HomeMy WebLinkAboutFY2012 Annual Financial ReportCity of Iowa City, Iowa
Comprehensive Annual
Financial Report
For the Fiscal Year Ended June 30, 2012
North Market Square Park
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2012
Page
INTRODUCTORY SECTION
Table of contents ........................................................................................................................... 1
Letter of transmittal ....................................................................................................................... 3
City organizational chart................................................................................................................ 12
City officials ................................................................................................................................. 13
Certificate of Achievement for Excellence in Financial Reporting.................................................. 14
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ...................................................................................... 15
MANAGEMENT’S DISCUSSION AND ANALYSIS .................................................................. 17
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net assets ............................................................................................................. 28
Statement of activities .............................................................................................................. 30
Fund financial statements
Balance sheet – governmental funds ........................................................................................ 32
Reconciliation of the balance sheet of the governmental funds to the statement of net assets .... 34
Statement of revenues, expenditures, and changes in fund balances – governmental funds........ 35
Reconciliation of the statement of revenues, expenditures, and changes in fund balances of
governmental funds to the statement of activities................................................................... 37
Statement of net assets – proprietary funds ............................................................................... 38
Statement of revenues, expenses, and changes in fund net assets – proprietary funds ................ 41
Statement of cash flows – proprietary funds ............................................................................. 42
Statement of fiduciary assets and liabilities .............................................................................. 44
Notes to financial statements ...................................................................................................... 45
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary comparison schedule – budget and actual – all governmental funds and enterprise
funds – budgetary basis……………………………………………………………………….... 90
Budgetary comparison schedule – budget to GAAP reconciliation …………………………….. 92
Note to required supplementary information – budgetary reporting…………………………….. 93
Note to required supplementary information - schedule of funding progress for health and dental
plans…………………….…………………………………………………………….………….. 94
COMBINING AND INDIVIDUAL FUND STATEMENTS
Combining balance sheet – nonmajor governmental funds .......................................................... 96
Combining statement of revenues, expenditures, and changes in fund balances – nonmajor
governmental funds ................................................................................................................. 97
Combining statement of net assets – nonmajor enterprise funds .................................................. 100
Combining statement of revenues, expenses, and changes in fund net assets – nonmajor
enterprise funds ....................................................................................................................... 101
Combining statement of cash flows – nonmajor enterprise funds ................................................. 102
Combining statement of net assets – internal service funds.......................................................... 104
Combining statement of revenues, expenses, and changes in fund net assets – internal service
funds ....................................................................................................................................... 105
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CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2012
Page
COMBINING AND INDIVIDUAL FUND STATEMENTS (continued)
Combining statement of cash flows – internal service funds ........................................................ 106
Statement of changes in assets and liabilities – agency funds ...................................................... 108
STATISTICAL SECTION (UNAUDITED)
Net assets by component ............................................................................................................... 111
Changes in net assets ..................................................................................................................... 112
Fund balances – governmental funds ............................................................................................. 114
Changes in fund balances – governmental funds ............................................................................ 115
General government tax revenues by source .................................................................................. 116
Assessed and taxable value of property .......................................................................................... 117
Property tax rates – direct and overlapping governments ............................................................... 118
Property tax budgets and collections .............................................................................................. 119
Principal taxpayers ........................................................................................................................ 120
Principal water system customers .................................................................................................. 122
Sales history and total water charges ............................................................................................. 123
Principal sewer system customers .................................................................................................. 124
Sales history and total sewer charges ............................................................................................. 125
Ratios of outstanding debt by type ................................................................................................. 126
Ratios of general obligation bonded debt to assessed value and net bonded debt per capita ............ 127
Ratio of annual debt service expenditures for general bonded debt to total general governmental
expenditures ............................................................................................................................... 128
Computation of direct and overlapping debt .................................................................................. 129
Legal debt margin information ...................................................................................................... 130
General obligation debt annual maturity schedule .......................................................................... 131
Schedule of revenue bond coverage ............................................................................................... 132
Revenue debt annual maturity schedule ......................................................................................... 133
Revenue debt annual maturity by funding source ........................................................................... 134
Demographic and economic statistics ............................................................................................ 136
Principal employers ....................................................................................................................... 137
Full-time equivalent city government employees by function......................................................... 138
Operating indicators by function.................................................................................................... 140
Capital assets by function .............................................................................................................. 142
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 .. 145
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 ............................................................................................................................................. 147
Schedule of expenditures of federal awards ................................................................................... 149
Notes to the schedule of expenditures of federal awards ................................................................ 154
Schedule of findings and questioned costs ..................................................................................... 155
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December 17, 2012
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, 2012 is submitted herewith in accordance with the provisions of
Chapter 11 of the Code of Iowa. The City’s Finance Department prepared this report.
Responsibility for both the accuracy of the data presented and the completeness and fairness of
the presentation, including all disclosures, rest with the City. I believe the information, as
presented, is accurate in all material respects and presented in a manner designed to fairly present
the financial position and results of operations of the City. All disclosures necessary to enable the
reader to gain an understanding of the City's financial affairs have been included.
This report consists of management’s representation concerning the finances of the City of Iowa
City. Management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these
representations, management of the City has established a comprehensive internal control
framework that is designed both to protect the government’s assets from loss, theft, or misuse and
to compile sufficient reliable information for the preparation of the City’s financial statements in
conformity with accounting principles generally accepted in the United States of America
(GAAP). Because the cost of internal controls should not outweigh their benefits, the City’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free from material misstatement. As
management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The CAFR reflects all funds of the City in accordance with standards set by the Governmental
Accounting Standards Board (GASB). In 1999, GASB adopted Statement No. 34, Basic
Financial Statements – Management’s Discussion and Analysis – For State and Local
Governments . The final effective date for the implementation of GASB No. 34 for the City of
Iowa City was June 30, 2003. This report complies with those standards. This statement
significantly changes governmental financial reporting in order to bring it closer to a private
sector model.
The City implemented GASB Statement No. 54, Fund Balance Reporting and Governmental
Fund Type Definitions effective with the June 30, 2011 financial statements. Fund balances for
the governmental funds are reported in classifications that comprise a hierarchy based on the
extent to which the government honors constraints on the specific purposes for which amounts in
those funds can be spent. The classifications include: nonspendable amounts that are not in
spendable form or the City is legally or contractually required to be maintained intact; restricted
amounts contain restraint on their use externally imposed by creditors, grantors, contributors, or
laws or regulations of other governments, or imposed by law through constitutional provisions or
enabling legislation; committed amounts can only be used for specific purposes imposed by
formal action of the government’s highest level of decision-making authority; assigned amounts
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are intended to be used for specific purposes; and the unassigned fund balance is the residual
classification for the General Fund.
Chapter 11 of the Code of Iowa requires an annual audit to be performed. The independent public
accounting firm of Eide Bailly LLP was selected by the City. In addition to meeting the
requirements set forth in Chapter 11, the audit was also designed to meet the requirements of the
Single Audit Act of 1996 and related Office of Management and Budget (OMB) Circular A-133,
Audits of States, Local Governments and Non-Profit Organizations .
While, the financial statements are the responsibility of the City, the responsibility of the auditor
is to express an opinion on the City’s financial statements based on their audit. The goal of the
independent audit is to provide reasonable assurance that the City’s financial statements for the
fiscal year ended, June 30, 2012 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, 2012, are fairly presented in conformity with GAAP. The independent auditors’
report on the basic financial statements and combining and individual fund statements and
schedules is included in the financial section of this report.
As a recipient of federal financial assistance, the City is responsible for ensuring that adequate
internal controls are in place to ensure compliance with applicable laws and regulations related to
these federal programs. These internal accounting and administrative controls are subject to
periodic evaluation by the City's management and the City is required to undergo an annual single
audit in conformity with the provisions of the Single Audit Act of 1996 and the U.S. Office of
Management and Budget (OMB) Circular A-133, Audits of State, Local Governments and Non-
Profit Organizations. Information related to this single audit, including the schedules of federal
financial assistance, findings and questioned costs, and independent auditors’ reports on the
internal accounting and administrative controls and compliance with applicable laws and
regulations are included in the compliance section of this report.
GAAP require that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statements in the form of Management’s Discussion and Analysis
(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City’s MD&A can be found immediately following the report of the
independent auditors.
Profile of the Government
The City of Iowa City was incorporated April 6, 1853. The City is governed by a seven member
Council; each member serves a four-year term. Elections are held every two years allowing for
continuation in office of at least three members at each biennial election. The Council members are
elected at large, with three members nominated from specific districts and the remaining four
members nominated at large. The Council elects the Mayor from its own members for a two-year
term.
The City Council is the legislative body and makes all policy determinations for the City through
the enactment of ordinances and resolutions. It also adopts a budget to determine how the City will
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obtain and spend its funds. The Council appoints members of boards, commissions and
committees.
The City Manager is the chief administrative officer for the City and is appointed by the City
Council. The City Manager implements policy decisions of the City Council and enforces City
ordinances. In addition, the City Manager appoints and directly supervises the directors of the
City’s operating departments and supervises the administration of the City’s personnel system. The
Manager supervises 542 full-time and 66 part-time permanent municipal employees and 454
temporary employees, including a police force of 78 sworn personnel and a fire department of 64
firefighters.
The City Clerk is appointed by the City Council and reports to the Council. The City Clerk's
Office administers the City government's documentation, City licenses and permits, and provides
information from the Municipal Code and City Ordinances to the public and other City
departments. The City Clerk’s Office is also responsible for distributing and maintaining accurate
records of all City Council proceedings. The Clerk supervises 3 full-time employees and 1
temporary employee .
The City Attorney is also appointed by the City Council and works at the direction of the City
Council. The City Attorney supervises the City Attorney's Office, including 4 Assistant City
Attorneys and 2 other full-time employees. In addition, the City Attorney acts as Chief Legal
Counsel to the City Council, City Manager, the various City departments and staff, and most City
commissions, committees and boards.
The City provides a full range of services including police and fire protection, construction and
maintenance of roads, streets and infrastructure, inspection and licensing functions, a municipal
airport, library, recreational activities, and cultural events. The City owns and operates its water
supply and distribution system and sewage collection and treatment system with secondary
treatment also provided. Virtually the entire City has separate storm and sanitary sewer systems.
The City operates a municipal off-street and on-street parking system in the downtown area. The
City also operates a transit system.
The annual budget serves as the foundation for the City’s financial planning and control. All
departments of the City are required to submit requests for appropriation to the City Manager in
October. The City Manager uses these requests as the starting point for developing a proposed
budget. The City Manager then presents this proposed budget to the Council for review in
December. The Council is required to hold a public hearing on the proposed budget and to adopt a
final budget no later than March 15. The appropriated budget is prepared by fund, function (e.g.,
Public Safety), and department (e.g., Police).
The City adopts a three-year financial plan that includes both operations and capital improvements.
This three-year plan permits a more comprehensive review of the City’s financial condition,
allowing analysis of the current and future needs and requirements. During preparation of the plan,
careful review is made of property tax levy rates, utility and user fee requirements, ending cash
balances by fund, debt service obligations, bond financing needs, capital outlay for equipment
purchases and major capital improvement projects. The state requires at least a one-year operating
budget. While legal spending control is exercised at a state mandated function level, management
control is set at the Department Manager level. Encumbrance accounting is utilized in all funds for
budgetary control. Appropriations that are not encumbered lapse at the end of the year.
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Information Useful in Assessing the Government’s Economic Condition
The City's economic strength is based on the educational sector, medical services, and diversified
manufacturing. The University of Iowa and the University of Iowa Hospital and Clinics are the
City’s largest employers with over 30,000 employees. The University of Iowa had a record high
enrollment for the fall 2012 semester and continues to add new facilities. The academic and
research missions of the University, along with the health care services provided at its hospitals
and clinics, have a tremendously positive economic impact on the area.
The City also has a significant number of national and international businesses, including Fortune
500 companies. The City continues to see sustained production in our major local industries; ACT
Inc., NCS Pearson, and Proctor & Gamble. While established firms continue to prosper and
expand in Iowa City, opportunities are available for growth of new businesses. Continued
economic development efforts with the Iowa City and Coralville Chambers of Commerce, private
interests, the University of Iowa, other surrounding communities, and participation as a member of
the Iowa City Area Development Group, have produced positive results with the retention and
expansion of businesses.
In addition, 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.
As a whole, the City's economy continues to grow, but at a slow pace. The major employers have
been able to maintain steady employment during the recent recession as evidence in the
unemployment rate for Iowa City, which continues to remain low at 3.9% for the month of June
2012, as compared to 5.1% for the State of Iowa, and 8.2% for the national average.
The rate of new housing construction decreased in comparison to the prior year, but the value of
the additions increased. This consisted of 80 new single-family houses in 2011, as compared to
108 in 2010; multi-family dwelling units added to the tax rolls for the year ended December 31,
2011 increased to 94, compared to 88 in 2010; and mixed commercial and residential
developments added in 2011 included 51 residential units. Altogether these additions totaled
$45,326,000 in 2011, an increase of $1,369,000 from prior year.
According to the 2010 census, the population of Iowa City is 67,862. This is an increase of 5,672
or 9.1% as compared to the 2000 census.
There are many signs that the City remains healthy and vibrant with great promise for the future.
The relative stability of the University of Iowa, coupled with a history of steady employment by
the City’s multi-sector base of manufacturing and service businesses, have helped insulate the
City from any significant negative economic impacts of the recent national recession. The City’s
property valuations continue to rise and along with the low unemployment rate, continue to be
indicative of the City's relative economic stability.
Major Initiatives
The City of Iowa City, with the assistance of the University of Iowa’s Institute of Public Affairs,
completed the FY12 - FY13 Strategic Plan. The strategic planning process involved multiple steps,
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including gathering input from the general public, front line City staff, department directors, and the
City Council. The FY12 – FY13 Strategic Plan established the prevailing organizational priorities
as the following:
1. Economic and Community Development
2. Development of the Downtown and Near Downtown Areas
3. Neighborhood Stabilization
4. A Strong and Sustainable Financial Foundation
5. Coordinated Communication and Customer Service Orientation
The City Council has indicated a strong desire to promote private investment in established
commercial areas and strategic green-field sites that have previously been targeted for new
development. The areas that will be focused on in the coming year include the Towncrest
commercial area, Sycamore Mall and First Avenue, Highway 6/Highway 1 intersection, 420 th Street
Industrial Park, and Moss Office and Northgate Corporate Parks.
In the Towncrest commercial area, City staff is working to facilitate redevelopment of several key
properties and began work on a streetscape project that will improve the function and aesthetic
appeal of the area. The Towncrest Urban Renewal Area was developed to revitalize the
Towncrest commercial district in ways that would serve existing businesses while also drawing
new retailers, service providers, and consumers to the area. These initial projects are intended to
serve as a catalyst for future investment in this business corridor. The costs for Towncrest
Renewal are estimated at $1,200,000 and will be paid with GO bonds.
The pending departure of an anchor tenant at Sycamore Mall presents a great challenge, but also a
unique opportunity to reinvent the commercial space. Mall ownership has plans for physical
improvements to the property and the City is coordinating four significant capital projects in the
area that are expected to last two or more construction seasons. These projects include
improvements to Sycamore and Lower Muscatine Roads, a grade separation project on First
Avenue, and repaving of Highway 6. These projects, which are underway in different phases,
will each have a positive impact on the traffic flows and aesthetics in this commercial district.
Total cost for these projects is $19,997,000 and will be paid with GO bonds, federal and state
grants, and road use tax.
The Highway 6/Highway 1 intersection is a viable commercial corridor, in large part because of
high traffic counts. Staff will focus efforts in the coming months on municipal public works and
transit property in the area. As the City relocates municipal operations from this area, prime
development space will become marketable. Staff is working on environmental reviews and
preparing a request for proposal for potential development. Total costs for relocating facilities,
abatement and land preparation, as well as, aesthetic improvements are estimated to be
$33,031,000 and will be paid with GO bonds and federal grants.
The City has invested considerable money in infrastructure development and recently achieved a
shovel ready status from the State of Iowa for the 420 th Street Industrial Park. This project
involves annexing and rezoning 180 acres of land and building the street, water, and sewer
infrastructure needed to support industrial businesses. The Iowa City Area Development Group
and City staff continue to market this property and respond to inquiries from business and site
location consultants. This project is estimated to cost $13,015,000 and will be funded through
bonds, state grants, road use tax, and wastewater operations.
The City has established an urban renewal area for the development of Moss Office Park, a 243-
acre, 18-lot office research and mix use subdivision on the northeast edge of the city, just off
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Interstate 80. Significant infrastructure improvements are necessary to accommodate the planned
growth and City staff is working with Moss Office Park owners and adjacent businesses on
potential access arrangements to accommodate a phased development approach to this property.
Northgate Corporate Park, adjacent to Moss Office Park, continues to experience build out.
Project costs to build the infrastructure are $3,500,000. The City is looking into potential grants
to fund this project and the remaining cost will be funded with GO bonds.
The second priority of the FY12 – FY13 Strategic Plan is the development of the Downtown and
Near Downtown Areas. Staff is focusing on three distinct geographic areas: Downtown Iowa
City, Northside Marketplace, and Riverfront Crossings.
In the fall of 2011, the Iowa City Downtown District (ICDD), a self-supported municipal
improvement district, was formed presenting a unique opportunity to bring together property
owners, businesses, the University of Iowa and the City of Iowa City. In conjunction with the
ICDD, the city will be actively looking for ways to build upon the success of special events that
successfully bring visitors to the Downtown. The City recently commissioned two separate
market analyses related to Downtown Iowa City, which both highlighted the market potential for
the area. Staff, in partnership with stakeholders, will work to pursue policies and projects that
will more fully realize the potential of the central business district and facilitate new private
investment in the area. Two capital projects that directly impact the Downtown region are the
conversion of Washington Street from one-way to two-way traffic to improve vehicular and
pedestrian traffic flow and the downtown maintenance project that will improve the physical
condition of the infrastructure and streetscape. Other projects that will have a positive impact on
downtown include the University of Iowa announcing they will build the Voxman-Clapp Music
Building at the corner of Clinton and Burlington Streets, the City actively marketing the city-
owned ‘John Wilson Building’ on the eastern edge of Downtown, and the Iowa City Area
Development Group’s efforts to establish co-working space in Downtown. The downtown
maintenance project and two-way street conversion projects will cost $926,000 and are being paid
through GO bonds.
The Northside Marketplace area recently benefited from streetscape improvements that advanced
the aesthetics and improved pedestrian and bicycle accommodations and the City is redeveloping
a park in the area. These projects will costs $1,293,000 and are being funding through state
grants, water and wastewater revenues, and bonds. Staff is investigating ways to facilitate new
private investment in the area.
The Riverfront Crossing Development Plan is an initiative to revitalize the area south of Iowa
City’s downtown area. It will be a mix-use zoning district that will allow for commercial and
residential development with identified costs estimated at $800,000 and additional expenses
anticipated. Council has approved an Urban Renewal Area for a portion of this area and the City
is considering expanding another urban renewal area to encompass a greater portion of the
Riverfront Crossing area.
Several capital projects are either underway or being considered that would directly impact the
short- and long-term marketability of the Riverfront Crossing area. These projects include
purchasing and rehabilitating the train depot, which relates to a $230,000,000 federal grant that
will be used to develop passenger rail services from Chicago to Iowa City, pending matching
State funds, constructing a mix-use parking facility adjacent to downtown Iowa City which will
include three components: parking facility consisting of approximately 600 parking spaces,
commercial space of approximately 25,000 – 35,000 square feet, and 25 - 75 workforce housing
units. The City is hoping to work with a private partner to develop the commercial and housing
spaces. And a third project is the decommissioning of the north wastewater plant by expanding
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the south wastewater plant. This relocation project has costs totaling $54,978,000 and is being
funded through federal and state grants, local option taxes, and wastewater revenues.
The third priority from the City’s Strategic Plan FY12 – FY13 that will impact the City’s
economy is neighborhood stabilization. The Council has indicated a strong desire to stabilize the
neighborhoods surrounding the city core. An effective stabilization strategy requires a review
and analysis of the City’s policies, programs, communications, and capital investment decisions
that directly shape and influence a neighborhood’s character and livelihood. Staff will be
focusing on the central planning district neighborhoods; however many aspects of the
neighborhood stabilization review will have implications throughout the community. In order to
achieve the Council’s goal, staff will focus on the land use regulations, public infrastructure and
open space, private building stock, nuisance mitigation, open stakeholder communication, and
updating planning documents. Projects to further neighborhood stabilization include the
UniverCity Neighborhood Partnership, a joint project between the City and the University of
Iowa to ensure the neighborhoods around the university remain vital, safe, affordable, and
attractive places to live and work for both renters and homeowners by acquiring and rehabilitating
homes near the University of Iowa campus for resale as affordable owner-occupied housing.
Staff will also be actively working with the Iowa City Community School district to promote
increased coordination in school and neighborhood planning as neighborhood schools play a role
in neighborhood stabilization efforts.
The City aims to create a strong and sustainable financial foundation that will provide needed
stability and flexibility while utilizing taxpayer dollars in the most efficient and responsible
manner. In order to achieve this goal, the City is focusing on two primary areas: new financial
policies and strategies that will provide a greater level of financial stability and second, enhance
the level of financial analysis presented to the public so elected officials will have a greater
information foundation on which to base future decisions. Staff has completed or is currently
working on economic development policies, purchasing policies and procedures, target fund
balances, debt service coverage levels, general fund contingency level, and an annual review of
rates, user charges and fines. The City is also examining operations where the City is providing
subsidized service beyond our borders and developing plans to ensure the City is being equitably
reimbursed for such services. In May 2012, Moody’s conducted a review of the City as part of
the bond rating process and reaffirmed the City’s Aaa bond rating.
The fifth and final priority of the City’s Strategic Plan FY12 – FY13 is coordinated
communication and customer service orientation. The City strives to be a high-functioning,
customer service orientated organization that actively supports and engages stakeholders through
clear, open and innovative communication methods. A reorganization of staff created a new
communication team, which has assumed the responsibilities of the front desk at City Hall and
offers front line customer service assistance to visitors and those contacting City Hall via phone
or email. In the summer of 2012, the City launched a redesigned homepage and introduced a City
Facebook and Twitter page. These communication improvements have allowed the City to reach
broader audiences and better promote activities, community news, and service information. The
City has also began implementation of a new software package, including financials, payroll, and
utility billing, that will allow for improved internal workflows and communication. The cost of
this project is $1,433,000 and is being paid with bonds, water, wastewater, sanitation, and
stormwater revenues.
Long-term Financial Planning
It is our intent to support the major initiatives through budget appropriations, departmental
operations, and employee direction so that the organization as a whole is moving in the same
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direction.
There are still two uncertainties at this time which have influenced the preparation of the three-
year financial plan (FY14 – FY16): 1) the national economy and the potential impact on
municipal operations; and 2) proposals by both the governor and state legislature for revisions to
property tax. Fortunately, economic conditions have remained stable or improved and the 2012
legislative session closed without passing property tax reform.
The City is seeing lower growth in property tax valuations when compared with prior years.
Revaluation occurs biennially and the FY14 budget is based on non-reevaluation year (2012) in
which total property valuation grown was approximately 1%. In addition to this, a recent
judgment by the Iowa Supreme court has generated a number of appeals with county assessors
across the state for reclassification on multi-unit structures from commercial to residential.
Residential properties are subject to an assessment limitation order in the State of Iowa, which
established taxable value at 52.82% of assessed value in FY14, versus the 100% taxable value
used for commercial properties. Since the court ruling in 2011, a number of commercial property
owners in Iowa City have formed cooperative housing units in order to qualify for reclassification
as residential property. This trend is expected to continue in future years.
The combined effect of a slower growth in valuations and the loss of taxable value due to
cooperative housing conversions has limited growth in property tax revenue. In addition, the City
will experience increased expenditures, specifically an increase in bargaining unit contract costs
exceeding 2%, additional federal and state regulations and mandates, and rising public safety
retirement funding. The consequences of limited revenue growth and increased expenses will
require continued review of city operations, service delivery, and alternative revenue sources.
In balancing the budget for the three-year period, the City attempted to reduce costs where
possible, while continuing to provide high quality services; identify and eliminate redundancies
that may exist within the organization; examine existing and potential new revenue sources;
promote and plan for economic development and redevelopment throughout the City to ensure
strong property values; determine appropriate staffing levels; provide for necessary improvements
to existing infrastructure and prioritize capital projects; and uphold fiscal integrity and maintain
adequate cash reserves.
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,
2011. 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-seven consecutive years. I believe our current report continues to conform to the
Certificate requirements and I will submit it to GFOA to determine its eligibility for another
certificate.
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CITY OF IOWA CITY, IOWA
LISTING OF CITY OFFICIALS
June 30, 2012
ELECTED OFFICIALS
Term Expires
Mayor Matt Hayek January 2, 2016
Council Member and Mayor Pro tem Susan Mims January 2, 2014
Council Member Connie Champion January 2, 2014
Council Member Terry Dickens January 2, 2014
Council Member Rick Dobyns January 2, 2016
Council Member Michelle Payne January 2, 2016
Council Member Jim Throgmorton January 2, 2016
APPOINTED OFFICIALS
Date of Hire
City Manager Thomas Markus December 1, 2010
City Clerk Marian K. Karr May 21, 1979
City Attorney Eleanor Dilkes March 18, 1996
DEPARTMENT DIRECTORS
Assistant to City Manager Geoff Fruin November 28, 2011
Director of Housing and Inspection Services Douglas W. Boothroy September 22, 1975
Library Director Susan Craig July 28, 1975
Director of Planning & Community Development Jeff Davidson January 26, 1981
Director of Public Works Rick Fosse February 22, 1984
Director of Transportation Services Chris O’Brien December, 29, 1997
Senior Center Coordinator Linda Kopping March 20, 1995
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
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Independent Auditor’s Report
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Iowa City, Iowa,
as of and for the year ended June 30, 2012, which collectively comprise the City’s basic financial
statements as listed in the table of contents. These financial statements are the responsibility of the
management of the City of Iowa City, Iowa. Our responsibility is to express opinions on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards ,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and the significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City of Iowa City, Iowa, as of June 30, 2012, and the
respective changes in financial position, and, where applicable, cash flows thereof for the year then ended
in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards , we have also issued our report dated December 12,
2012, on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
15
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and other required supplementary information, as listed in the table of contents,
be presented to supplement the basic financial statements. Such information, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board, who considers
it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s financial statements as a whole. The introductory section, combining nonmajor fund
financial statements, and statistical section are presented for purposes of additional analysis and are not a
required part of the financial statements. The accompanying schedule of expenditures of federal awards is
presented for purposes of additional analysis as required by U.S. Office of Management and Budget
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is also not a
required part of the financial statements. The combining nonmajor fund financial statements and the
schedule of expenditures of federal awards are the responsibility of management and were derived from
and relate directly to the underlying accounting and other records used to prepare the financial statements.
The information has been subjected to the auditing procedures applied in the audit of the financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the information is fairly stated in all
material respects in relation to the financial statements as a whole. The introductory and statistical
sections have not been subjected to the auditing procedures applied in the audit of the basic financial
statements, and accordingly, we do not express an opinion or provide any assurance on them.
Dubuque, Iowa
December 12, 2012
16
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, 2012. 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 – 11 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,
2012 by $484,024,000 (net assets). Of this amount, $97,756,000 (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 $24,181,000 during the fiscal year. Governmental activities
increased by $17,949,000 and business-type activities increased by $6,232,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $78,044,000, an increase of $8,824,000 in comparison with the prior year. Of this total
amount, approximately $13,907,000 or 17.8% is unassigned and available for spending at the City’s
discretion.
• At the end of the current fiscal year, the City’s unassigned fund balance for the General Fund was
$14,273,000 or 29.1% 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.
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The government-wide financial statements may be found on pages 28 – 31 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 32 – 37 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 100 – 102. 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 38 – 43 of this report.
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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 44.
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 45 – 88 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 $484,024,000 at the close of the fiscal year ended June 30,
2012.
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, 2012
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2012 2011 2012 2011 2012 2011
Current and other assets 172,293 $ 161,648 $ 98,069 $ 100,399 $ 270,362 $ 262,047 $
Capital assets 188,491 184,036 265,559 265,165 454,050 449,201
Total Assets 360,784 345,684 363,628 365,564 724,412 711,248
Long-term liabilities outstanding 78,754 82,352 84,323 91,812 163,077 174,164
Current and other liabilities 72,105 71,356 5,206 5,885 77,311 77,241
Total Liabilities 150,859 153,708 89,529 97,697 240,388 251,405
Net assets:
Invested in capital assets, net of
related debt 135,998 123,935 195,073 186,177 331,071 310,112
Restricted 35,021 31,179 20,176 20,658 55,197 51,837
Unrestricted 38,906 36,862 58,850 61,032 97,756 97,894
Total Net Assets 209,925 $ 191,976 $ 274,099 $ 267,867 $ 484,024 $ 459,843 $
19
A portion of the City’s net assets, $55,197,000 or 11.4%, represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net assets, $97,756,000 or
20.2%, 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, 2012, 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 $17,949,000. 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 FY12’s operation.
City of Iowa City's Changes in Net Assets
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2012 2011 2012 2011 2012 2011
Revenues:
Program Revenues:
Charges for services 8,155 $ 8,199 $ 36,095 $ 36,334 $ 44,250 $ 44,533 $
Operating grants and contributions 8,682 13,517 6,782 7,448 15,464 20,965
Capital grants and contributions 6,078 6,048 6,218 4,145 12,296 10,193
General Revenues:
Property taxes 50,516 48,011 - - 50,516 48,011
Road use tax 6,394 6,068 - - 6,394 6,068
Local option sales tax 8,644 8,911 - - 8,644 8,911
Other taxes 2,491 2,464 - - 2,491 2,464
Earnings on investments 1,823 1,539 813 954 2,636 2,493
Gain on disposal of capital assets 2,950 761 336 314 3,286 1,075
Other 4,228 6,230 484 381 4,712 6,611
Total revenues 99,961 101,748 50,728 49,576 150,689 151,324
Expenses:
Public safety 21,186 18,867 - - 21,186 18,867
Public works 17,556 19,145 - - 17,556 19,145
Culture and recreation 13,107 10,811 - - 13,107 10,811
Community and economic development 16,305 16,501 - - 16,305 16,501
General government 7,591 7,356 - - 7,591 7,356
Interest on long-term debt 2,400 2,841 - - 2,400 2,841
Wastewater treatment - - 11,069 10,971 11,069 10,971
Water - - 8,781 8,523 8,781 8,523
Sanitation - - 8,315 7,461 8,315 7,461
Housing authority - - 7,911 7,448 7,911 7,448
Parking - - 4,167 4,135 4,167 4,135
Airport - - 1,127 1,049 1,127 1,049
Stormwater - - 1,304 1,418 1,304 1,418
Cable television - - 689 638 689 638
Total expenses 78,145 75,521 43,363 41,643 121,508 117,164
Change in net assets before transfers
and extraordinary items 21,816 26,227 7,365 7,933 29,181 34,160
Transfers (3,867) (4,020) 3,867 4,020 - -
Extraordinary items - - (5,000) - (5,000) -
Change in net assets 17,949 22,207 6,232 11,953 24,181 34,160
Net assets beginning of year 191,976 169,769 267,867 255,914 459,843 425,683
Net assets end of year 209,925 $ 191,976 $ 274,099 $ 267,867 $ 484,024 $ 459,843 $
20
The total revenues for governmental activities for FY12 were $99,961,000. Governmental activities are
primarily funded through taxes, $68,045,000 or 68.1%, and grants and contributions, $14,760,000 or 14.8%.
Grants and contributions decreased from prior year by $4,805,000 as the City’s expenditures for flood
mitigation, which were covered by I-Jobs and supplemental Community Development Block Grants, have
decreased.
Expenses for governmental activities totaled $78,145,000. Governmental activities are tracked by function
including Public Safety, Public Works, Community and Economic Development, Culture and Recreation, and
General Government. In FY12, Public Safety accounted for the highest portion of governmental expenses,
$21,186,000 or 27.1%, and increased over the prior year due to the addition of a fourth fire station during
FY12. Public Works, $17,556,000 or 22.5%, and Community and Economic Development, $16,305,000 or
20.9%, made up another large portion of governmental expenses and each decreased from the prior year due
to fewer flood recovery and mitigation projects.
Business-type Activities: Business-type activities increased the City’s total net assets by $6,232,000. The
increase in net assets was primarily in the Wastewater fund and is due to an increase in capital assets not
funded with debt. The City has been able to utilize federal and state grants to fund a flood recovery and
mitigation project, decommission of the North Wastewater Plant through expansion of the South Wastewater
Plant, rather than have to issue new debt to pay for this project. The Sanitation fund incurred a decrease in net
assets due to an impairment loss when the Iowa City Landfill experienced a fire in one of its newly
constructed cells. For all business-type activities, revenues exceeded expenses by $7,365,000.
Revenues for business-type activities totaled $50,728,000. The primary revenue source for business-type
activities is charges for services, $36,095,000 or 71.2%. In addition for FY12, 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, $13,000,000 or 25.6%. This is an increase of
$1,407,000 from the prior year due to additional expenses for the Wastewater flood mitigation project that are
covered by grants.
The total expenses for business-type activities in FY12 were $43,363,000. Wastewater Treatment represented
the highest portion of business-type activities, $11,069,000 or 25.5%, with Water, $8,781,000 or 20.3%,
Sanitation, $8,315,000 or 19.2%, and Housing Authority, $7,911,000 or 18.2%, making up the remainder of
the majority of business-type activities expenses.
The graphs on the following pages represent a breakdown of revenue by source and expenditures by program
area for governmental and business-type activities.
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Charges for
services
8%
Grants and
Contributions
15%
Property taxes
50%
Other Taxes
18%
Misc.
Other
9%
Governmental Activities
FY2012 Revenue
by Source
Charges for
services
71%
Grants and
Contributions
26%
Misc. Other
3%
Business-Type Activities
FY2012 Revenue
by Source
22
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
FY2012 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
FY2012 Expenditures
by Program Area
(amounts expressed in thousands)
23
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds: The financial reporting focus of the City’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information may
be/is useful in assessing the City’s financing requirements. In particular, unassigned fund balance may serve
as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
The City implemented GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type
Definitions effective with the June 30, 2011 financial statements. Fund balances for the governmental funds
are reported in classifications that comprise a hierarchy based on the extent to which the government honors
constraints on the specific purposes for which amounts in those funds can be spent.
As of the fiscal year ended June 30, 2012, the City’s governmental funds reported combined ending fund
balances of $78,044,000, an increase of $8,824,000 in comparison with the prior year. Of this total amount,
$13,907,000 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 $58,632,000 or 75.1% contains external restraints on its use. The assigned
fund balance of $5,191,000 or 6.7% has been identified by the City to be used for specific purposes. The
nonspendable fund balance is $314,000 or 0.4%, 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, 2012, the
unassigned fund balance of the General Fund was $14,273,000 while General Fund’s total fund balance was
$43,557,000. 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 29.1% of
total General Fund expenditures of $49,016,000, while total fund balance represents 88.9% of that same
amount.
The fund balance of the City’s General Fund increased by $7,485,000 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 ($287,000) as
compared to a deficit balance of ($1,741,000) 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 FY13 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 $4,823,000 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 $264,293,000, an increase in net asset of $5,505,000. This
was primarily due to capital contributions of federal and state grants to fund capital improvement projects to
help with flood recovery and mitigation and transfer of business-type capital assets from governmental capital
24
project funds. Of the enterprise funds’ net assets, $195,073,000 is invested in capital assets, net of related
debt. Unrestricted net assets totaled $49,044,000, a decrease of $2,909,000 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 $27,913,000 as of June 30, 2012, an increase of
$1,798,000 primarily due to an operating income in the Loss Reserve Fund as claims were less than
anticipated and an operating income in the Equipment Reserve Fund to build up reserves for future capital
outlay.
Budgetary Highlights
The City presents budgetary information as allowed by GASB Statement No. 41. Budgets are based on nine
functional areas as required by state statute, not by fund or fund type.
The City had two budget amendments during the fiscal year. These amendments increased budgeted revenues
by $106,986,000 or 50.8% and the expenditure budget by $162,901,000 or 75.0% to a total of $380,225,000.
These increases were due primarily to capital projects in governmental and business-type funds because of
timing of completion of projects and ongoing recovery from the flood of 2008 and the associated grants.
Capital Assets and Debt Administration
Capital Assets: The City’s investment in capital assets for its governmental and business-type activities as of
June 30, 2012 amounts to $454,050,000, 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, 2012 increased by
$4,455,000 for governmental activities compared to the prior year and increased by $394,000 for business-
type activities over the prior year.
The following table reflects the $454,050,000 investment in capital assets, net of accumulated depreciation.
Major capital asset events during the current fiscal year included the following:
• Construction continued on the infrastructure and site grading for the 420th Street Industrial Park. At
the end of the fiscal year, expenses were moved into construction in progress totaling $310,000 for
City of Iowa City's Capital Assets
(net of depreciation)
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2012 2011 2012 2011 2012 2011
Land 24,964 $ 23,887 $ 25,886 $ 25,824 $ 50,850 $ 49,711 $
Buildings 46,623 44,748 72,068 69,146 118,691 113,894
Improvements other than
buildings 4,103 3,584 6,114 6,561 10,217 10,145
Machinery and equipment 17,330 16,647 7,091 8,070 24,421 24,717
Infrastructure 82,642 79,162 138,282 136,031 220,924 215,193
Construction in progress 12,829 16,008 16,118 19,533 28,947 35,541
Total 188,491 $ 184,036 $ 265,559 $ 265,165 $ 454,050 $ 449,201 $
25
water, $490,000 for stormwater, $1,787,000 for streets, and $1,748,000 for wastewater. Project will
be completed in FY2013.
• Work continued on the South Wastewater Plant Expansion. This project will relocate the North
Wastewater Treatment Plant and consolidate operations into the South Wastewater Treatment Plant
through expansion of south plant facilities and demolition of the north plant facilities. Funding for
the project includes $22,000,000 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 $5,717,000 were moved into construction
in progress at the end of FY12. This project is scheduled to be complete in FY14.
• A new landfill cell was completed. $2,436,000 in FY12 expenses were added to prior years’
expenses for a total of $7,812,000. This cell was significantly damaged by a fire in May 2012 shortly
after it opened. An impairment loss of $5,000,000 was recognized in FY12 and the remaining costs
are reported as construction in progress as the cell is not operational during reconstruction.
• Construction was completed on the Eastside Recycling Center. FY12 expenses of $455,000 were
added to prior year expenses for a total of $4,627,000 capitalized this fiscal year.
• A variety of street and bridge construction projects in residential and new industrial areas were
capitalized for a total of $4,327,000. This includes $2,290,000 for the 420th Street – Highway 6 to
Taft project to accommodate the 420th Street Industrial Park and $1,407,000 for the Dodge Street/I-
80 Pedestrian Bridge. An additional $7,025,000 remains in construction in progress including
expenditures for Sycamore Street – Highway 6 to the City Limits project for $1,544,000 and
$1,787,000 for 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
$143,505,000. Of this amount, $75,320,000 comprises debt backed by the full faith and credit of the City.
However, $1,495,000 or 2.0% of the general obligation bonds is debt that serves enterprise funds and is
abated by their charges for services and $5,595,000 or 7.4% of these bonds is debt that will be paid with Tax
Increment Financing revenues. $68,185,000 represents revenue bonds secured solely by specific revenue
sources.
The City did issue $9,690,000 of General Obligation bonds during FY2012. However, during the current
fiscal year the City’s total bonded debt still decreased by $12,035,000.
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, 2012 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
2012 2011 2012 2011 2012 2011
General obligation bonds 73,825 $ 77,429 $ 1,495 $ 3,146 $ 75,320 $ 80,575 $
Revenue bonds - - 68,185 74,965 68,185 74,965
Total 73,825 $ 77,429 $ 69,680 $ 78,111 $ 143,505 $ 155,540 $
26
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 $226,982,000. With outstanding General Obligation Debt
applicable to this limit of $75,320,000 we are utilizing 33.2% 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 FY12, the City collected $8,644,000 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. This local
option sales tax will end on June 30, 2013.
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 FY12, the City
collected $822,000 in local franchise fee.
The City expects continued constraints by the State’s property tax formula and there is a potential for
commercial property tax reform during the next legislative session. 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 FY13 that strives to maintain current service
delivery levels. The tax levy rate per $1,000 of taxable valuation for FY13 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 4.443
Employee Benefits Levy 3.193
Transit Levy 0.950
Liability Insurance Levy 0.313
Library Levy 0.270
Total City Levy $ 17.269
27
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 60,441 $ 41,832 $ 102,273 $
Receivables:
Property tax 50,754 - 50,754
Accounts and unbilled usage 430 3,161 3,591
Interest 179 488 667
Notes 16,524 963 17,487
Internal balances (11,938) 11,938 -
Due from other governments 8,055 2,634 10,689
Inventories 734 414 1,148
Assets held for resale 1,100 - 1,100
Restricted assets:
Equity in pooled cash and investments 45,986 36,631 82,617
Other post employment benefits asset 28 8 36
Capital assets:
Land and construction in progress 37,792 42,004 79,796
Other capital assets (net of accumulated depreciation) 150,699 223,555 374,254
Total assets 360,784 363,628 724,412
Liabilities
Accounts payable 2,593 408 3,001
Contracts payable 1,330 1,838 3,168
Accrued liabilities 2,665 184 2,849
Interest payable 208 1,405 1,613
Deposits 956 767 1,723
Due to other governments 2,991 324 3,315
Notes payable 805 - 805
Unearned revenue 60,557 280 60,837
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,226 317 1,543
Bonds payable 11,337 6,584 17,921
Due in more than one year:
Employee vested benefits 1,005 243 1,248
Other post employment benefits obligation 2,086 636 2,722
Notes payable 211 - 211
Bonds payable 62,889 63,959 126,848
Landfill closure/post-closure liability - 12,584 12,584
Total liabilities 150,859 89,529 240,388
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
June 30, 2012
28
Governmental Business-type
Activities Activities Total
Net Assets
Invested in capital assets, net of related debt 135,998 $ 195,073 $ 331,071 $
Restricted for or by:
Employee benefits 2,057 - 2,057
Capital projects 20,565 - 20,565
Debt service 11,009 - 11,009
Other purposes 1,390 - 1,390
Bond ordinance - 15,829 15,829
State statute - 1,092 1,092
Future improvements - 100 100
Grant agreement - 3,155 3,155
Unrestricted 38,906 58,850 97,756
Total net assets 209,925 $ 274,099 $ 484,024 $
The notes to the financial statements are an integral part of this statement.
June 30, 2012
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
29
Operating Capital
Charges Grants and Grants and
Functions/Programs: Expenses for Services Contributions Contributions
Governmental activities:
Public safety 21,186 $ 3,401 $ 379 $ 200 $
Public works 17,556 1,112 1,943 2,975
Culture and recreation 13,107 825 - 904
Community and economic development 16,305 - 6,360 1,999
General government 7,591 2,817 - -
Interest on long-term debt 2,400 - - -
Total governmental activities 78,145 8,155 8,682 6,078
Business-type activities:
Wastewater treatment 11,069 12,670 - 3,223
Water 8,781 8,419 - 977
Sanitation 8,315 8,115 - 2
Housing authority 7,911 207 6,782 -
Parking 4,167 4,743 - 4
Airport 1,127 306 - 1,576
Stormwater 1,304 811 - 436
Cable television 689 824 - -
Total business-type activities 43,363 36,095 6,782 6,218
Total 121,508 $ 44,250 $ 15,464 $ 12,296 $
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
Extraordinary items
Total general revenues, transfers, and extraordinary items
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, 2012
(amounts expressed in thousands)
30
Governmental Business-type
Activities Activities Total
(17,206) $ - $ (17,206) $
(11,526) - (11,526)
(11,378) - (11,378)
(7,946) - (7,946)
(4,774) - (4,774)
(2,400) - (2,400)
(55,230) - (55,230)
- 4,824 4,824
- 615 615
- (198) (198)
- (922) (922)
- 580 580
- 755 755
- (57) (57)
- 135 135
- 5,732 5,732
(55,230) 5,732 (49,498)
50,516 - 50,516
6,394 - 6,394
811 - 811
858 - 858
8,644 - 8,644
822 - 822
1,823 813 2,636
2,950 336 3,286
4,228 484 4,712
(3,867) 3,867 -
- (5,000) (5,000)
73,179 500 73,679
17,949 6,232 24,181
191,976 267,867 459,843
209,925 $ 274,099 $ 484,024 $
Net (Expense) Revenue and
Changes in Net Assets
31
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 21,863 $ 1,773 $ 382 $ 15 $ 10,147 $ 2,680 $ 36,860 $
Receivables:
Property tax 28,125 9,325 - - 13,024 280 50,754
Accounts and unbilled usage 225 - - 197 - 8 430
Interest 109 - 1 - 19 2 131
Notes 360 - 13,720 899 1,545 - 16,524
Advances to other funds 341 - 18 - 186 - 545
Due from other governments 3,938 257 10 1,796 - 1,961 7,962
Inventories 244 - - - - - 244
Assets held for resale 170 - - 765 - 165 1,100
Restricted assets:
Equity in pooled cash and investments 24,221 - - 30 - 21,735 45,986
Total assets 79,596 $ 11,355 $ 14,131 $ 3,702 $ 24,921 $ 26,831 $ 160,536 $
(continued)
(amounts expressed in thousands)
Special Revenue
CITY OF IOWA CITY, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2012
32
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 1,323 $ 40 $ -$ 80 $ -$ 180 $ 1,623 $
Contracts payable - - - - - 1,330 1,330
Accrued liabilities 657 1 6 41 - 22 727
Advances from other funds 2,150 - - 186 - 341 2,677
Due to other governments 19 - - 25 - 2,947 2,991
Interest payable - - - 25 - - 25
Notes payable 170 - - 635 - - 805
Deferred revenue 30,770 9,514 13,738 2,106 13,912 1,318 71,358
Liabilities payable from restricted assets:
Deposits 950 - - 5 - 1 956
Total liabilities 36,039 9,555 13,744 3,103 13,912 6,139 82,492
Fund balances:
Nonspendable 314 - - - - - 314
Restricted 23,779 1,800 387 599 11,009 21,058 58,632
Assigned 5,191 - - - - - 5,191
Unassigned 14,273 - - - - (366) 13,907
Total fund balances 43,557 1,800 387 599 11,009 20,692 78,044
Total liabilities and fund balances 79,596 $ 11,355 $ 14,131 $ 3,702 $ 24,921 $ 26,831 $ 160,536 $
The notes to the financial statements are an integral part of this statement.
Special Revenue
BALANCE SHEET (continued)
GOVERNMENTAL FUNDS
June 30, 2012
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
33
Total governmental fund balances 78,044 $
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. 27,913
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 10,801
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 181,741
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds. (2,118)
Accrued post employment benefit obligations are not due and
payable in the current period and therefore are not reported
in the funds. (2,030)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds. (74,226)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds. (211)
Accrued interest on bonds (183)
Internal balance due to integration of internal service funds (9,806)
Total net assets of governmental activities 209,925 $
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, 2012
34
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Revenues
Taxes 37,388 $ 9,961 $ - $ - $ 13,254 $ 1,046 $ 61,649 $
Licenses and permits 1,307 - - - - - 1,307
Intergovernmental 4,450 - 788 12,869 - 3,845 21,952
Charges for services 2,396 197 - 21 - - 2,614
Use of money and property 1,484 - 29 84 153 18 1,768
Miscellaneous 4,422 2 907 191 - 228 5,750
Total revenues 51,447 10,160 1,724 13,165 13,407 5,137 95,040
Expenditures
Current:
Public safety 19,249 533 - - - 309 20,091
Public works 7,385 - - 4,997 - 3,080 15,462
Culture and recreation 12,153 - - - - 922 13,075
Community and economic development 1,328 - 3,222 1,970 - 1,517 8,037
General government 7,026 357 - - - 170 7,553
Debt service:
Principal - - - - 13,294 - 13,294
Interest - - - - 2,543 - 2,543
Capital outlay 1,875 - 2 8,063 - 6,066 16,006
Total expenditures 49,016 890 3,224 15,030 15,837 12,064 96,061
Excess (deficiency) of revenues over
(under) expenditures 2,431 9,270 (1,500) (1,865) (2,430) (6,927) (1,021)
Other Financing Sources (Uses)
Issuance of debt - - - - - 9,690 9,690
Sale of capital assets 1,183 - - 2,436 - - 3,619
Insurance Recoveries - - - - - 53 53
Premium on issuance of bonds - - - - - 165 165
Transfers in 9,818 - - 577 288 8,816 19,499
Transfers out (5,947) (10,002) (38) (1,030) - (6,164) (23,181)
Total other financing sources and (uses) 5,054 (10,002) (38) 1,983 288 12,560 9,845
Net change in fund balances 7,485 (732) (1,538) 118 (2,142) 5,633 8,824
Fund Balances, Beginning 36,072 2,532 1,925 481 13,151 15,059 69,220
Fund Balances, Ending 43,557 $ 1,800 $ 387 $ 599 $ 11,009 $ 20,692 $ 78,044 $
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, 2012
(amounts expressed in thousands)
35
36
Net change in fund balances - total governmental funds 8,824 $
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 10,827 $
Transfers of capital assets (to)\from enterprise funds - net (214)
Transfers of capital assets (to)\from internal service funds - net 4
Capital assets contributed 1,154
Depreciation expense (6,438) 5,333
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 (9,690)
Discount / (premium) on bonds issued (165)
Repayments of debt 13,294
Amortization of premium 79 3,518
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. 219
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 (59)
Change in accrued post employment benefit obligations (346)
Change in accrued interest on debt 64
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. (669)
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. (6)
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The net revenue of certain activities of
internal service funds is reported with governmental activities. 1,071
Change in net assets of governmental activities 17,949 $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2012
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
3737
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 5,219 $ 14,551 $ 8,284 $ 7,271 $ 3,639 $ 2,868 $ 41,832 $ 23,581 $
Receivables:
Accounts and unbilled usage 8 1,408 976 484 2 283 3,161 -
Interest 18 341 30 44 49 6 488 48
Notes - - - - 963 - 963 -
Advances to other funds - - - 3,796 - - 3,796 -
Due from other governments - 717 1,289 8 35 585 2,634 93
Inventories - - 414 - - - 414 490
Total current assets 5,245 17,017 10,993 11,603 4,688 3,742 53,288 24,212
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 1,528 11,905 4,260 15,561 3,155 222 36,631 -
Other post employment benefits asset - - - - - 8 8 28
Capital assets:
Land 6,798 759 6,296 1,912 690 9,431 25,886 45
Buildings 26,392 59,701 24,019 5,535 5,350 4,915 125,912 821
Improvements other than buildings 328 7,371 2,351 144 9 357 10,560 50
Machinery and equipment 745 9,766 10,458 415 116 650 22,150 15,731
Infrastructure - 91,044 52,511 11,298 - 49,829 204,682 1,577
Accumulated depreciation (15,583) (70,676) (25,618) (10,252) (3,850) (13,770) (139,749) (11,564)
Construction in progress 1,020 7,706 998 2,904 - 3,490 16,118 90
Total noncurrent assets 21,228 117,576 75,275 27,517 5,470 55,132 302,198 6,778
Total assets 26,473 134,593 86,268 39,120 10,158 58,874 355,486 30,990
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2012
Business-type Activities - Enterprise Funds
38
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Liabilities
Current liabilities:
Accounts payable 37 $ 49 $ 133 $ 37 $ 21 $ 131 $ 408 $ 970 $
Contracts payable 304 502 281 274 - 477 1,838 -
Accrued liabilities 30 38 44 42 16 14 184 1,938
Employee vested benefits 50 57 77 85 28 20 317 63
Due to other governments - - 18 289 17 - 324 -
Deferred revenue 280 - - - - - 280 -
Interest payable 166 812 427 - - - 1,405 -
Bonded debt payable (net of unamortized
premium and discounts) 517 4,924 1,143 - - - 6,584 -
Total current liabilities 1,384 6,382 2,123 727 82 642 11,340 2,971
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 1 - 413 16 329 8 767 -
Advances from other funds 507 - - - 18 1,139 1,664 -
Employee vested benefits 37 40 62 67 21 16 243 50
Bonded debt payable (net of unamortized
premium and discounts) 7,705 36,004 20,250 - - - 63,959 -
Other post employment benefits obligation 117 135 146 181 45 12 636 56
Landfill closure/postclosure liability - - - 12,584 - - 12,584 -
Total noncurrent liabilities 8,367 36,179 20,871 12,848 413 1,175 79,853 106
Total liabilities 9,751 42,561 22,994 13,575 495 1,817 91,193 3,077
Net Assets
Invested in capital assets, net of related debt 11,478 64,743 49,679 11,956 2,315 54,902 195,073 6,750
Restricted by bond ordinance 1,361 11,093 3,375 - - - 15,829 -
Restricted by state statute - - - 1,092 - - 1,092 -
Restricted for future improvements - - - - - 100 100 -
Restricted by grant agreement - - - - 3,155 - 3,155 -
Unrestricted 3,883 16,196 10,220 12,497 4,193 2,055 49,044 21,163
Total net assets 16,722 $ 92,032 $ 63,274 $ 25,545 $ 9,663 $ 57,057 $ 264,293 27,913 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 9,806
Net assets of business-type activities 274,099 $
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, 2012
(amounts expressed in thousands)
39
40
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Operating Revenues:
Charges for services 4,743 $ 12,670 $ 8,419 $ 8,115 $ 207 $ 1,941 $ 36,095 $ 17,373 $
Miscellaneous 162 145 26 48 99 4 484 196
Total operating revenues 4,905 12,815 8,445 8,163 306 1,945 36,579 17,569
Operating Expenses:
Personal services 1,733 1,993 2,554 2,673 970 729 10,652 2,228
Commodities 107 954 967 288 28 191 2,535 3,255
Services and charges 1,194 2,716 2,132 5,115 6,804 720 18,681 9,207
3,034 5,663 5,653 8,076 7,802 1,640 31,868 14,690
Depreciation 815 3,952 2,275 415 128 1,500 9,085 1,386
Total operating expenses 3,849 9,615 7,928 8,491 7,930 3,140 40,953 16,076
Operating income (loss) 1,056 3,200 517 (328) (7,624) (1,195) (4,374) 1,493
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets (10) (12) (10) - 17 351 336 200
Operating grants (repayment) - - - (222) 6,782 - 6,560 -
Interest income 40 360 204 165 37 7 813 55
Interest expense (366) (1,564) (964) - - - (2,894) -
Total nonoperating revenues (expenses) (336) (1,216) (770) (57) 6,836 358 4,815 255
Income (loss) before capital contributions,
transfers and extraordinary items 720 1,984 (253) (385) (788) (837) 441 1,748
Capital contributions 4 3,223 1,057 2 - 2,146 6,432 -
Transfers in - 2,454 478 - 38 1,341 4,311 51
Transfers out (16) (359) (110) (12) (43) (139) (679) (1)
Income (loss) before extraordinary
items 708 7,302 1,172 (395) (793) 2,511 10,505 1,798
Extraordinary items:
Impairment loss - - - (5,000) - - (5,000) -
Change in net assets 708 7,302 1,172 (5,395) (793) 2,511 5,505 1,798
Net Assets, Beginning 16,014 84,730 62,102 30,940 10,456 54,546 26,115
Net Assets, Ending 16,722 $ 92,032 $ 63,274 $ 25,545 $ 9,663 $ 57,057 $ 27,913 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 727
Change in net assets of business-type activities 6,232 $
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, 2012
(amounts expressed in thousands)
41
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 4,920 $ 12,719 $ 8,149 $ 8,257 $ 337 $ 1,916 $ 36,298 $ 17,573 $
Payments to suppliers (1,350) (3,685) (3,117) (4,340) (6,826) (916) (20,234) (11,959)
Payments to employees (1,777) (2,006) (2,600) (2,696) (979) (767) (10,825) (1,809)
Net cash flows from operating activities 1,793 7,028 2,432 1,221 (7,468) 233 5,239 3,805
Cash Flows From Noncapital Financing Activities
Grants received - - 3 (215) 6,765 - 6,553 -
Transfers from other funds - 2,454 478 - 38 1,341 4,311 51
Transfers to other funds (16) (359) (110) (12) (43) (139) (679) (1)
Repayment/(payment) of notes receivable - - - - (80) - (80) -
Repayment of advances from other funds (288) - - - - (324) (612) -
Repayment of advances to other funds - - - 529 - - 529 -
Net cash flows from noncapital financing activities (304) 2,095 371 302 6,680 878 10,022 50
Cash Flows From Capital and Related Financing
Activities
Capital grants received 273 3,484 149 - - 1,296 5,202 -
Acquisition and construction of property and
equipment (1,628) (5,005) (992) (3,496) - (2,338) (13,459) (1,209)
Proceeds from sale of property - - 1 6 285 373 665 232
Proceeds from issuance of refunding debt (principal
plus premium less discount) - - 4,990 - - - 4,990 -
Principal paid on bonded debt (500) (4,615) (8,266) - - - (13,381) -
Interest paid on bonded debt (375) (1,692) (981) - - - (3,048) -
Net cash flows from capital and related financing
activities (2,230) (7,828) (5,099) (3,490) 285 (669) (19,031) (977)
Cash Flows From Investing Activities
Interest on investments 39 277 568 171 28 6 1,089 46
Net increase (decrease) in cash and cash equivalents (702) 1,572 (1,728) (1,796) (475) 448 (2,681) 2,924
Cash and Cash Equivalents, Beginning 7,449 24,884 14,272 24,628 7,269 2,642 81,144 20,657
Cash and Cash Equivalents, Ending 6,747 $ 26,456 $ 12,544 $ 22,832 $ 6,794 $ 3,090 $ 78,463 $ 23,581 $
(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, 2012
42
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) 1,056 $ 3,200 $ 517 $ (328) $ (7,624) $ (1,195) $ (4,374) $ 1,493 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating activities:
Depreciation expense 815 3,952 2,275 415 128 1,500 9,085 1,386
Changes in:
Receivables:
Accounts and unbilled usage 15 (97) (184) 93 15 (28) (186) -
Due from other governments - 1 (115) (1) 2 - (113) 4
Inventories - - (20) - - - (20) 27
Accounts payable (49) (15) 5 11 6 (5) (47) 476
Accrued liabilities (47) (50) (75) (76) (23) (21) (292) 413
Employee vested benefits 3 10 - 17 6 5 41 (1)
Due to other governments - - (3) 223 - - 220 -
Deposits - - 3 2 14 (1) 18 -
Other post employment benefits asset/obligation - 27 29 36 8 (22) 78 7
Landfill closure/postclosure liability - - - 829 - - 829 -
Total adjustments 737 3,828 1,915 1,549 156 1,428 9,613 2,312
Net cash flows from operating activities 1,793 $ 7,028 $ 2,432 $ 1,221 $ (7,468) $ 233 $ 5,239 $ 3,805 $
Noncash Investing, Capital, and
Financing Activities:
Contributions of capital assets from
government and others -$ 480 $ 777 $ - $ - $ 570 $ 1,827 $ - $
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, 2012
43
Agency
Funds
Assets
Equity in pooled cash and investments 204 $
Accounts receivable 9
Interest receivable 1
Total assets 214 $
Liabilities
Accrued liabilities 9$
Due to agency 205
Total liabilities 214 $
The notes to the financial statements are an integral part of this statement.
June 30, 2012
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF FIDUCIARY
ASSETS AND LIABILITIES
44
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS
June 30, 2012
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.
45
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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.
46
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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
47
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use
restricted resources first, then unrestricted resources as they are needed.
Uses of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue, expenditures and expenses, as appropriate,
during the reporting period. Actual results could differ from these estimates. Material estimates that are
particularly susceptible to significant change in the near-term relate to the determination of landfill
closure and post-closure care costs, total capacity of the landfill at closure, and calculation of the costs of
claims incurred, but not reported.
Cash and Investments
The City maintains one primary demand deposit account through which the majority of its cash resources
are processed. Substantially all investment activity is carried on by the City in an investment pool, except
for those funds required to maintain their investments separately. The earnings on the pooled investments
are allocated to the funds on a systematic basis. All investments are stated at fair value except for the
Iowa Public Agency Investment Trust (IPAIT) which is valued at amortized cost pursuant to Rule 2a-7
under the Investment Company Act of 1940.
For the purpose of the Statement of Cash Flows, restricted and non-restricted investments with a maturity
of three months or less when purchased are considered cash equivalents.
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.
48
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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.
49
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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.
50
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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 $106,986,000 in revenues and
other financing sources and by $162,901,000 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
Fund balances for the governmental funds are reported in classifications based on the nature of any
limitations requiring the use of resources for specific purposes (see Note 9).
2. Compliance and Accountability
At June 30, 2012 the Capital Project Fund for bridge, street, and traffic control construction reported a
deficit fund balance of $287,000. 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 2013 to
cover the capital expenditures. At June 30, 2012 the Economic Development Fund reported a deficit fund
balance of $79,000. The deficit is due to an Economic Development grant paid to a developer to
rehabilitate a business in the downtown district. The City anticipates having sufficient debt service funds
in 2013 to cover this expenditure.
51
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
3. Cash and Pooled Investments
The City’s deposits in banks at June 30, 2012 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 $55,894,121 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.
52
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2012, consisted of the following:
Interfund balances at June 30, 2012, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans, land and negative cash balance funding. $1,101,929 of the
$1,138,898 advances to the Nonmajor Enterprise Funds and $328,687 of the $507,443 advance to the
Parking Fund are not expected to be repaid within the next year. $1,987,142 of the $2,150,027 advances
to the General Fund and $174,769 of the $186,234 advance to the Other Shared Revenue and Grants Fund
are not expected to be repaid within the next year. The $341,084 advance to the Nonmajor Governmental
Funds is expected to be repaid within the next year. None of the $18,000 advance to Housing Authority
is expected to be repaid within the next year.
Community
Development Debt
General Block Grant Service Sanitation Total
Advances to:
General - $ - $ - $ 2,150,027 $ 2,150,027 $
Other Shared Revenue
and Grants - - 186,234 - 186,234
Nonmajor Governmental 341,084 - - - 341,084
Parking - - - 507,443 507,443
Housing Authority - 18,000 - - 18,000
Nonmajor Enterprise - - - 1,138,898 1,138,898
Total 341,084 $ 18,000 $ 186,234 $ 3,796,368 $ 4,341,686 $
Advances from
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Interfund transfers for the year ended June 30, 2012, consisted of the following:
(continued)
Transfers are used to move revenues and bond proceeds from the fund that State statutes or the budget
requires to collect them to the fund that the State statutes or the budget requires to expend them.
In the fund financial statements, total transfers in and transfers out of $23,861,000 are less than total
transfers of $24,079,216 because of the treatment of transfers of capital assets to and from the
governmental activities capital assets.
During the year, a capital asset related to public safety with a value of $4,100 was transferred to
governmental activities capital assets from Equipment. No amounts were reported in the governmental
funds, as the amounts did not involve the transfer of financial resources. However, Equipment did report a
disposal for the capital resources given.
Also during the year, construction in progress related to construction along 420 th Street and Northside
Marketplace Streetscape with a total value of $214,083 were transferred from governmental activities
capital asset to Water and Stormwater, $79,934 and $134,149 respectively. No amounts were reported in
the governmental funds, as the amounts did not involve the transfer of financial resources. However,
Water and Stormwater did report capital contributions for the capital resources received.
Other
Community Shared
Employee Development Revenue and Nonmajor
General Benefits Block Grant Grants Governmental Parking
Transfer to:
General - $ 9,585,622 $ - $ 69,996 $ 6,195 $ - $
Debt service 134,436 - - 153,672 - -
Other shared revenue
and grants 78,862 416,369 - - 82,378 -
Nonmajor governmental 5,110,939 - - 460,561 2,722,273 15,640
Wastewater treatment 479,402 - - 191,722 1,783,005 -
Water - - - 154,080 323,748 -
Housing Authority - - 37,747 - - -
Nonmajor enterprise 100,000 - - - 1,241,421 -
Internal Service 43,767 - - 432 5,616 -
Total Transfer to 5,947,406 $ 10,001,991 $ 37,747 $ 1,030,463 $ 6,164,636 $ 15,640 $
Transfer from
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Wastewater Housing Nonmajor Internal Total
Treatment Water Sanitation Authority Enterprise Service Transfer from
23,034 $ 23,034 $ - $ 43,000 $ 66,517 $ - $ 9,817,398 $
- - - - - - 288,108
- - - - - - 577,609
336,253 86,728 11,628 - 72,236 - 8,816,258
- - - - - - 2,454,129
- - - - - - 477,828
- - - - - - 37,747
- - - - - - 1,341,421
- - 144 - - 576 50,535
359,287 $ 109,762 $ 11,772 $ 43,000 $ 138,753 $ 576 $ 23,861,033
Transfers to governmental activities capital assets from internal service funds 4,100
Transfers from governmental activities capital assets to enterprise funds 214,083
24,079,216 $
Transfer from
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
5. Capital Assets
Capital asset activity for the year ended June 30, 2012, was as follows:
Beginning
July 1, 2011
Acquisitions
and
Transfers
Disposals and
Transfers
Balance
June 30, 2012
Governmental activities:
Capital assets, not being depreciated:
Land 23,887,472 $ 1,709,538 $ 633,398 $ 24,963,612 $
Construction in progress 16,007,754 142,742 3,321,276 12,829,220
Total capital assets, not being depreciated 39,895,226 1,852,280 3,954,674 37,792,832
Capital assets, being depreciated:
Buildings 63,695,152 3,595,319 61,829 67,228,642
Improvements other than buildings 5,592,658 764,613 11,224 6,346,047
Machinery and equipment 44,820,729 4,303,091 1,975,587 47,148,233
Infrastructure 106,783,345 5,891,651 - 112,674,996
Total capital assets being depreciated 220,891,884 14,554,674 2,048,640 233,397,918
Less accumulated depreciation for:
Buildings 18,947,980 1,711,284 53,173 20,606,091
Improvements other than buildings 2,009,426 244,615 11,224 2,242,817
Machinery and equipment 28,173,526 3,455,998 1,811,030 29,818,494
Infrastructure 27,621,238 2,412,251 - 30,033,489
Total accumulated depreciation 76,752,170 7,824,148 1,875,427 82,700,891
Total capital assets, being depreciated, net 144,139,714 6,730,526 173,213 150,697,027
Governmental activities capital assets, net 184,034,940 $ 8,582,806 $ 4,127,887 $ 188,489,859 $
56
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Beginning
July 1, 2011
Acquisitions
and
Transfers
Disposals and
Transfers
Balance
June 30, 2012
Business-type activities:
Capital assets, not being depreciated:
Land 25,823,805 $ 132,350 $ 70,495 $ 25,885,660 $
Construction in progress 19,533,140 4,527,724 7,943,007 16,117,857
Total capital assets, not being depreciated 45,356,945 4,660,074 8,013,502 42,003,517
Capital assets, being depreciated:
Buildings 119,706,766 6,456,477 250,148 125,913,095
Improvements other than buildings 10,559,851 - - 10,559,851
Machinery and equipment 22,306,934 - 155,575 22,151,359
Infrastructure 198,063,655 6,636,184 17,833 204,682,006
Total capital assets being depreciated 350,637,206 13,092,661 423,556 363,306,311
Less accumulated depreciation for:
Buildings 50,561,515 3,307,857 25,015 53,844,357
Improvements other than buildings 3,998,975 447,008 - 4,445,983
Machinery and equipment 14,236,770 956,986 133,850 15,059,906
Infrastructure 62,032,992 4,373,932 6,776 66,400,148
Total accumulated depreciation 130,830,252 9,085,783 165,641 139,750,394
Total capital assets, being depreciated, net 219,806,954 4,006,878 257,915 223,555,917
Business-type activities capital assets, net 265,163,899 $ 8,666,952 $ 8,271,417 $ 265,559,434 $
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 911,141 $
Public works 3,183,854
Culture and recreation 2,044,011
Community and economic development 39,578
General government 259,477
Internal service funds 1,386,087
Total depreciation expense - governmental activities 7,824,148 $
Business-type activities:
Parking 815,494 $
Wastewater treatment 3,951,913
Water 2,274,681
Sanitation 414,837
Housing authority 128,284
Nonmajor enterprise 1,500,574
Total depreciation expense - business-type activities 9,085,783 $
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
As a result of a fire to the City’s most recent landfill cell, there was an impairment loss of
$4,999,646 recorded for fiscal year 2012. This amount was derived from a survey conducted by
an engineering and technical consultant, Howard R Green Inc., that reported 64% of this cell had
been destroyed.
6. Long Term Debt
Changes in Debt for Bonds
Bond debt activity for the year ended June 30, 2012, was as follows:
General Obligation Bonds
Various issues of general obligation bonds totaling $75,320,000 are outstanding as of June 30, 2012. The
bonds have interest rates ranging from 0.5% to 5.6% and mature in varying annual amounts ranging from
$100,000 to $1,955,000 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, 2011 Issues Retirements June 30, 2012 One Year
Governmental activities:
General obligation bonds $ 77,428,782 $ 9,690,000 $ 13,293,782 $ 73,825,000 $ 11,255,000
Plus: Unamortized
Premium 315,175 165,454 79,975 400,654 81,711
$ 77,743,957 $ 9,855,454 $ 13,373,757 $ 74,225,654 $ 11,336,711
Business-type activities:
General obligation bonds $ 3,146,218 -$ $ 1,651,218 $ 1,495,000 $ 305,000
Less: Unamortized
Discounts 15,369 - 3,842 11,527 3,842
Total general obligation bonds 3,130,849 - 1,647,376 1,483,473 301,158
Revenue bonds 74,965,000 4,950,000 11,730,000 68,185,000 6,225,000
Plus: Unamortized
Premium 892,306 39,909 57,908 874,307 57,908
Total revenue bonds 75,857,306 4,989,909 11,787,908 69,059,307 6,282,908
$ 78,988,155 $ 4,989,909 $ 13,435,284 $ 70,542,780 $ 6,584,066
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Annual debt service requirements to maturity for general obligation bonds are as follows:
Revenue Bonds
As of June 30, 2012, the following unmatured revenue bond issues are outstanding:
Wastewater
Parking Treatment Water
Original issue amount $ 9,110,000 $ 48,020,000 $ 21,815,000
Interest rates 3.0% to 5.0% 3.0% to 5.0% 1.5% to 4.5%
Annual maturities $ 515,000 to $ 435,000 to $ 370,000 to
$ 770,000 $ 2,750,000 $ 835,000
Amount outstanding $ 8,190,000 $ 40,070,000 $ 19,925,000
Revenue bond debt service requirements to maturity are as follows:
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2013 11,255,000 $ 2,300,666 $ 305,000 $ 55,458 $
2014 10,680,000 1,996,145 300,000 44,325
2015 10,560,000 1,672,940 300,000 33,225
2016 10,025,000 1,342,745 295,000 22,125
2017 8,450,000 1,024,915 295,000 11,062
2018-2022 22,195,000 1,924,956 - -
2023-2027 660,000 35,640 - -
Total 73,825,000 $ 10,298,007 $ 1,495,000 $ 166,195 $
Governmental Activities Business-type Activities
Fiscal Year Ending Business-type Activities
June 30 Principal Interest
2013 6,225,000 $ 2,628,391 $
2014 5,115,000 2,376,928
2015 5,290,000 2,206,665
2016 5,500,000 2,015,284
2017 5,670,000 1,807,671
2018-2022 29,395,000 5,509,628
2023-2027 10,990,000 879,248
68,185,000 $ 17,423,815 $
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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.
On June 20, 2012, the City issued $4,950,000 of water revenue bonds for a current refunding of
$5,015,000 of water revenue bonds on July 1, 2012. As a result, the water revenue bonds from that issue
are considered to be defeased and the liability has been removed from the financial statements. The
refunding was undertaken to reduce total future debt service payments. The result of the transaction is a
reduction of $830,184 in future debt service payments and an economic gain of $688,741.
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2012, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2012
General Obligation Bonds:
Taxable-Urban Renewal Mar. 2004 7,305,000 $ 4.0 - 5.4 6/23 5,595,000 $
Multi-Purpose Mar. 2005 7,020,000 3.0 - 4.0 6/15 2,375,000
Multi-Purpose Jun. 2006 6,265,000 3.625 - 4.0 6/16 2,855,000
Multi-Purpose Jun. 2006 1,000,000 5.5 - 5.6 6/16 475,000
Refunded Water
Construction (1) Sep. 2006 3,350,000 3.6 - 3.75 6/17 1,495,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 4,845,000
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 5,850,000
Refunded Multi-Purpose (2) Oct. 2008 17,005,000 3.0 - 3.75 6/18 9,350,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 4,855,000
Taxable- Housing Improvements June 2009 505,000 1.5 - 3.0 6/14 205,000
Refunded Multi-Purpose (3) June 2009 5,840,000 2.0 - 4.0 6/16 3,465,000
Multi-Purpose Aug. 2010 7,420,000 2.0 - 2.75 6/20 5,935,000
Multi-Purpose June 2011 7,925,000 2.0 - 3.625 6/21 7,180,000
Taxable- Housing Improvements June 2011 820,000 0.65 - 1.1 6/13 420,000
Refunded Multi-Purpose and
Library Construction (4) June 2011 10,930,000 2.0 - 3.625 6/21 10,730,000
Multi-Purpose June 2012 9,070,000 2.0 - 2.25 6/22 9,070,000
Taxable-Urban Renewal June 2012 620,000 0.5 - 0.6 6/14 620,000
Total General Obligation Bonds 75,320,000 $
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2012
Revenue Bonds:
Refunded Parking Bonds (5) Nov. 2009 9,110,000 $ 3.0 - 5.0 7/24 8,190,000 $
Refunded Wastewater
Treatment Bonds (6) Oct. 2008 24,280,000 3.0 - 5.0 7/22 19,560,000
Refunded Wastewater
Treatment Bonds (7) May 2009 8,660,000 3.5 - 5.0 7/25 8,110,000
Refunded Wastewater
Treatment Bonds (8) Apr. 2010 15,080,000 3.0 - 4.0 7/20 12,400,000
Refunded Water Bonds (9) Oct. 2008 7,115,000 3.0 - 4.375 7/24 6,070,000
Refunded Water Bonds (10) May 2009 9,750,000 4.0 - 4.5 7/25 8,905,000
Refunded Water Bonds (11) June 2012 4,950,000 1.5 - 2.1 7/22 4,950,000
Total Revenue Bonds 68,185,000 $
143,505,000 $
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
(1) This bond issue has the general obligation bonds payable shown as a liability on the balance sheet
of the Water Fund. Also, this bond issue refunded the November 1997 Water Construction General
Obligation Bonds.
(2) This bond issue refunded the April 1998, March 1999, and July 2000 General Obligation Bonds.
(3) This bond issue refunded the June 2001 General Obligation Bonds.
(4) This bond issue refunded the May 2002 General Obligation Bonds.
(5) This bond issue refunded the December 1999 Parking Revenue Bonds.
(6) This bond issue refunded the March 1996, May 1997, and January 1999 Wastewater Revenue
Bonds.
(7) This bond issue refunded the October 2000 Wastewater Revenue Bonds.
(8) This bond issue refunded the December 2001 and April 2002 Wastewater Revenue Bonds.
(9) This bond issue refunded the May 1999 Water Revenue Bonds.
(10) This bond issue refunded the December 2000 Water Revenue Bonds.
(11) This bond issue refunded the October 2002 Water Revenue Bonds.
Conduit Debt Obligations
From time to time, the City has issued Industrial Development Revenue Bonds, Facility Refunding
Revenue Bonds, and Midwestern Disaster Area Revenue Bonds to provide financial assistance to private
sector entities for the acquisition, construction, and renovation of industrial and commercial facilities
deemed to be in the public interest. The bonds are collateralized by the property financed and are payable
solely from payments received on the underlying mortgage loans. All payments on the bonds are made by
the private sector entities directly to a bond trustee, who is a third party financial institution, and in turn,
disburses the payment to the respective bond holders. Neither the City, the State, nor any political
subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not
reported as liabilities in the accompanying financial statements.
As of June 30, 2012, 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 $43,405,337.
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2012, the general obligation debt issued by the City did not exceed its legal debt limit
computed as follows:
Assessed valuation:
Real property $ 4,491,302,568
Utilities 48,337,968
Total valuation $ 4,539,640,536
Debt limit, 5% of total assessed valuation $ 226,982,027
Debt applicable to debt limit:
General obligation bonds 75,320,000
Legal debt margin $ 151,662,027
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
7. Other Long-term Liabilities
Notes Payable
A note payable was issued to Greater Iowa City Housing Fellowship for the purchase of an 11 unit
apartment building for low income and disabled housing in the Peninsula Neighborhood. The terms of
the loan are 1%, interest only payments for twenty years with a final balloon payment of $211,000 due on
August 1, 2025.
Employee Vested Benefits
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund.
Changes in Long-Term Liabilities - Notes Payable
Note Payable activity for the year ended June 30, 2012, was as follows:
Due Within
July 1, 2011 Issues Retirements June 30, 2012 One Year
Governmental activities: $ 211,000 -$ - $ 211,000 $ - $
Changes in Long-Term Liabilities - Employee Vested benefits
Employee Vested Benefits activity for the year ended June 30, 2012, was as follows:
Due Within
July 1, 2011 Issues Retirements June 30, 2012 One Year
Governmental activities: $ 2,172,907 1,238,766 $ 1,180,751 $ 2,230,922 $ 1,225,647 $
Business-type activities: $ 519,405 $ 331,517 290,601 $ $ 560,321 316,984 $
63
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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, 2012, is $12,584,099,
which is based on 91.1% usage (filled) of the landfill and is included in accrued liabilities within the
Sanitation Fund. It is estimated that an additional amount of approximately $1,229,402 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, 2012, was determined by engineers from Howard
R. Green Company and approximated at $13,813,500. It is based on the amount that would be paid if all
equipment, facilities, and services required to close, monitor, and maintain the landfill were acquired as of
June 30, 2012. These amounts are based on an estimated post-closure care and monitoring period of 30
years, consistent with current State Department of Natural Resources regulations. However, the actual
cost of closure and post-closure care may be higher due to inflation, changes in technology, or changes in
landfill laws and regulations.
The City is required by federal and state laws and regulations to provide some form of financial assurance
to finance closure and post-closure care. The City will meet its financial assurance obligations through the
issuance of general obligation bonds. As of June 30, 2012, the Sanitation Fund had $14,450,385 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.
Changes in Long-Term Liabilities - Landfill Closure Post-closure Care Costs
Landfill Closure Post-closure care activity for the year ended June 30, 2012, was as follows:
Due Within
July 1, 2011 Issues Retirements June 30, 2012 One Year
Business-type activities: $ 11,754,654 $ 829,445 -$ $ 12,584,099 -$
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Other Post Employment Benefits
Changes in Long-Term Liabilities - Other Post Employment Benefits
Net OPEB Obligation
July 1, 2011 Current Year June 30, 2012
Governmental activities: $ 1,705,631 $ 352,244 $ 2,057,875
Business-type activities: $ 551,710 $ 77,213 $ 628,923
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.
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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,
2012, 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 90,294
Adjustment to annual required contribution (80,621)
Annual OPEB costs 600,965
Contributions made (171,508)
Increase in net OPEB obligation 429,457
Net OPEB obligation beginning of year 2,257,341
Net OPEB obligation end of year $2,686,798
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,
2012.
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, 2012 are summarized as follows:
Percentage of Annual
Annual OPEB Cost Net OPEB
Year Ended OPEB Cost Contributed from City Obligation
June 30, 2010 $1,291,319 16.3% $1,746,488
June 30, 2011 $ 598,776 14.7% $2,257,342
June 30, 2012 $ 600,965 28.5% $2,686,798
Funded Status and Funding Progress: As of July 1, 2010, the most recent actuarial valuation date for the
period July 1, 2011 through June 30, 2012, 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, 2012, 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.
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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 and an inflation rate of 3% per annum.
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 FY12, the City entered into additional multiple short term loans totaling $1,565,405 and repaid
multiple short term loans totaling $2,375,905. The outstanding loans mature one year from the date of the
loan and bear interest rates ranging from 2% to 3.25%. The loans were used to fund the acquisition and
rehabilitation of single family homes as part of the UniverCity Neighborhood Partnership Program
(UniverCity). UniverCity is a cooperative effort of the City of Iowa City and the University of Iowa
dedicated to ensuring that the University of Iowa Campus and surrounding neighborhoods remain vital,
safe, affordable, and attractive places to live and work for both renters and homeowners. The City
secured a $1.25 million I-JOBS grant that allows the program to acquire and rehabilitate 25 homes in the
Changes in Short-Term Liabilities - Notes Payable
Notes Payable activity for the year ended June 30, 2012, was as follows:
Due Within
July 1, 2011 Issues Retirements June 30, 2012 One Year
Governmental activities: $ 1,615,500 1,565,405 $ 2,375,905 $ 805,000 $ 805,000 $
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
designated UniverCity 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
Fund balances for the governmental funds are reported in classifications that comprise a hierarchy based
on the extent to which the government honors constraints on the specific purposes for which amounts in
those funds can be spent.
• The Nonspendable classification contains amounts not in spendable form or legally or
contractually required to be maintained intact.
• Restricted amounts contain restraint on their use externally imposed by creditors, grantors,
contributors, or laws or regulations of other governments; or imposed by law through
constitutional provisions or enabling legislation.
• Committed amounts can only be used for specific purposes imposed by formal action of the
government’s highest level of decision-making authority. The highest level of decision-making
authority is the City Council and it takes a resolution to establish, modify or rescind a fund
balance commitment.
• Amounts intended to be used for specific purposes are Assigned. Assignments should not cause
deficits in the Unassigned fund balance. The Finance Director has been delegated authority by
the City Council through a resolution to assign amounts to be used for specific purposes.
• Unassigned fund balance is the residual classification for the General Fund.
The City would use Restricted fund balances first, followed by Committed resources, and then Assigned
resources, as appropriate opportunities arise, but reserves the right to selectively spend Unassigned
resources first to defer the use of these other classified funds.
68
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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, 2012 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, 2012 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 244,538 $ - $ - $ - $ - $ - $ 244,538 $
Perpetual Care Principal 69,000 - - - - - 69,000
Total Nonspendable 313,538 - - - - - 313,538
Restricted for:
Public Safety 464,039 - - - - - 464,039
Local Option Sales Tax 23,265,151 - - - - - 23,265,151
Debt Service - - - - 11,008,903 - 11,008,903
GO Bond Projects - - - - - 20,883,498 20,883,498
State Funding - - - 599,430 - - 599,430
Grant Agreement - - 387,292 - - - 387,292
Public Safety Employee
Benefits - 1,799,526 - - - - 1,799,526
Other Restricted 49,661 - - - - 174,927 224,588
Total Restricted 23,778,851 1,799,526 387,292 599,430 11,008,903 21,058,425 58,632,427
Assigned to:
Library Programs 575,818 - - - - - 575,818
Senior Center Programs 59,086 - - - - - 59,086
Replacement and Acquisition Reserves 4,469,978 - - - - - 4,469,978
Other Assigned 85,724 - - - - - 85,724
Total Assigned 5,190,606 - - - - - 5,190,606
Unassigned: 14,273,156 - - - - (365,781) 13,907,375
Total Fund Balances 43,556,151 $ 1,799,526 $ 387,292 $ 599,430 $ 11,008,903 $ 20,692,644 $ 78,043,946 $
69
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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, 2012 and 2011 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2010 – 2011 $ 1,602,000 $ 92,000 $ 994,000 $ 700,000
2011 – 2012 700,000 691,000 207,000 1,184,000
Also, the City is partially self-insured, through stop-loss insurance, for employee health care coverage,
which is available to all of its permanent employees. This insurance provides stop-loss coverage for
claims in excess of $125,000 per employee with an aggregate stop-loss of $9,166,913. 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, 2012 and
2011 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2010 – 2011 $ 714,000 $ 6,259,000 $ 6,245,000 $ 728,000
2011 – 2012 728,000 6,147,000 6,159,000 716,000
70
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
11. Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2012 are as follows:
The total significant encumbrances as of June 30, 2012 are as follows:
Project Amount
Bridge, street and traffic Paving and bridge construction,
control construction engineering design and consulting 3,180,607 $
Other construction Public works, culture & recreation, Economic Dev,
Fire & Police, construction 1,466,817
Parking Garage improvements and repair & maintenance 51,146
Wastewater South wastewater plant expansion and wastewater
main repairs 44,197,342
Water Water main construction and flood mitigation
construction 641,685
Airport Runway grading and paving 767,391
Stormwater Stormwater system improvements 38,338
50,343,326 $
Fund
Project Amount
Other Governmental
Other Construction Transit buses and police equipment 793,797 $
793,797 $
Fund
71
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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, 2012,
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 24.76% of earnable compensation of each member in FY 2012,
19.9% of earnable compensation in FY 2011, and 17.0% of earnable compensation in FY 2010. The
contributions paid by the City for the years ended June 30, 2010, 2011, and 2012, were $1,349,558,
$1,826,791, and $2,232,637 respectively, and was equal to the required contributions for each year.
72
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Iowa Public Employees Retirement System
The City contributes to the Iowa Public Employees Retirement System (IPERS), which is a cost-sharing
multiple-employer defined benefit pension plan administered by the State of Iowa. IPERS provides
retirement and death benefits, which are established by State statute to plan members and beneficiaries.
IPERS issues a publicly available financial report that includes financial statements and required
supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117, Des
Moines, Iowa 50306-9117.
All employees eighteen or older, except temporary employees of six months or less of employment
duration, who do not participate in any other public retirement system in the state are eligible and must
participate in IPERS. The pension plan provides retirement and death benefits that are established by state
statute. Generally, a member may retire at the age of 65, or any time after age 62 and 20 years or more of
service, or when age plus years of service equals or exceeds 88, and receive unreduced (for age) benefits.
Members may also retire at the age of 55 or more at reduced benefits. Benefits vest after seven years of
service or after attaining the age of 55. Full benefits are equal to 60% of the average of the highest five
years of covered wages times years of service divided by 30.
Plan members are required to contribute 5.38% of their annual covered salary and the City is required to
contribute 8.07% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2010, 2011, and 2012, were $1,767,350,
$1,969,422, and $2,245,326 respectively, and were equal to the required contributions for each year.
14. Additional Revenue Bond Disclosures
Water System
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer Service,
Distribution, and Public Information/Education. There are a total of 32.75 (FTE) employees who work in
the Water Division. This division serves 68,947 people and has almost 25,800 customers. The average
daily use for fiscal year 2012 was approximately 5.50 million gallons per day (MGD). A peak flow of
over 8.6 MGD was experienced during the summer of 2012.
Water Sources: The primary source of water for the City is the alluvial aquifer collector wells along the
Iowa River. Four collector wells can provide approximately 10.5 MGD. Additional sources include two
Jordan aquifer wells which can provide 2.0 MGD; four Siluran aquifer wells which can provide 1.0
MGD; a sand pit that can provide 1.0 MGD; a river intake that can provide 3.0 MGD; for a total of
approximately 17.5 MGD maximum capacity.
Water Treatment Processes: The facilities include one treatment plant (constructed in 2003) located at 80
Stephen Atkins Drive. The plant is a surface water plant design that includes aeration, lime softening
(coagulation/flocculation/sedimentation), and granular activated carbon filtration processes with
fluoridation and free chlorination. The grade four water facility employs operators that perform over 200
water quality tests per day in-house and collect samples for testing at the University Hygienic Laboratory.
This testing ensures that the water meets all of the Safe Drinking Water Act Standards.
73
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Distribution System: The water flows through approximately 266 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 3,278 public and private hydrants located throughout the
community.
Billing and Collections: Customers are billed monthly on a combined utility statement which includes
charges for sewer, water, solid waste, and curbside recycling. Under present City policy and City
ordinances, utility bills are due when received but contain a delinquency date which provides 15 days for
payment. If payment is not made in full within 22 days, a notice is mailed which allows 25 calendar days
before service is disconnected. The City’s bad debt write-offs have been less than 0.5% of gross revenues
for the past three years.
Rates:
The following rates and charges were effective July 1, 2011.
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:
2003 - 5%
2004 - 5%
2005 0%
2006 0%
2007 - 5%
2008 0%
2009 0%
2010 0%
2011 0%
2012 0%
74
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Financial Information: The following table summarizes the results of operations for the Water System for
the fiscal years ended June 30, 2012, 2011, and 2010.
2012 2011 2010
Operating Revenues:
Charges for services 8,419 $ 8,054 $ 7,957 $
Miscellaneous 26 42 28
Total operating revenues 8,445 8,096 7,985
Operating Expenses:
Personal services 2,554 2,407 2,246
Commodities 967 929 987
Services and charges 2,132 2,128 1,920
5,653 5,464 5,153
Depreciation 2,275 2,230 2,180
Total operating expenses 7,928 7,694 7,333
Operating income 517 402 652
Nonoperating Revenues (Expenses):
Gain ( Loss) on disposal of capital assets (10) - 5
Insurance Recoveries - 2 33
Operating Grants - - 6
Interest income 204 256 312
Interest expense (964) (1,032) (1,092)
Total nonoperating revenues (expenses) (770) (774) (736)
Income before capital contributions
and transfers (253) (372) (84)
Capital contributions 1,057 973 572
Transfers in 478 795 756
Transfers out (110) (336) (343)
Change in net assets 1,172 1,060 901
Net Assets, Beginning 62,102 61,042 60,141
Net Assets, Ending 63,274 $ 62,102 $ 61,042 $
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
Last Three Fiscal Years
75
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
The following table summarizes the budget and actual figures for the Water System for the fiscal year
ended June 30, 2012 and the budget for the fiscal year ended June 30, 2013 on a cash basis.
The following table summarizes the Water System funds on hand for the fiscal years ended June 30,
2012, 2011, and 2010.
FY13
Actual Budget Percentage Budget
Charges for services 8,226 $ 8,502 $ 96.75% 8,185 $
Interest income 567 173 327.75% 141
Miscellaneous 27 28 96.43% 39
Operating grants 37 2,445 1.51% 2,284
Transfers from other funds - 336 0.00% 336
Bond sales 4,990 5,060 98.62% -
Total Receipts 13,847 $ 16,544 $ 83.70% 10,985 $
Personal services 2,710 $ 2,715 $ 99.82% 2,640 $
Commodities 529 749 70.63% 685
Services and charges 2,173 2,305 94.27% 2,061
Capital outlay 803 5,541 14.49% 4,248
Transfer to capital project funds 87 942 9.24% 1,595
Operating subsidy 23 23 100.00% 24
Debt service payments 3,831 3,869 99.02% 8,216
Total Disbursements 10,156 $ 16,144 $ 62.91% 19,469 $
WATER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2012
(amounts expressed in thousands)
2012 2011 2010
Operating Funds 8,284 $ 9,607 $ 11,636 $
Restricted and Designated Funds 4,260 4,665 4,595
Total Funds on Hand 12,544 $ 14,272 $ 16,231 $
WATER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
76
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
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 25.40 (FTE) employees who work in the Wastewater Division. This division serves
68,947 people and has over 23,500 customers. The average daily combined treatment flow for 2012 was
8.28 million gallons per day (MGD).
The North Plant was constructed in 1935 and the South Plant was completed in 1990 and upgraded in
2002. The connecting of the North and South Plants was completed in 1998. The City has the capability
to divert all wastewater treatment to the South Plant and control all operations remotely through computer
systems. The combined wastewater treatment system design has a maximum daily treatment capacity of
41.10 MGD. Both plants are in compliance with federal clean water standards. The City is utilizing
federal and state grants to fund a flood recovery and mitigation project to decommission the North
Wastewater Plant through expansion of the South Wastewater Plant.
Billing and Collections: Customers are billed monthly on a combined utility statement which includes
charges for sewer, water, solid waste, and curbside recycling. Under present City policy and City
ordinances, utility bills are due when received but contain a delinquency date which provides 15 days for
payment. If payment is not made in full within 22 days, a notice is mailed which allows 25 calendar days
before service is disconnected. The City’s bad debt write-offs have been less than 0.5% of gross revenues
for the past three years.
Rates:
The following rates and charges were effective July 1, 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:
2003 0%
2004 0%
2005 0%
2006 0%
2007 8%
2008 0%
2009 5%
2010 0%
2011 0%
2012 0%
77
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Financial Information: The following table summarizes the results of operations for the Sewer System for
the fiscal years ended June 30, 2012, 2011, and 2010.
2012 2011 2010
Operating Revenues:
Charges for services 12,670 $ 12,836 $ 12,637 $
Miscellaneous 145 63 73
Total operating revenues 12,815 12,899 12,710
Operating Expenses:
Personal services 1,993 1,961 1,874
Commodities 954 895 645
Services and charges 2,716 2,621 2,531
5,663 5,477 5,050
Depreciation 3,952 4,017 4,178
Total operating expenses 9,615 9,494 9,228
Operating income 3,200 3,405 3,482
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets (12) (40) -
Operating grants - - -
Interest income 360 382 464
Interest expense (1,564) (1,704) (2,173)
Total nonoperating revenues (expenses) (1,216) (1,362) (1,709)
Income before capital contributions
and transfers 1,984 2,043 1,773
Capital contributions 3,223 2,394 2,115
Transfers in 2,454 1,716 167
Transfers out (359) (171) (202)
Change in net assets 7,302 5,982 3,853
Net Assets, Beginning 84,730 78,748 74,895
Net Assets, Ending 92,032 $ 84,730 $ 78,748 $
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
SEWER SYSTEM
STATEMENT OF REVENUES, EXPENSES
Last Three Fiscal Years
78
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
The following table summarizes the budget and actual figures for the Sewer System for the fiscal year
ended June 30, 2012 and the budget for the fiscal year ended June 30, 2013 on a cash basis.
The following table summarizes the Sewer System funds on hand for the fiscal years ended June 30,
2012, 2011, and 2010.
FY13
Actual Budget Percentage Budget
Charges for services 12,558 $ 12,752 $ 98.48% 12,759 $
Interest income 276 100 276.00% 301
Miscellaneous 162 57 284.21% 56
Operating grants 3,483 9,491 36.70% 12,808
Local option sales tax 479 12,596 3.80% 12,116
Bond sales - - 0.00% -
Total Receipts 16,958 $ 34,996 $ 48.46% 38,040 $
Personal services 2,177 $ 2,160 $ 100.79% 2,374 $
Commodities 710 558 197.34% 659
Services and charges 5,492 2,783 127.24% 4,366
Capital outlay 341 25,251 1.35% 26,576
Transfer to capital project funds 336 1,649 20.38% 1,575
Operating subsidy 23 23 100.00% 24
Debt service payments 6,308 6,308 100.00% 6,412
Total Disbursements 15,387 $ 38,732 $ 39.73% 41,986 $
SEWER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2012
(amounts expressed in thousands)
2012 2011 2010
Operating Funds 14,551 $ 12,882 $ 12,615 $
Restricted and Designated Funds 11,905 12,002 9,645
Total Funds on Hand 26,456 $ 24,884 $ 22,260 $
SEWER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
79
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Parking System
The Parking System currently consists of approximately 4,084 parking spaces located at various
parking facilities in the central business district of the City . T h e P arking Division of the Iowa
City Transportation Services Department oversees the operation of parking garages, parking lots, and on-
street (metered) parking. Parking Services enforces parking regulation in the central business district,
while the Police Department enforces parking regulations in residential areas. Recognizing that there is a
high demand for parking in downtown Iowa City, Parking Services promotes turnover of on-street
metered parking spaces in the core of the downtown. Customers with longer-term needs are encouraged to
use the garages or on streets in outlying areas. There are a total of 32.75 (FTE) employees who
work in the Parking Division.
Parking System Utilization, Demand and Other Considerations: The City tracks Parking System
utilization by the hour in each of the cashiered facilities. During peak hours, the occupancy rate
regularly runs between 85% to 98% depending on the time of year and the time of day. Peak hours for
the Parking System are 10:00 am through 3:00pm with high occupancy rates regularly maintained
through 5:30 pm daily.
In addition to hourly parking, the Parking System offers monthly permit parking. The Parking System
currently has 1,385 permit holders. The largest customer for the monthly permit parking is the
University of Iowa with 615 permits. There are currently over 576 people on the Parking System's
waiting lists for monthly permit parking.
In addition to monthly and permit parking, the Parking System has parking space contracts with the
Sheraton Hotel in the amount of $8,000.00 per month and with the Hotel Vetro in the amount of
$2,000.00 per month.
The City regularly evaluates parking demand. As development has continued to move south of
Burlington Street and the central business district, the need for additional spaces in this area has
increased. The Applied Real Estate Analysis ("AREA"), in conjunction with Desman Associates,
estimates that there is demand for 600 additional parking spaces in downtown Iowa City. The
underlying economic growth and employment base of the City continues to contribute to increased
demand.
Parking System Rates and Charges: Rates for the Parking System are set by the City Council. Parking
System rates are reviewed annually. The rates vary by facility and the hourly and monthly rates and
charges as approved by the City Council are listed below by facility. These rates include the most recent
hourly rate adjustments that were approved by the City Council on March 21, 2006 and became effective
July 1, 2006 and the proposed monthly permit rate adjustments that were approved by the City Council
on June 2, 2009 and became effective July 1, 2009.
80
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Parking Facilities: The Parking System consists of 3 cashiered garages and 1 unattended garage, as well
as, various parking lots and on-street metered parking in the Central Business District. The City
completes regular visual inspections of the parking garages to evaluate their current appearance and
general condition. The garages are visually inspected for the condition of the main structural elements
(columns, girders, beams), parking decks, expansion and control joints, and their coating systems.
Based on the most recent inspections, all of the Parking System's facilities are in excellent/good
condition. All garages will continue to receive routine inspections and maintenance. A description of
each parking facility, their locations, access, the number of spaces, monthly permits, and current rates are
as follows:
Capitol Street Garage
Constructed 1980
Address 220 S. Capitol Street
Description Located on a parcel confined by Burlington Street to the south, Capitol
Street to the west, Clinton Street to the east and the Old Capitol Town
Center to the north.
Access This is a cashiered facility with two entry lanes off of Clinton Street; two
entry lanes off of Capitol Street; and four exit lanes onto Capitol Street.
Spaces 875
Monthly Permits 235
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Capitol Street Garage rates over the last ten fiscal years:
Hourly Monthly
2003 0% 0%
2004 0% 17%
2005 0% 0%
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
81
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Dubuque Street Garage
Constructed 1980
Address 220 S. Dubuque Street
Description Located on a parcel confined by Burlington Street to the south, Dubuque
Street to the west, Linn Street to the east and the Sheraton Hotel to the
north.
Access This is a cashiered facility with two entry lanes off of Dubuque Street;
one entry lanes off of Linn Street; and two exit lanes onto Dubuque
Street.
Spaces 625
Monthly Permits 325
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Dubuque Street Garage rates over the last ten fiscal years:
Hourly Monthly
2003 0% 0%
2004 0% 20%
2005 0% 0%
2006 0% 0%
2007 25% 8%
2008 0% 0%
2009 0% 0%
2010 0% 23%
2011 0% 0%
2012 0% 0%
Chauncey Swan Garage
Constructed 1993
Address 415 E. Washington Street
Description Located on a parcel confined by College Street to the south, Van Buren
Street to the east, Gilbert Street to the west and Washington Street to the
north.
Access This is an automated facility with one entry/exit lane off of College
Street; one entry/ exit lane off of Washington Street; and one entry/exit
lane through the Recreation Center parking lot onto Burlington Street.
Spaces 475
Monthly Permits 400
Rates Hourly $0.60 per hour
Monthly $80.00 per month
82
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Changes in Chauncey Swan Garage rates over the last ten fiscal years:
Hourly Monthly
2003 0% 0%
2004 0% 22%
2005 0% 0%
2006 0% 0%
2007 20% 9%
2008 0% 0%
2009 0% 0%
2010 0% 17%
2011 0% 14%
2012 0% 0%
Tower Place Garage
Constructed 2001
Address 335 E. Iowa Avenue
Description Located on a parcel confined by Iowa City Senior Center to the south,
Gilbert Street to the east, Linn Street to the west and Iowa Avenue to the
north.
Access This is a cashiered facility with two entry lanes off of Iowa Avenue;
three exit lanes onto Iowa Avenue; and secured permit-only entry and
exit off of Gilbert Street.
Spaces 510
Monthly Permits 319
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Tower Place Garage rates over the last ten fiscal years:
Hourly Monthly
2003 0% 0%
2004 0% 17%
2005 0% 0%
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
83
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
On-Street Parking Meters: The City operates s hort-term meters (1-2 hours) concentrated in the
core of the downtown. These meters are intended for shopper's use. Each parking meter dial states the
maximum time. Longer term meters become more common away from the core downtown area.
Meters 1,175
Rates Hourly $0.50 - $0.75 per hour based on proximity to the central
business district and usage.
Parking Lots: The City operates seven parking lots in the Central Business District. They consist of
a mix of permit spaces and metered spaces.
Spaces 430
Monthly Permits 138
Rates Hourly $0.50 - $0.75 per hour based on proximity to the central
business district and usage.
Monthly $60.00 per month
Moped Parking: FY12 saw the implementation of a parking permit program for mopeds, scooters,
and motorcycles. Spaces were designated throughout the Central Business District to accommodate
the use of mopeds and scooters while also removing them from parking in bicycle racks.
Spaces 148
Annual Permits 600
Rates Annual $45.00 per year
84
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Financial Information: The following table summarizes the results of operations for the Parking System
for the fiscal years ended June 30, 2012, 2011, and 2010.
2012 2011 2010
Operating Revenues:
Charges for services 4,743 $ 5,234 $ 5,377 $
Miscellaneous 162 104 26
Total operating revenues 4,905 5,338 5,403
Operating Expenses:
Personal services 1,733 1,662 1,775
Commodities 107 75 248
Services and charges 1,194 1,183 1,126
3,034 2,920 3,149
Depreciation 815 908 905
Total operating expenses 3,849 3,828 4,054
Operating income 1,056 1,510 1,349
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets (10) - (15)
Operating grants - - -
Interest income 40 51 106
Interest expense (366) (408) (538)
Total nonoperating revenues (expenses) (336) (357) (447)
Income before capital contributions
and transfers 720 1,153 902
Capital contributions 4 269 -
Transfers in - - -
Transfers out (16) - (110)
Change in net assets 708 1,422 792
Net Assets, Beginning 16,014 14,592 13,800
Net Assets, Ending 16,722 $ 16,014 $ 14,592 $
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
85
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
The following table summarizes the budget and actual figures for the Parking System for the fiscal year
ended June 30, 2012 and the budget for the fiscal year ended June 30, 2013 on a cash basis.
The following table summarizes the Parking System funds on hand for the fiscal years ended June 30,
2012, 2011, and 2010.
FY13
Actual Budget Percentage Budget
Charges for services 4,467 $ 4,593 $ 97.26% 4,500 $
Interest income 39 30 130.00% 42
Miscellaneous 453 479 94.57% 322
Operating grants 273 273 100.00% -
Bond sales - - 0.00% -
Total Receipts 5,232 $ 5,375 $ 97.34% 4,864 $
Personal services 1,794 $ 2,024 $ 88.64% 1,881 $
Commodities 81 339 111.51% 134
Services and charges 1,540 1,381 23.89% 1,197
Capital outlay 1,377 3,679 37.43% 1,386
Transfer to capital project funds - - 0.00% 46
Interfund Loan Repayment 288 282 102.13% 254
Debt service payments 839 839 100.00% 839
Total Disbursements 5,919 $ 8,544 $ 69.28% 5,737 $
PARKING SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2012
(amounts expressed in thousands)
2012 2011 2010
Operating Funds 5,218 $ 5,928 $ 5,677 $
Restricted and Designated Funds 1,528 1,521 1,486
Total Funds on Hand 6,746 $ 7,449 $ 7,163 $
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
86
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
15. Subsequent events
As of July 1, 2012, the City of Iowa City has reclassified the Transit Operations as an enterprise fund,
which was previously recorded as part of the General Fund since the year ended June 30, 2003. The City
of Iowa City believed this reclassification would highlight the extent to which fees and charges are
sufficient to cover the cost of providing transit services, since the year ended June 30, 2008 the Transit
Operations in the General Fund have provided surplus revenue.
On November 29, 2012, the City of Iowa City received and awarded bonds for Taxable Urban Renewal
Revenue Bonds, Series 2012D, in the amount of $2,655,000. The bonds were issued to finance costs of
aiding in the planning, undertaking and carrying out of an urban renewal project.
16. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued eight statements not yet implemented
by the City. The statements, which might impact the City’s financial statements, are 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. 65, Items Previously Reported as Assets and Liabilities, issued March 2012, will be
effective for the fiscal year ending June 30, 2014. The objective of this Statement is to establish
accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred
inflows of resources, certain items that were previously reported as assets and liabilities and recognizes,
as outflows of resources or inflows of resources, certain items that were previously reported as assets and
liabilities.
87
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2012
Statement No. 66, Technical Corrections – 2012 – an amendment of GASB Statements No. 10 and No. 62 ,
issued March 2012, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve accounting and financial reporting for a governmental financial reporting entity
by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No.
54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of
Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA
Pronouncements.
Statement No. 67, Financial Reporting for Pension Plans – an amendment of GASB Statement No. 25 ,
issued June 2012, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to establish accounting and financial reporting requirements related to pensions for
governments whose employees are provided with pensions through pension plans that are covered by the
scope of this Statement, as well as for nonemployer governments that have a legal obligation to contribute
to those plans.
Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement
No. 27 , issued June 2012, will be effective for the fiscal year ending June 30, 2015. The objective of this
Statement is to improve information provided by state and local governmental employers about financial
support for pensions that is provided by other entities.
The City’s management has not yet determined the effect these statements will have on the City’s
financial statements.
88
89
Governmental
Fund Types Enterprise Fund
Actual Budgetary Types Actual Total Actual
Basis Budgetary Basis Budgetary Basis
Revenues:
Property taxes 49,542 $ - $ 49,542 $
Delinquent property taxes 1 - 1
Tax increment financing taxes 839 - 839
Other city taxes 11,314 - 11,314
Licenses and permits 1,310 6 1,316
Intergovernmental 23,929 12,042 35,971
Charges for services 5,912 34,063 39,975
Use of money and property 895 1,509 2,404
Miscellaneous 3,522 1,731 5,253
Total revenues 97,264 49,351 146,615
Expenditures/Expenses:
Public safety 20,576 - 20,576
Public works 13,390 - 13,390
Culture and recreation 12,445 - 12,445
Community and economic development 18,342 - 18,342
General government 7,610 - 7,610
Debt service 28,714 - 28,714
Capital outlay 14,088 - 14,088
Business-type - 50,986 50,986
Total expenditures/expenses 115,165 50,986 166,151
Excess (deficiency) of revenues over
(under) expenditures/expenses (17,901) (1,635) (19,536)
Other financing sources and uses, net 15,918 4,349 20,267
Net change in fund balances (1,983) 2,714 731
Balances, beginning of year 82,977 80,234 163,211
Balances, end of year 80,994 82,948 163,942
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, 2012
(dollar amounts expressed in thousands)
BUDGETARY BASIS
90
Final to Actual
Variance -
Positive
Original Final (Negative)
49,595 $ 49,595 $ (53) $
- - 1
846 846 (7)
10,312 11,149 165
1,224 1,224 92
48,735 89,253 (53,282)
40,684 40,808 (833)
1,265 1,265 1,139
5,207 5,890 (637)
157,868 200,030 (53,415)
21,155 22,168 1,592
13,958 14,178 788
12,557 12,898 453
10,441 24,882 6,540
8,384 8,284 674
15,226 28,726 12
30,734 80,671 66,583
58,959 91,867 40,881
171,414 283,674 117,523
(13,546) (83,644) 64,108
6,946 21,130 (863)
(6,600) (62,514) 63,245
103,088 163,518
96,488 101,004
Budgeted Amounts
91
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 97,264 $ (2,224) $ 95,040 $
Expenditures 115,165 (19,104) 96,061
Net (17,901) 16,880 (1,021)
Other financing sources (uses) 15,918 (6,073) 9,845
Beginning Fund Balances 82,977 $ (13,757) $ 69,220 $
Ending Fund Balances 80,994 $ (2,950) $ 78,044 $
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 49,351 $ (5,063) $ 44,288 $
Expenditures 50,986 (7,139) 43,847
Net (1,635) 2,076 441
Other financing sources (uses) 4,349 5,715 10,064
Extraordinary items - (5,000) (5,000)
Beginning Fund Balances 80,234 178,554 $ 258,788
Ending Fund Balances 82,948 $ 181,345 $ 264,293 $
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, 2012
(dollar amounts expressed in thousands)
92
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2012
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 $106,986,000 and expenditures by
$162,901,000. 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.
93
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, 2012
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, 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%
July 1, 2010 June 30, 2012 $ - $ 6,893,438 $ 6,893,438 0.00% $ 29,842,842 23.10%
94
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.
95
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control Other
Development County Construction Construction Total
Assets
Equity in pooled cash and investments - $ 141 $ 2,539 $ - $ 2,680 $
Receivables:
Property tax 280 - - - 280
Accounts and unbilled usage - - - 8 8
Interest - - - 2 2
Due from other governments - 52 435 1,474 1,961
Assets held for resale - - 165 - 165
Restricted assets:
Equity in pooled cash and investments - - 1 21,734 21,735
Total assets 280 $ 193 $ 3,140 $ 23,218 $ 26,831 $
Liabilities and Fund Balances
Liabilities:
Accounts payable 3$ 9 $ 31 $ 137 $ 180 $
Contracts payable - - 224 1,106 1,330
Accrued liabilities - 9 4 9 22
Advances from other funds 76 - - 265 341
Due to other governments - - 2,947 - 2,947
Deferred revenue 280 - 220 818 1,318
Liabilities payable from restricted assets:
Deposits - - 1 - 1
Total liabilities 359 18 3,427 2,335 6,139
Fund balances:
Restricted - 175 - 20,883 21,058
Unassigned (79) - (287) - (366)
Total fund balances (79) 175 (287) 20,883 20,692
Total liabilities and fund balances 280 $ 193 $ 3,140 $ 23,218 $ 26,831 $
Capital Projects Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2012
(amounts expressed in thousands)
96
Metropolitan Bridge,
Planning Street, and
Organization Traffic
Economic of Johnson Control Other
Development County Construction Construction Total
Revenues
Property taxes 838 $ -$ 208 $ -$ 1,046 $
Intergovernmental - 316 1,517 2,012 3,845
Use of money and property - - 11 7 18
Miscellaneous - 8 95 125 228
Total revenues 838 324 1,831 2,144 5,137
Expenditures
Current:
Public safety - - - 309 309
Public works - - 2,249 831 3,080
Culture and recreation - - 11 911 922
Community and economic
development 559 653 - 305 1,517
General government - - - 170 170
Capital outlay - - 1,481 4,585 6,066
Total expenditures 559 653 3,741 7,111 12,064
Excess (deficiency) of revenues over
(under) expenditures 279 (329) (1,910) (4,967) (6,927)
Other Financing Sources (Uses)
Issuance of bonds - - - 9,690 9,690
Insurance recoveries - - - 53 53
Premium on issuance of bonds - - - 165 165
Transfers in - 409 3,510 4,897 8,816
Transfers out (1,003) - (146) (5,015) (6,164)
Total other financing sources
and (uses) (1,003) 409 3,364 9,790 12,560
Net change in fund balances (724) 80 1,454 4,823 5,633
Fund Balances, Beginning 645 95 (1,741) 16,060 15,059
Fund Balances, Ending (79) $ 175 $ (287) $ 20,883 $ 20,692 $
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
CITY OF IOWA CITY, IOWA
Capital Projects Special Revenue
For the Year Ended June 30, 2012
(amounts expressed in thousands)
NONMAJOR GOVERNMENTAL FUNDS
AND CHANGES IN FUND BALANCES
97
98
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.
99
Cable
Airport Stormwater Television Total
Assets
Current assets:
Equity in pooled cash and investments 642 $ 743 $ 1,483 $ 2,868 $
Receivables:
Accounts and unbilled usage - 96 187 283
Interest 2 1 3 6
Due from other governments 585 - - 585
Total current assets 1,229 840 1,673 3,742
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 108 - 114 222
Other post employment benefits asset 8 - - 8
Capital assets:
Land 7,264 2,167 - 9,431
Buildings 4,174 - 741 4,915
Improvements other than buildings 357 - - 357
Machinery and equipment 281 259 110 650
Infrastructure 12,460 37,369 - 49,829
Accumulated depreciation (4,261) (9,151) (358) (13,770)
Construction in progress 1,740 1,750 - 3,490
Total noncurrent assets 22,131 32,394 607 55,132
Total assets 23,360 33,234 2,280 58,874
Liabilities
Current liabilities:
Accounts payable 5 12 114 131
Contracts payable 464 13 - 477
Accrued liabilities 1 4 9 14
Employee vested benefits 2 1 17 20
Total current liabilities 472 30 140 642
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 8 - - 8
Advances from other funds 1,139 - - 1,139
Employee vested benefits 2 1 13 16
Other post employment benefits obligation - 5 7 12
Total noncurrent liabilities 1,149 6 20 1,175
Total liabilities 1,621 36 160 1,817
Net Assets
Invested in capital assets, net of related debt 22,015 32,394 493 54,902
Restricted for future improvements 100 - - 100
Unrestricted (376) 804 1,627 2,055
Total net assets 21,739 $ 33,198 $ 2,120 $ 57,057 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
June 30, 2012
100
Cable
Airport Stormwater Television Total
Operating Revenues:
Charges for services 306 $ 811 $ 824 $ 1,941 $
Miscellaneous 3 1 - 4
Total operating revenues 309 812 824 1,945
Operating Expenses:
Personal services 36 203 490 729
Commodities 42 138 11 191
Services and charges 316 246 158 720
394 587 659 1,640
Depreciation 740 724 36 1,500
Total operating expenses 1,134 1,311 695 3,140
Operating income (loss) (825) (499) 129 (1,195)
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets 351 - - 351
Interest income 2 1 4 7
Total nonoperating revenues (expenses) 353 1 4 358
Income (loss) before capital contributions
and transfers (472) (498) 133 (837)
Capital contributions 1,576 570 - 2,146
Transfers in 360 981 - 1,341
Transfers out (14) (70) (55) (139)
.
Change in net assets 1,450 983 78 2,511
Net Assets, Beginning 20,289 32,215 2,042 54,546
Net Assets, Ending 21,739 $ 33,198 $ 2,120 $ 57,057 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2012
AND CHANGES IN FUND NET ASSETS
101
Cable
Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 308 $ 787 $ 821 $ 1,916 $
Payments to suppliers (355) (397) (164) (916)
Payments to employees (47) (208) (512) (767)
Net cash flows from operating activities (94) 182 145 233
Cash Flows From Noncapital Financing Activities
Transfers from other funds 360 981 - 1,341
Transfers to other funds (14) (70) (55) (139)
Repayment of advances from other funds (324) - - (324)
Net cash flows from noncapital financing activities 22 911 (55) 878
Cash Flows From Capital and Related Financing
Activities
Capital grants received 1,296 - - 1,296
Acquisition and construction of property and equipment (1,322) (1,016) - (2,338)
Proceeds from sale of property 373 - - 373
Net cash flows from capital and related financing
activities 347 (1,016) - (669)
Cash Flows From Investing Activities
Interest on investments 1 1 4 6
Net increase (decrease) in cash and cash equivalents 276 78 94 448
Cash and Cash Equivalents, Beginning 474 665 1,503 2,642
Cash and Cash Equivalents, Ending 750 $ 743 $ 1,597 $ 3,090 $
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss) (825) $ (499) $ 129 $ (1,195) $
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 740 724 36 1,500
Changes in:
Receivables:
Accounts and unbilled usage - (25) (3) (28)
Accounts payable 3 (13) 5 (5)
Accrued liabilities (2) (5) (14) (21)
Employee vested benefits 2 (1) 4 5
Deposits (1) - - (1)
Other post employment benefits asset/obligation (11) 1 (12) (22)
Total adjustments 731 681 16 1,428
Net cash flows from operating activities (94) $ 182 $ 145 $ 233 $
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 570 $ -$ 570 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2012
102
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.
103
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Assets
Current assets:
Equity in pooled cash and investments 8,129 $ 732 $ 11,986 $ 2,734 $ 23,581 $
Receivables:
Interest 16 1 25 6 48
Due from other governments 93 - - - 93
Inventories 490 - - - 490
Total current assets 8,728 733 12,011 2,740 24,212
Noncurrent assets:
Other post employment benefits asset 3 - 25 - 28
Capital assets:
Land 45 - - - 45
Buildings 578 - - 243 821
Improvements other than buildings 50 - - - 50
Machinery and equipment 13,892 203 19 1,617 15,731
Infrastructure - - - 1,577 1,577
Accumulated depreciation (9,496) (135) (11) (1,922) (11,564)
Construction in progress 90 - - - 90
Total noncurrent assets 5,162 68 33 1,515 6,778
Total assets 13,890 801 12,044 4,255 30,990
Liabilities
Current liabilities:
Accounts payable 240 - 687 43 970
Accrued liabilities 14 - 1,906 18 1,938
Employee vested benefits 35 1 3 24 63
Total current liabilities 289 1 2,596 85 2,971
Noncurrent liabilities:
Employee vested benefits 26 1 3 20 50
Other post employment benefits obligation - 3 - 53 56
Total noncurrent liabilities 26 4 3 73 106
Total liabilities 315 5 2,599 158 3,077
Net Assets
Invested in capital assets, net of related debt 5,159 68 8 1,515 6,750
Unrestricted 8,416 728 9,437 2,582 21,163
Total net assets 13,575 $ 796 $ 9,445 $ 4,097 $ 27,913 $
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2012
104
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 5,405 $ 238 $ 9,732 $ 1,998 $ 17,373 $
Miscellaneous - - 3 193 196
Total operating revenues 5,405 238 9,735 2,191 17,569
Operating Expenses:
Personal services 868 39 272 1,049 2,228
Commodities 2,403 3 589 260 3,255
Services and charges 327 140 8,247 493 9,207
3,598 182 9,108 1,802 14,690
Depreciation 1,126 26 4 230 1,386
Total operating expenses 4,724 208 9,112 2,032 16,076
Operating income (loss) 681 30 623 159 1,493
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 195 - - 5 200
Interest income 17 2 29 7 55
Total nonoperating revenues (expenses) 212 2 29 12 255
Income (loss) before capital contributions
and transfers 893 32 652 171 1,748
Transfers in 44 - - 7 51
Transfers out - (1) - - (1)
Change in net assets 937 31 652 178 1,798
Net Assets, Beginning 12,638 765 8,793 3,919 26,115
Net Assets, Ending 13,575 $ 796 $ 9,445 $ 4,097 $ 27,913 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2012
AND CHANGES IN FUND NET ASSETS
105
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Cash Flows From Operating Activities
Receipts from customers and users 5,409 $ 238 $ 9,735 $ 2,191 $ 17,573 $
Payments to suppliers (2,888) (144) (8,185) (742) (11,959)
Payments to employees (896) (40) 200 (1,073) (1,809)
Net cash flows from operating activities 1,625 54 1,750 376 3,805
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 44 - - 7 51
Operating transfers to other funds - (1) - - (1)
Net cash flows from noncapital financing
activities 44 (1) - 7 50
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (1,057) (17) (5) (130) (1,209)
Proceeds from sale of property 227 - - 5 232
Net cash flows from capital and related
financing activities (830) (17) (5) (125) (977)
Cash Flows From Investing Activities
Interest on investments 15 2 23 6 46
Net increase in cash and cash
equivalents 854 38 1,768 264 2,924
Cash and Cash Equivalents, Beginning 7,275 694 10,218 2,470 20,657
Cash and Cash Equivalents, Ending 8,129 $ 732 $ 11,986 $ 2,734 $ 23,581 $
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 681 $ 30 $ 623 $ 159 $ 1,493 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 1,126 26 4 230 1,386
Changes in:
Receivables:
Due from other governments 4 - - - 4
Inventories 27 - - - 27
Accounts payable (185) (1) 651 11 476
Accrued liabilities (25) (2) 471 (31) 413
Employee vested benefits (3) 1 - 1 (1)
Other post employment benefits
asset/obligation - - 1 6 7
Total adjustments 944 24 1,127 217 2,312
Net cash flows from operating activities 1,625 $ 54 $ 1,750 $ 376 $ 3,805 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2012
106
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.
107
Balance Balance
July 1, 2011 Increases Decreases June 30, 2012
Project Green
Assets
Equity in pooled cash and investments 206 $ 57 $ 59 $ 204 $
Interest receivable 1 1 1 1
Total assets 207 $ 58 $ 60 $ 205 $
Liabilities
Due to agency 207 $ 58 $ 60 $ 205 $
Total liabilities 207 $ 58 $ 60 $ 205 $
Library Foundation
Assets
Equity in pooled cash and investments 2 $ 9 $ 11 $ - $
Accounts receivable 9 - - 9
11 $ 9$ 11 $ 9$
Liabilities
Accrued liabilities 11 $ 9 $ 11 $ 9 $
Total liabilities 11 $ 9$ 11 $ 9$
Total Agency Funds
Assets
Equity in pooled cash and investments 208 $ 66 $ 70 $ 204 $
Accounts receivable 9 - - 9
Interest receivable 1 1 1 1
Total assets 218 $ 67 $ 71 $ 214 $
Liabilities
Accrued liabilities 11 $ 9 $ 11 $ 9 $
Due to agency 207 58 60 205
Total liabilities 218 $ 67 $ 71 $ 214 $
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2012
AGENCY FUNDS
108
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 111
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 116
These schedules contain information to help the reader assess the
government’s most significant local revenue source, the property tax.
Debt Capacity 126
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 136
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 138
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 1 Collections
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
2012 49,590 49,543 99.9 1 49,544 99.9
Source: Certificate of City Taxes and Johnson County Treasurer's Office
Note: This schedule is presented on a cash basis of accounting. Taxes are collected by the Johnson County Treasurer and
submitted to the City in the following month. Because of the month delay, some years will show Current Tax Collections in
excess of the Total Tax Levied.
1 Delinquent tax collection is presented by collection year, rather than levy year, because information is not available from
Johnson County Treasurer by levy year.
Percent of
Levy
Collected
Total as
a Percent of
Levy
CITY OF IOWA CITY, IOWA
PROPERTY TAX BUDGETS AND COLLECTIONS
Last Ten Fiscal Years
(Cash basis of accounting)
(amounts expressed in thousands)
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Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
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
2012 246,618,257 7,953,738
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
123
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Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
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
2012 282,134,840 12,784,321
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
125
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127
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
2003 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
2012 13,294 2,543 15,837 119,242 .13 : 1.00
Notes:
1 General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Funds.
128
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2012
(amounts expressed in thousands, except per capita)
Amount
Total General % Applicable Applicable
Long-Term to the to the
Name of Direct Debt City of City of
Governmental Unit Outstanding Iowa City Iowa City Per Capita
City of Iowa City 75,920 $ 100.00% 75,920 $ 1,101.137497 $
Iowa City Community
School District 17,990 59.07% 10,627 154.1344675
Total 93,910 $ 86,547 $ 1,255 $
Per capita assessed value 65,842 $
Source: Johnson County Auditor's Office.
each overlapping government.
However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City.
This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the
residents and businesses of Iowa City. This process recognizes that, when considering the City's ability to issue
and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account.
129
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131
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
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
2012 4,945 3,034 1,911 500 339 839 2.28
Wastewater Treatment Revenue 4
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 6 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
2012 13,175 5,663 7,512 4,615 1,693 6,308 1.19
Water Revenue 5
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 6 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
2012 6 8,649 5,653 2,996 1,200 861 2,061 1.45
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)
132
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133
Fiscal Year Principal Interest Total
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 8,690,000 $ 2,820,088 $ 11,510,088 $
Fiscal Year Principal Interest Total
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 44,685,000 $ 11,270,027 $ 55,955,027 $
(continued)
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE
Parking
Outstanding
Sewer
Outstanding
134
Fiscal Year Principal Interest Total
2012 1 1,200,000 $ 861,409 $ 2,061,409 $
2013 845,000 757,529 1,602,529
2014 1,335,000 649,946 1,984,946
2015 1,380,000 609,515 1,989,515
2016 1,420,000 567,215 1,987,215
2017 1,465,000 522,946 1,987,946
2018 1,520,000 475,903 1,995,903
2019 1,565,000 426,515 1,991,515
2020 1,620,000 374,103 1,994,103
2021 1,680,000 317,571 1,997,571
2022 1,740,000 256,781 1,996,781
2023 1,805,000 191,764 1,996,764
2024 1,325,000 128,847 1,453,847
2025 1,390,000 68,481 1,458,481
2026 835,000 18,788 853,788
Total 21,125,000 $ 6,227,313 $ 27,352,313 $
Notes:
1Amounts for Principal excludes called revenue bonds.
Outstanding
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE (continued)
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137
2003 2004 2005 2006 2007 2008 2009
Public Safety
Police 97.25 97.25 94.25 94.25 96.25 96.25 103.25
Fire 58 58 56 57 57 57 57
Animal Shelter 6 6 6 6 6 6 6
Inspection Services 14.13 14.13 13.88 14.88 14.88 15.38 15.55
Public Works
Public Works Admin 2 2 2 2 2 2 2
Engineering 13.6 13.6 11.6 11.6 11.6 11.35 11.35
Flood Recovery - - - - - - -
Culture and Recreation
Parks and Rec Admin 2 2 2 2 2 2 2
Recreation 15.17 15.17 15.17 15.17 15.42 15.42 15.42
Parks 13 13 12 13 13 13 13
Forestry 3 3 3 3 3 3 3
Cemetery 3 3 3 3 3 3 3
CBD Maintenance 3 3 3 3 3 3 3
Library 41.25 43.25 42.63 42.63 42.89 43.14 43.14
Senior Center 5.81 5.81 6.31 6.31 6.31 6.31 6.31
Community and Economic Development 8.35 9.45 8.45 8.45 8.45 8.95 9.05
General Government
City Council 7 7 7 7 7 7 7
City Manager 3 3 3 3 3 3 3
City Clerk 4 4 4 4 4 4 4
City Attorney 6.6 6.6 6.6 6.6 6.6 6.6 6
Tort Liabiltiy, Insurance - - - - - - 1
Personnel 4 4 4 4 4 4 4
Finance 28.61 28.61 26.61 26.75 26.75 26.5 25.3
Government Buildings 4.96 4.96 4.96 4.96 4.96 4.96 4.96
Energy Conservation 0.5 0.5 0.5 0.5 0.5 0.25 0.25
Human Rights 2.5 2.5 2.5 2.5 2.5 2.5 2.5
Transit 48.5 48.5 50.5 50.5 50.5 54.75 58.5
Special Revenue
Employee Benefits 0.34 0.34 0.34 0.39 0.39 0.29 0.29
CIP / Roads 7 7 3 2 2 1 2
Flood Mitigation Grants - - - - - - -
Community Development 5.45 5.35 4.35 4.35 4.35 3.98 3.88
Traffic Engineering 5.65 5.65 5.65 4.15 4.15 4.15 4.15
Streets 22 22 22 23.5 23.5 23.5 25.5
MPOJC (formerly JCCOG) 6.1 6.1 6.1 6.6 6.6 6.6 6.6
Library Development 1.5 1.5 0.8 1 1 1 1
Capital Project Administration - - - - - - -
Internal Service Funds
Information Technology 7.5 7.5 8 11.75 12 12.3 12.3
Equipment 11.25 11.26 11.25 11.26 11.26 11.26 11.26
Central Services 0.75 0.75 0.75 0.75 0.75 0.75 0.75
Risk Management 1.33 1.33 1.32 1.38 1.38 1.73 1.93
Business-Type Activities
Parking 31.5 31.5 32.75 32.75 32.75 32.75 33.25
Wastewater Treatment 26.3 27.3 27.3 25.5 25.5 25.5 25.6
Water 30.7 31.7 31.7 32.5 32 32.75 32.75
Sanitation 32.35 32.35 34.35 33.85 33.85 34.85 34.85
Airport 2 2 2 1.6 1.6 1.6 1.75
Cable Television 6.19 6.19 6.19 6.19 6.19 6.19 6.44
Stormwater - - - 0.5 1 2 1.9
Housing Authority 12.5 12.5 12.75 13.25 13.25 13.25 13.25
Total 605.64 610.65 599.56 605.37 608.13 614.81 629.03
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
138
2010 2011 2012
103.25 98 97
57 66 65
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15.55 15.55 15.55
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35.85 35.85 37.85
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630.03 633.37 637.74
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143
144
145
Report on Internal Control over Financial Reporting and on Compliance and Other
Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Iowa City, Iowa, as of and for
the year ended June 30, 2012, which collectively comprise the City’s basic financial statements and have
issued our report thereon dated December 12, 2012. We conducted our audit in accordance with auditing
standards generally accepted in the United States of America and the standards applicable to financial
audits contained in Government Auditing Standards , issued by the Comptroller General of the United
States.
Internal Control Over Financial Reporting
Management of the City is responsible for establishing and maintaining effective internal control over
financial reporting. In planning and performing our audit, we considered the City’s internal control over
financial reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness
of the City’s internal control over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the City’s internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement
of the City’s financial statements will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and was not designed to identify all deficiencies in internal control over
financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined above.
146
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards .
Comments involving statutory and other legal matters about the City’s operations for the year ended
June 30, 2012, are based exclusively on knowledge obtained from procedures performed during our audit
of the financial statements of the City of Iowa City, Iowa, and are reported in Part II of the accompanying
Schedule of Findings and Questioned Costs. Since our audit was based on tests and samples, not all
transactions that might have had an impact on the comments were necessarily audited. The comments
involving statutory and other legal matters are not intended to constitute legal interpretations of those
statutes.
This report is intended solely for the information and use of management, City Council, others within the
entity, federal awarding agencies, and pass-through entities and is not intended to be and should not be
used by anyone other than these specified parties.
Dubuque, Iowa
December 12, 2012
147
Independent Auditor’s 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
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
Compliance
We have audited the compliance of the City of Iowa City, Iowa, with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and
material effect on each of the City’s major federal programs for the year ended June 30, 2012. The City’s
major federal programs are identified in the summary of the independent auditor’s results section of the
accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws,
regulations, contracts, and grants applicable to each of its major federal programs is the responsibility of
the City’s management. Our responsibility is to express an opinion on the City’s compliance based on our
audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards , issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations . Those standards and OMB Circular A-133
require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance
with the types of compliance requirements referred to above that could have a direct and material effect
on a major federal program occurred. An audit includes examining, on a test basis, evidence about the
City’s compliance with those requirements and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our
audit does not provide a legal determination of the City’s compliance with those requirements.
In our opinion, the City of Iowa City, Iowa, complied, in all material respects, with the compliance
requirements referred to above that could have a direct and material effect on each of its major federal
programs for the year ended June 30, 2012.
148
Internal Control Over Compliance
Management of the City of Iowa City, Iowa, is responsible for establishing and maintaining effective
internal control over compliance with the requirements of laws, regulations, contracts, and grants
applicable to federal programs. In planning and performing our audit, we considered the City’s internal
control over compliance with the requirements that could have a direct and material effect on a major
federal program to determine the auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB Circular
A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control
over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,
as defined above.
This report is intended solely for the information and use of management, City Council, others within the
entity, federal awarding agencies, and pass-through entities and is not intended to be and should not be
used by anyone other than these specified parties.
Dubuque, Iowa
December 12, 2012
149
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Federal
CFDA Federal
Numbe r Ex penditures
U.S. De partment of Commerce:
Direct pro gram:
Economic Ad justment Assistance 11.307 712,207 $
Economic Ad justment Assistance 11.307 201,603
Total U.S. De partment of Commerce 913,810
U.S. De partment of Housin g and Urban Develo pment:
Direct pro gram:
Communit y Develo pment Block Grants/
Entitlement Grants 14.218 1,971,911
Communit y Develo pment Block Grants/
Entitlement Grants 14.218 422,435
2,394,346
Pass-throu gh pro gram from:
Iowa Economic Development Authority:
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRHB-225 4,476,374
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRH-210 994,235
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRI-271 314,568
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRI-273 231,995
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRIEF-276 213,222
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRB-204 167,163
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRMH-215 162,702
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRIEF-274 151,038
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRIEF-275 IC 83,542
Grantor/Program
Pass-Through
Number
Entity Identifying
150
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Federal
CFDA Federal
Numbe r Ex penditures
U.S. De partment of Housin g and Urban Develo pment: (continued )
Pass-throu gh pro gram from: (continued )
Iowa Economic Development Authority: (continued)
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRPG-226 50,000 $
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRMI-007 33,179
Communit y Develo pment Block Grants/
State's Pro gram and Non-Entitlemen t
Grants in Hawaii 14.228 08-DRH-010 2,984
6,881,002
Direct pro gram:
Home Investment Partnershi ps Pro gra m 14.239 387,802
Home Investment Partnershi ps Pro gra m 14.239 259,262
Home Investment Partnershi ps Pro gra m 14.239 167,530
Home Investment Partnershi ps Pro gra m 14.239 49,713
864,307
Public and Indian Housin g 14.850 142,826
Section 8 Housin g Choice Vouchers 14.871 6,485,269
Public housin g funds cluster:
Public Housin g Ca pital Fund 14.872 136,967
Public Housin g Ca pital Fund 14.872 4,507
Public Housin g Ca pital Fund 14.872 396
141,870
ARRA - Public Housin g Ca pital Fund
Stimulus Formula (Recover y Act )14.885 12,394
Total Public Housing Funds Cluste r 154,264
Total U.S. Department of Housing and Urban Development 16,922,014
Pass-Through
Entity Identifying
Grantor/Program Number
151
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Federal
CFDA Federal
Numbe r Ex penditures
U.S. De partment of Justice:
Pass-throu gh pro gram from:
Iowa Department of Justice:
Violence A gainst Women Formula Grants 16.588 VW-12-34 43,878 $
Direct pro gram:
Bullet proof Vest Partnershi p Pro gra m 16.607 5,231
Pass-throu gh pro gram from:
Governor’s Office of Dru g Control Polic y:
Public Safet y Partnershi p and Communit y
Policin g Grants 16.710 09-Hots pots/Interdiction 24,567
Public Safet y Partnershi p and Communit y
Policin g Grants 16.710 10-Hots pots/Interdiction 16,873
41,440
JAG cluster:
Direct pro gram:
Edward B yrne Memorial Justice
Assistance Grant Pro gra m 16.738 25,407
Edward B yrne Memorial Justice
Assistance Grant Pro gra m 16.738 6,167
31,574
Pass-throu gh pro gram from:
Governor’s Office of Drug Control Policy:
ARRA – Recovery Act – Edward
B yrne Memorial Justice Assistance
Grant (JAG ) Pro gram/Grants to
States and Territories 16.803 09JAG-17244 111,934
Direct pro gram:
ARRA – Recovery Act – Edward Byrne
Memorial Justice Assistance Grant
(JAG) Program/Grants to Units of
Local Government 16.804 13,861
Total JAG Pro gram Cluste r 157,369
Total U.S. Department of Justice 247,918
Entity Identifying
Pass-Through
Grantor/Program Number
152
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Federal
CFDA Federal
Numbe r Ex penditures
U.S. Department of Transportation:
Direct program:
Airport Improvement Program 20.106 1,183,480 $
Airport Improvement Program 20.106 167,600
Airport Improvement Program 20.106 11,330
1,362,410
Pass-throu gh pro gram from:
Iowa De partment of Trans portation:
Hi ghwa y Plannin g and Constructio n 20.205 STP-U-3715 (651 )--70-52 480,000
Hi ghwa y Plannin g and Constructio n 20.205 12MPO-MPOJC 139,843
Hi ghwa y Plannin g and Constructio n 20.205 BRM-3715 (650 )--8N-52 63,288
Hi ghwa y Plannin g and Constructio n 20.205 FHWA IA08-03 978
684,109
Iowa Department of Transportation and
Metropolitan Planning Organization of
Johnson County:
Metro politan Trans portation Plannin g 20.505 12MPO-MPOJC 35,157
Direct pro gram:
Federal Transit – Formula Grants 20.507 1,101,703
Federal Transit – Formula Grants 20.507 82,632
Federal Transit – Formula Grants 20.507 37,270
1,221,605
Pass-throu gh pro gram from:
Iowa De partment of Trans portation:
Transit Services Program Cluster:
Capital Assistance Program for Elderl y
Persons and Persons with
Disabilities 20.513 IA-16-X002-371-12 86,690
Job Access – Reverse Commute 20.516 IA-37-X022-371-12 62,845
Job Access – Reverse Commute 20.516 IA-37-X017-371-11 62,098
124,943
New Freedom Pro gra m 20.521 IA-57-X001-371-12 24,004
Total Transit Services Program Cluste r 235,637
Pass-Through
Entity Identifying
Grantor/Program Number
See Notes to the Schedule of Expenditures of Federal Awards
153
City of Iowa City, Iowa
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Federal
CFDA Federal
Numbe r Ex penditures
U.S. Department of Transportation: (continued)
Pass-throu gh pro gram from: (continued )
Iowa Department of Public Safety,
Governor's Traffic Safety Bureau:
Alcohol Impaired Driving
Countermeasures Incentive Grants I 20.601 PAP 12-410, Task 41 16,432 $
Alcohol Impaired Driving
Countermeasures Incentive Grants I 20.601 PAP 11-410, Task 39 5,693
22,125
Total U.S. De partment of Trans portation 3,561,043
U.S. De partment of Ener gy :
Pass-throu gh pro gram from:
81.041 SEP09-005 3,600
Direct pro gram:
81.128 379,469
Total U.S. De partment of Ener gy 383,069
U.S. De partment of Homeland Securit y:
Pass-throu gh pro gram from:
Iowa Homeland Securit y and Emer genc y
Mana gement Division:
Disaster Grants – Public Assistance
(Presidentiall y Declared Disasters )97.036 FEMA-1763 DR-IA 24,699
Hazard Miti gation Grant 97.039 FEMA-DR-1763-0015 01 495,977
Hazard Miti gation Grant 97.039 DR-1763-0137-01 92,396
Hazard Miti gation Grant 97.039 HMGP-DR-1854-0006 01 2,702
591,075
Direct pro gram:
Assistance to Firefi ghters Grant 97.044 10,339
Assistance to Firefi ghters Grant 97.044 3,940
14,279
Total U.S. De partment of Homeland Securit y 630,053
Total 22,657,907 $
Pass-Through
Entity Identifying
Grantor/Program Number
154
City of Iowa City, Iowa
Notes to the Schedule of Expenditures of Federal Awards
Year Ended June 30, 2012
Note 1 - Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of
Iowa City, Iowa, and is presented on the accrual basis of accounting. The information in this schedule is presented
in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-
Profit Organizations . Therefore, some amounts presented in this schedule may differ from amounts presented in,
or used in the preparation of, the basic financial statements.
Note 2 - Subrecipients
Of the federal expenditures presented in the schedule, the City of Iowa City, Iowa, provided federal awards to
subrecipients as follows:
Federal Amount
CFDA Provided to
Number Subrecipients
Community Development Block Grants/Entitlement Grants 14.218 2,094,105 $
Home Investment Partnerships Program 14.239 653,228
Public Safety Partnership and Community Policing Grants 16.710 14,229
Edward Byrne Memorial Justice Assistance Grant Program 16.738 25,407
ARRA – Recovery Act – Edward Byrne Memorial Justice
Assistance Grant (JAG) Program/Grants to States and Territories 16.803 53,728
New Freedom Program 20.521 24,004
Program Title
155
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2012
Part I: Summary of the Independent Auditor's Results:
Financial Statements
Type of auditor’s report issued Unqualified
Internal control over financial reporting:
Material weakness identified No
Significant deficiency None reported
Noncompliance material to financial statements noted No
Federal Awards
Internal control over major programs:
Material weakness identified No
Significant deficiency None reported
Type of auditor’s report issued on compliance for major programs Unqualified
Any audit findings disclosed that are required to be reported in
accordance with Circular A-133, Section .510(a) No
Identification of major programs:
CFDA Number Name of Federal Program or Cluster
11.307 Economic Adjustment Assistance
14.228 Community Development Block Grants/
State’s Program and Non-Entitlement Grants
in Hawaii
14.239 Home Investment Partnerships Program
14.871 Section 8 Housing Choice Vouchers
JAG Cluster
16.738 Edward Byrne Memorial Justice Assistance
Grant Program
16.803 ARRA – Recovery Act – Edward Byrne
Memorial Justice Assistance Grant (JAG)
Program/Grants to States and Territories
16.804 ARRA – Recovery Act – Edward Byrne
Memorial Justice Assistance Grant (JAG)
Program/Grants to Units of Local
Government
81.128 ARRA - Energy Efficiency and Conservation
Block Grant Program (EECBG)
156
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2012
Part I: Summary of the Independent Auditor's Results: (continued)
Dollar threshold used to distinguish
between Type A and Type B programs $679,737
Auditee qualified as low-risk auditee No
Part II: Other Findings Related to Required Statutory Reporting:
II-A-12 Certified Budget – Disbursements during the year ended June 30, 2012, did not exceed the amount
budgeted.
II-B-12 Questionable Expenditures – We noted no expenditures that we believe may fail to meet the
requirements of public purpose as defined in an Attorney General’s opinion dated April 25, 1979.
II-C-12 Travel Expense – No expenditures of City money for travel expenses of spouses of City officials or
employees were noted.
II-D-12 Business Transactions – Business transactions between the City and City officials or employees are
detailed as follows:
Name, Title, and Transaction
Business Connection Description Amount
Frank Wagner, member of Historic Preservation
Commission, owner of Wagner Bros LLC Construction $ 93,279
Matt Neumiller, member of Board of Electrical Service 49,882
Appeals, owner of Neumiller Electric
Steve Ford, Spouse of Wendy Ford, Consulting 21,422
Economic Development Coordinator, Services
Part owner of Confluence
The transactions with Wagner Bros LLC and Neumiller Electric do not appear to represent conflicts of
interest since they were entered into through competitive bidding in accordance with Chapter 362.5(3)d of
the Code of Iowa. The transaction with Confluence does not appear to represent a conflict of interest since
the related party’s ownership is less than 5% in accordance with Chapter 362.5(9) of the Code of Iowa.
II-E-12 Bond Coverage – Surety bond coverage of City officials and employees is in accordance with statutory
provisions. The amount of coverage should be reviewed annually to ensure the coverage is adequate for
current operations.
II-F-12 Council Minutes – No transactions were found that we believe should have been approved in the City
Council minutes but were not.
157
City of Iowa City, Iowa
Schedule of Findings and Questioned Costs
Year Ended June 30, 2012
Part II: Other Findings Related to Required Statutory Reporting: (continued)
II-G-12 Deposits and Investments – No instances of non-compliance with the deposit and investment
provisions of Chapters 12B and 12C of the Code of Iowa and the City’s investment policy were noted.
II-H-12 Revenue Bonds – No instances of non-compliance with the provisions of the City’s revenue bond
resolutions were noted.