elsewhere in this report.
The City adopts an annual appropriated budget for all governmental funds as required by state statute. Budget
comparisons have been provided for the Governmental funds and the Enterprise funds, to demonstrate
compliance with the adopted budget.
The basic governmental funds financial statements can be found on pages 30 – 35 of this report.
Proprietary Funds: The City maintains two different types of proprietary funds. Enterprise funds are used
to report the same functions presented as business-type activities in the government-wide financial statements.
The City uses enterprise funds to account for its Airport, Cable Television, Housing Authority, Parking,
Sanitation, Stormwater Collection, Wastewater Treatment, and Water activities. Internal Service funds are an
accounting device used to accumulate and allocate costs internally among the City’s various functions. The
City has four Internal Service Funds: Equipment Maintenance, Central Services, Loss Reserve, and
Information Technology. Because these services predominantly benefit governmental rather than business-
type functions, they have been included within governmental activities in the government-wide financial
statements.
Proprietary funds financial statements provide the same type of information as the government-wide financial
statements, only in more detail. Parking, Wastewater Treatment, Water, Sanitation, and Housing Authority
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 90 – 92. 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 36 – 41 of this report.
16
Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not available to support the City’s own programs and therefore are not
reflected in the government-wide financial statements. The City has two fiduciary funds: Project Green and
Library Foundation, which are maintained as agency funds.
The basic fiduciary funds financial statements can be found on page 42.
Notes to Financial Statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to the
financial statements can be found on pages 43 – 78 of this report.
Other Information: The combining statements referred to in the above paragraphs in connection with non-
major governmental funds, non-major enterprise funds, and internal service funds are presented immediately
following the notes.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In
the case of the City, assets exceeded liabilities by $459,843,000 at the close of the fiscal year ended June 30,
2011.
By far, the largest portion of the City’s net assets reflect its investment in capital assets (e.g., land, building,
machinery and equipment, improvements other than buildings, and infrastructure), less any related debt to
acquire those assets that is still outstanding. The City uses these capital assets to provide services to its
citizens; consequently, these assets are not available for future spending. Although the City’s investment in
its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt
must be provided from other resources, since the capital assets themselves cannot be used to liquidate these
liabilities.
City of Iowa City's Net Assets
June 30, 2011
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2011 2010 2011 2010 2011 2010
Current and other assets 161,648$ 142,590$ 100,399$ 100,458$ 262,047 $ 243,048 $
Capital assets 184,036 173,071 265,165 255,613 449,201 428,684
Total Assets 345,684 315,661 365,564 356,071 711,248 671,732
Long-term liabilities outstanding 82,352 75,466 91,812 95,080 174,164 170,546
Current and other liabilities 71,356 70,426 5,885 5,077 77,241 75,503
Total Liabilities 153,708 145,892 97,697 100,157 251,405 246,049
Net assets:
Invested in capital assets, net of
related debt 123,935 111,703 186,177 172,601 310,112 284,304
Restricted 31,179 25,588 20,658 17,588 51,837 43,176
Unrestricted 36,862 32,478 61,032 65,725 97,894 98,203
Total Net Assets 191,976$ 169,769$ 267,867$ 255,914$ 459,843 $ 425,683 $
17
A portion of the City’s net assets, $51,837,000 or 11.3%, represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net assets, $97,894,000 or
21.3%, 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, 2011, the City is able to report positive balances in all three categories of net
assets, both for the government as a whole, as well as for its separate governmental and business-type
activities.
Governmental Activities: Governmental activities increased the City’s net assets by $22,207,000. The
increase in net assets 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 FY11’s operation.
City of Iowa City's Changes in Net Assets
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2011 2010 2011 2010 2011 2010
Revenues:
Program Revenues:
Charges for services 8,199 $ 7,388 $ 36,334 $ 35,943 $ 44,533 $ 43,331 $
Operating grants and contributions 13,517 15,554 7,448 7,777 20,965 23,331
Capital grants and contributions 6,048 8,291 4,145 6,570 10,193 14,861
General Revenues:
Property taxes 48,011 49,467 - - 48,011 49,467
Road use tax 6,068 5,525 - - 6,068 5,525
Local option sales tax 8,911 8,141 - - 8,911 8,141
Other taxes 2,464 1,535 - - 2,464 1,535
Earnings on investments 1,539 1,766 954 1,311 2,493 3,077
Gain on disposal of capital assets 761 - 314 230 1,075 230
Other 6,230 3,893 381 464 6,611 4,357
Total revenues 101,748 101,560 49,576 52,295 151,324 153,855
Expenses:
Public safety 18,867 19,955 - - 18,867 19,955
Public works 19,145 16,806 - - 19,145 16,806
Culture and recreation 10,811 12,238 - - 10,811 12,238
Community and economic development 16,501 16,913 - - 16,501 16,913
General government 7,356 7,549 - - 7,356 7,549
Interest on long-term debt 2,841 2,970 - - 2,841 2,970
Wastewater treatment - - 10,971 11,274 10,971 11,274
Water - - 8,523 8,309 8,523 8,309
Sanitation - - 7,461 7,705 7,461 7,705
Housing authority - - 7,448 7,838 7,448 7,838
Parking - - 4,135 4,536 4,135 4,536
Airport - - 1,049 724 1,049 724
Stormwater - - 1,418 1,187 1,418 1,187
Cable television - - 638 645 638 645
Total expenses 75,521 76,431 41,643 42,218 117,164 118,649
Change in net assets before transfers 26,227 25,129 7,933 10,077 34,160 35,206
Transfers (4,020) (625) 4,020 625 - -
Change in net assets 22,207 24,504 11,953 10,702 34,160 35,206
Net assets beginning of year 169,769 145,265 255,914 245,212 425,683 390,477
Net assets end of year 191,976 $ 169,769 $ 267,867 $ 255,914 $ 459,843 $ 425,683 $
18
The total revenues for governmental activities for FY11 were $101,748,000. Governmental activities are
primarily funded through taxes, $65,454,000 or 64.3%, and grants and contributions, $19,565,000 or 19.2%.
Grants and contributions decreased from prior year by $4,280,000 as the City received less funding from
federal ARRA grants. However, the City continued to receive state I-JOBS grants, and Community
Development Block Grants used to fund capital projects and flood mitigation.
Expenses for governmental activities totaled $75,521,000. Governmental activities are tracked by function
including Public Safety, Public Works, Community and Economic Development, Culture and Recreation, and
General Government. In FY11, Public Works accounted for the highest portion of governmental expenses,
$19,145,000 or 25.4%, and increased over the prior year due to large street improvement projects to help
develop areas on the southeastern edge of the City. Public Safety, $18,867,000 or 25.0%, and Community
and Economic Development, $16,501,000 or 21.8%, made up another large portion of governmental expenses
and each decreased from the prior year due fewer flood recovery and mitigation projects.
Business-type Activities: Business-type activities increased the City’s total net assets by $11,953,000. The
increases in net assets were primarily in the Wastewater, Parking, and Water funds and are due to an increase
in capital assets not funded with debt. The City has been able to utilize federal and state grants to fund flood
recovery and mitigation projects rather than have to issue new debt to pay for these projects. For all business-
type activities, revenues exceeded expenses by $7,933,000.
Revenues for business-type activities totaled $49,576,000. The primary revenue source for business-type
activities is charges for services, $36,334,000 or 73.3%. In addition for FY11, the City’s business type-
activities had a significant portion of their revenues from grants and contributions used to help fund capital
and flood recovery projects for business-type activities, $11,593,000 or 23.4%. This is a decrease of
$2,754,000 from the prior year due to fewer flood mitigation projects and completion of federal ARRA grant
fund projects.
The total expenses for business-type activities in FY11 were $41,643,000. Wastewater Treatment represented
the highest portion of business-type activities, $10,971,000 or 26.3%, with Water, $8,523,000 or 20.5%,
Sanitation, $7,461,000 or 17.9%, and Housing Authority, $7,448,000 or 17.9%, 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.
19
Charges for
services
8%
Grants and
Contributions
19%
Property taxes
47%
Other Taxes
17%
Misc.
Other
9%
Governmental Activities
FY2011 Revenue
by Source
Charges for
services
73%
Grants and
Contributions
24%
Misc. Other
3%
Business-Type Activities
FY2011 Revenue
by Source
20
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
FY2011 Expenditures
by Program Area
(amounts expressed in thousands)
Wastewater
Treatment
Water
Sanitation
Housing
Authority
Parking
Airport
Stormwater
Cable TV
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
FY2011 Expenditures
by Program Area
(amounts expressed in thousands)
21
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds: The financial reporting focus of the City’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information may
be/is useful in assessing the City’s financing requirements. In particular, 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 #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, 2011, the City’s governmental funds reported combined ending fund
balances of $69,220,000, an increase of $18,489,000 in comparison with the prior year. Of this total amount,
$14,190,000 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 $51,157,000 or 73.9% contains external restraints on its use. The assigned
fund balance of $3,542,000 or 5.1% has been identified by the City to be used for specific purposes. The
nonspendable fund balance is $331,000 or 0.5%, 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, 2011, the
unassigned fund balance of the General Fund was $15,931,000 while General Fund’s total fund balance was
$36,072,000. 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 33.9% of
total General Fund expenditures of $47,028,000, while total fund balance represents 76.7% of that same
amount.
The fund balance of the City’s General Fund increased by $9,565,000 during the current fiscal year. 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 will be collected through FY13.
The Bridge, Street, and Traffic Control Construction Fund had a deficit fund balance of ($1,741,000) as
compared to a deficit balance of ($1,207,000) in the prior period. This fund accounts for transactions relating
to the acquisition or construction of major streets, bridges, and traffic control facilities. The deficit is due to
capital expenditures. The City anticipates receiving funds from the Iowa Department of Transportation. If
not, bonds will be issued in FY12 to cover the capital expenditures.
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. This fund balance increased by $6,273,000 during the fiscal
year due to bond proceeds that will be used to fund upcoming capital improvement projects.
Proprietary Funds: The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
The ending net assets of the enterprise funds were $258,788,000, an increase in net asset of $10,779,000.
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
22
governmental capital project funds. Of the enterprise funds’ net assets, $186,177,000 is invested in capital
assets, net of related debt. Unrestricted net assets totaled $51,953,000, a decrease of $5,867,000 compared to
the previous year due to additional funds being classified as restricted by bond ordinance or grant agreements.
The Internal Service funds showed net assets totaling $26,115,000 as of June 30, 2011, an increase of
$3,669,000 primarily due to an operating income in the Loss Reserve Fund as claims were less than
anticipated.
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 $53,450,000 or 37.3% and the expenditure budget by $116,569,000 or 71.0% to a total of $280,670,000.
These increases were due primarily to capital projects in governmental and business-type funds because of
timing of completion of projects, ongoing recovery from the flood of 2008 and the associated grants, and an
advance refunding of general obligation bonds to reduce total future debt service payments.
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, 2011 amounts to $449,201,000, 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, 2011 increased by
$10,965,000 for governmental activities compared to the prior year and increased by $9,552,000 for business-
type activities over the prior year.
The following table reflects the $449,201,000 investment in capital assets, net of accumulated depreciation.
Major capital asset events during the current fiscal year included the following:
• Completion of several airport projects included runway design, grading, lighting, paving, and runway
extension. Total project costs for prior years and current year were capitalized for $6,279,000.
City of Iowa City's Capital Assets
(net of depreciation)
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2011 2010 2011 2010 2011 2010
Land 23,887$ 21,838$ 25,824$ 25,847$ 49,711$ 47,685$
Buildings 44,748 45,041 69,146 72,293 113,894 117,334
Improvements other than
buildings 3,584 3,580 6,561 6,846 10,145 10,426
Machinery and equipment 16,647 15,908 8,070 8,773 24,717 24,681
Infrastructure 79,162 80,863 136,031 130,545 215,193 211,408
Construction in progress 16,008 5,841 19,533 11,309 35,541 17,150
Total 184,036$ 173,071$ 265,165$ 255,613$ 449,201$ 428,684$
23
• Continued work 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 $22,000,000 in federal EDA grants, $13,546,000 in local options sales tax,
$5,500,000 in I-JOBS grant monies, $5,000,000 in CDBG Public Infrastructure grants, as well as,
$1,890,000 from Wastewater user fees. Expenses totaling $2,780,000 were moved into construction
in progress at the end of FY11. This project is scheduled to be complete in FY14.
• Completed work on the Inverted Siphon Sewer Project to construct a horizontal directional drilled
inverted siphon sewer, inlet and outlet structures, sanitary manholes, and sanitary sewer. Expenses of
$1,176,000 were capitalized.
• Continued construction on a new landfill cell. $3,482,000 in FY11 expenses were added to prior
years’ expenses for a total of $5,375,000 in construction in progress at the end of the fiscal year.
• Work continued on the construction of the Eastside Recycling Center. Additional expenses for FY11
of $3,661,000 were added to prior years’ for a total in construction in progress at fiscal year-end of
$4,197,000.
• Construction continues on a fourth fire station. FY11 expenses of $3,968,000 were added to prior
year expenses for a total of $4,309,000 in construction in progress at the end of the fiscal year. The
new fire station has since been completed and began providing emergency services in October 2011.
• A variety of street and bridge construction projects in residential and new industrial areas and
replacement and expansion of existing infrastructure amounted to $10,713,000. This includes the
Sycamore Street – Highway 6 to the City Limits project at $2,500,000 and $3,672,000 for the 420th
Street – Highway 6 to Taft project to accommodate the 420th Street Industrial Park.
Additional information on the City’s capital assets can be found in Note 5 to the financial statements.
Debt Administration: At the end of the fiscal year, the City had total bonded debt outstanding of
$155,540,000. Of this amount, $80,575,000 comprises debt backed by the full faith and credit of the City.
However, $3,146,000 or 3.9% of the general obligation bonds is debt that serves enterprise funds and is
abated by their charges for services and $5,965,000 or 7.4% of these bonds is debt that will be paid with Tax
Increment Financing revenues. $74,965,000 represents revenue bonds secured solely by specific revenue
sources.
The City did issue $27,095,000 of General Obligation bonds during FY11. However, during the current
fiscal year the City’s total bonded debt still decreased by $2,155,000.
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, 2011 were as follows:
General obligation bonds Aaa
Parking revenue bonds A
Wastewater treatment revenue bonds A
Water revenue bonds A
City of Iowa City's Outstanding Debt
General Obligation and Revenue Bonds
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2011 2010 2011 2010 2011 2010
General obligation bonds 77,429 $ 71,300 $ 3,146 $ 3,750 $ 80,575 $ 75,050 $
Revenue bonds - - 74,965 78,335 74,965 78,335
Total 77,429 $ 71,300 $ 78,111 $ 82,085 $ 155,540 $ 153,385 $
24
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 $222,655,000. With outstanding General Obligation Debt
applicable to this limit of $80,575,000 we are utilizing 36.2% 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 will continue for four years. In FY11, the City collected $8,912,000 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 FY11, the City
collected $868,000 in local franchise fee.
The City expects continued constraints by the State’s property tax formula. The rollback on residential
properties negatively affects the City’s general operating funds and 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 FY12 that strives to maintain current service
delivery levels. The tax levy rate per $1,000 of taxable valuation for FY12 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 E. Washington Street, Iowa City, IA, 52240.
General Levy $ 8.100
Debt Service Levy 4.649
Employee Benefits Levy 3.526
Transit Levy 0.950
Liability Insurance Levy 0.347
Library Levy 0.270
Total City Levy $ 17.842
25
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 60,873$ 44,743$ 105,616$
Receivables:
Property tax 49,879 - 49,879
Accounts and unbilled usage 311 2,975 3,286
Interest 228 764 992
Notes 16,135 883 17,018
Internal balances (11,128) 11,128 -
Due from other governments 9,308 3,111 12,419
Prepaid insurance 6 - 6
Inventories 779 394 1,173
Assets held for resale 1,974 - 1,974
Restricted assets:
Equity in pooled cash and investments 33,283 36,401 69,684
Capital assets:
Land and construction in progress 39,895 45,357 85,252
Other capital assets (net of accumulated depreciation)144,141 219,808 363,949
Total assets 345,684 365,564 711,248
Liabilities
Accounts payable 2,068 455 2,523
Contracts payable 1,886 2,316 4,202
Accrued liabilities 3,409 476 3,885
Interest payable 261 1,505 1,766
Deposits 883 749 1,632
Due to other governments 2,901 104 3,005
Notes payable 1,616 - 1,616
Unearned revenue 58,851 280 59,131
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,181 290 1,471
Bonds payable 11,959 6,989 18,948
Due in more than one year:
Employee vested benefits 992 229 1,221
Other Post Employment Benefits Obligation 1,705 550 2,255
Notes Payable 211 - 211
Bonds payable 65,785 71,999 137,784
Landfill closure/post-closure liability - 11,755 11,755
Total liabilities 153,708 97,697 251,405
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
June 30, 2011
26
Governmental Business-type
Activities Activities Total
Net Assets
Invested in capital assets, net of related debt 123,935$ 186,177$ 310,112$
Restricted for or by:
Employee benefits 2,532 - 2,532
Capital projects 13,312 - 13,312
Debt service 13,151 - 13,151
Assets held for resale 1,974 - 1,974
Other purposes 210 - 210
Bond ordinance - 16,219 16,219
State statute - 1,004 1,004
Grant agreement - 3,435 3,435
Unrestricted 36,862 61,032 97,894
Total net assets 191,976$ 267,867$ 459,843$
The notes to the financial statements are an integral part of this statement.
June 30, 2011
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
27
Operating Capital
Charges Grants and Grants and
Functions/Programs:Expenses for Services Contributions Contributions
Governmental activities:
Public safety 18,867$ 3,279$ 154$ 1,321$
Public works 19,145 1,117 1,754 2,579
Culture and recreation 10,811 872 - 364
Community and economic development 16,501 - 11,609 1,784
General government 7,356 2,931 - -
Interest on long-term debt 2,841 - - -
Total governmental activities 75,521 8,199 13,517 6,048
Business-type activities:
Wastewater Treatment 10,971 12,836 - 2,394
Water 8,523 8,054 - 973
Sanitation 7,461 8,259 10 -
Housing Authority 7,448 208 7,438 11
Parking 4,135 5,234 - 269
Airport 1,049 293 - 358
Stormwater 1,418 641 - 140
Cable television 638 809 - -
Total business-type activities 41,643 36,334 7,448 4,145
Total 117,164$ 44,533$ 20,965$ 10,193$
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 and transfers
Changes in net assets
Net assets beginning of year
Net assets end of year
The notes to the financial statements are an integral part of this statement.
Program Revenues
CITY OF IOWA CITY, IOWA
STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2011
(amounts expressed in thousands)
28
Governmental Business-type
Activities Activities Total
(14,113)$ -$ (14,113)$
(13,695) - (13,695)
(9,575) - (9,575)
(3,108) - (3,108)
(4,425) - (4,425)
(2,841) - (2,841)
(47,757) - (47,757)
- 4,259 4,259
- 504 504
- 808 808
- 209 209
- 1,368 1,368
- (398) (398)
- (637) (637)
- 171 171
- 6,284 6,284
(47,757) 6,284 (41,473)
48,011 - 48,011
6,068 - 6,068
776 - 776
820 - 820
8,911 - 8,911
868 - 868
1,539 954 2,493
761 314 1,075
6,230 381 6,611
(4,020) 4,020 -
69,964 5,669 75,633
22,207 11,953 34,160
169,769 255,914 425,683
191,976$ 267,867$ 459,843$
Net (Expense) Revenue and
Changes in Net Assets
29
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Assets
Equity in pooled cash and investments 21,516$ 2,478$ 1,928$ -$ 12,227$ 2,067$ 40,216$
Receivables:
Property tax 26,965 9,834 - - 13,080 - 49,879
Accounts and unbilled usage 221 - - 18 - 72 311
Interest 82 - 4 - 78 25 189
Notes 376 - 12,657 1,529 1,573 - 16,135
Advances to other funds 444 - 18 - 197 - 659
Due from other governments 5,119 197 8 1,715 - 2,172 9,211
Inventories 262 - - - - - 262
Assets held for resale 195 - - 1,614 - 165 1,974
Restricted assets:
Equity in pooled cash and investments 16,240 - - 52 - 16,991 33,283
Total assets 71,420$ 12,509$ 14,615$ 4,928$ 27,155$ 21,492$ 152,119$
(continued)
Special Revenue
CITY OF IOWA CITY, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2011
(amounts expressed in thousands)
30
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Liabilities and Fund Balances
Liabilities:
Accounts payable 1,132$ 1$ 5$ 163$ 17$ 256$ 1,574$
Contracts payable - - - - - 1,886 1,886
Accrued liabilities 1,683 3 10 131 - 57 1,884
Advances from other funds 2,067 - - 641 - - 2,708
Due to other governments 19 - - 48 - 2,834 2,901
Interest payable - - - 14 - - 14
Notes payable - - - 1,616 - - 1,616
Deferred revenue 29,569 9,973 12,675 1,830 13,987 1,399 69,433
Liabilities payable from restricted assets:
Deposits 878 - - 4 - 1 883
Total liabilities 35,348 9,977 12,690 4,447 14,004 6,433 82,899
Fund balances:
Nonspendable 331 - - - - - 331
Restricted 16,268 2,532 1,925 481 13,151 16,800 51,157
Assigned 3,542 - - - - - 3,542
Unassigned 15,931 - - - - (1,741) 14,190
Total fund balances 36,072 2,532 1,925 481 13,151 15,059 69,220
Total liabilities and fund balances 71,420$ 12,509$ 14,615$ 4,928 $ 27,155$ 21,492$ 152,119$
The notes to the financial statements are an integral part of this statement.
Special Revenue
BALANCE SHEET (continued)
GOVERNMENTAL FUNDS
June 30, 2011
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
31
Total governmental fund balances 69,220$
Amounts reported for governmental activities in the statement
of net assets are different because:
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The assets and liabilities
of the internal service funds are included in governmental
activities in the statement of net assets.26,115
Prepaid insurance benefits future periods and is included in
governmental activities in the statement of net assets.6
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 10,582
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 177,077
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds.(2,059)
Accrued post employment benefit obligations are not due and
payable in the current period and therefore are not reported
in the funds.(1,684)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds.(77,744)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds.(211)
Accrued interest on bonds (247)
Internal balance due to integration of internal service funds (9,079)
Total net assets of governmental activities 191,976$
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
CITY OF IOWA CITY
RECONCILIATION OF THE BALANCE SHEET OF THE
GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS
June 30, 2011
32
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Revenues
Taxes 36,533$ 9,651$ -$ -$ 12,079$ 1,124$ 59,387$
Licenses and permits 1,412 - - - - - 1,412
Intergovernmental 4,570 - 1,509 19,306 - 4,485 29,870
Charges for services 2,335 154 - 26 - - 2,515
Use of money and property 1,215 - 5 59 177 23 1,479
Miscellaneous 4,640 33 2,307 207 - 562 7,749
Total revenues 50,705 9,838 3,821 19,598 12,256 6,194 102,412
Expenditures
Current:
Public safety 18,149 168 - - - 400 18,717
Public works 7,127 - - 5,404 - 2,235 14,766
Culture and recreation 11,743 - - - - 755 12,498
Community and economic development 1,127 - 1,814 4,761 - 1,176 8,878
General government 7,078 427 - - 51 139 7,695
Debt service:
Principal - - - - 10,386 - 10,386
Interest - - - - 2,889 - 2,889
Capital outlay 1,804 - 2 8,058 - 12,009 21,873
Total expenditures 47,028 595 1,816 18,223 13,326 16,714 97,702
Excess (deficiency) of revenues over
(under) expenditures 3,677 9,243 2,005 1,375 (1,070) (10,520) 4,710
Other Financing Sources (Uses)
Issuance of debt - - - - - 16,165 16,165
Issuance of refunding debt - - - - 10,930 - 10,930
Sale of capital assets 130 - - 715 - - 845
Insurance Recoveries 427 - - - - 167 594
Premium on issuance of bonds - - - - 213 181 394
Payment to refunded bond escrow - - - - (11,085) - (11,085)
Transfers in 8,659 - - 838 211 8,950 18,658
Transfers out (3,328) (8,835) (80) (1,774) - (8,705) (22,722)
Total other financing sources and (uses)5,888 (8,835) (80) (221) 269 16,758 13,779
Net change in fund balances 9,565 408 1,925 1,154 (801) 6,238 18,489
Fund Balances, Beginning 26,507 2,124 - (673) 13,952 8,821 50,731
Fund Balances, Ending 36,072$ 2,532$ 1,925$ 481$ 13,151$ 15,059$ 69,220$
The notes to the financial statements are an integral part of this statement.
Special Revenue
CITY OF IOWA CITY, IOWA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended June 30, 2011
(amounts expressed in thousands)
33
34
Net change in fund balances - total governmental funds 18,489$
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 15,699$
Capital assets contributed 454
Depreciation expense (6,112) 10,041
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
assets, however, issuing debt increases long-term liabilities and does not affect
the statement of activities. Similarly, repayment of principal is an expenditure in
the governmental funds but reduces the liability in the statement of net assets.
Debt issued (27,095)
Discount / (premium) on bonds issued 112
Repayments of debt 20,966
Amortization of premium 65 (5,952)
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.(2,344)
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 (68)
Change in accrued post employment benefit obligations (346)
Change in accrued interest on debt (17)
In the statement of activities, only the gain on the sale of the capital assets is
recognized, whereas in the governmental funds, the proceeds from the sale
increased financial resources. Thus, the change in net assets differs from the
change in fund balance by the cost of the capital asset sold.(84)
Prepaid items in the governmental funds have been recorded
as expenditures when paid. However, the statement of activities will report
these items as expenses in the period that the corresponding net asset is
exhausted.(7)
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.2,495
Change in net assets of governmental activities 22,207$
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2011
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
35
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Assets
Current assets:
Equity in pooled cash and investments 5,928 $ 12,882 $ 9,607 $ 9,968 $ 3,834 $ 2,524 $ 44,743 $ 20,657$
Receivables:
Accounts and unbilled usage 23 1,311 792 577 17 255 2,975 -
Interest 17 258 394 50 40 5 764 39
Notes - - - - 883 - 883 -
Advances to other funds - - - 4,325 - - 4,325 -
Due from other governments 269 1,459 1,046 12 20 305 3,111 97
Inventories - - 394 - - - 394 517
Total current assets 6,237 15,910 12,233 14,932 4,794 3,089 57,195 21,310
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 1,521 12,002 4,665 14,660 3,435 118 36,401 -
Capital assets:
Land 6,798 758 6,296 1,787 732 9,453 25,824 45
Buildings 24,927 59,611 23,865 908 5,601 4,796 119,708 821
Improvements other than buildings 328 7,371 2,351 144 9 357 10,560 50
Machinery and equipment 812 9,835 10,458 415 121 665 22,306 15,396
Infrastructure - 88,810 50,590 11,298 - 47,365 198,063 1,094
Accumulated depreciation (14,825) (66,781) (23,350) (9,837) (3,752) (12,284) (130,829) (10,823)
Construction in progress 1,278 4,597 1,198 9,635 - 2,825 19,533 376
Total noncurrent assets 20,839 116,203 76,073 29,010 6,146 53,295 301,566 6,959
Total assets 27,076 132,113 88,306 43,942 10,940 56,384 358,761 28,269
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2011
Business-type Activities - Enterprise Funds
36
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Liabilities
Current liabilities:
Accounts payable 86 $ 64 $ 128 $ 26 $ 15 $ 136 $ 455 $ 494$
Contracts payable 725 553 157 743 - 138 2,316 -
Accrued liabilities 77 88 119 118 39 35 476 1,525
Employee vested benefits 49 48 76 75 25 17 290 64
Due to other governments - - 21 66 17 - 104 -
Deferred revenue 280 - - - - - 280 -
Interest payable 173 881 451 - - - 1,505 -
Bonded debt payable (net of unamortized discounts) 502 4,674 1,813 - - - 6,989 -
Total current liabilities 1,892 6,308 2,765 1,028 96 326 12,415 2,083
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 1 - 410 14 315 9 749 -
Advances from other funds 795 - - - 18 1,463 2,276 -
Employee vested benefits 35 39 63 60 18 14 229 50
Bonded debt payable (net of unamortized discounts) 8,222 40,928 22,849 - - - 71,999 -
Other Post Employment Benefits Obligation 117 108 117 145 37 26 550 21
Landfill closure/postclosure liability - - - 11,755 - - 11,755 -
Total noncurrent liabilities 9,170 41,075 23,439 11,974 388 1,512 87,558 71
Total liabilities 11,062 47,383 26,204 13,002 484 1,838 99,973 2,154
Net Assets
Invested in capital assets, net of related debt 10,594 58,599 46,746 14,350 2,711 53,177 186,177 6,959
Restricted by bond ordinance 1,347 11,120 3,752 - - - 16,219 -
Restricted by state statute - - - 1,004 - - 1,004 -
Restricted by grant agreement - - - - 3,435 - 3,435 -
Unrestricted 4,073 15,011 11,604 15,586 4,310 1,369 51,953 19,156
Total net assets 16,014$ 84,730$ 62,102$ 30,940$ 10,456$ 54,546$ 258,788 26,115$
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds.9,079
Net assets of business-type activities 267,867$
The notes to the financial statements are an integral part of this statement.
Business-type Activities - Enterprise Funds
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
PROPRIETARY FUNDS
June 30, 2011
(amounts expressed in thousands)
37
38
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Operating Revenues:
Charges for services 5,234 $ 12,836 $ 8,054 $ 8,259 $ 208 $ 1,743 $ 36,334 $ 17,374 $
Miscellaneous 104 63 42 48 122 - 379 8
Total operating revenues 5,338 12,899 8,096 8,307 330 1,743 36,713 17,382
Operating Expenses:
Personal services 1,662 1,961 2,407 2,573 957 668 10,228 2,117
Commodities 75 895 929 210 18 423 2,550 2,533
Services and charges 1,183 2,621 2,128 4,968 6,382 592 17,874 7,917
2,920 5,477 5,464 7,751 7,357 1,683 30,652 12,567
Depreciation 908 4,017 2,230 261 137 1,447 9,000 1,404
Total operating expenses 3,828 9,494 7,694 8,012 7,494 3,130 39,652 13,971
Operating income (loss)1,510 3,405 402 295 (7,164) (1,387) (2,939) 3,411
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - (40) - - - 354 314 132
Insurance Recoveries - - 2 - - - 2 -
Operating grants - - - 10 7,438 - 7,448 -
Interest income 51 382 256 217 40 8 954 61
Interest expense (408) (1,704) (1,032) - - - (3,144) -
Total nonoperating revenues (expenses) (357) (1,362) (774) 227 7,478 362 5,574 193
Income (loss) before capital contributions
and transfers 1,153 2,043 (372) 522 314 (1,025) 2,635 3,604
Capital contributions 269 2,394 973 - 11 498 4,145 -
Transfers in - 1,716 795 277 80 2,055 4,923 345
Transfers out - (171) (336) (114) (73) (230) (924) (280)
Change in net assets 1,422 5,982 1,060 685 332 1,298 10,779 3,669
Net Assets, Beginning 14,592 78,748 61,042 30,255 10,124 53,248 22,446
Net Assets, Ending 16,014 $ 84,730 $ 62,102 $ 30,940 $ 10,456 $ 54,546 $ 26,115 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds.1,174
Change in net assets of business-type activities 11,953 $
The notes to the financial statements are an integral part of this statement.
Business-type Activities - Enterprise Funds
CITY OF IOWA CITY, IOWA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For the Year Ended June 30, 2011
(amounts expressed in thousands)
39
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Cash Flows From Operating Activities
Receipts from customers and users 5,338 $ 12,817 $ 8,116 $ 8,529 $ 440 $ 1,728 $ 36,968 $ 17,381$
Payments to suppliers (1,192) (3,543) (3,079) (4,689) (6,406) (1,017) (19,926) (10,707)
Payments to employees (1,600) (1,914) (2,375) (2,528) (936) (675) (10,028) (2,991)
Net cash flows from operating activities 2,546 7,360 2,662 1,312 (6,902) 36 7,014 3,683
Cash Flows From Noncapital Financing Activities
Grants received - - 27 4 7,466 - 7,497 -
Transfers from other funds - 1,716 795 277 80 2,055 4,923 345
Transfers to other funds - (171) (336) (114) (73) (230) (924) (280)
Repayment/(payment) of notes receivable - - - - 114 - 114 -
Advances to other funds - - - (9) - - (9) -
Repayment of advances from other funds (728) - - - - (42) (770) -
Net cash flows from noncapital financing activities (728) 1,545 486 158 7,587 1,783 10,831 65
Cash Flows From Capital and Related Financing
Activities
Capital grants received - 1,355 17 5 11 357 1,745 -
Acquisition and construction of property and
equipment (699) (4,051) (2,508) (6,900) (11) (2,942) (17,111) (2,422)
Proceeds from sale of property - 9 - - - 377 386 142
Proceeds from insurance recoveries - - 2 - - - 2 -
Principal paid on bonded debt (420) (1,841) (1,714) - - - (3,975) -
Interest paid on bonded debt (455) (2,055) (1,044) - - - (3,554) -
Net cash flows from capital and related financing
activities (1,574) (6,583) (5,247) (6,895) - (2,208) (22,507) (2,280)
Cash Flows From Investing Activities
Interest on investments 42 302 140 208 29 7 728 49
Net increase (decrease) in cash and cash equivalents 286 2,624 (1,959) (5,217) 714 (382) (3,934) 1,517
Cash and Cash Equivalents, Beginning 7,163 22,260 16,231 29,845 6,555 3,024 85,078 19,140
Cash and Cash Equivalents, Ending 7,449 $ 24,884 $ 14,272 $ 24,628 $ 7,269 $ 2,642 $ 81,144 $ 20,657$
(continued)
(amounts expressed in thousands)
Business-type Activities - Enterprise Funds
CITY OF IOWA CITY, IOWA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended June 30, 2011
40
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss)1,510 $ 3,405 $ 402 $ 295 $ (7,164) $ (1,387) $ (2,939) $ 3,411 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating activities:
Depreciation expense 908 4,017 2,230 261 137 1,447 9,000 1,404
Changes in:
Receivables:
Accounts and unbilled usage 1 (83) 3 198 25 (15) 129 24
Due from other governments - 1 1 24 (2) - 24 (25)
Inventories - - 24 - - - 24 (194)
Accounts payable 66 (27) (35) (102) (7) (2) (107) (63)
Accrued liabilities 4 10 10 7 - 6 37 (875)
Employee vested benefits 6 (6) 6 (10) 1 (1) (4) 5
Due to other governments - - (11) (4) 1 - (14) -
Deposits (1) - 16 - 87 - 102 -
Other Post Employment Benefits
Obligation 52 43 16 48 20 (12) 167 (4)
Landfill closure/postclosure liability - - - 595 - - 595 -
Total adjustments 1,036 3,955 2,260 1,017 262 1,423 9,953 272
Net cash flows from operating activities 2,546 $ 7,360 $ 2,662 $ 1,312 $ (6,902) $ 36 $ 7,014 $ 3,683 $
Noncash Investing, Capital, and
Financing Activities:
Contributions of capital assets from
government and others - $ 157 $ 67 $ - $ - $ 140 $ 364 $ - $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
Business-type Activities - Enterprise Funds
CITY OF IOWA CITY, IOWA
STATEMENT OF CASH FLOWS (continued)
PROPRIETARY FUNDS
For the Year Ended June 30, 2011
41
Agency
Funds
Assets
Equity in pooled cash and investments 208$
Accounts receivable 9
Interest receivable 1
Total assets 218$
Liabilities
Accrued liabilities 11$
Due to agency 207
Total liabilities 218$
The notes to the financial statements are an integral part of this statement.
June 30, 2011
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF FIDUCIARY
ASSETS AND LIABILITIES
42
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
1. Accounting Policies
The City of Iowa City, Iowa, (the City) was incorporated April 6, 1853, and operates under the
Council/Manager form of government. The City provides a broad range of services to its citizens
including general government, a mass transportation system, public safety, streets, parks, and cultural
facilities. It also operates an airport, parking facilities, water treatment, wastewater treatment, stormwater
collection, sanitation collection and disposal (including landfill operations), cable television, and a
housing authority.
The financial statements of the City have been prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles. The more significant accounting
policies of the City are described below.
The Reporting Entity
For financial reporting purposes, the City includes all of its funds, organizations, agencies, boards,
commissions, and authorities. The City has also considered all potential component units for which it is
financially accountable, and other organizations for which the nature and significance of their relationship
with the City are such that exclusion would cause the City’s financial statements to be misleading or
incomplete. The Governmental Accounting Standards Board has set forth criteria to be considered in
determining financial accountability. These criteria include appointing a voting majority of an
organization’s governing body, and (1) the ability of the City to impose its will on that organization or (2)
the potential for the organization to provide specific benefits to, or impose specific financial burdens on
the City. There were no component units required to be included.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the Statement of Net Assets and the Statement of
Activities) report information on all of the nonfiduciary activities of the primary government.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business-type activities, which rely to a significant extent on fees and charges for
support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported as general revenues.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are charges between the City’s water and sewer function and
various other functions of the government. Eliminations of these charges would distort the direct costs
and program revenues reported for the various functions concerned.
43
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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 assets, revenues, and expenditures or expenses, as appropriate. The individual funds account for the
governmental resources allocated to them for the purpose of carrying on specific activities in accordance
with laws, regulations, or other restrictions.
Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its “measurement
focus.” The government-wide financial statements and proprietary funds are accounted for on the flow of
economic resources measurement focus and use the accrual basis of accounting. Agency funds do not
have a measurement focus and use the accrual basis of accounting. Under the accrual method, revenues
are recorded when earned and expenses are recorded at the time liabilities are incurred. The City applies
all applicable Financial Accounting Standards Board pronouncements issued on or before November 30,
1989, except those that conflict with GASB pronouncements, in accounting and reporting for these funds.
All governmental funds are accounted for using a current financial resources measurement focus, which
generally includes only current assets and current liabilities on the balance sheet. The modified accrual
basis of accounting is used for these funds. Under the modified accrual basis, revenue is recognized when
susceptible to accrual, which is in the period in which it becomes both available (collectible within the
current period or soon thereafter to be used to pay liabilities of the current period) and measurable (the
amount of the transaction can be determined). Revenue accrued includes property taxes,
intergovernmental revenue, and interest earned on investments (if they are collected within 60 days after
the year-end). Expenditures are recorded when the related fund liability is incurred. Principal and interest
on long-term debt, as well as expenditures related to compensated absences and claims and judgments,
are recorded only when payment is due.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial resources of
the general government, except those required to be accounted for in another fund.
44
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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 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.
Additionally, the City reports internal service funds to account for goods and services provided by one
department to other City departments on a cost reimbursement basis. The funds in this category are the
Equipment Maintenance Fund, Central Services Fund, Loss Reserve Fund, and the Information
Technology Fund.
The City also reports fiduciary funds which are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide financial
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
45
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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 nonrestricted investments with a maturity
of three months or less when purchased are considered cash equivalents.
Receivables and Revenue Recognition
Property tax receivable is recognized in governmental funds on the levy or lien date, which is the date that
the tax asking is certified by the City to the County Board of Supervisors. Current year delinquent
property tax receivable represents unpaid taxes from the current year. The succeeding year property tax
receivable represents taxes certified by the City to be collected in the next fiscal year for the purposes set
out in the budget for the next fiscal year. By statute, the City is required to certify its budget to the County
Auditor by March 15 of each year for the subsequent fiscal year. However, by statute, the tax asking and
budget certification for the following fiscal year becomes effective on the first day of that year. Although
the succeeding year property tax receivable has been recorded, the related revenue is deferred in both the
government-wide and fund financial statements and will not be recognized as revenue until the year for
which it is levied.
Federal and state grants are recorded as receivables and the revenue is recognized during the period in
which the City fulfills the requirements for receiving the grant awards, as long as the susceptible to
accrual criteria are met.
Income from investments in all fund types and from charges for services in proprietary fund types is
recognized when earned. Licenses and permits, fines and forfeitures, fees and refunds, charges for
services (in governmental fund types), miscellaneous, and other revenues are recorded as revenue when
received in cash because they are generally not measurable until actually received.
46
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Inventories
Inventories are recognized only in those funds in which they are material to the extent of affecting
operations. For the City, these are the General Fund, Water Fund, and the Equipment Maintenance Fund.
Inventories included in the governmental funds are valued at cost using the first-in, first out (FIFO)
method. The costs of governmental fund inventories are recorded as expenditures when consumed rather
than when purchased. 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
capitalizing an asset with an initial, individual cost of less than $50,000 for infrastructure assets and
$5,000 for remaining assets. Such assets are recorded at original purchase cost or at fair value at the date
of donation when received as donated properties.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Infrastructure 3 – 100 years
Buildings and structures 20 – 50 years
Improvements other than buildings 10 – 50 years
Vehicles 2 – 20 years
Other equipment 5 – 30 years
Bond Premiums and Discounts
Debt issued at a premium or discount is recorded net of the unamortized premium or discount. In the
governmental funds, premiums and discounts are recorded entirely as other financing sources or uses in
the year of issuance. In the proprietary funds and the government-wide statements, they are amortized
over the life of the bonds.
Compensated Absences
Permanent City employees accumulate vacation and sick leave hours for subsequent use or for payment
upon death, resignation, or retirement. The City pays its employees (except firefighters) one-half of the
accumulated sick leave at the time of termination on the basis of the employee’s then effective hourly
base salary, provided that the dollar amount of the payment may be up to, but not exceed, the amount that
an employee would be paid if the employee had terminated on June 28, 1985. Employees hired on or after
June 29, 1985, are not eligible for payment of accumulated sick leave upon termination, death, or
retirement.
Pensions
The provision for pension cost is recorded on the accrual basis (based on statutorily determined
contribution rates), and the City’s policy is to fund pension costs as they accrue.
47
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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
The legal level of control (the level at which expenditures may not legally exceed appropriations) is the
function level for all funds combined, rather than at the individual fund level. Management can transfer
appropriations within a function, within a fund type, and between fund types, without the approval of the
governing body so long as the total budget by function area will not be exceeded. It is necessary,
therefore, to aggregate the expenditures of the budgeted activities within the governmental fund types
with the expenditures of the budgeted activities within the enterprise funds on a function basis, and to
compare such function totals to function budgeted totals in order to demonstrate legal compliance with
the budget. The City’s budget for revenue focuses on the individual fund revenue rather than on
aggregated fund totals.
The City formally adopts budgets for several funds that are not required by state law to be included in the
annual function budget. Annual operating budgets are adopted for the internal service funds for
management control purposes. Such budgets, however, are not legally required to be adopted under state
statutes. These budgets are adopted and amended at the same time and in the same manner as the City’s
annual function budget.
48
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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 $53,450,000 in revenues and other
financing sources and by $116,569,000 in expenditures and other financing uses. Appropriations as
adopted or amended, and not encumbered, lapse at the end of the fiscal year.
As allowed by GASB Statement No. 41, Budgetary Comparison Schedules – Perspective Differences, the
City presents budgetary comparison schedules as required supplementary information based on the
program structure of nine functional areas as required by state statute for its legally adopted budget.
Restricted Assets
Assets within the individual funds, which can be designated by the City Council for any use within the
fund’s purpose, are considered to be unrestricted assets. Assets, which are restricted for specific uses by
bonded debt requirements, grant provisions, or other requirements, are classified as restricted assets.
Liabilities, which are payable from restricted assets, are classified as such.
Classification of Fund Balances
The City has changed accounting policies due to the implementation of Governmental Accounting
Standards Board (GASB) Statement No. 54, Fund Balance Reporting and Governmental Fund Type
Definitions. This statement redefines the elements of fund balance in governmental funds and more
clearly describes the different types of governmental funds. Accordingly, the beginning fund balance of
certain governmental funds has been restated.
2. Compliance and Accountability
At June 30, 2011 the Capital Project Fund for bridge, street, and traffic control construction reported a
deficit fund balance of $1,741,000. The deficit is due to capital expenditures. The City anticipates
receiving funds from the Iowa Department of Transportation. If not, bonds will be issued in 2012 to
cover the capital expenditures.
49
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
3. Cash and Pooled Investments
The City’s deposits in banks at June 30, 2011 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 $57,609,225 pursuant to Rule 2a-7 under the
Investment Company Act of 1940.
Interest rate risk. The City’s investment policy limits the investment of general and operating funds to
one year, unless a temporary extension of maturities is approved by the City Council. In such cases, the
average maturity of each fund’s portfolio shall not exceed 397 days. Funds not identified as operating
funds may be invested in instruments whose maturities do not exceed five years at the time of purchase.
Credit risk. State law limits investments to commercial paper and corporate bonds to the top two ratings
issued by nationally recognized statistical rating organizations. It is the City’s policy to comply with
rating restrictions. The investment in Iowa Public Agency Investment Trust is not rated by Moody’s
Investors service as it is a state security that is backed by the full faith and credit of the issuing
government and is not subject to credit risk.
Concentration of credit risk. The City investment policy limits the amount that may be invested in any
one issuer to a maximum amount approved by the City Council.
The aforementioned Iowa Public Agency Investment Trust (IPAIT) represents an investment in a pool
managed by others. IPAIT is a common trust established under Iowa law pursuant to Iowa Code Chapter
28E in 1987 to enable eligible Iowa public agencies to safely and effectively invest their available
operating and reserve funds. IPAIT is registered under the Investment Company Act of 1940.
The IPAIT portfolios have followed established money market mutual fund investment parameters
designed to maintain a $1 per unit net asset value since inception and were registered with the Securities
and Exchange Commission (SEC).
Due to legal and budgetary reasons, the General Fund is assigned a portion of the investment earnings
associated with other funds. These funds are the employee benefits, other shared revenue, and sanitation
funds.
50
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2011, consisted of the following:
Community
Development Debt
General Block Grant Service Sanitation Total
Advances to:
General - $ - $ - $ 2,066,571 $ 2,066,571 $
Other Shared Revenue
and Grants 444,162 - 197,297 - 641,459
Parking - - - 795,399 795,399
Housing Authority - 18,000 - - 18,000
Nonmajor Enterprise - - - 1,462,780 1,462,780
Total 444,162 $ 18,000 $ 197,297 $ 4,324,750 $ 4,984,209 $
Advances from
Interfund balances at June 30, 2011, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans, land and negative cash balance funding. $1,418,879 of the
$1,462,780 advances to the Nonmajor Enterprise Funds and $631,473 of the $795,399 advance to the
Parking Fund are not expected to be repaid within the next year. $1,945,901 of the $2,066,571 advances
to the General Fund and $186,234 of the $197,297 advance to the Other Shared Revenue and Grants Fund
are not expected to be repaid within the next year. None of the $18,000 advance to Housing Authority is
expected to be repaid within the next year. The $444,162 advance to the Other Shared Revenue and
Grants Fund is expected to be repaid within the next year.
51
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Interfund transfers for the year ended June 30, 2011, 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.
Other
Community Shared
Employee Development Revenue and Nonmajor
General Benefits Block Grant Grants Governmental
Transfer to:
General - $ 8,435,816 $ - $ 68,900 $ 4,776 $
Debt service 108,862 - - 101,129 671
Other shared revenue and grants 169,680 398,954 - - 269,270
Nonmajor governmental 1,973,586 - - 1,492,386 4,823,948
Wastewater treatment 950,387 - - 109,792 655,544
Water 197 - - - 794,789
Sanitation - - - - -
Housing Authority - - 80,314 - -
Nonmajor enterprise 100,000 - - - 1,955,216
Internal Service 25,640 - - 1,530 201,126
Total Transfer to 3,328,352 $ 8,834,770 $ 80,314 $ 1,773,737 $ 8,705,340 $
Transfer from
52
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Wastewater Housing Nonmajor Internal Total
Treatment Water Sanitation Authority Enterprise Service Transfer from
20,438 $ 20,438 $ - $ 43,000 $ 65,219 $ - $ 8,658,587 $
- - - - - - 210,662
- - - - - - 837,904
150,000 315,187 - 30,000 164,808 - 8,949,915
- - - - - - 1,715,723
- - - - - - 794,986
- - - - - 276,812 276,812
- - - - - - 80,314
- - - - - - 2,055,216
- - 114,169 - - 3,375 345,840
170,438 $ 335,625 $ 114,169 $ 73,000 $ 230,027 $ 280,187 $ 23,925,959 $
Transfer from
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
5. Capital Assets
Capital asset activity for the year ended June 30, 2011, was as follows:
Beginning
July 1, 2010
Acquisitions
and
Transfers
Disposals and
Transfers
Balance
June 30, 2011
Governmental activities:
Capital assets, not being depreciated:
Land 21,837,937 $ 2,049,535 $ - $ 23,887,472 $
Construction in progress 5,841,271 12,053,462 1,886,979 16,007,754
Total capital assets, not being depreciated 27,679,208 14,102,997 1,886,979 39,895,226
Capital assets, being depreciated:
Buildings 62,514,109 1,389,008 207,965 63,695,152
Improvements other than buildings 5,371,583 221,075 - 5,592,658
Machinery and equipment 42,207,488 4,073,278 1,460,037 44,820,729
Infrastructure 106,108,526 674,819 - 106,783,345
Total capital assets being depreciated 216,201,706 6,358,180 1,668,002 220,891,884
Less accumulated depreciation for:
Buildings 17,472,931 1,609,095 134,046 18,947,980
Improvements other than buildings 1,792,263 217,163 - 2,009,426
Machinery and equipment 26,299,477 3,313,263 1,439,214 28,173,526
Infrastructure 25,245,478 2,375,760 - 27,621,238
Total accumulated depreciation 70,810,149 7,515,281 1,573,260 76,752,170
Total capital assets, being depreciated, net 145,391,557 (1,157,101) 94,742 144,139,714
Governmental activities capital assets, net 173,070,765 $ 12,945,896 $ 1,981,721 $ 184,034,940 $
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Beginning
July 1, 2010
Acquisitions
and
Transfers
Disposals and
Transfers
Balance
June 30, 2011
Business-type activities:
Capital assets, not being depreciated:
Land 25,847,097 $ - $ 23,292 $ 25,823,805 $
Construction in progress 11,308,754 16,380,887 8,156,501 19,533,140
Total capital assets, not being depreciated 37,155,851 16,380,887 8,179,793 45,356,945
Capital assets, being depreciated:
Buildings 119,681,841 83,175 58,250 119,706,766
Improvements other than buildings 10,397,761 162,090 - 10,559,851
Machinery and equipment 22,115,791 427,250 236,107 22,306,934
Infrastructure 189,682,707 9,726,668 1,345,720 198,063,655
Total capital assets being depreciated 341,878,100 10,399,183 1,640,077 350,637,206
Less accumulated depreciation for:
Buildings 47,389,364 3,230,401 58,250 50,561,515
Improvements other than buildings 3,551,829 447,146 - 3,998,975
Machinery and equipment 13,342,442 1,081,540 187,212 14,236,770
Infrastructure 59,138,083 4,240,629 1,345,720 62,032,992
Total accumulated depreciation 123,421,718 8,999,716 1,591,182 130,830,252
Total capital assets, being depreciated, net 218,456,382 1,399,467 48,895 219,806,954
Business-type activities capital assets, net 255,612,233 $ 17,780,354 $ 8,228,688 $ 265,163,899 $
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 654,399 $
Public works 3,152,191
Culture and recreation 1,993,435
Community and economic development 37,061
General government 274,735
Internal service funds 1,403,460
Total depreciation expense - governmental activities 7,515,281 $
Business-type activities:
Parking 907,606 $
Wastewater treatment 4,017,155
Water 2,230,328
Sanitation 261,204
Housing authority 136,622
Nonmajor enterprise 1,446,801
Total depreciation expense - business-type activities 8,999,716 $
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
6. Long Term Debt
Changes in Debt for Bonds
Bond debt activity for the year ended June 30, 2011, was as follows:
General Obligation Bonds
Various issues of general obligation bonds totaling $80,575,000 are outstanding as of June 30, 2011. The
bonds have interest rates ranging from 0.65% to 5.6% and mature in varying annual amounts ranging
from $100,000 to $2,195,000 per issue, with the final maturities due in the year ending June 30, 2023.
Interest and principal payments on all general obligation bonds, except tax abated portions recorded in the
enterprise funds, are accounted for through the Debt Service Fund.
Portions of several general obligation bond issues have been used to acquire or expand the enterprise fund
facilities. In some instances, revenue generated by the enterprise funds is used to pay the general long-
term debt principal and interest. The liability for those bonds that are expected to be paid by enterprise
funds is included in those funds.
Due Within
July 1, 2010 Issues Retirements June 30, 2011 One Year
Governmental activities:
General obligation bonds $ 71,299,622 $ 27,095,000 $ 20,965,840 $ 77,428,782 $ 11,892,143
Plus: Unamortized
Premium (Discounts) 492,115 (111,985) 64,955 315,175 66,512
$ 71,791,737 $ 26,983,015 $ 21,030,795 $ 77,743,957 $ 11,958,655
Business-type activities:
General obligation bonds $ 3,750,378 - $ $ 604,160 $ 3,146,218 $ 622,857
Less: Unamortized
Discounts 19,211 - 3,842 15,369 3,842
Total general obligation bonds 3,731,167 - 600,318 3,130,849 619,015
Revenue bonds 78,335,000 - 3,370,000 74,965,000 6,315,000
Plus: Unamortized
Premium 946,888 - 54,582 892,306 54,582
Total revenue bonds 79,281,888 - 3,424,582 75,857,306 6,369,582
$ 83,013,055 $ - $ 4,024,900 $ 78,988,155 $ 6,988,597
56
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Annual debt service requirements to maturity for general obligation bonds are as follows:
On June 8, 2011, the City issued $10,930,000 of general obligation refunding bonds to provide resources
to purchase U.S. Government State and Local Government Series securities for the purpose of generating
resources for all future debt service payments of $10,580,000 of general obligation bonds. As a result, the
refunded general obligation bonds are considered to be defeased and the liability has been removed from
the governmental activities column of the statement of net assets. The advance refunding was undertaken
to reduce total future debt service payments. The result of the transaction is a reduction of $1,018,250 in
future debt service payments and an economic gain of $900,103.
The City had defeased general obligation debt totaling $10,580,00 that was still outstanding as of June 30,
2011.
Revenue Bonds
As of June 30, 2011, the following unmatured revenue bond issues are outstanding:
Wastewater
Parking Treatment Water
Original issue amount $ 9,110,000 $ 48,020,000 $ 25,365,000
Interest rates 3.0% to 5.0% 3.0% to 5.0% 2.0% to 4.65%
Annual maturities $ 500,000 to $ 290,000 to $ 360,000 to
$ 770,000 $ 2,750,000 $ 835,000
Amount outstanding $ 8,690,000 $ 44,685,000 $ 21,590,000
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2012 11,892,143 $ 3,069,732 $ 622,857 $ 119,247 $
2013 10,838,446 2,173,336 641,554 96,592
2014 10,173,445 1,853,080 636,555 71,997
2015 9,759,748 1,524,617 655,252 47,435
2016 9,140,000 1,208,933 295,000 22,125
2017-2021 24,340,000 2,461,131 295,000 11,063
2022-2026 1,285,000 104,405 - -
Total 77,428,782 $ 12,395,234 $ 3,146,218 $ 368,459 $
Governmental Activities Business-type Activities
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Revenue bond debt service requirements to maturity are as follows:
The revenue bond ordinances required that wastewater treatment, parking system, and water revenues be
set aside into separate and special accounts as they are received. The use and the amounts to be included
in the accounts are as follows:
Account Amount
(a) Revenue Bond and Interest Amount sufficient to pay current bond and interest maturities.
Sinking Reserve
(b) Revenue Debt Service Reserve Amount required to be deposited in the Revenue Bond and
Interest Reserve until the reserve fund equals: Parking Revenue
and Water Revenue bonds – maximum debt service due on the
bonds in any succeeding fiscal year. Wastewater Revenue
bonds – 125% of the average principal and interest payments
over the life of all the Wastewater Revenue bonds.
(c) Improvement Reserve $20,000 per month until the reserve balance equals or exceeds
$2,000,000 for Wastewater Revenue bonds 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.
Fiscal Year Ending Business-type Activities
June 30 Principal Interest
2012 6,315,000 $ 2,893,609 $
2013 6,625,000 2,688,717
2014 5,075,000 2,498,788
2015 5,255,000 2,319,945
2016 5,475,000 2,118,836
2017-2021 30,185,000 7,041,844
2022-2026 16,035,000 1,520,869
74,965,000 $ 21,082,608 $
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2011, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2011
General Obligation Bonds:
Multi-Purpose and Library
Construction May 2002 29,100,000 $ 3.5 - 5.0 6/12 2,195,000 $
Refunded Multi-Purpose (1) Oct. 2002 10,600,000 2.5 - 4.0 6/15 1,700,000
Multi-Purpose Nov. 2003 5,570,000 2.5 - 3.6 6/14 1,680,000
Taxable-Urban Renewal Mar. 2004 7,305,000 4.0 - 5.4 6/23 5,965,000
Multi-Purpose Mar. 2005 7,020,000 3.0 - 4.0 6/15 3,110,000
Multi-Purpose Jun. 2006 6,265,000 3.625 - 4.0 6/16 3,495,000
Multi-Purpose Jun. 2006 1,000,000 5.5 - 5.6 6/16 580,000
Refunded Water
Construction (2) Sep. 2006 3,350,000 3.6 - 3.75 6/17 1,800,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 5,710,000
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 6,710,000
Refunded Multi-Purpose (3) Oct. 2008 17,005,000 3.0 - 3.75 6/18 11,300,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 5,475,000
Taxable- Housing Improvements June 2009 505,000 1.5 - 3.0 6/14 305,000
Refunded Multi-Purpose (4) June 2009 5,840,000 2.0 - 4.0 6/16 4,270,000
Multi-Purpose Aug. 2010 7,420,000 2.0 - 2.75 6/20 6,605,000
Multi-Purpose June 2011 7,925,000 2.0 - 3.625 6/21 7,925,000
Taxable- Housing Improvements June 2011 820,000 0.65 - 1.1 6/13 820,000
Refunded Multi-Purpose and
Library Construction (5) June 2011 10,930,000 2.0 - 3.625 6/21 10,930,000
Total General Obligation Bonds 80,575,000 $
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2010
Revenue Bonds:
Refunded Parking Bonds (6) Nov. 2009 9,110,000 $ 3.0 - 5.0 7/24 8,690,000 $
Refunded Wastewater
Treatment Bonds (7) Oct. 2008 24,280,000 3.0 - 5.0 7/22 21,205,000
Refunded Wastewater
Treatment Bonds (8) May 2009 8,660,000 3.5 - 5.0 7/25 8,400,000
Refunded Wastewater
Treatment Bonds (9) Apr. 2010 15,080,000 3.0 - 4.0 7/20 15,080,000
Water Bonds Oct. 2002 8,500,000 2.0 - 4.65 7/22 5,800,000
Refunded Water Bonds (10) Oct. 2008 7,115,000 3.0 - 4.375 7/24 6,430,000
Refunded Water Bonds (11) May 2009 9,750,000 4.0 - 4.5 7/25 9,360,000
Total Revenue Bonds 74,965,000 $
155,540,000 $
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
(1) This bond issue has a portion of the general obligation bonds payable shown as a liability on the
balance sheet of the Water Fund. Also, this bond issue refunded the October 1992, June 1994,
April 1995, and March 1997 General Obligation Bonds.
(2) This bond issue has the general obligation bonds payable shown as a liability on the balance sheet
of the Water Fund. Also, this bond issue refunded the November 1997 Water Construction General
Obligation Bonds.
(3) This bond issue refunded the April 1998, March 1999, and July 2000 General Obligation Bonds.
(4) This bond issue refunded the June 2001 General Obligation Bonds.
(5) This bond issue is an advance refunding of a portion of the May 2002 General Obligation Bonds.
(6) This bond issue refunded the December 1999 Parking Revenue Bonds.
(7) This bond issue refunded the March 1996, May 1997, and January 1999 Wastewater Revenue
Bonds.
(8) This bond issue refunded the October 2000 Wastewater Revenue Bonds.
(9) This bond issue refunded the December 2001 and April 2002 Wastewater Revenue Bonds.
(10) This bond issue refunded the May 1999 Water Revenue Bonds.
(11) This bond issue refunded the December 2000 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, 2011, there were three series of Industrial Development Revenue Bonds, Facility
Refunding Revenue Bonds, and Midwest Disaster Area Revenue Bonds outstanding, with an aggregate
principal amount payable of $39,183,764.
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2011, the general obligation debt issued by the City did not exceed its legal debt limit
computed as follows:
Assessed valuation:
Real property $ 4,362,817,413
Utilities 90,281,335
Total valuation $ 4,453,098,748
Debt limit, 5% of total assessed valuation $ 222,654,937
Debt applicable to debt limit:
General obligation bonds 80,575,000
Legal debt margin $ 142,079,937
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.
Changes in Long-Term Liabilities - Notes Payable
Note Payable activity for the year ended June 30, 2011, was as follows:
Due Within
July 1, 2010 Issues Retirements June 30, 2011 One Year
Governmental activities: $ 211,000 -$ - $ 211,000 $ - $
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Employee Vested Benefits
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund.
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, 2011, is
approximately $11,754,654, which is based on 88.1% usage (filled) of the landfill and is included in
accrued liabilities within the Sanitation Fund. It is estimated that an additional amount of approximately
$1,587,746 will be recognized as closure and post-closure care expenses between the date of the balance
sheet and the date the landfill is expected to be filled to capacity by the year ended June 30, 2019. The
estimated total current cost of the landfill closure and post-closure care costs at June 30, 2011, was
determined by engineers from Howard R. Green Company and approximated $13,342,400. 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, 2011. 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.
Changes in Long-Term Liabilities - Employee Vested benefits
Employee Vested Benefits activity for the year ended June 30, 2011, was as follows:
Due Within
July 1, 2010 Issues Retirements June 30, 2011 One Year
Governmental activities: $ 2,099,762 1,206,797 $ 1,133,652 $ 2,172,907 $ 1,180,751 $
Business-type activities: $ 523,018 $ 284,662 288,275 $ $ 519,405 290,601 $
Changes in Long-Term Liabilities - Landfill Closure Post-closure Care Costs
Landfill Closure Post-closure care activity for the year ended June 30, 2011, was as follows:
Due Within
July 1, 2010 Issues Retirements June 30, 2011 One Year
Business-type activities: $ 11,159,929 $ 594,725 -$ $ 11,754,654 -$
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2011, the Sanitation Fund had $13,641,828 in related
equity in pooled cash and investments, at fair value designated for satisfaction of post-closure costs. The
City estimates that these cash reserves will only provide a fraction of the dollars needed to close and
monitor the landfill. The remaining portion of post-closure care costs, anticipated future inflation costs
and additional costs that might arise from changes in post-closure requirements (due to changes in
technology or more rigorous environmental regulations, for example) may need to be covered by charges
to future landfill users as well as City taxpayers.
Other Post Employment Benefits
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 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.
Changes in Long-Term Liabilities - Other Post Employment Benefits
July 1, 2010 Current Year June 30, 2011
Governmental activities: $ 1,350,150 $ 355,481 $ 1,705,631
Business-type activities: $ 396,338 $ 155,372 $ 551,710
Net OPEB Obligation
63
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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,
2011, the amount actually contributed to the plans, and changes in the City’s net OPEB obligation:
Annual required contribution $ 591,292
Interest on net OPEB obligation 69,860
Adjustment to annual required contribution (62,376)
Annual OPEB costs 598,776
Contributions made (87,922)
Increase in net OPEB obligation 510,854
Net OPEB obligation beginning of year 1,746,488
Net OPEB obligation end of year $2,257,342
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,
2011.
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, 2011 are summarized as follows:
Percentage of Annual
Annual OPEB Cost Net OPEB
Year Ended OPEB Cost Contributed from City Obligation
June 30, 2009 $1,288,466 48.3% $ 665,791
June 30, 2010 $1,291,319 16.3% $1,746,488
June 30, 2011 $ 598,776 14.7% $2,257,342
Funded Status and Funding Progress: As of July 1, 2010, the most recent actuarial valuation date for the
period July 1, 2010 through June 30, 2011, the actuarial accrued liability was $6,893,438, with no
actuarial value of assets, resulting in an unfunded actuarial accrued liability (UAAL) of $6,893,438. The
covered payroll (annual payroll of active employees covered by the plans) was $29,842,842 and the ratio
of the UAAL to covered payroll was 23.1%. As of June 30, 2011, 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.
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2010 actuarial valuation date, the actuarial cost method used is the entry age normal
method. The actuarial assumption includes a 4% discount rate. The projected annual medical trend rate
is 2.2%. The ultimate medical trend rate is 6%. The medical trend rate is increased to 10.0% for year two
and then reduced by 0.5% each year until reaching the 6% ultimate trend rate. The projected annual
dental trend rate is 2.9%. The ultimate dental trend rate is 4%. The dental trend rate is increased to 5.5%
for year two and then reduced by 0.5% each year until reaching the 4% ultimate trend rate.
Mortality rates for active employees are from the RP-2000 Employee Table and for retirees are from RP-
2000 Healthy Annuitant Table, applied on a gender-specific basis. 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 recent City experience.
Projected claim costs of the health and dental plans are $765.61 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 FY11, the City issued multiple short term loans totaling $1,795,500 and repaid multiple short term
loans totaling $677,500. The 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 City secured a $1.25 million I-JOBS grant
that allows the program to acquire and rehabilitate 25 homes in the designated UniverCity
Changes in Short-Term Liabilities - Notes Payable
Notes Payable activity for the year ended June 30, 2011, was as follows:
Due Within
July 1, 2010 Issues Retirements June 30, 2011 One Year
Governmental activities: $ 497,500 1,795,500 $ 677,500 $ 1,615,500 $ 1,615,500 $
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Neighborhoods. The short term loans have been repaid and will be repaid with the proceeds from the sale
of the rehabilitated homes.
9. Fund Equity
The City implemented GASB Statement #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 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 an ordinance or resolution to
establish 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 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.
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2011 the City purchased property, liability, and workers’
compensation insurance under the program that provides for a $100,000 self-insured retention per
occurrence on property losses, a $500,000 self-insured retention per occurrence on liability, and a
$400,000 self-insured retention on workers’ compensation losses. The liability insurance provides
coverage for claims in excess of the aforementioned self-insured retention up to a maximum of
$21,000,000 annual aggregate of losses paid. The operating funds pay annual premiums to the Loss
Reserve Fund. Accumulated monies in the Loss Reserve Fund are available to cover the self-insured
retention amounts and any uninsured losses. Settled claims have not exceeded this commercial coverage
in any of the past twenty four fiscal years.
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, 2011 based on the requirements of GASB Statement No.
Components of Fund Balance
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Nonspendable:
Inventory 261,534 $ - $ - $ - $ - $ - $ 261,534 $
Perpetual Care Principal 69,000 - - - - - 69,000
Total Nonspendable 330,534 - - - - - 330,534
Restricted for:
Public Safety 440,995 - - - - - 440,995
Local Option Sales Tax 15,582,610 - - - - - 15,582,610
Assets Held for Resale 195,000 - - - - - 195,000
Debt Service - - - - 13,150,718 - 13,150,718
GO Bond Projects - - - - - 16,059,630 16,059,630
State Funding - - - 481,043 - - 481,043
Grant Agreement - - 1,925,290 - - - 1,925,290
Public Safety Employee
Benefits - 2,532,011 - - - - 2,532,011
Economic Development - - - - - 645,405 645,405
Other Restricted 49,882 - - - - 95,235 145,117
Total Restricted 16,268,487 2,532,011 1,925,290 481,043 13,150,718 16,800,270 51,157,819
Assigned to:
Library Programs 578,276 - - - - - 578,276
Senior Center Programs 58,264 - - - - - 58,264
Replacement and Acquisition Reserves 2,818,365 - - - - - 2,818,365
Other Assigned 87,048 - - - - - 87,048
Total Assigned 3,541,953 - - - - - 3,541,953
Unassigned: 15,930,921 - - - - (1,741,187) 14,189,734
Total Fund Balances 36,071,895 $ 2,532,011 $ 1,925,290 $ 481,043 $ 13,150,718 $ 15,059,083 $ 69,220,040 $
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2011 and 2010 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2009 – 2010 $ 1,237,000 $ 1,127,000 $ 762,000 $ 1,602,000
2010 – 2011 1,602,000 92,000 994,000 700,000
Also, the City is partially self-insured, through stop-loss insurance, for employee health care coverage,
which is available to all of its permanent employees. This insurance provides stop-loss coverage for
claims in excess of $100,000 per employee with an aggregate stop-loss of $9,316,713. 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, 2011 and
2010 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2009 – 2010 $ 837,000 $ 5,879,000 $ 6,002,000 $ 714,000
2010 – 2011 714,000 6,259,000 6,245,000 728,000
68
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
11. Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2011 are as follows:
The total significant encumbrances as of June 30, 2011 are as follows:
Project Amount
Bridge, street and traffic Paving and bridge construction,
control construction engineering design and consulting 4,878,023 $
Other construction Public works construction, culture & recreation
construction, and fire station construction 1,513,751
Parking Garage improvements and repair & maintenance 669,778
Wastewater Facility consolidation consulting and wastewater
main repairs 472,898
Water Water main construction and flood mitigation
construction 103,374
Sanitation Landfill consulting and recycling facility
construction 2,376,409
Airport Runway grading and paving 1,311,923
Stormwater Stormwater system improvements 114,045
11,440,201 $
Fund
Project Amount
Other Governmental
Other Construction Transit buses, fire equipment, and police equipment 841,717 $
841,717 $
Fund
69
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2011,
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 19.90% of earnable compensation of each member in 2011, 17.0% of
earnable compensation in 2010, and 18.75% of earnable compensation in 2009. The contributions paid by
the City for the years ended June 30, 2009, 2010, and 2011, were $1,434,031, $1,349,558, and $1,826,791
respectively, and was equal to the required contributions for each year.
70
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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 four years of
service or after attaining the age of 55. Full benefits are equal to 60% of the average of the highest three
years of covered wages times years of service divided by 30.
Plan members are required to contribute 4.5% of their annual covered salary and the City is required to
contribute 6.95% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2009, 2010, and 2011, were $1,659,955,
$1,767,350, and $1,969,422 respectively, and were equal to the required contributions for each year.
14. Municipal Utility Systems
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 67,862 people and has over 23,000 customers. The average
daily use for 2011 was 5.51 million gallons per day (MGD). A peak flow of 8.23 MGD was experienced
during the summer of 2005.
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 11.0 MGD. Additional sources include two
Jordan aquifer wells which can provide 2.0 MGD; four Siluran aquifer wells which can provide 1.0
MGD; a sand pit that can provide 1.5 MGD; a river intake that can provide 3.0 MGD; for a total of
approximately 18.5 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.
71
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Distribution System: The water flows through approximately 290 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 3,100 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, 2010.
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.
2002 0%
2003 - 5%
2004 - 5%
2005 0%
2006 0%
2007 - 5%
2008 0%
2009 0%
2010 0%
2011 0%
72
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Financial Information: The following table summarizes the results of operations for the Water System for
the fiscal years ended June 30, 2011, 2010, and 2009.
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
Last Three Fiscal Years
(amounts expressed in thousands)
2011 2010 2009
Operating Revenues:
Charges for services $ 8,054 $ 7,957 $ 8,107
Miscellaneous 42 28 86
Total operating revenues 8,096 7,985 8,193
Operating Expenses:
Personal services 2,407 2,246 2,316
Commodities 929 987 768
Services and charges 2,128 1,920 2,642
5,464 5,153 5,726
Depreciation 2,230 2,180 2,124
Total operating expenses 7,694 7,333 7,850
Operating income 402 652 343
Nonoperating Revenues (Expenses):
Gain ( Loss) on disposal of capital assets - 5 -
Insurance Recoveries 2 33 -
Operating Grants - 6 15
Interest income 256 312 625
Interest expense (1,032) (1,092) (1,351)
Total nonoperating revenues (expenses) (774) (736) (711)
Income before capital contributions
and transfers (372) (84) (368)
Capital contributions 973 572 132
Transfers in 795 756 469
Transfers out (336) (343) (698)
Change in net assets 1,060 901 (465)
Net Assets, Beginning 61,042 60,141 60,606
Net Assets, Ending $ 62,102 $ 61,042 $ 60,141
73
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
The following table summarizes the budget and actual figures for the Water System for the fiscal year
ended June 30, 2011 and the budget for the fiscal year ended June 30, 2012 on a cash basis.
WATER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2011
(amounts expressed in thousands)
FY12
Actual Budget Percentage Budget
Charges for services $ 8,032 $ 8,366 96.01% $ 8,502
Interest income 141 190 74.21% 173
Miscellaneous 78 49 159.18% 28
Operating grants 44 2,272 1.94% 2,445
Transfers from other funds - 336 0.00% 336
Bond sales - - 0.00% -
Total Receipts $ 8,295 $ 11,213 73.98% $ 11,484
Personal services $ 2,513 $ 2,481 101.29% $ 2,715
Commodities 591 782 75.58% 749
Services and charges 2,307 2,857 80.75% 2,274
Capital outlay 1,749 5,273 33.17% 5,527
Transfer to capital project funds 315 982 32.08% 942
Operating subsidy 20 20 100.00% 23
Debt service payments 2,757 2,757 100.00% 2,803
Total Disbursements $ 10,252 $ 15,152 67.66% $ 15,033
Sewer System
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately 254 miles
of sanitary sewers, 15 sanitary sewer lift stations, 2 storm water pumping stations, and 2 treatment plants.
There are a total of 25.60 (FTE) employees who work in the Wastewater Division. This division serves
67,862 people and has over 23,000 customers. The average daily combined treatment flow for 2011 was
10.37 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.
74
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
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, 2010.
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.
2002 5%
2003 0%
2004 0%
2005 0%
2006 0%
2007 8%
2008 0%
2009 5%
2010 0%
2011 0%
75
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
Financial Information: The following table summarizes the results of operations for the Sewer System for
the fiscal years ended June 30, 2011, 2010, and 2009.
SEWER SYSTEM
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
Last Three Fiscal Years
(amounts expressed in thousands)
2011 2010 2009
Operating Revenues:
Charges for services $ 12,836 $ 12,637 $ 12,557
Miscellaneous 63 73 84
Total operating revenues 12,899 12,710 12,641
Operating Expenses:
Personal services 1,961 1,874 1,848
Commodities 895 645 853
Services and charges 2,621 2,531 2,501
5,477 5,050 5,202
Depreciation 4,017 4,178 4,155
Total operating expenses 9,494 9,228 9,357
Operating income 3,405 3,482 3,284
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets (40) - 131
Operating grants - - 1
Interest income 382 464 820
Interest expense (1,704) (2,173) (2,578)
Total nonoperating revenues (expenses) (1,362) (1,709) (1,626)
Income before capital contributions
and transfers 2,043 1,773 1,658
Capital contributions 2,394 2,115 266
Transfers in 1,716 167 148
Transfers out (171) (202) (296)
Change in net assets 5,982 3,853 1,776
Net Assets, Beginning 78,748 74,895 73,119
Net Assets, Ending $ 84,730 $ 78,748 $ 74,895
76
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
The following table summarizes the budget and actual figures for the Sewer System for the fiscal year
ended June 30, 2011 and the budget for the fiscal year ended June 30, 2012 on a cash basis.
SEWER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2011
(amounts expressed in thousands)
FY12
Actual Budget Percentage Budget
Charges for services $ 12,759 $ 13,427 95.02% $ 12,752
Interest income 301 100 301.00% 100
Miscellaneous 67 57 117.54% 57
Operating grants 1,355 5,700 23.77% 9,491
Local option sales tax 950 9,286 10.23% 12,596
Bond sales - - 0.00% -
Total Receipts $ 15,432 $ 28,570 54.01% $ 34,996
Personal services $ 2,003 $ 1,962 102.09% $ 2,160
Commodities 591 547 108.04% 558
Services and charges 4,852 2,879 168.53% 2,783
Capital outlay 1,582 19,396 8.16% 26,150
Transfer to capital project funds (135) 774 -17.44% 725
Operating subsidy 20 20 100.00% 23
Debt service payments 23,014 23,375 98.46% 6,308
Total Disbursements $ 31,927 $ 48,953 65.22% $ 38,707
77
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2011
15. Subsequent events
On November 14, 2011, the Midwest Disaster Area Revenue Bonds, Conduit Debt of the City of Iowa
City, in the amount of $1,840,000 was paid in full by the private sector entity directly to the bond trustee,
a third party financial institution.
16. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued statements not yet implemented by
the City. The statement, which might impact the City’s financial statements is as follows:
Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements; issued
November 2010, will be effective for the fiscal year ending June 30, 2013. The objective of this
Statement is to improve financial reporting by addressing issues related to service concession
arrangements.
Statement No. 61, The Financial Reporting Entity: Omnibus – an amendment of GASB Statements No. 14
and No. 34; issued November 2010, will be effective for the fiscal year ending June 30, 2013. The
objective of this Statement is to improve financial reporting for a governmental financial reporting entity.
Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-
November 30, 1989 FASB and AICPA Pronouncements; issued December 2010, will be effective for the
fiscal year ending June 30, 2013. The objective of this Statement is to incorporate into the GASB’s
authoritative literature certain accounting and financial reporting guidance.
Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of
Resources, and Net Position , issued June 2011, will be effective for the fiscal year ending June 30,
2013. This Statement amends the net asset reporting requirements in Statement No. 34, Basic Financial
Statements—and Management’s Discussion and Analysis—for State and Local Governments, and other
pronouncements by incorporating deferred outflows of resources and deferred inflows of resources into
the definitions of the required components of the residual measure and by renaming that measure as net
position, rather than net assets.
Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions - an
amendment to GASB Statement No. 53 , issued June 2011, will be effective for the fiscal year ending
June 30, 2012. The objective of this Statement is to clarify whether an effective hedging relationship
continues after the replacement of a swap counterparty or a swap counterparty’s credit support provider.
The City’s management has not yet determined the effect these statements will have on the City’s
financial statements.
78
79
Governmental
Fund Types Enterprise Fund
Actual Budgetary Types Actual Total Actual
Basis Budgetary Basis Budgetary Basis
Revenues:
Property taxes 47,826 $ - $ 47,826 $
Delinquent property taxes 8 - 8
Tax increment financing taxes 846 - 846
Other city taxes 10,865 - 10,865
Licenses and permits 1,409 5 1,414
Intergovernmental 30,184 9,430 39,614
Charges for services 6,025 34,628 40,653
Use of money and property 374 1,131 1,505
Miscellaneous 5,690 1,720 7,410
Total revenues 103,227 46,914 150,141
Expenditures/Expenses:
Public safety 18,703 - 18,703
Public works 13,434 - 13,434
Culture and recreation 11,805 - 11,805
Community and economic development 19,120 - 19,120
General government 7,460 - 7,460
Debt service 14,053 - 14,053
Capital outlay 18,655 - 18,655
Business-type - 69,838 69,838
Total expenditures/expenses 103,230 69,838 173,068
Excess (deficiency) of revenues over
(under) expenditures/expenses (3) (22,924) (22,927)
Other financing sources and uses, net 30,911 (433) 30,478
Net change in fund balances 30,908 (23,357) 7,551
Balances, beginning of year 52,877 103,091 155,968
Balances, end of year 83,785 79,734 163,519
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, 2011
(dollar amounts expressed in thousands)
BUDGETARY BASIS
80
Final to Actual
Variance -
Positive
Original Final (Negative)
47,789 $ 47,789 $ 37 $
- - 8
840 840 6
10,265 11,011 (146)
1,335 1,342 72
37,636 85,782 (46,168)
39,621 41,385 (732)
2,187 1,124 381
3,785 7,635 (225)
143,458 196,908 (46,767)
20,149 20,813 2,110
13,579 14,422 988
11,981 12,380 575
4,796 40,153 21,033
8,350 8,512 1,052
14,045 14,196 143
17,292 68,902 50,247
73,909 101,292 31,454
164,101 280,670 107,602
(20,643) (83,762) 60,835
10,971 38,551 (8,073)
(9,672) (45,211) 52,762
103,163 315,974
93,491 270,763
Budgeted Amounts
81
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 103,227 $ (815) $ 102,412 $
Expenditures 103,230 (5,528) 97,702
Net (3) 4,713 4,710
Other financing sources (uses) 30,911 (17,132) 13,779
Beginning Fund Balances 52,877 $ (2,146) $ 50,731 $
Ending Fund Balances 83,785 $ (14,565) $ 69,220 $
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 46,914 $ (1,483) $ 45,431 $
Expenditures 69,838 (27,042) 42,796
Net (22,924) 25,559 2,635
Other financing sources (uses) (433) 8,577 8,144
Beginning Fund Balances 103,091 144,918 $ 248,009
Ending Fund Balances 79,734 $ 179,054 $ 258,788 $
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, 2011
(dollar amounts expressed in thousands)
82
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2011
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 $53,450,000 and expenditures by
$116,569,000. 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.
83
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, 2011
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% $ 32,804,905 46.44%
July 1, 2008 June 30, 2010 $ - $ 15,235,196 $ 15,235,196 0.00% $ 32,804,905 46.44%
July 1, 2010 June 30, 2011 $ - $ 6,893,438 $ 6,893,438 0.00% $ 29,842,842 23.10%
84
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 PROJECTS FUNDS
Capital Projects Funds are utilized to account for all resources used in the acquisition and construction of
capital facilities and other major fixed assets, with the exception of those that are financed by proprietary
fund monies. The fund in this category is as follows:
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.
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.
85
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control Other
Development County Construction Construction Total
Assets
Equity in pooled cash and investments 657 $ 74 $ 1,336 $ - $ 2,067 $
Receivables:
Accounts and unbilled usage - - 63 9 72
Interest 2 - - 23 25
Due from other governments - 47 1,320 805 2,172
Assets held for resale - - 165 - 165
Restricted assets:
Equity in pooled cash and investments - - 1 16,990 16,991
Total assets 659 $ 121 $ 2,885 $ 17,827 $ 21,492 $
Liabilities and Fund Balances
Liabilities:
Accounts payable 14 $ - $ 48 $ 194 $ 256 $
Contracts payable - - 782 1,104 1,886
Accrued liabilities - 26 16 15 57
Due to other governments - - 2,834 - 2,834
Deferred revenue - - 945 454 1,399
Liabilities payable from restricted assets:
Deposits - - 1 - 1
Total liabilities 14 26 4,626 1,767 6,433
Fund balances:
Restricted 645 95 - 16,060 16,800
Unassigned - - (1,741) - (1,741)
Total fund balances 645 95 (1,741) 16,060 15,059
Total liabilities and fund balances 659 $ 121 $ 2,885 $ 17,827 $ 21,492 $
Capital Projects Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2011
(amounts expressed in thousands)
86
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control Other
Development County Construction Construction Total
Revenues
Property taxes 838 $ -$ 286 $ -$ 1,124 $
Intergovernmental - 308 2,354 1,823 4,485
Use of money and property - - 10 13 23
Miscellaneous - 6 413 143 562
Total revenues 838 314 3,063 1,979 6,194
Expenditures
Current:
Public safety - - - 400 400
Public works - - 1,902 333 2,235
Culture and recreation - - - 755 755
Community and economic
development 388 668 - 120 1,176
General government - - - 139 139
Capital outlay - 6 5,971 6,032 12,009
Total expenditures 388 674 7,873 7,779 16,714
Excess (deficiency) of revenues over
(under) expenditures 450 (360) (4,810) (5,800) (10,520)
Other Financing Sources (Uses)
Issuance of bonds - - - 16,165 16,165
Insurance Recoveries - - - 167 167
Premium on issuance of bonds - - - 181 181
Transfers in 92 368 7,594 896 8,950
Transfers out (51) - (3,318) (5,336) (8,705)
Total other financing sources
and (uses) 41 368 4,276 12,073 16,758
Net change in fund balances 491 8 (534) 6,273 6,238
Fund Balances, Beginning 154 87 (1,207) 9,787 8,821
Fund Balances, Ending 645 $ 95 $ (1,741) $ 16,060 $ 15,059 $
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
CITY OF IOWA CITY, IOWA
Capital Projects Special Revenue
For the Year Ended June 30, 2011
(amounts expressed in thousands)
NONMAJOR GOVERNMENTAL FUNDS
AND CHANGES IN FUND BALANCES
87
88
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.
89
Cable
Airport Stormwater Television Total
Assets
Current assets:
Equity in pooled cash and investments 465 $ 665 $ 1,394 $ 2,524 $
Receivables:
Accounts and unbilled usage - 71 184 255
Interest 1 1 3 5
Due from other governments 305 - - 305
Total current assets 771 737 1,581 3,089
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 9 - 109 118
Capital assets:
Land 7,286 2,167 - 9,453
Buildings 4,055 - 741 4,796
Improvements other than buildings 357 - - 357
Machinery and equipment 281 259 125 665
Infrastructure 12,270 35,095 - 47,365
Accumulated depreciation (3,521) (8,426) (337) (12,284)
Construction in progress 350 2,475 - 2,825
Total noncurrent assets 21,087 31,570 638 53,295
Total assets 21,858 32,307 2,219 56,384
Liabilities
Current liabilities:
Accounts payable 2 25 109 136
Contracts payable 87 51 - 138
Accrued liabilities 3 9 23 35
Employee vested benefits 1 2 14 17
Total current liabilities 93 87 146 326
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 9 - - 9
Advances from other funds 1,463 - - 1,463
Employee vested benefits 1 1 12 14
Other Post Employment Benefits Obligation 3 4 19 26
Total noncurrent liabilities 1,476 5 31 1,512
Total liabilities 1,569 92 177 1,838
Net Assets
Invested in capital assets, net of related debt 21,078 31,570 529 53,177
Unrestricted (789) 645 1,513 1,369
Total net assets 20,289 $ 32,215 $ 2,042 $ 54,546 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
June 30, 2011
90
Cable
Airport Stormwater Television Total
Operating Revenues:
Charges for services 293 $ 641 $ 809 $ 1,743 $
Total operating revenues 293 641 809 1,743
Operating Expenses:
Personal services 39 182 447 668
Commodities 20 385 18 423
Services and charges 272 172 148 592
331 739 613 1,683
Depreciation 728 679 40 1,447
Total operating expenses 1,059 1,418 653 3,130
Operating income (loss) (766) (777) 156 (1,387)
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets 353 - 1 354
Interest income 2 2 4 8
Total nonoperating revenues (expenses) 355 2 5 362
Income (loss) before capital contributions
and transfers (411) (775) 161 (1,025)
Capital contributions 358 140 - 498
Transfers in 199 1,856 - 2,055
Transfers out (136) (39) (55) (230)
.
Change in net assets 10 1,182 106 1,298
Net Assets, Beginning 20,279 31,033 1,936 53,248
Net Assets, Ending 20,289 $ 32,215 $ 2,042 $ 54,546 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2011
AND CHANGES IN FUND NET ASSETS
91
Cable
Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 293 $ 630 $ 805 $ 1,728 $
Payments to suppliers (313) (534) (170) (1,017)
Payments to employees (42) (185) (448) (675)
Net cash flows from operating activities (62) (89) 187 36
Cash Flows From Noncapital Financing Activities
Transfers from other funds 199 1,856 - 2,055
Transfers to other funds (136) (39) (55) (230)
Repayment of advances from other funds (42) - - (42)
Net cash flows from noncapital financing activities 21 1,817 (55) 1,783
Cash Flows From Capital and Related Financing
Activities
Capital grants received 357 - - 357
Acquisition and construction of property and equipment (521) (2,380) (41) (2,942)
Proceeds from sale of property 376 - 1 377
Net cash flows from capital and related financing
activities 212 (2,380) (40) (2,208)
Cash Flows From Investing Activities
Interest on investments 1 3 3 7
Net increase (decrease) in cash and cash equivalents 172 (649) 95 (382)
Cash and Cash Equivalents, Beginning 302 1,314 1,408 3,024
Cash and Cash Equivalents, Ending 474 $ 665 $ 1,503 $ 2,642 $
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss) (766) $ (777) $ 156 $ (1,387) $
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 728 679 40 1,447
Changes in:
Receivables:
Accounts and unbilled usage - (11) (4) (15)
Accounts payable (21) 23 (4) (2)
Accrued liabilities 2 (1) 5 6
Employee vested benefits - (2) 1 (1)
Other Post Employment Benefits Obligation (5) - (7) (12)
Total adjustments 704 688 31 1,423
Net cash flows from operating activities (62) $ (89) $ 187 $ 36 $
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 140 $ -$ 140 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2011
92
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.
93
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Assets
Current assets:
Equity in pooled cash and investments 7,275 $ 694 $ 10,218 $ 2,470 $ 20,657 $
Receivables:
Interest 14 1 19 5 39
Due from other governments 97 - - - 97
Inventories 517 - - - 517
Total current assets 7,903 695 10,237 2,475 21,310
Noncurrent assets:
Capital assets:
Land 45 - - - 45
Buildings 578 - - 243 821
Improvements other than buildings 50 - - - 50
Machinery and equipment 13,492 205 14 1,685 15,396
Infrastructure - - - 1,094 1,094
Accumulated depreciation (8,905) (128) (7) (1,783) (10,823)
Construction in progress - - - 376 376
Total noncurrent assets 5,260 77 7 1,615 6,959
Total assets 13,163 772 10,244 4,090 28,269
Liabilities
Current liabilities:
Accounts payable 425 1 36 32 494
Accrued liabilities 39 2 1,435 49 1,525
Employee vested benefits 36 1 3 24 64
Total current liabilities 500 4 1,474 105 2,083
Noncurrent liabilities:
Employee vested benefits 28 - 3 19 50
Other Post Employment Benefits Obligation (3) 3 (26) 47 21
Total noncurrent liabilities 25 3 (23) 66 71
Total liabilities 525 7 1,451 171 2,154
Net Assets
Invested in capital assets, net of related debt 5,260 77 7 1,615 6,959
Unrestricted 7,378 688 8,786 2,304 19,156
Total net assets 12,638 $ 765 $ 8,793 $ 3,919 $ 26,115 $
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2011
94
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 5,364 $ 239 $ 9,970 $ 1,801 $ 17,374 $
Miscellaneous - - 2 6 8
Total operating revenues 5,364 239 9,972 1,807 17,382
Operating Expenses:
Personal services 865 56 153 1,043 2,117
Commodities 2,114 7 28 384 2,533
Services and charges 370 130 6,995 422 7,917
3,349 193 7,176 1,849 12,567
Depreciation 1,166 23 3 212 1,404
Total operating expenses 4,515 216 7,179 2,061 13,971
Operating income (loss) 849 23 2,793 (254) 3,411
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 124 (4) 2 10 132
Interest income 21 2 31 7 61
Total nonoperating revenues (expenses) 145 (2) 33 17 193
Income (loss) before capital contributions
and transfers 994 21 2,826 (237) 3,604
Transfers in 14 - - 331 345
Transfers out (277) (3) - - (280)
Change in net assets 731 18 2,826 94 3,669
Net Assets, Beginning 11,907 747 5,967 3,825 22,446
Net Assets, Ending 12,638 $ 765 $ 8,793 $ 3,919 $ 26,115 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2011
AND CHANGES IN FUND NET ASSETS
95
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Cash Flows From Operating Activities
Receipts from customers and users 5,342 $ 239 $ 9,972 $ 1,828 $ 17,381 $
Payments to suppliers (2,376) (139) (7,198) (994) (10,707)
Payments to employees (893) (44) (1,052) (1,002) (2,991)
Net cash flows from operating activities 2,073 56 1,722 (168) 3,683
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 14 - - 331 345
Operating transfers to other funds (277) (3) - - (280)
Net cash flows from noncapital financing
activities (263) (3) - 331 65
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (1,879) (1) (6) (536) (2,422)
Proceeds from sale of property 130 - 2 10 142
Net cash flows from capital and related
financing activities (1,749) (1) (4) (526) (2,280)
Cash Flows From Investing Activities
Interest on investments 17 2 24 6 49
Net increase in cash and cash
equivalents 78 54 1,742 (357) 1,517
Cash and Cash Equivalents, Beginning 7,197 640 8,476 2,827 19,140
Cash and Cash Equivalents, Ending 7,275 $ 694 $ 10,218 $ 2,470 $ 20,657 $
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 849 $ 23 $ 2,793 $ (254) $ 3,411 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 1,166 23 3 212 1,404
Changes in:
Receivables:
Accounts and unbilled usage 19 - - 5 24
Due from other governments (41) - - 16 (25)
Inventories (194) - - - (194)
Accounts payable 302 (2) (175) (188) (63)
Accrued liabilities 2 - (888) 11 (875)
Employee vested benefits (3) (1) 1 8 5
Other Post Employment Benefits
Obligation (27) 13 (12) 22 (4)
Total adjustments 1,224 33 (1,071) 86 272
Net cash flows from operating activities 2,073 $ 56 $ 1,722 $ (168) $ 3,683 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2011
96
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.
97
Balance Balance
July 1, 2010 Increases Decreases June 30, 2011
Project Green
Assets
Equity in pooled cash and investments 229 $ 59 $ 82 $ 206 $
Interest receivable 1 1 1 1
Total assets 230 $ 60 $ 83 $ 207 $
Liabilities
Accounts payable 19 $ - $ 19 $ - $
Due to agency 211 60 64 207
Total liabilities 230 $ 60 $ 83 $ 207 $
Library Foundation
Assets
Equity in pooled cash and investments 6 $ 7 $ 11 $ 2 $
Accounts receivable 5 4 - 9
11 $ 11 $ 11 $ 11 $
Liabilities
Accrued liabilities 11 $ 11 $ 11 $ 11 $
Total liabilities 11 $ 11 $ 11 $ 11 $
Total Agency Funds
Assets
Equity in pooled cash and investments 235 $ 66 $ 93 $ 208 $
Accounts receivable 5 4 - 9
Interest receivable 1 1 1 1
Total assets 241 $ 71 $ 94 $ 218 $
Liabilities
Accounts payable 19 $ - $ 19 $ - $
Accrued liabilities 11 11 11 11
Due to agency 211 60 64 207
Total liabilities 241 $ 71 $ 94 $ 218 $
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2011
AGENCY FUNDS
98
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 101
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 106
These schedules contain information to help the reader assess the
government’s most significant local revenue source, the property tax.
Debt Capacity 116
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 126
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 128
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.
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Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections Collections
2002 27,920 $ 28,423 $ 101.8 %5$ 28,428 $ 101.8 %
2003 31,975 31,863 99.6 16 31,879 99.7
2004 34,073 34,009 99.8 23 34,032 99.9
2005 34,403 34,814 101.2 15 34,829 101.2
2006 36,460 36,654 100.5 44 36,698 100.7
2007 39,094 38,947 99.6 13 38,960 99.7
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
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.
Percent of
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Collected
Total as
a Percent of
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CITY OF IOWA CITY, IOWA
PROPERTY TAX BUDGETS AND COLLECTIONS
Last Ten Fiscal Years
(Cash basis of accounting)
(amounts expressed in thousands)
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Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
2002 253,409,874 9,049,700 $
2003 257,788,030 9,308,824
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
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
113
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114
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
2002 292,323,306 11,431,949 $
2003 297,084,229 12,015,122
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
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
115
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117
CITY OF IOWA CITY, IOWA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES 1
Last Ten Fiscal Years
(amounts expressed in thousands)
Total
General
Fiscal Year Governmental Ratio of Debt
Ended Total Expenditures Service to General
June 30 Principal Interest Debt Service and Transfers Expenditures
2002 3,599 $ 2,136 $ 5,735 $ 53,462 $ .11 : 1.00
2003 2 4,742 3,683 8,425 82,001 .10 : 1.00
2004 5,172 3,336 8,508 83,445 .10 : 1.00
2005 9,349 3,676 13,025 88,342 .15 : 1.00
2006 6,099 3,458 9,557 93,360 .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
Notes:
1 General Fund, Special Revenue Funds and Debt Service Fund.
2 Beginning in FY03, Capital Projects Funds are also included.
118
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2011
(amounts expressed in thousands, except per capita)
Amount
Total General % Applicable Applicable
Long-Term to the to the
Name of Bonded Debt City of City of
Governmental Unit Outstanding Iowa City Iowa City Per Capita
City of Iowa City 80,575 $ 100.00% 80,575 $ 1,187.34 $
Iowa City Community
School District 21,505 59.23% 12,737 187.69
Total 102,080 $ 93,312 $ 1,375 $
Per capita assessed value 68,094 $
Source: Johnson County Auditor's Office.
each overlapping government.
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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.
119
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Fiscal
Year Net Revenue Annual Debt Service 2
Ended Available for Ratio of
June 30 Revenue Expenses 1 Debt Service Principal Interest Total Coverage
Parking Revenue 3
2002 4,272 $ 1,960 $ 2,312 $ 510 $ 746 $ 1,256 $ 1.84
2003 4,198 1,953 2,245 375 715 1,090 2.06
2004 4,164 2,319 1,845 395 687 1,082 1.71
2005 4,360 2,377 1,983 305 663 968 2.05
2006 4,161 2,380 1,781 320 645 965 1.85
2007 5,035 2,973 2,062 335 626 961 2.15
2008 4,995 2,454 2,541 355 606 961 2.64
2009 5,630 3,024 2,606 370 584 954 2.73
2010 6 5,509 3,149 2,360 390 504 894 2.64
2011 5,389 2,920 2,469 420 391 811 3.04
Wastewater Treatment Revenue 4
2002 12,501 $ 3,389 $ 9,112 $ 3,005 $ 4,236 $ 7,241 $ 1.26
2003 13,000 4,463 8,537 3,060 4,385 7,445 1.15
2004 12,947 4,523 8,424 3,280 3,672 6,952 1.21
2005 12,600 4,432 8,168 3,630 3,537 7,167 1.14
2006 12,798 4,260 8,538 3,815 3,390 7,205 1.19
2007 13,708 4,236 9,472 3,905 3,234 7,139 1.33
2008 13,332 4,581 8,751 4,105 3,071 7,176 1.22
2009 6 13,462 5,202 8,260 4,260 2,813 7,073 1.17
2010 6 13,174 5,050 8,124 4,205 2,307 6,512 1.25
2011 6 13,281 5,477 7,804 1,840 2,054 3,894 2.00
Water Revenue 5
2002 10,179 $ 3,428 $ 6,751 $ 705 $ 1,175 $ 1,880 $ 3.59
2003 10,241 4,361 5,880 500 1,088 1,588 3.70
2004 10,627 4,360 6,267 925 1,427 2,352 2.66
2005 9,287 4,783 4,504 845 1,340 2,185 2.06
2006 9,918 5,722 4,196 880 1,305 2,185 1.92
2007 9,220 5,356 3,864 915 1,268 2,183 1.77
2008 9,258 5,348 3,910 955 1,229 2,184 1.79
2009 6 8,833 5,726 3,107 995 1,171 2,166 1.43
2010 6 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
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)
122
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Fiscal Year Principal Interest Total
2011 420,000 $ 390,926 $ 810,926 $
2012 500,000 339,200 839,200
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 9,110,000 $ 3,211,014 $ 12,321,014 $
Fiscal Year Principal Interest Total
2011 1,840,000 $ 2,054,003 $ 3,894,003 $
2012 4,615,000 1,693,000 6,308,000
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 46,525,000 $ 13,324,030 $ 59,849,030 $
(continued)
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE
Parking
Outstanding
Sewer
Outstanding
124
Fiscal Year Principal Interest Total
2011 1,110,000 $ 901,971 $ 2,011,971 $
2012 1,200,000 861,409 2,061,409
2013 1,245,000 817,855 2,062,855
2014 1,295,000 771,806 2,066,806
2015 1,345,000 722,795 2,067,795
2016 1,395,000 670,768 2,065,768
2017 1,450,000 615,530 2,065,530
2018 1,515,000 556,281 2,071,281
2019 1,575,000 493,487 2,068,487
2020 1,645,000 427,519 2,072,519
2021 1,715,000 357,303 2,072,303
2022 1,790,000 281,468 2,071,468
2023 1,870,000 200,160 2,070,160
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 22,700,000 $ 7,894,468 $ 30,594,468 $
Outstanding
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE (continued)
Water
125
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2002 2003 2004 2005 2006 2007
Public Safety
Police 97.25 97.25 97.25 94.25 94.25 96.25
Fire 58 58 58 56 57 57
Animal Shelter 5.5 6 6 6 6 6
Inspection Services 14.13 14.13 14.13 13.88 14.88 14.88
Public Works
Public Works Admin 2 2 2 2 2 2
Engineering 13.6 13.6 13.6 11.6 11.6 11.6
Flood Recovery
Culture and Recreation
Parks and Rec Admin 2 2 2 2 2 2
Recreation 15.17 15.17 15.17 15.17 15.17 15.42
Parks 13 13 13 12 13 13
Forestry 3 3 3 3 3 3
Cemetery 3 3 3 3 3 3
CBD Maintenance 3 3 3 3 3 3
Library 41.25 41.25 43.25 42.63 42.63 42.89
Senior Center 6 5.81 5.81 6.31 6.31 6.31
Community and Economic Development 9.05 8.35 9.45 8.45 8.45 8.45
General Government
City Council 7 7 7 7 7 7
City Manager 3 3 3 3 3 3
City Clerk 4.5 4 4 4 4 4
City Attorney 6.6 6.6 6.6 6.6 6.6 6.6
Tort Liabiltiy, Insurance - - - - - -
Personnel 4 4 4 4 4 4
Finance 28.61 28.61 28.61 26.61 26.75 26.75
Government Buildings 4.96 4.96 4.96 4.96 4.96 4.96
Energy Conservation 0.5 0.5 0.5 0.5 0.5 0.5
Human Rights 2 2.5 2.5 2.5 2.5 2.5
Transit 48.5 48.5 48.5 50.5 50.5 50.5
Special Revenue
Employee Benefits 0.4 0.34 0.34 0.34 0.39 0.39
CIP / Roads 7 7 7 3 2 2
Flood Mitigation Grants - - - - - -
Community Development 4.75 5.45 5.35 4.35 4.35 4.35
Traffic Engineering 4.15 5.65 5.65 5.65 4.15 4.15
Streets 23.5 22 22 22 23.5 23.5
MPOJC (formerly JCCOG) 6.1 6.1 6.1 6.1 6.6 6.6
Library Development 1.5 1.5 1.5 0.8 1 1
Internal Service Funds
Information Technology 7.5 7.5 7.5 8 11.75 12
Equipment 10.25 11.25 11.26 11.25 11.26 11.26
Central Services 0.75 0.75 0.75 0.75 0.75 0.75
Risk Management 1.26 1.33 1.33 1.32 1.38 1.38
Business-Type Activities
Parking 37 31.5 31.5 32.75 32.75 32.75
Wastewater Treatment 26.3 26.3 27.3 27.3 25.5 25.5
Water 28.2 30.7 31.7 31.7 32.5 32
Sanitation 32.35 32.35 32.35 34.35 33.85 33.85
Airport 2 2 2 2 1.6 1.6
Cable Television 5.25 6.19 6.19 6.19 6.19 6.19
Stormwater - - - - 0.5 1
Housing Authority 12.5 12.5 12.5 12.75 13.25 13.25
Total 661.68 660.94 665.95 654.86 605.37 608.13
Source: City's Financial Plans.
CITY OF IOWA CITY, IOWA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
Last Ten Fiscal Years
Full-Time Equivalent Employees as of June 30
128
2008 2009 2010 2011
96.25 103.25 103.25 98
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34.85 34.85 35.85 37.85
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6.19 6.44 6.44 6.69
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614.81 629.03 630.03 632.37
Full-Time Equivalent Employees as of June 30
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133
134