HomeMy WebLinkAboutFY2009 Annual Financial Report
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2009
Page
INTRODUCTORY SECTION
Table of contents................................................................................................................................ 1
Letter of transmittal............................................................................................................................ 3
City organizational chart.................................................................................................................... 10
City officials....................................................................................................................................... 11
Certificate of Achievement for Excellence in Financial Reporting................................................... 12
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT......................................................................................... 13
MANAGEMENT’S DISCUSSION AND ANALYSIS.................................................................... 15
BASIC FINANCIAL STATEMENTS
Government-wide financial statements
Statement of net assets................................................................................................................. 26
Statement of activities.................................................................................................................. 28
Fund financial statements
Balance sheet – governmental funds............................................................................................ 30
Reconciliation of the balance sheet of the governmental funds to the statement of net assets.... 32
Statement of revenues, expenditures, and changes in fund balances – governmental funds....... 33
Reconciliation of the statement of revenues, expenditures, and changes in fund balances of
governmental funds to the statement of activities..................................................................... 35
Statement of net assets – proprietary funds ................................................................................. 36
Statement of revenues, expenses, and changes in fund net assets – proprietary funds................ 39
Statement of cash flows – proprietary funds................................................................................ 40
Statement of fiduciary assets and liabilities................................................................................. 42
Notes to financial statements.......................................................................................................... 43
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary comparison schedule – budget and actual – all governmental funds and enterprise ...
funds – budgetary basis……………………………………………………………………….... 78
Budgetary comparison schedule – budget to GAAP reconciliation …………………………….. 80
Note to required supplementary information – budgetary reporting…………………………….. 81
Schedule of Funding Progress for Health and Dental Plans…………………….………………….. 82
COMBINING AND INDIVIDUAL FUND STATEMENTS
Combining balance sheet – nonmajor governmental funds............................................................ 84
Combining statement of revenues, expenditures, and changes in fund balances – nonmajor
governmental funds...................................................................................................................... 85
Combining statement of net assets – nonmajor enterprise funds.................................................... 88
Combining statement of revenues, expenses, and changes in fund net assets – nonmajor
enterprise funds............................................................................................................................ 89
Combining statement of cash flows – nonmajor enterprise funds.................................................. 90
Combining statement of net assets – internal service funds ........................................................... 92
Combining statement of revenues, expenses, and changes in fund net assets – internal service
funds............................................................................................................................................. 93
Combining statement of cash flows – internal service funds.......................................................... 94
Combining statement of changes in assets and liabilities – agency funds...................................... 96
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CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2009
Page
STATISTICAL SECTION (UNAUDITED)
Net assets by component.................................................................................................................... 99
Changes in net assets.......................................................................................................................... 100
Fund balances – governmental funds................................................................................................. 102
Changes in fund balances – governmental funds............................................................................... 103
General government tax revenues by source...................................................................................... 104
Assessed and taxable value of property.............................................................................................. 105
Property tax rates – direct and overlapping governments .................................................................. 106
Property tax budgets and collections.................................................................................................. 107
Principal taxpayers............................................................................................................................. 108
Principal water system customers ...................................................................................................... 110
Sales history and total water charges.................................................................................................. 111
Principal sewer system customers...................................................................................................... 112
Sales history and total sewer charges................................................................................................. 113
Ratios of outstanding debt by type..................................................................................................... 114
Ratios of general obligation bonded debt to assessed value and net bonded debt per capita............. 115
Ratio of annual debt service expenditures for general bonded debt to total general governmental
expenditures..................................................................................................................................... 116
Computation of direct and overlapping debt...................................................................................... 117
Legal debt margin information........................................................................................................... 118
General obligation debt annual maturity schedule............................................................................. 119
Schedule of revenue bond coverage................................................................................................... 120
Revenue debt annual maturity schedule............................................................................................. 121
Revenue debt annual maturity by funding source.............................................................................. 122
Demographic and economic statistics................................................................................................ 124
Principal employers............................................................................................................................ 125
Full-time equivalent city government employees by function........................................................... 126
Operating indicators by function........................................................................................................ 128
Capital assets by function................................................................................................................... 130
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 .. 133
Report on compliance with requirements applicable to each major program and internal
control over compliance in accordance with OMB Circular A-133................................................ 135
Schedule of expenditures of federal awards....................................................................................... 137
Notes to the schedule of expenditures of federal awards ................................................................... 141
Schedule of findings and questioned costs......................................................................................... 142
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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, 2009, 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 and Local Governments .
The results of the City's single audit for the fiscal year ended June 30, 2009 provided no instances of
material weaknesses in the internal controls or significant violations of applicable laws and
regulations based upon the audit of the basic financial statements. Information related to this single
audit, including the schedules of federal financial assistance, findings and questioned costs, and
independent auditors’ reports on the internal accounting and administrative controls and
compliance with applicable laws and regulations are included in the compliance section of this
report.
GAAP require that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statements in the form of Management’s Discussion and Analysis
(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City’s MD&A can be found immediately following the report of the
independent auditors.
Profile of the Government
The City of Iowa City was incorporated April 6, 1853. The City is governed by a seven member
Council; each member serves a four-year term. Elections are held every two years allowing for
continuation in office of at least three members at each biennial election. The Council members are
elected at large, but three members are nominated from specific districts, and the four other
members are nominated at large. The Council elects the Mayor from its own members for a two-
year term.
The City Council is the legislative body and makes all policy determinations for the City through
the enactment of ordinances and resolutions. It also adopts a budget to determine how the City will
obtain and spend its funds. The Council appoints members of boards, commissions and
committees.
The City Manager is the chief administrative officer for the City and is appointed by the City
Council. The City Manager implements policy decisions of the City Council and enforces City
ordinances. In addition, the City Manager appoints and directly supervises the directors of the
City’s operating departments and supervises the administration of the City’s personnel system. He
supervises 555 full-time and 82 permanent part-time municipal employees and 446 temporary
employees, including a police force of 73 sworn personnel and a fire department of 56 firefighters.
The City owns and operates its water supply and distribution system and sewage collection and
treatment system with secondary treatment also provided. Virtually the entire City has separate
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storm and sanitary sewer systems. The City operates a municipal off-street and on-street parking
system in the downtown area. Since 1971, the City has operated a transit system.
The annual budget serves as the foundation for the City’s financial planning and control. All
departments of the City are required to submit requests for appropriation to the City Manager in
October. The City Manager uses these requests as the starting point for developing a proposed
budget. The City Manager then presents this proposed budget to the Council for review in
December. The Council is required to hold a public hearing on the proposed budget and to adopt a
final budget no later than March 15. The appropriated budget is prepared by fund, function (e.g.,
Public Safety), and department (e.g., Police).
The City adopts a three-year financial plan that includes both operations and capital improvements.
This three-year plan permits a more comprehensive review of the City’s financial condition,
allowing analysis of the current and future needs and requirements. During preparation of the plan,
careful review is made of property tax levy rates, utility and user fee requirements, ending cash
balances by fund, debt service obligations, bond financing needs, capital outlay for equipment
purchases and major capital improvement projects. The state requires at least a one-year operating
budget. While legal spending control is exercised at a state mandated function level, management
control is set at the Department Manager level. Encumbrance accounting is utilized in all funds for
budgetary control. Encumbrances outstanding at year-end for the governmental fund types are
reflected as reservations of the fund balances. Appropriations that are not encumbered lapse at the
end of the year.
Information Useful in Assessing the Government’s Economic Condition
The City's economic strength is based upon education, medical services, and diversified
manufacturing. The University of Iowa is the City’s largest employer with almost 28,800
employees and the University of Iowa Hospitals and Clinics is the largest university-owned
teaching medical center in the United States. The City also has a significant number of private
employers who have a history of providing stable and increasing employment in the community.
The relative stability of the University of Iowa, coupled with the City’s multi-sector base of
industrial and commercial interests, will continue to help insulate the City from the significant
negative economic impacts related to unemployment.
The City continues to see sustained production in our major local industries, such as ACT and NCS
Pearson. Continued economic development efforts involving the Iowa City and Coralville
Chambers of Commerce, local private interests, the University of Iowa and other surrounding
communities through participation as members of the Iowa City Area Development Group, have
proved positive with the retention and expansion of businesses. In addition, the corridor between
Iowa City and Cedar Rapids has been identified as one of the major growth areas for new business
development in the State of Iowa. Continued developments within Iowa City and the region have a
favorable impact upon the City's economy.
There have been budget challenges faced by the State of Iowa; however, the City's economy as a
whole continues to grow. The major employers have been able to maintain their workforce size.
The unemployment rate for Iowa City continues to remain low at 4.3% for the month of June
2009, as compared to 6.2% for the State of Iowa, and 9.5% for the national average. The City has
consistently experienced modest increases in assessed property valuations. The rate of new
housing construction slightly decreased in comparison to prior years with 114 new single-family
houses and 101 multi-family dwelling units added to the tax rolls for the year ended December
31, 2008. This, along with the low unemployment rate, continues to be indicative of the City's
relative economic stability.
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The 2000 census population of Iowa City was 62,220. Based on the United States Census
Bureau, the population was estimated to be 67,831 in 2008; this represents a 9.0% increase.
In response to the current national economic recession, the American Recovery and Reinvestment
Act, signed into law by President Obama in February 2009, is designed to preserve and create
jobs and promote economic recovery, assist people impacted by the recession, provide
investments needed to increase economic efficiency, and stabilize state and local government
budgets. While Iowa City’s housing market and unemployment has not felt the impact as greatly
as other areas of the country, the City has been able to utilize stimulus funds to complete projects
and strengthen the local economy. Iowa City has applied for funds totaling $43,663,000 and has
been approved for $6,359,000, with another $32,267,000 still pending. These projects vary from
resurfacing Highway 218 to reconstructing an airport runway and purchasing 3 new buses.
In addition, the State of Iowa’s stimulus program, I-Jobs, is designed to create jobs, strengthen
the economy, and build a safer, stronger, greener and smarter Iowa. The City has applied for
$14,469,000 in I-Jobs funds and has been approved for $7,762,000, with an additional $6,605,000
pending. These funds will be used for projects including a fourth fire station and UniverCity
Neighborhood Partnership, a joint project between the City and the University of Iowa.
There are many signs that the City remains healthy and vibrant with great promise for the future.
The University of Iowa continues to add new buildings and facilities. The City continues to see
sustained production in major local industries. Industrial and commercial interests within the
community continue to thrive.
Major Initiatives
Iowa City continues to deal with the recovery efforts from the flood experienced in 2008. The
City of Iowa City was among several cities in Iowa that received a Presidential Disaster
declaration, which brought the Federal Emergency Management Agency (FEMA) technical and
financial assistance to Iowa City. These on-going efforts include relocation of the North
Wastewater Plant, constructing a pump station and stormwater outlets, as well as, flood gates, and
rebuilding the City’s Animal Shelter. In addition, the City has received a Hazard Mitigation
Grant and Community Development Block Grant to acquire properties in the flood-impacted
neighborhoods.
The City is currently in the process of developing a general industrial park on the southeast side.
This project involves annexing and rezoning 180 acres of land and building the street, water, and
sewer infrastructure needed to support industrial businesses. This project is estimated to cost
$5,405,000 and will be funded through Tax Increment Financing. This project is scheduled to be
completed in phases, with the land being “shovel ready” for industries to build.
The City of Iowa City is in the planning process of constructing a mixed-use parking facility
adjacent to downtown Iowa City. The mixed-use parking facility will include three components:
parking facility consisting of approximately 600 parking spaces, commercial space of
approximately 25,000 – 35,000 square feet, and 25 - 75 workforce housing units. The City is
hoping to work with a private partner to develop the commercial and housing spaces. As this is
still in the planning phase, the cost of this project is unknown, but it is anticipated that the parking
facility will be financed with bonds and the commercial and housing space will be funded by the
private developer in conjunction with the City. The City anticipates establishing an urban
renewal area for the purposes of allowing Tax Increment Financing of the commercial and
residential space.
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Long-term Financial Planning
In preparing the financial plan for the three years ending June 30, 2013, the process of budget
balancing has been difficult. With the continued tax limitations imposed by the state (specifically
the residential rollback factor) and other federal and state regulations and mandates, the municipal
service needs for our growing community are becoming increasingly difficult to satisfy.
In balancing the budget for the three-year period, the City attempted to maintain service levels,
wherever practical. In addition, our planning has been directed at maintaining our current fiscal
strength and avoiding any erosion of that fiscal position, including the City’s Aaa bond rating.
A continuing major objective in the three-year financial plan is to maintain or increase the City's
cash reserve position. In addition, procedures were adopted to allocate unreserved fund balances
between the contingency and undesignated fund balances. The contingency fund is available during
the fiscal year for unanticipated and unbudgeted expenditures, while the undesignated fund balance
is intended to be maintained as working capital. The City is committed to drawing from the
undesignated fund balance only in emergency situations. This unreserved fund balance allocation
along with specific budgeting techniques has allowed the City to increase or maintain fund balances
over the past year.
The City continues to pursue cooperative efforts with other local governments. Joint funding,
purchasing, planning and other efforts allow the City to meet mandates for new and improved
services in the future at the most reasonable cost. Joint cooperation currently encompasses
regional transportation planning, human services, solid waste management planning, a hazardous
materials response program, an enhanced 911 emergency communications system, community
relations, joint operation of an animal control facility and an indoor swimming pool facility, and
joint economic development efforts. While such cooperative efforts are not new in concept, the
City expects to enter into more agreements with neighboring governmental subdivisions, as well
as with the University of Iowa.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting (the Certificate) to the City of
Iowa City, Iowa for its Comprehensive Annual Financial Report for the fiscal year ended June 30,
2008. 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 four consecutive years. I believe our current report continues to conform to the
Certificate requirements and am submitting it to GFOA to determine its eligibility for another
certificate.
Responsibility and Acknowledgments
The Department of Finance prepared the Comprehensive Annual Financial Report of the City of
Iowa City, Iowa for the fiscal year ended June 30, 2009. The City Council, as required by law, is
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3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
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, 2009, 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, 2009, and the
respective changes in financial position, and cash flows, where applicable, thereof for the year then ended
in conformity with accounting principles generally accepted in the United States of America.
Subsequent to the issuance of the City’s 2009 financial statements and our report dated December 14,
2009, we became aware that certain testing procedures required by U.S. Office of Management and
Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, had not been
performed. Upon performing those procedures, a modification was made to our Report on Compliance
with Requirements Applicable to Each Major Program and on Internal Control over Compliance in
Accordance with OMB Circular A-133. In our original report we expressed an unqualified opinion on the
2009 financial statements, and our opinion on those financial statements, as expressed herein, remains
unqualified.
13
In accordance with Government Auditing Standards , we have also issued our report dated December 14,
2009, 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 the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
The management’s discussion and analysis and other required supplementary information listed in the
table of contents are not a required part of the basic financial statements but are supplementary
information required by accounting principles generally accepted in the United States of America. We
have applied certain limited procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the required supplementary information.
However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the basic financial statements of the City of Iowa City, Iowa. 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 basic financial statements of the City of Iowa City,
Iowa. 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 (OMB) Circular A-133, Audits
of States, Local Governments, and Non-Profit Organizations, and is also not a required part of the basic
financial statements of the City of Iowa City, Iowa. The combining nonmajor fund financial statements
and the Schedule of Expenditures of Federal Awards have been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken 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 express no opinion on them.
Dubuque, Iowa
December 14, 2009, except for the Schedule of Expenditures of Federal Awards listed in the last
paragraph above which is dated May 31, 2012
14
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, 2009. 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 – 8 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,
2009 by $390,477,000 (net assets). Of this amount, $81,780,000 (unrestricted net assets) may be used to
meet the government’s ongoing obligations to its citizens and creditors.
• The City’s total net assets increased by $23,164,000 during the fiscal year. Governmental activities
increased by $15,572,000 and business-type activities increased by $7,592,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $42,123,000, an increase of $1,702,000 in comparison with the prior year. Of this total
amount, approximately $24,470,000, or 58% was unreserved and is available for spending at the City’s
discretion.
• At the end of the current fiscal year, the City’s unreserved, undesignated fund balance for the General
Fund was $15,362,000, or 33% of total General Fund expenditures.
• The City’s total debt decreased by $9,625,000, during the current fiscal year. The key factors to this
decrease were the refunding of bonds to take advantage of lower interest rates and the retirement of
bonds.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements.
The City’s basic financial statements are comprised of three components: 1) government-wide financial
statements, 2) fund financial statements; and 3) notes to the financial statements. This report also contains
other supplementary information in addition to the basic financial statements themselves.
Government-wide Financial Statements: The government-wide financial statements are designed to provide
readers with a broad overview of the City’s finances in a manner similar to a private-sector business.
The statement of net assets presents information on all of the City’s assets and liabilities, with the difference
between the two reported as net assets . Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City’s net assets changed during the most
recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in
this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by taxes and intergovernmental revenues (governmental activities ) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges ( business-type
activities ). The governmental activities of the City include Public Safety, Public Works (roads, traffic
controls, and transit), Culture and Recreation, Community and Economic Development, General Government,
and Interest on long-term debt. The business-type activities of the City include Airport, Cable Television,
Housing Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment, and Water.
15
The government-wide financial statements may be found on pages 26 – 29 of this report.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the City can be divided into three categories: governmental funds,
proprietary funds, and fiduciary funds.
Governmental Funds: Governmental funds are used to account for essentially the same function reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements focus on near-term inflows and outflows of
spendable resources , as well as on balances of spendable resources available at the end of the fiscal year.
Such information may be useful in evaluating a government’s near-term financing requirements and is
typically the basis that is used in developing the next annual budget.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison.
The City has five major governmental funds: General Fund, Employee Benefits Fund, Community
Development Block Grant Fund, Other Shared Revenue and Grants, and Debt Service Fund. Information is
presented separately in the governmental funds balance sheet and in the governmental funds statement of
revenues, expenditures, and changes in fund balances for these major funds. Data from all other non-major
governmental funds is combined into a single aggregated presentation and are referenced under a single
column as “Other Governmental Funds”. Individual fund data on each of these non-major governmental
funds is provided in the form of combining statements elsewhere in this report.
The City adopts an annual appropriated budget for all governmental funds as required by state statute. Budget
comparisons have been provided for the Governmental funds and the Enterprise funds, to demonstrate
compliance with the adopted budget.
The basic governmental funds financial statements can be found on pages 30 – 35 of this report.
Proprietary Funds: The City maintains two different types of proprietary funds. Enterprise funds are used
to report the same functions presented as business-type activities in the government-wide financial statements.
The City uses enterprise funds to account for its Airport, Cable Television, Housing Authority, Parking,
Sanitation, Stormwater Collection, Wastewater Treatment, and Water activities. Internal Service funds are an
accounting device used to accumulate and allocate costs internally among the City’s various functions. The
City has four Internal Service Funds: Equipment Maintenance, Central Services, Loss Reserve, and
Information Technology. Because these services predominantly benefit governmental rather than business-
type functions, they have been included within governmental activities in the government-wide financial
statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in
more detail. 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 88 –
90. Individual fund data for the Internal Service funds is provided in the form of combining statements
elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 36 – 41 of this report.
16
17
A portion of the City’s net assets (11.5% or $45,745,000) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net assets (21.1% or
$81,780,000) may be used to meet the government’s ongoing obligations to its citizens and creditors. At the
end of the fiscal year ended June 30, 2009, 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 $15,572,000. The
increase in net assets of governmental activities is primarily due to expenditures for capital assets less
depreciation expense.
The following is a more detailed review of FY09’s operation.
City of Iowa City's Changes in Net Assets
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2009 2008 2009 2008 2009 2008
Revenues:
Program Revenues:
Charges for services 6,701 $ 6,379 $ 36,227 $ 34,876 $ 42,928 $ 41,255 $
Operating grants and contributions 8,185 3,611 7,293 6,281 15,478 9,892
Capital grants and contributions 3,773 1,747 3,705 2,798 7,478 4,545
General Revenues:
Property taxes 47,085 43,400 - - 47,085 43,400
Road use tax 5,254 5,432 - - 5,254 5,432
Other taxes 1,489 1,435 - - 1,489 1,435
Earnings on investments 3,057 3,932 2,577 3,279 5,634 7,211
Gain on disposal of capital assets - - 360 1,260 360 1,260
Other 4,894 3,509 317 454 5,211 3,963
Total revenues 80,438 69,445 50,479 48,948 130,917 118,393
Expenses:
Public safety 20,730 20,504 - - 20,730 20,504
Public works 15,177 13,727 - - 15,177 13,727
Culture and recreation 9,574 13,460 - - 9,574 13,460
Community and economic development 8,726 1,850 - - 8,726 1,850
General government 7,600 7,433 - - 7,600 7,433
Interest on long-term debt 3,264 3,517 - - 3,264 3,517
Wastewater treatment - - 11,925 11,757 11,925 11,757
Water - - 9,185 8,804 9,185 8,804
Sanitation - - 7,296 6,868 7,296 6,868
Housing authority - - 7,238 7,374 7,238 7,374
Parking - - 4,489 3,913 4,489 3,913
Airport - - 693 560 693 560
Stormwater - - 1,223 1,072 1,223 1,072
Cable television - - 633 598 633 598
Total expenses 65,071 60,491 42,682 40,946 107,753 101,437
Change in net assets before transfers 15,367 8,954 7,797 8,002 23,164 16,956
Transfers 205 488 (205) (488) - -
Change in net assets 15,572 9,442 7,592 7,514 23,164 16,956
Net assets beginning of year 129,693 120,251 237,620 230,106 367,313 350,357
Net assets end of year 145,265 $ 129,693 $ 245,212 $ 237,620 $ 390,477 $ 367,313 $
18
Business-type Activities: Business-type activities increased the City’s total assets by $7,592,000. The
increases in net assets were primarily in the Wastewater, Sanitation, and Airport funds. For all business-type
activities, revenues exceeded expenses by $7,797,000.
The graphs on the following pages represent a breakdown of revenue by source and expenditures by program
area for governmental and business-type activities.
19
Governmental Activities
FY2009 Revenue
by Source
Grants and
Contributions
15%
Charges for
services
8%
Misc.
Other
10%
Property taxes
59%
Other Taxes
8%
Business-Type Activities
FY2009 Revenue
by Source
Charges for
services
72%
Misc. Other
6%Grants and
Contributions
22%
20
Governmental Activities
FY2009 Expenditures
by Program Area
(amounts expressed in thousands)
Culture and
Recreation
Public
Safety
Interest
Expense
General
Govt
Community and
Econ Dev
Public
Works
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
Program Area
Do
l
l
a
r
s
(
$
)
Business-Type Activities
FY2009 Expenditures
by Program Area
(amounts expressed in thousands)
Airport Cable TV
Water
Parking
Housing
Authority
Stormwater
Wastewater
Treatment
Sanitation
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Program Area
Do
l
l
a
r
s
(
$
)
21
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds: The financial reporting focus of the City’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information may
be/is useful in assessing the City’s financing requirements. In particular, unreserved fund balance may serve
as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
As of the fiscal year ended June 30, 2009, the City’s governmental funds reported combined ending fund
balances of $42,123,000, an increase of $1,702,000 in comparison with the prior year. Of this total amount,
$24,470,000 constitutes unreserved fund balance, which is available to use as working capital for the General
Fund since property tax revenues are received only twice a year and the remainder is available to meet the
future needs of the City . The remainder of the fund balance (41.9%) is reserved to indicate that it is not
available for new spending because it has already been committed. This remainder has been committed 1) to
liquidate contracts and purchase orders of the prior period ($1,780,000), 2) to fund various debt service
payments ($11,759,000), 3) to fund employee retirement commitments ($2,236,000), and 4) restricted by
grant agreements ($1,566,000).
The General Fund is the chief operating fund of the City. As of the fiscal year ended June 30, 2009, the
unreserved fund balance of the General Fund was $15,362,000, while General Fund’s total fund balance was
$15,917,000. As a measure of the General Fund’s liquidity, it may be useful to compare both unreserved fund
balance and total fund balance to total fund expenditures. Unreserved fund balance represents 32.5% of total
General Fund expenditures ($47,250,000), while total fund balance represents 33.7% of that same amount.
The fund balance of the City’s General Fund increased by $983,000 during the current fiscal year . This was
due to budget reductions and fee increases in response to the economic conditions.
The Bridge, Street, and Traffic Control Construction Fund had a deficit fund balance of ($1,883,000) as
compared to a deficit balance of ($1,595,000) 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 2010 to cover the capital expenditures.
The Debt Service Fund had a fund balance of $11,759,000, an increase of $3,068,000 from the prior year, all
of which is reserved for the payment of debt service (i.e. payment of general obligation principal and interest).
Proprietary Funds : The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
The ending net assets of the enterprise funds were $238,102,000, a net asset increase of $7,282,000 . This was
primarily due to an increase in unrestricted net assets. Of the enterprise funds’ net assets, $162,211,000 is
invested in capital assets, net of related debt. Unrestricted net assets totaled $56,732,000, an increase of
$7,562,000 compared to the previous year.
The Internal Service funds showed net assets totaling $20,401,000 as of June 30, 2009, an increase of
$871,000 from the previous year.
Budgetary Highlights
The City presents budgetary information as allowed by GASB Statement No. 41. Budgets are based on nine
functional areas as required by state statute, not by fund or fund type.
22
The City had three budget amendments during the fiscal year, which is higher than our common practice of
two amendments. These amendments increased the expenditure budget by $132,920,000 to a total of
$274,133,000. This represented a 94.1% increase. The major increase was due to capital projects in
governmental and business-type funds due to timing of completion of projects and ongoing recovery from the
flood of 2008.
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, 2009 amounts to $421,734,000 (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, 2009 increased by
$10,057,000 for governmental activities compared to the prior year and decreased by $2,629,000 for business-
type activities over the prior year.
The following table reflects the $421,734,000 investment in capital assets (net of accumulated depreciation).
City of Iowa City's Capital Assets
(net of depreciation)
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2009 2008 2009 2008 2009 2008
Land 17,483 $ 15,481 $ 25,783 $ 25,921 $ 43,266 $ 41,402 $
Buildings 44,973 43,645 74,866 77,703 119,839 121,348
Improvements other than
buildings 3,721 3,736 7,233 7,666 10,954 11,402
Machinery and equipment 12,389 12,420 9,265 10,304 21,654 22,724
Infrastructure 74,458 69,997 131,052 124,641 205,510 194,638
Construction in progress 14,306 11,994 6,205 10,799 20,511 22,793
Total 167,330 $ 157,273 $ 254,404 $ 257,034 $ 421,734 $ 414,307 $
Major capital asset events during the current fiscal year included the following:
• Airport projects included runway design, grading, lighting, paving, and runway extension. Projects
completed during the year totaled $4,899,000 and projects remaining in construction in progress at fiscal
year end totaled $3,243,000.
• A variety of street and bridge construction in new residential areas and replacement and expansion of
existing infrastructure amounted to $5,180,000. This includes the continuation of the McCollister
Boulevard extension project at $4,342,000.
• The demolition and reconstruction of fire station #2 at a cost of $1,376,000 in FY09 plus prior year costs,
for a total cost of $2,860,000.
• Improvements to government buildings at a cost of $1,494,000.
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
$172,810,000. Of this amount, $84,995,000 comprises debt backed by the full faith and credit of the City.
23
24
25
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 48,595 $ 50,184 $ 98,779 $
Receivables:
Property tax 46,251 - 46,251
Accounts and unbilled usage 1,018 3,301 4,319
Interest 410 851 1,261
Notes 13,748 1,349 15,097
Internal balances (8,596) 8,596 -
Due from other governments 7,755 740 8,495
Inventories 536 401 937
Restricted assets:
Equity in pooled cash and investments 16,871 33,956 50,827
Capital assets:
Land and construction in progress 31,788 31,986 63,774
Other capital assets (net of accumulated depreciation) 135,542 222,418 357,960
Total assets 293,918 353,782 647,700
Liabilities
Accounts payable 1,643 785 2,428
Contracts payable 1,026 870 1,896
Accrued liabilities 3,795 437 4,232
Interest payable 248 2,144 2,392
Deposits 982 672 1,654
Due to other governments 2,006 111 2,117
Unearned revenue 55,025 - 55,025
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,087 278 1,365
Bonds payable 9,430 5,840 15,270
Due in more than one year:
Employee vested benefits 943 232 1,175
Other Post Employment Benefits Obligation 465 202 667
Notes Payable 211 - 211
Bonds payable 71,792 86,353 158,145
Landfill closure/post-closure liability - 10,646 10,646
Total liabilities 148,653 108,570 257,223
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
June 30, 2009
26
Governmental Business-type
Activities Activities Total
Net Assets
Invested in capital assets, net of related debt 100,741 $ 162,211 $ 262,952 $
Restricted for or by:
Employee benefits 2,236 - 2,236
Capital projects 10,960 - 10,960
Debt service 11,759 - 11,759
Other purposes 65 - 65
Bond ordinance - 16,125 16,125
State statute - 802 802
Future improvements - 272 272
Grant agreement 1,566 1,960 3,526
Unrestricted 17,938 63,842 81,780
Total net assets 145,265 $ 245,212 $ 390,477 $
The notes to the financial statements are an integral part of this statement.
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS (continued)
June 30, 2009
(amounts expressed in thousands)
27
Operating Capital
Charges Grants and Grants and
Functions/Programs: Expenses for Services Contributions Contributions
Governmental activities:
Public safety 20,730 $ 2,968 $ 1,723 $ 192 $
Public works 15,177 1,392 1,792 2,328
Culture and recreation 9,574 715 - -
Community and economic development 8,726 - 4,670 1,253
General government 7,600 1,626 - -
Interest on long-term debt 3,264 - - -
Total governmental activities 65,071 6,701 8,185 3,773
Business-type activities:
Wastewater Treatment 11,925 12,557 1 266
Water 9,185 8,107 15 132
Sanitation 7,296 8,286 607 -
Housing Authority 7,238 181 6,668 -
Parking 4,489 5,438 - -
Airport 693 248 2 3,239
Stormwater 1,223 622 - 68
Cable television 633 788 - -
Total business-type activities 42,682 36,227 7,293 3,705
Total 107,753 $ 42,928 $ 15,478 $ 7,478 $
General revenues:
Property taxes, levied for general purposes
Road use tax
Hotel/motel tax
Gas and electric tax
Earnings on investments
Gain on disposal of capital assets
Miscellaneous
Transfers
Total general revenues and transfers
Changes in net assets
Net assets beginning of year
Net assets end of year
The notes to the financial statements are an integral part of this statement.
Program Revenues
CITY OF IOWA CITY, IOWA
STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2009
(amounts expressed in thousands)
28
Governmental Business-type
Activities Activities Total
(15,847) $ - $ (15,847) $
(9,665) - (9,665)
(8,859) - (8,859)
(2,803) - (2,803)
(5,974) - (5,974)
(3,264) - (3,264)
(46,412) - (46,412)
- 899 899
- (931) (931)
- 1,597 1,597
- (389) (389)
- 949 949
- 2,796 2,796
- (533) (533)
- 155 155
- 4,543 4,543
(46,412) 4,543 (41,869)
47,085 - 47,085
5,254 - 5,254
713 - 713
776 - 776
3,057 2,577 5,634
- 360 360
4,894 317 5,211
205 (205) -
61,984 3,049 65,033
15,572 7,592 23,164
129,693 237,620 367,313
145,265 $ 245,212 $ 390,477 $
Net (Expense) Revenue and
Changes in Net Assets
29
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Assets
Equity in pooled cash and investments 16,710 $ 2,092 $ 2$ 925 $ 10,637 $ 1,224 $ 31,590 $
Receivables:
Property tax 24,949 9,965 - - 11,308 29 46,251
Accounts and unbilled usage 858 - - - - 160 1,018
Interest 145 17 - 13 65 42 282
Notes 108 - 11,391 622 1,627 - 13,748
Advances to other funds - - 18 - 218 - 236
Due from other governments 2,323 152 18 2,704 - 2,503 7,700
Inventories 204 - - - - - 204
Restricted assets:
Equity in pooled cash and investments 2,233 - - 4 - 14,634 16,871
Total assets 47,530 $ 12,226 $ 11,429 $ 4,268 $ 23,855 $ 18,592 $ 117,900 $
(continued)
(amounts expressed in thousands)
Special Revenue
CITY OF IOWA CITY, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2009
30
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Liabilities and Fund Balances
Liabilities:
Accounts payable 1,006 $ 47 $ 13 $ 149 $ 11 $ 156 $ 1,382 $
Contracts payable - - - - - 1,026 1,026
Accrued liabilities 1,460 2 7 113 - 51 1,633
Advances from other funds 1,504 - - 218 - - 1,722
Due to other governments 2 - - 41 - 1,963 2,006
Deferred revenue 26,663 9,941 11,409 4,463 12,085 2,465 67,026
Liabilities payable from restricted assets:
Deposits 978 - - 4 - - 982
Total liabilities 31,613 9,990 11,429 4,988 12,096 5,661 75,777
Fund balances:
Reserved for:
Inventories 204 - - - - - 204
Encumbrances 243 - - 9 - 1,528 1,780
Debt service - - - - 11,759 - 11,759
Employee retirement commitments - 2,236 - - - - 2,236
Perpetual care 108 - - - - - 108
Restricted by grant agreement - - - 1,566 - - 1,566
Unreserved
Undesignated:
General fund 15,362 - - - - - 15,362
Special revenue funds - - - (2,295) - 443 (1,852)
Capital projects funds - - - - - 10,960 10,960
Total fund balances 15,917 2,236 - (720) 11,759 12,931 42,123
Total liabilities and fund balances 47,530 $ 12,226 $ 11,429 $ 4,268 $ 23,855 $ 18,592 $ 117,900 $
The notes to the financial statements are an integral part of this statement.
CITY OF IOWA CITY, IOWA
Special Revenue
BALANCE SHEET (continued)
GOVERNMENTAL FUNDS
June 30, 2009
(amounts expressed in thousands)
31
Total governmental fund balances 42,123$
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. 20,401
Prepaid insurance benefits future periods and is included in
governmental activities in the statement of net assets. -
Other long-term assets are not available to pay for current period
expenditures and therefore are deferred in the funds:
Notes receivable - Earned but unavailable 12,001
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 161,920
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds. (1,912)
Accrued post employment benefit obligations are not due and
payable in the current period and therefore are not reported
in the funds. (477)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds. (81,222)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds. (211)
Accrued interest on bonds (248)
Internal balance due to integration of internal service funds (7,110)
Total net assets of governmental activities 145,265$
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, 2009
32
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Revenues
Taxes 24,731 $ 9,069 $ -$ -$ 11,084 $ 3,688 $ 48,572 $
Licenses and permits 1,284 - - - - - 1,284
Intergovernmental 5,761 - 1,386 9,801 - 2,573 19,521
Charges for services 2,237 200 - 61 - - 2,498
Use of money and property 1,817 - - 81 447 300 2,645
Miscellaneous 4,468 5 284 75 383 87 5,302
Total revenues 40,298 9,274 1,670 10,018 11,914 6,648 79,822
Expenditures
Current:
Public safety 17,956 249 - - - 547 18,752
Public works 6,497 - - 4,768 - 1,140 12,405
Culture and recreation 10,644 - - - - 205 10,849
Community and economic development 1,082 - 1,612 3,659 - 1,684 8,037
General government 6,846 306 - - 75 73 7,300
Debt service:
Principal - - - - 8,418 - 8,418
Interest - - - - 3,364 - 3,364
Capital outlay 4,225 - 16 3,369 - 9,486 17,096
Total expenditures 47,250 555 1,628 11,796 11,857 13,135 86,221
Excess (deficiency) of revenues over
(under) expenditures (6,952) 8,719 42 (1,778) 57 (6,487) (6,399)
Other Financing Sources (Uses)
Issuance of debt - - - - - 7,190 7,190
Issuance of refunding debt - - - - 22,845 - 22,845
Sale of capital assets 194 - - - - 360 554
Premium on issuance of bonds - - - - 393 159 552
Payment of refunded bonds - - - - (23,140) - (23,140)
Transfers in 8,660 - - 434 2,913 4,479 16,486
Transfers out (919) (8,224) (50) (1,497) - (5,696) (16,386)
Total other financing sources and (uses) 7,935 (8,224) (50) (1,063) 3,011 6,492 8,101
Net change in fund balances 983 495 (8) (2,841) 3,068 5 1,702
Fund Balances, Beginning 14,934 1,741 8 2,121 8,691 12,926 40,421
Fund Balances, Ending 15,917 $ 2,236 $ -$ (720) $ 11,759 $ 12,931 $ 42,123 $
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, 2009
(amounts expressed in thousands)
33
34
Net change in fund balances - total governmental funds 1,702 $
Amounts reported for governmental activities in the statement of activities
are different because:
Governmental funds report capital outlays as expenditures while governmental
activities report depreciation expense to allocate those expenditures over the
life of the asset. Capital outlays and contributed capital assets exceeded
depreciation expense in the current year as follows:
Expenditures for capital assets 16,879 $
Capital assets contributed 204
Depreciation expense (5,488) 11,595
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 (30,035)
Premium on bonds issued (552)
Repayments of debt 31,558
Amortization of premium 75 1,046
The issuance of notes payable are reported as financing sources in governmental
funds and thus contribute to the change in fund balance. In the statement of
net assets, however, issuing notes increases long-term liabilities and does not
affect the statement of activities. -
Because some revenues will not be collected for several months after the
City's year end, they are not considered available revenues and are deferred
in the governmental funds. 2,584
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 (53)
Change in accrued post employment benefit obligations (477)
Change in accrued interest on debt 25
Impairment of capital assets (179)
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. (1,223)
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. (9)
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. 561
Change in net assets of governmental activities 15,572 $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2009
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
35
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Assets
Current assets:
Equity in pooled cash and investments 4,511 $ 11,704 $ 12,132 $ 15,845 $ 3,409 $ 2,583 $ 50,184 $ 17,005 $
Receivables:
Accounts and unbilled usage 35 1,255 805 957 5 244 3,301 -
Interest 93 188 290 207 54 19 851 128
Notes - - - 5 1,344 - 1,349 -
Advances to other funds - - - 5,253 - - 5,253 -
Due from other governments - 22 15 27 52 624 740 55
Inventories - - 401 - - - 401 332
Total current assets 4,639 13,169 13,643 22,294 4,864 3,470 62,079 17,520
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 2,211 12,544 4,272 12,849 1,960 120 33,956 -
Capital assets:
Land 6,798 695 6,296 1,787 726 9,480 25,782 45
Buildings 24,908 59,485 23,461 999 5,869 4,304 119,026 831
Improvements other than buildings 166 7,365 2,331 121 9 357 10,349 50
Machinery and equipment 446 9,909 10,433 153 122 635 21,698 13,163
Infrastructure - 86,797 47,104 10,873 - 41,146 185,920 1,006
Accumulated depreciation (13,368) (58,672) (18,975) (8,981) (3,525) (11,054) (114,575) (9,884)
Construction in progress 567 165 782 1,107 - 3,583 6,204 199
Total noncurrent assets 21,728 118,288 75,704 18,908 5,161 48,571 288,360 5,410
Total assets 26,367 131,457 89,347 41,202 10,025 52,041 350,439 22,930
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2009
Business-type Activities - Enterprise Funds
36
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Liabilities
Current liabilities:
Accounts payable 36 $ 133 $ 178 $ 141 $ 27 $ 270 $ 785 $ 261 $
Contracts payable 5 - 53 221 - 591 870 -
Accrued liabilities 158 170 243 234 81 61 947 2,280
Due to other governments - - 34 64 13 - 111 -
Interest payable 287 1,249 608 - - - 2,144 -
Bonded debt payable (net of unamortized discounts) 386 4,195 1,259 - - - 5,840 -
Total current liabilities 872 5,747 2,375 660 121 922 10,697 2,541
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 2 - 415 13 233 9 672 -
Advances from other funds 2,450 - - - 18 1,299 3,767 -
Bonded debt payable (net of unamortized discounts) 9,211 50,775 26,367 - - - 86,353 -
Other Post Employment Benefits Obligation 32 40 49 53 15 13 202 (12)
Landfill closure/postclosure liability - - - 10,646 - - 10,646 -
Total noncurrent liabilities 11,695 50,815 26,831 10,712 266 1,321 101,640 (12)
Total liabilities 12,567 56,562 29,206 11,372 387 2,243 112,337 2,529
Net Assets
Invested in capital assets, net of related debt 9,920 50,774 43,806 6,059 3,201 48,451 162,211 5,410
Restricted by bond ordinance 1,651 11,295 3,179 - - - 16,125 -
Restricted by state statute - - - 802 - - 802 -
Restricted for future improvements 272 - - - - - 272 -
Restricted by grant agreement - - - - 1,960 - 1,960 -
Unrestricted 1,957 12,826 13,156 22,969 4,477 1,347 56,732 14,991
Total net assets 13,800$ 74,895$ 60,141$ 29,830$ 9,638 $ 49,798$ 238,102 20,401$
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 7,110
Net assets of business-type activities 245,212$
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, 2009
(amounts expressed in thousands)
37
38
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Operating Revenues:
Charges for services 5,438 $ 12,557 $ 8,107 $ 8,286 $ 181 $ 1,658 $ 36,227 $ 15,472 $
Miscellaneous 4 84 86 58 53 32 317 17
Total operating revenues 5,442 12,641 8,193 8,344 234 1,690 36,544 15,489
Operating Expenses:
Personal services 1,845 1,848 2,316 2,363 927 695 9,994 2,010
Commodities 196 853 768 375 55 249 2,496 2,261
Services and charges 983 2,501 2,642 4,160 6,096 445 16,827 9,895
3,024 5,202 5,726 6,898 7,078 1,389 29,317 14,166
Depreciation 871 4,155 2,124 592 157 1,156 9,055 1,131
Total operating expenses 3,895 9,357 7,850 7,490 7,235 2,545 38,372 15,297
Operating income (loss) 1,547 3,284 343 854 (7,001) (855) (1,828) 192
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets 214 131 - - 15 - 360 44
Operating grants - 1 15 607 6,668 2 7,293 -
Interest income 188 820 625 682 205 57 2,577 413
Interest expense (578) (2,578) (1,351) - - - (4,507) -
Total nonoperating revenues (expenses) (176) (1,626) (711) 1,289 6,888 59 5,723 457
Income (loss) before capital contributions
and transfers 1,371 1,658 (368) 2,143 (113) (796) 3,895 649
Capital contributions - 266 132 - - 3,307 3,705 4
Transfers in - 148 469 - 50 515 1,182 277
Transfers out (205) (296) (698) (104) - (197) (1,500) (59)
Change in net assets 1,166 1,776 (465) 2,039 (63) 2,829 7,282 871
Net Assets, Beginning 12,634 73,119 60,606 27,791 9,701 46,969 19,530
Net Assets, Ending 13,800 $ 74,895 $ 60,141 $ 29,830 $ 9,638 $ 49,798 $ 20,401 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 310
Change in net assets of business-type activities 7,592 $
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, 2009
(amounts expressed in thousands)
39
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Cash Flows From Operating Activities
Receipts from customers and users 5,531 $ 12,694 $ 8,240 $ 8,738 $ 231 $ 1,701 $ 37,135 $ 15,606 $
Payments to suppliers (1,181) (3,322) (3,612) (4,081) (6,204) (659) (19,059) (12,708)
Payments to employees (1,786) (1,772) (2,231) (2,292) (902) (692) (9,675) (1,906)
Net cash flows from operating activities 2,564 7,600 2,397 2,365 (6,875) 350 8,401 992
Cash Flows From Noncapital Financing Activities
Grants received - - - 609 6,644 - 7,253 -
Transfers from other funds - 138 469 - 50 515 1,172 277
Transfers to other funds (205) (296) (698) (94) - (197) (1,490) (59)
Repayment/(payment) of notes receivable 170 - - 4 39 - 213 -
Advances from other funds (600) - - - - 94 (506) -
Advances to other funds - - - 721 - - 721 -
Net cash flows from noncapital financing activities (635) (158) (229) 1,240 6,733 412 7,363 218
Cash Flows From Capital and Related Financing
Activities
Capital grants received - - - - - 3,249 3,249 -
Acquisition and construction of property and
equipment (636) (157) (634) (351) (289) (3,909) (5,976) (1,002)
Proceeds from sale of property 484 131 - - 58 6 679 55
Proceeds from issuance of refunding debt (principal
plus premium & less discount) - 33,636 17,004 - - - 50,640 -
Principal paid on bonded debt (370) (38,645) (18,893) - - - (57,908) -
Interest paid on bonded debt (584) (2,813) (1,352) - - - (4,749) -
Net cash flows from capital and related financing
activities (1,106) (7,848) (3,875) (351) (231) (654) (14,065) (947)
Cash Flows From Investing Activities
Interest on investments 149 1,411 561 693 200 73 3,087 428
Net increase (decrease) in cash and cash equivalents 972 1,005 (1,146) 3,947 (173) 181 4,786 691
Cash and Cash Equivalents, Beginning 5,750 23,243 17,550 24,747 5,542 2,522 79,354 16,314
Cash and Cash Equivalents, Ending 6,722 $ 24,248 $ 16,404 $ 28,694 $ 5,369 $ 2,703 $ 84,140 $ 17,005 $
(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, 2009
40
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 1,547 $ 3,284 $ 343 $ 854 $ (7,001) $ (855) $ (1,828) $ 192 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating activities:
Depreciation expense 871 4,155 2,124 592 157 1,156 9,055 1,131
Changes in:
Receivables:
Accounts and unbilled usage 93 55 42 379 (1) 12 580 3
Due from other governments - (2) 1 13 4 - 16 114
Inventories - - (37) - - - (37) (11)
Accounts payable (2) 32 (177) (84) (56) 35 (252) (541)
Accrued liabilities 27 36 36 18 10 (10) 117 116
Due to other governments - - 12 (10) 3 - 5 -
Deposits (4) - 4 2 (6) (1) (5) -
Other Post Employment Benefits
Obligation 32 40 49 53 15 13 202 (12)
Landfill closure/postclosure liability - - - 548 - - 548 -
Total adjustments 1,017 4,316 2,054 1,511 126 1,205 10,229 800
Net cash flows from operating activities 2,564 $ 7,600 $ 2,397 $ 2,365 $ (6,875) $ 350 $ 8,401 $ 992 $
Noncash Investing, Capital, and
Financing Activities:
Contributions of capital assets from
government and others - $ 247 $ 132 $ - $ - $ 68 $ 447 $ 4 $
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, 2009
41
Agency
Funds
Assets
Equity in pooled cash and investments 234 $
Accounts receivable 6
Interest receivable 2
Total assets 242 $
Liabilities
Accrued liabilities 10 $
Due to agency 232
Total liabilities 242 $
The notes to the financial statements are an integral part of this statement.
June 30, 2009
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF FIDUCIARY
ASSETS AND LIABILITIES
42
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS
June 30, 2009
1. Accounting Policies
The City of Iowa City, Iowa, (the City) was incorporated April 6, 1853, and operates under the
Council/Manager form of government. The City provides a broad range of services to its citizens
including general government, a mass transportation system, public safety, streets, parks, and cultural
facilities. It also operates an airport, parking facilities, water treatment, wastewater treatment, stormwater
collection, sanitation collection and disposal (including landfill operations), cable television, and a
housing authority.
The financial statements of the City have been prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles. The more significant accounting
policies of the City are described below.
The Reporting Entity
For financial reporting purposes, the City includes all of its funds, organizations, agencies, boards,
commissions, and authorities. The City has also considered all potential component units for which it is
financially accountable, and other organizations for which the nature and significance of their relationship
with the City are such that exclusion would cause the City’s financial statements to be misleading or
incomplete. The Governmental Accounting Standards Board has set forth criteria to be considered in
determining financial accountability. These criteria include appointing a voting majority of an
organization’s governing body, and (1) the ability of the City to impose its will on that organization or (2)
the potential for the organization to provide specific benefits to, or impose specific financial burdens on
the City. There were no component units required to be included.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the Statement of Net Assets and the Statement of
Activities) report information on all of the nonfiduciary activities of the primary government.
Governmental activities , which normally are supported by taxes and intergovernmental revenues, are
reported separately from business-type activities , which rely to a significant extent on fees and charges for
support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported as general revenues .
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are charges between the City’s water and sewer function and
various other functions of the government. Eliminations of these charges would distort the direct costs
and program revenues reported for the various functions concerned.
43
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
Description of Funds
These financial statements include all funds owned or administered by the City or for which the City acts
as custodian.
The City maintains its records on a modified cash basis of accounting under which only cash receipts,
cash disbursements and encumbrances, investments, and bonded debt are recorded. These modified cash
basis accounting records have been adjusted to the accrual or modified accrual basis, as necessary, to
prepare the accompanying financial statements in accordance with GAAP.
The accounts of the City are organized on the basis of funds, each of which is considered to be a separate
accounting entity. The fund categories are governmental, proprietary, and fiduciary. Each fund is
accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities,
net assets, revenues, and expenditures or expenses, as appropriate. The individual funds account for the
governmental resources allocated to them for the purpose of carrying on specific activities in accordance
with laws, regulations, or other restrictions.
Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its “measurement
focus.” The government-wide financial statements and proprietary funds are accounted for on the flow of
economic resources measurement focus and use the accrual basis of accounting. Agency funds do not
have a measurement focus and use the accrual basis of accounting. Under the accrual method, revenues
are recorded when earned and expenses are recorded at the time liabilities are incurred. The City applies
all applicable Financial Accounting Standards Board pronouncements issued on or before November 30,
1989, except those that conflict with GASB pronouncements, in accounting and reporting for these funds.
All governmental funds are accounted for using a current financial resources measurement focus, which
generally includes only current assets and current liabilities on the balance sheet. The modified accrual
basis of accounting is used for these funds. Under the modified accrual basis, revenue is recognized when
susceptible to accrual, which is in the period in which it becomes both available (collectible within the
current period or soon thereafter to be used to pay liabilities of the current period) and measurable (the
amount of the transaction can be determined). Revenue accrued includes property taxes,
intergovernmental revenue, and interest earned on investments (if they are collected within 60 days after
the year-end). Expenditures are recorded when the related fund liability is incurred. Principal and interest
on long-term debt, as well as expenditures related to compensated absences and claims and judgments,
are recorded only when payment is due.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial resources of
the general government, except those required to be accounted for in another fund.
44
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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 and 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
statement because the resources of those funds are not available to support the City’s own programs. The
accounting used for fiduciary funds is much like that used for proprietary funds. The City has two
fiduciary funds which are maintained as agency funds, with no attempt to create an ongoing fund balance.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of
the City’s enterprise funds and of the City’s internal service funds are charges to customers for sales and
services. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
45
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
When both restricted and unrestricted resources are available for use, it is the government’s policy to use
restricted resources first, then unrestricted resources as they are needed.
Uses of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue, expenditures and expenses, as appropriate,
during the reporting period. Actual results could differ from these estimates. Material estimates that are
particularly susceptible to significant change in the near-term relate to the determination of landfill
closure and post-closure care costs, total capacity of the landfill at closure, and calculation of the costs of
claims incurred, but not reported.
Cash and Investments
The City maintains one primary demand deposit account through which the majority of its cash resources
are processed. Substantially all investment activity is carried on by the City in an investment pool, except
for those funds required to maintain their investments separately. The earnings on the pooled investments
are allocated to the funds on a systematic basis. All investments are stated at fair value except for the
Iowa Public Agency Investment Trust (IPAIT) which is valued at amortized cost pursuant to Rule 2a-7
under the Investment Company Act of 1940.
For the purpose of the Statement of Cash Flows, restricted and nonrestricted investments with a maturity
of three months or less when purchased are considered cash equivalents.
Receivables and Revenue Recognition
Property tax receivable is recognized in governmental funds on the levy or lien date, which is the date that
the tax asking is certified by the City to the County Board of Supervisors. Current year delinquent
property tax receivable represents unpaid taxes from the current year. The succeeding year property tax
receivable represents taxes certified by the City to be collected in the next fiscal year for the purposes set
out in the budget for the next fiscal year. By statute, the City is required to certify its budget to the County
Auditor by March 15 of each year for the subsequent fiscal year. However, by statute, the tax asking and
budget certification for the following fiscal year becomes effective on the first day of that year. Although
the succeeding year property tax receivable has been recorded, the related revenue is deferred in both the
government-wide and fund financial statements and will not be recognized as revenue until the year for
which it is levied.
Federal and state grants are recorded as receivables and the revenue is recognized during the period in
which the City fulfills the requirements for receiving the grant awards, as long as the susceptible to
accrual criteria are met.
Income from investments in all fund types and from charges for services in proprietary fund types is
recognized when earned. Licenses and permits, fines and forfeitures, fees and refunds, charges for
services (in governmental fund types), miscellaneous, and other revenues are recorded as revenue when
received in cash because they are generally not measurable until actually received.
46
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Inventories
Inventories are recognized only in those funds in which they are material to the extent of affecting
operations. For the City, these are the General Fund, Water Fund, and the Equipment Maintenance Fund.
Inventories are reported at the lower of cost (first-in, first-out) or market. The costs of governmental fund
type inventories are recorded as expenditures when purchased.
Capital Assets
Capital assets, which include property, buildings, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements. The City follows the policy of not
capitalizing an asset with an initial, individual cost of less than $50,000 for infrastructure assets and
$5,000 for remaining assets. Such assets are recorded at original purchase cost or at fair value at the date
of donation when received as donated properties.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Infrastructure 3 – 100 years
Buildings and structures 20 – 50 years
Improvements other than buildings 15 – 50 years
Vehicles 2 – 20 years
Other equipment 5 – 30 years
Bond Premiums and Discounts
Debt issued at a premium or discount is recorded net of the unamortized premium or discount. In the
governmental funds, premiums and discounts are recorded entirely as other financing sources or uses in
the year of issuance. In the proprietary funds and the government-wide statements, they are amortized
over the life of the bonds.
Compensated Absences
Permanent City employees accumulate vacation and sick leave hours for subsequent use or for payment
upon death, resignation, or retirement. The City pays its employees (except firefighters) one-half of the
accumulated sick leave at the time of termination on the basis of the employee’s then effective hourly
base salary, provided that the dollar amount of the payment may be up to, but not exceed, the amount that
an employee would be paid if the employee had terminated on June 28, 1985. Employees hired on or after
June 29, 1985, are not eligible for payment of accumulated sick leave upon termination, death, or
retirement.
Pensions
The provision for pension cost is recorded on the accrual basis (based on statutorily determined
contribution rates), and the City’s policy is to fund pension costs as they accrue.
47
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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 outlay
Business-type
b. The amount to be raised by property taxation
c. Income from sources other than property taxation
d. Transfers in and transfers out
The legal level of control (the level at which expenditures may not legally exceed appropriations) is the
function level for all funds combined, rather than at the individual fund level. Management can transfer
appropriations within a function, within a fund type, and between fund types, without the approval of the
governing body so long as the total budget by function area will not be exceeded. It is necessary,
therefore, to aggregate the expenditures of the budgeted activities within the governmental fund types
with the expenditures of the budgeted activities within the enterprise funds on a function basis, and to
compare such function totals to function budgeted totals in order to demonstrate legal compliance with
the budget. The City’s budget for revenue focuses on the individual fund revenue rather than on
aggregated fund totals.
The City formally adopts budgets for several funds that are not required by state law to be included in the
annual function budget. Annual operating budgets are adopted for the internal service funds for
management control purposes. Such budgets, however, are not legally required to be adopted under state
statutes. These budgets are adopted and amended at the same time and in the same manner as the City’s
annual function budget.
48
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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 $205,700,000 in revenues and
other financing sources and by $219,660,000 in expenditures and other financing uses. Appropriations as
adopted or amended, and not encumbered, lapse at the end of the fiscal year.
As allowed by GASB Statement No. 41, Budgetary Comparison Schedules – Perspective Differences, the
City presents budgetary comparison schedules as required supplementary information based on the
program structure of nine functional areas as required by state statute for its legally adopted budget.
Restricted Assets
Assets within the individual funds, which can be designated by the City Council for any use within the
fund’s purpose, are considered to be unrestricted assets. Assets, which are restricted for specific uses by
bonded debt requirements, grant provisions, or other requirements, are classified as restricted assets.
Liabilities, which are payable from restricted assets, are classified as such.
2. Compliance and Accountability
At June 30, 2009 the Capital Project Fund for bridge, street, and traffic control construction reported a
deficit fund balance of $1,883,000. 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 2010 to
cover the capital expenditures. At June 30, 2009 the Other Shared Revenue and Grants Fund reported a
deficit balance of $720,000. The deficit is due to flood expenditures related to home buyouts and down
payment assistance. The City will be receiving funds from the Iowa Department of Economic
Development and the Iowa Finance Authority to cover these expenditures.
3. Cash and Pooled Investments
The City’s deposits in banks at June 30, 2009 were entirely covered by federal depository insurance,
national credit union administration, or by the State Sinking Fund in accordance with Chapter 12C of the
Code of Iowa. This chapter provides for additional assessments against the depositories to insure there
will be no loss of public funds.
49
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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 $31,170,349 pursuant to Rule 2a-7 under the
Investment Company Act of 1940.
Interest rate risk. The City’s investment policy limits the investment of general and operating funds to
one year, unless a temporary extension of maturities is approved by the City Council. In such cases, the
average maturity of each fund’s portfolio shall not exceed 397 days. Funds not identified as operating
funds may be invested in instruments whose maturities do not exceed five years at the time of purchase.
Credit risk. State law limits investments to commercial paper and corporate bonds to the top two ratings
issued by nationally recognized statistical rating organizations. It is the City’s policy to comply with
rating restrictions. The investment in Iowa Public Agency Investment Trust is not rated by Moody’s
Investors service as it is a state security that is backed by the full faith and credit of the issuing
government and is not subject to credit risk.
Concentration of credit risk. The City investment policy limits the amount that may be invested in any
one issuer to a maximum amount approved by the City Council.
The aforementioned Iowa Public Agency Investment Trust (IPAIT) represents an investment in a pool
managed by others. IPAIT is a common trust established under Iowa law pursuant to Iowa Code Chapter
28E in 1987 to enable eligible Iowa public agencies to safely and effectively invest their available
operating and reserve funds. IPAIT is registered under the Investment Company Act of 1940.
The IPAIT portfolios have followed established money market mutual fund investment parameters
designed to maintain a $1 per unit net asset value since inception and were registered with the Securities
and Exchange Commission (SEC).
Due to legal and budgetary reasons, the general fund is assigned a portion of the investment earnings
associated with other funds. These funds are the employee benefits, other shared revenue, and sanitation
funds.
50
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2009, consisted of the following:
Community
Development Debt
Block Grant Service Sanitation Total
Advances to:
General -$ - $ 1,503,545 $ 1,503,545 $
Other Shared Revenue
and Grants - 218,275 - 218,275
Parking - - 2,450,183 2,450,183
Housing Authority 18,000 - - 18,000
Nonmajor enterprise - - 1,299,238 1,299,238
Total 18,000 $ 218,275 $ 5,252,966 $ 5,489,241 $
Advances from
Interfund balances at June 30, 2009, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans and land. $1,275,068 of the $1,299,238 advances to the
Nonmajor Enterprise Funds and $2,370,821 of the $2,450,183 advance to the Parking Fund are not
expected to be repaid within the next year. $1,287,850 of the $1,503,545 advances to the General Fund
and $207,973 of the $218,275 advance to the Other Shared Revenue and Grants Fund are not expected to
be repaid within the next year. None of the $18,000 advance to Housing Authority is expected to be
repaid within the next year.
51
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Interfund transfers for the year ended June 30, 2009, consisted of the following:
Other
Community Shared
Employee Development Revenue and Nonmajor
General Benefits Block Grant Grants Governmental
Transfer to:
General -$ 7,887,662 $ - $ 59,986 $ - $
Debt service 93,584 - - 63,262 2,727,402
Other shared revenue and grants 3,826 336,262 - - 93,798
Nonmajor governmental 359,191 - - 1,327,269 2,136,035
Wastewater treatment 137,774 - - - -
Water 110,542 - - - 352,236
Housing Authority - - 49,525 - -
Nonmajor enterprise 128,115 - - - 386,861
Internal Service 86,234 - - 46,021 -
Total Transfer to 919,266 $ 8,223,924 $ 49,525 $ 1,496,538 $ 5,696,332 $
Transfer from
(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.
52
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Wastewater Nonmajor Internal Total
Parking Treatment Water Sanitation Enterprise Service Transfer from
200,000 $ 171,757 $ 172,796 $ - $ 168,264 $ - $ 8,660,465 $
- - - - 28,486 - 2,912,734
- - - - - - 433,886
- 124,684 477,000 2,734 - 52,425 4,479,338
- - - 9,902 - 53 147,729
- - - - - 6,274 469,052
- - - - - 137 49,662
- - - - - - 514,976
5,250 - 47,895 91,731 - - 277,131
205,250 $ 296,441 $ 697,691 $ 104,367 $ 196,750 $ 58,889 $ 17,944,973 $
Transfer from
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
5. Capital Assets
Capital asset activity for the year ended June 30, 2009, was as follows:
Beginning
July 1, 2008
Acquisitions
and Transfers
Disposals and
Transfers
Balance June
30, 2009
Governmental activities:
Capital assets, not being depreciated:
Land 15,481,745 $ 2,313,900 $ 312,739 $ 17,482,906 $
Construction in progress 11,994,137 10,864,242 8,552,811 14,305,568
Total capital assets, not being depreciated 27,475,882 13,178,142 8,865,550 31,788,474
Capital assets, being depreciated:
Buildings 58,816,250 3,378,859 913,848 61,281,261
Improvements other than buildings 5,207,991 228,574 91,267 5,345,298
Machinery and equipment 35,799,591 3,224,628 1,785,874 37,238,345
Infrastructure 90,713,853 6,628,384 - 97,342,237
Total capital assets being depreciated 190,537,685 13,460,445 2,790,989 201,207,141
Less accumulated depreciation for:
Buildings 15,171,558 1,532,381 396,221 16,307,718
Improvements other than buildings 1,471,948 205,590 53,035 1,624,503
Machinery and equipment 23,380,199 2,714,174 1,245,002 24,849,371
Infrastructure 20,717,043 2,166,869 - 22,883,912
Total accumulated depreciation 60,740,748 6,619,014 1,694,258 65,665,504
Total capital assets, being depreciated, net 129,796,937 6,841,431 1,096,731 135,541,637
Governmental activities capital assets, net 157,272,819 $ 20,019,573 $ 9,962,281 $ 167,330,111 $
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Beginning
July 1, 2008
Acquisitions
and Transfers
Disposals and
Transfers
Balance June
30, 2009
Business-type activities:
Capital assets, not being depreciated:
Land 25,920,593 $ 55,000 $ 192,460 $ 25,783,133 $
Construction in progress 10,799,218 5,033,111 9,627,643 6,204,686
Total capital assets, not being depreciated 36,719,811 5,088,111 9,820,103 31,987,819
Capital assets, being depreciated:
Buildings 118,764,725 526,480 265,173 119,026,032
Improvements other than buildings 10,412,335 - 63,893 10,348,442
Machinery and equipment 21,511,385 247,791 60,122 21,699,054
Infrastructure 175,345,529 11,193,401 618,153 185,920,777
Total capital assets being depreciated 326,033,974 11,967,672 1,007,341 336,994,305
Less accumulated depreciation for:
Buildings 41,061,815 3,217,870 120,240 44,159,445
Improvements other than buildings 2,745,777 433,605 63,893 3,115,489
Machinery and equipment 11,207,464 1,271,241 44,442 12,434,263
Infrastructure 50,703,898 4,164,367 - 54,868,265
Total accumulated depreciation 105,718,954 9,087,083 228,575 114,577,462
Total capital assets, being depreciated, net 220,315,020 2,880,589 778,766 222,416,843
Business-type activities capital assets, net 257,034,831 $ 7,968,700 $ 10,598,869 $ 254,404,662 $
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 586,320 $
Public works 2,719,122
Culture and recreation 1,875,677
Community and economic development 37,060
General government 269,897
Internal service funds 1,130,938
Total depreciation expense - governmental activities 6,619,014 $
Business-type activities:
Parking 871,351 $
Wastewater treatment 4,154,961
Water 2,123,530
Sanitation 591,679
Housing authority 156,690
Nonmajor enterprise 1,155,537
Total depreciation expense - business-type activities 9,053,748 $
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
As a result from last year’s flood to the Iowa River it was determined that the City had multiple assets that
were impaired and recorded a total impairment loss of $820,510. The total amount of impairment was
calculated from the following funds: Governmental Activities $178,562, Water $618,153, and Sewer
$23,795. As of June 30th, 2009, the carrying value of the impaired assets is $2,102,950. As a result the
City did receive insurance proceeds and are broken out as follows: Governmental Activities $33,684,
Water $156,078, and Sewer $155,039.
6. Long Term Debt
Changes in Debt for Bonds
Bond debt activity for the year ended June 30, 2009, was as follows:
Due Within
July 1, 2008 Issues Retirements June 30, 2009 One Year
Governmental activities:
General obligation bonds $ 82,177,395 $ 30,035,000 $ 31,558,235 $ 80,654,160 $ 9,354,538
Plus: Unamortized
Premium 91,137 551,525 74,289 568,373 74,289
$ 82,268,532 $ 30,586,525 $ 31,632,524 $ 81,222,533 $ 9,428,827
Business-type activities:
General obligation bonds $ 4,912,605 -$ $ 571,765 $ 4,340,840 $ 590,462
Less: Unamortized
Discounts 26,895 - 3,842 23,053 3,842
Total general obligation bonds 4,885,710 - 567,923 4,317,787 586,620
Revenue bonds 95,345,000 49,805,000 57,335,000 87,815,000 5,275,000
Less: Unamortized
Discounts (Premium) 795,614 (834,874) 21,595 (60,855) 21,595
Total revenue bonds 94,549,386 50,639,874 57,313,405 87,875,855 5,253,405
$ 99,435,096 $ 50,639,874 $ 57,881,328 $ 92,193,642 $ 5,840,025
General Obligation Bonds
Various issues of general obligation bonds totaling $84,995,000 are outstanding as of June 30, 2009. The
bonds have interest rates ranging from 1.5% to 5.6% and mature in varying annual amounts ranging from
$90,000 to $2,195,000 per issue, with the final maturities due in the year ending June 30, 2023. Interest
and principal payments on all general obligation bonds, except tax abated portions recorded in the
enterprise funds, are accounted for through the Debt Service Fund.
Portions of several general obligation bond issues have been used to acquire or expand the enterprise fund
facilities. In some instances, revenue generated by the enterprise funds is used to pay the general long-
term debt principal and interest. The liability for those bonds that are expected to be paid by enterprise
funds is included in those funds.
56
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Annual debt service requirements to maturity for general obligation bonds are as follows:
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2010 9,354,538 3,063,930 590,462 161,826
2011 9,570,840 2,756,034 604,160 140,850
2012 9,877,143 2,427,730 622,857 119,247
2013 8,853,445 2,082,934 641,554 96,592
2014 8,558,446 1,771,924 636,555 71,997
2015-2019 29,249,748 4,396,151 1,245,252 80,623
2020-2024 5,190,000 541,079 - -
Total 80,654,160 $ 17,039,782 $ 4,340,840 $ 671,135 $
Governmental Activities Business-type Activities
On October 15, 2008, the City issued $17,005,000 of general obligation bonds for a current refunding of
$17,080,000 of general obligation bonds. The refunding was undertaken to reduce total future debt
service payments. The result of the transaction is a reduction of $1,649,714 in future debt service
payments and an economic gain of $1,416,867.
On June 8, 2009, the City issued $5,840,000 of general obligation bonds for a current refunding of
$6,060,000 of general obligation bonds. The refunding was undertaken to reduce total future debt service
payments. The result of the transaction is a reduction of $607,283 in future debt service payments and an
economic gain of $560,372.
Revenue Bonds
As of June 30, 2009, the following unmatured revenue bond issues are outstanding:
Wastewater
Parking Treatment Water
Original issue amount $ 11,350,000 $ 68,975,000 $ 25,365,000
Interest rates 5.9% to 6.0% 3.0% to 5.0% 2.0% to 4.65%
Annual maturities $ 390,000 to $ 260,000 to $ 330,000 to
$ 895,000 $ 3,010,000 $ 835,000
Amount outstanding $ 9,665,000 $ 54,770,000 $ 23,380,000
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Revenue bond debt service requirements to maturity are as follows:
Fiscal Year Ending Business-type Activities
June 30 Principal Interest
2010 5,275,000 3,924,037
2011 6,240,000 3,472,389
2012 6,575,000 3,231,351
2013 6,795,000 2,975,848
2014 5,035,000 2,746,075
2015-2019 28,625,000 10,356,513
2020-2024 24,635,000 3,697,709
2025-2029 4,635,000 190,744
87,815,000 $ 30,594,666 $
The revenue bond ordinances required that wastewater treatment, parking system, and water revenues be
set aside into separate and special accounts as they are received. The use and the amounts to be included
in the accounts are as follows:
Account Amount
(a) Revenue Bond and Interest Amount sufficient to pay current bond and interest maturities.
Sinking Reserve
(b) Revenue Debt Service Reserve Amount required to be deposited in the Revenue Bond and
Interest Reserve until the reserve fund equals: Parking Revenue
and Water Revenue bonds – maximum debt service due on the
bonds in any succeeding fiscal year. Wastewater Revenue
bonds – 125% of the average principal and interest payments
over the life of all the Wastewater Revenue bonds.
(c) Improvement Reserve $20,000 per month until the reserve balance equals or exceeds
$2,000,000 for Wastewater Revenue bonds, $5,000 per month
until the reserve balance equals or exceeds $300,000 for Parking
Revenue bonds and $450,000 for Water Revenue bonds, with no
further deposits once the minimum balance is reached. If the
reserve falls below the required minimum, monthly transfers in
the aforementioned amounts will resume.
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
On October 15, 2008, the City issued $24,280,000 of wastewater revenue bonds for a current refunding of
$24,810,000 of wastewater revenue bonds. The refunding was undertaken to reduce total future debt
service payments. The result of the transaction is a reduction of $3,245,227 in future debt service
payments and an economic gain of $2,516,712.
Also, on October 15, 2008, the City issued $7,115,000 of water revenue bonds for a current refunding of
$7,045,000 of water revenue bonds. The refunding was undertaken to reduce total future debt service
payments. The result of the transaction is a reduction of $571,390 in future debt service payments and an
economic gain of $424,441.
On May 18, 2009, the City issued $8,660,000 of wastewater revenue bonds for a current refunding of
$9,220,000 of wastewater revenue bonds on July 1, 2009. As a result, the refunded wastewater 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 $1,479,329 in future debt service payments and an economic gain of
$1,148,058.
Also, on May 18, 2009, the City issued $9,750,000 of water revenue bonds for a current refunding of
$9,895,000 of water revenue bonds on July 1, 2009. As a result, the refunded 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 $1,407,282 in future debt service payments and an economic gain of $1,040,086.
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2009, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2009
General Obligation Bonds:
Multi-Purpose and Library
Construction May 2002 29,100,000 $ 3.5 - 5.0 6/21 16,895,000 $
Refunded Multi-Purpose (1) Oct. 2002 10,600,000 2.5 - 4.0 6/15 2,470,000
Multi-Purpose Nov. 2003 5,570,000 2.5 - 3.6 6/14 2,710,000
Taxable-Urban Renewal Mar. 2004 7,305,000 4.0 - 5.4 6/23 6,660,000
Multi-Purpose Mar. 2005 7,020,000 3.0 - 4.0 6/15 4,505,000
Multi-Purpose Jun. 2006 6,265,000 3.625 - 4.0 6/16 4,690,000
Multi-Purpose Jun. 2006 1,000,000 5.5 - 5.6 6/16 765,000
Refunded Water
Construction (2) Sep. 2006 3,350,000 3.6 - 3.75 6/17 2,415,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 7,350,000
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 8,355,000
Refunded Multi-Purpose Oct. 2008 17,005,000 3.0 - 3.75 6/18 15,150,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 6,685,000
Taxable- Housing Improvemnts June 2009 505,000 1.5 - 3.0 6/14 505,000
Refunded Multi-Purpose June 2009 5,840,000 2.0 - 4.0 6/16 5,840,000
Total General Obligation Bonds 84,995,000 $
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2009
Revenue Bonds:
Parking Bonds Dec. 1999 11,350,000 $ 5.875 - 6.0 7/24 9,665,000 $
Wastewater Treatment
Bonds Dec. 2001 10,250,000 4.5 - 5.0 7/20 10,250,000
Refunded Wastewater
Treatment Bonds (3) Apr. 2002 25,785,000 3.25 - 4.1 7/12 11,580,000
Refunded Wastewater
Treatment Bonds (4) Oct. 2008 24,280,000 3.0 - 5.0 7/22 24,280,000
Refunded Wastewater
Treatment Bonds (5) May 2009 8,660,000 3.5 - 5.0 7/25 8,660,000
Water Bonds Oct. 2002 8,500,000 2.0 - 4.65 7/22 6,515,000
Refunded Water Bonds (6) Oct. 2008 7,115,000 3.0 - 4.375 7/24 7,115,000
Refunded Water Bonds (7) May 2009 9,750,000 4.0 - 4.5 7/25 9,750,000
Total Revenue Bonds 87,815,000
172,810,000 $
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
(1) This bond issue has a portion of the general obligation bonds payable shown as a liability on the
balance sheet of the Water Fund.
(2) This bond issue has the general obligation bonds payable shown as a liability on the balance sheet of
the Water Fund. Also, this bond issue refunds the November 1997 Water Construction General
Obligation Bonds.
(3) This bond issue refunds the January 1993 Wastewater Revenue Bonds.
(4) This bond issue refunds the March 1996, May 1997, and January 1999 Wastewater Revenue Bonds.
(5) This bond issue refunds the October 2000 Wastewater Revenue Bonds.
(6) This bond issue refunds the May 1999 Water Revenue Bonds.
(7) This bond issue refunds the December 2000 Water Revenue Bonds.
Conduit Debt Obligations
From time to time, the City has issued Industrial Development Revenue Bonds and Facility Refunding
Revenue Bonds to provide financial assistance to private sector entities for the acquisition, construction,
and renovation of industrial and commercial facilities deemed to be in the public interest. The bonds are
collateralized by the property financed and are payable solely from payments received on the underlying
mortgage loans. All payments on the bonds are made by the private sector entities directly to a bond
trustee, who is a third party financial institution, and in turn, disburses the payment to the respective bond
holders. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
financial statements.
As of June 30, 2009, there were two series of Industrial Development Revenue Bonds and Facility
Refunding Revenue Bonds outstanding, with an aggregate principal amount payable of $39,501,549.
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2009, the general obligation debt issued by the City did not exceed its legal debt margin
computed as follows:
Assessed valuation:
Real property $ 4,215,084,214
Utilities 65,749,643
Total valuation $ 4,280,833,857
Debt limit, 5% of total assessed valuation $ 214,041,693
Debt applicable to debt limit:
General obligation bonds 84,995,000
Legal debt margin $ 129,046,693
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
7. Other Long-term Liabilities
Notes Payable
Changes in Long-Term Liabilities - Notes Payable
Note Payable activity for the year ended June 30, 2009, was as follows:
Due Within
July 1, 2008 Issues Retirements June 30, 2009 One Year
Governmental activities: 211,000 - - 211,000 -
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
Changes in Long-Term Liabilities - Employee Vested benefits
Employee Vested Benefits activity for the year ended June 30, 2009, was as follows:
Due Within
July 1, 2008 Issues Retirements June 30, 2009 One Year
Governmental activities: $ 1,962,290 1,117,493 $ 1,049,665 $ 2,030,118 $ 1,087,269 $
Business-type activities: $ 494,369 $ 282,016 265,936 $ $ 510,449 278,551 $
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund.
Landfill Closure / Post-Closure Care Costs
Changes in Long-Term Liabilities - Landfill Closure Post-closure Care Costs
Landfill Closure Post-closure care activity for the year ended June 30, 2009, was as follows:
Due Within
July 1, 2008 Issues Retirements June 30, 2009 One Year
Business-type activities: $ 10,097,691 $ 548,244 -$ $ 10,645,935 -$
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.
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
The estimated liability for landfill closure and post-closure care costs as of June 30, 2009, is
approximately $10,645,935, which is based on 81.9% usage (filled) of the landfill and is included in
accrued liabilities within the Sanitation Fund. It is estimated that an additional amount of approximately
$4,688,700 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, 2009, was
determined by engineers from Howard R. Green Company and approximated $12,998,700. 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, 2009. 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, 2009, the Sanitation Fund had $12,033,534 in related
equity in pooled cash and investments, at fair value designated for satisfaction of post-closure costs. The
City estimates that these cash reserves will only provide a fraction of the dollars needed to close and
monitor the landfill. The remaining portion of post-closure care costs, anticipated future inflation costs
and additional costs that might arise from changes in post-closure requirements (due to changes in
technology or more rigorous environmental regulations, for example) may need to be covered by charges
to future landfill users as well as City taxpayers.
Other Post Employment Benefits
Changes in Long-Term Liabilities - Other Post Employment Benefits
Due Within
July 1, 2008 Issues Retirements June 30, 2009 One Year
Governmental activities: $ - $ 464,700 $ - $ 464,700 $ -
Business-type activities: $ - $ 201,091 $ - $ 201,091 $ -
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 two self-funded medical and dental plans, one for Police and Fire
Union employees and one for all other employees, which are 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.
63
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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.
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 plans 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 plans members in the future.
As of the July 1, 2008 actuarial valuation date, the actuarial cost method used is the entry age normal
method. The actuarial assumption includes a 4% discount rate. The projected annual medical trend rate
is 10.5%. The ultimate medical trend rate is 6%. The medical trend rate is reduced by 0.5% each year
until reaching the 6% ultimate trend rate. The projected annual dental trend rate is 6.0%. The ultimate
dental trend rate is 4%. The dental trend rate is 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 $980.70 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.
8. Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
workplace accidents, errors and omissions; and natural disasters. During fiscal year 1988 the City
established the Loss Reserve Fund, an internal service fund, to account for and finance its uninsured risks
of loss. During the year ended June 30, 2009 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 sixteen fiscal years.
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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, 2009 based on the requirements of GASB Statement No.
10, as amended, which requires that a liability for claims be reported if information prior to the issuance
of the financial statements indicates that it is probable that a liability has been incurred at the date of the
financial statements and the amount of the loss can be reasonably estimated. Changes in the Loss Reserve
Fund’s claims liability amount for property, liability, and workers’ compensation for the years ended
June 30, 2009 and 2008 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2007 – 2008 $ 1,237,000 $ 876,000 $ 813,000 $ 1,300,000
2008 – 2009 1,300,000 889,000 952,000 1,237,000
Also, the City is partially self-insured, through stop-loss insurance, for employee health care coverage,
which is available to all of its permanent employees. This insurance provides stop-loss coverage for
claims in excess of $100,000 per employee with an aggregate stop-loss of $7,355,786. 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, 2009 and
2008 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2007 – 2008 $ 589,000 $ 5,901,000 $ 5,802,000 $ 688,000
2008 – 2009 688,000 6,649,000 6,500,000 837,000
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
9. Contractual Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2009 are as follows:
Project Amount
Bridge, street and traffic Paving and bridge construction, 2,054,138 $
control construction engineering design and consulting
Other construction Public works construction, culture & recreation
construction, and fire station construction 402,027
Water Water main construction 139,708
Parking Garage access controls and repair & maintenance 121,516
Sanitation Landfill consulting 416,608
Airport Runway extension consulting, grading and paving 3,211,097
6,345,094 $
Fund
10. Contingent Liabilities
Litigation
The City is a defendant in a number of lawsuits arising principally from claims against the City for
alleged improper actions by City employees, with such lawsuits typically involving claims of improper
police action, unlawful taking of property by zoning, negligence, appeals of condemnations, and
discrimination. Total damages claimed are substantial; however, it has been the City’s experience that
such actions are settled for amounts substantially less than claimed amounts. The City’s management
estimates that the potential claims against the City, not covered by various insurance policies, would not
materially affect the financial condition of the City. The City has the authority to levy additional taxes
(outside the regular limit) to cover uninsured judgments against the City.
11. Pension and Retirement Systems
Municipal Fire and Police Retirement System of Iowa
The City is a participating employer in the Municipal Fire and Police Retirement System of Iowa
(MFPRSI or the Plan), which is a cost-sharing multiple-employer defined benefit public police and fire
employees retirement system. All fire fighters and police officers appointed under civil service participate
in the Plan. The Plan provides retirement, disability, and death benefits that are established under state
statute. The Plan issues a publicly available financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to Municipal Fire and Police
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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, 2009,
members contributed 9.35%. The City’s contribution rate is based upon an actuarially determined normal
contribution rate. The normal contribution rate is provided by state statute to be the actuarial liabilities of
the plan less current plan assets, the total then being divided by 1% of the actuarially determined present
value of prospective future compensation of all members, further reduced by member contributions.
Legislatively appropriated contributions from the state to the plan may further reduce the City’s
contribution rate. However, the City’s contribution rate may not be less than 17% of earnable
compensation.
The City was required to contribute 18.75% of earnable compensation of each member in 2009, 25.48%
of earnable compensation in 2008, and 27.75% of earnable compensation in 2007. The contributions paid
by the City for the years ended June 30, 2007, 2008, and 2009, were $1,954,182, $1,910,454, and
$1,434,031 respectively, and was equal to the required contributions for each year.
Iowa Public Employees Retirement System
The City contributes to the Iowa Public Employees Retirement System (IPERS), which is a cost-sharing
multiple-employer defined benefit pension plan administered by the State of Iowa. IPERS provides
retirement and death benefits, which are established by State statute to plan members and beneficiaries.
IPERS issues a publicly available financial report that includes financial statements and required
supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117, Des
Moines, Iowa 50306-9117.
All employees, except temporary employees of six months or less of employment duration, who do not
participate in any other public retirement system in the state are eligible and must participate in IPERS.
The pension plan provides retirement and death benefits that are established by state statute. Generally, a
member may retire at the age of 65, or any time after age 62 and 20 years or more of service, or when age
plus years of service equals or exceeds 88, and receive unreduced (for age) benefits. Members may also
retire at the age of 55 or more at reduced benefits. Benefits vest after four years of service or after
attaining the age of 55. Full benefits are equal to 60% of the average of the highest three years of covered
wages times years of service divided by 30.
Plan members are required to contribute 4.10% of their annual covered salary and the City is required to
contribute 6.35% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2007, 2008, and 2009, were $1,384,110,
$1,534,552, and $1,668,173 respectively, and were equal to the required contributions for each year.
68
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
12. Municipal Utility Systems
Water System
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer Service,
Distribution, and Public Information/Education. There are a total of 32.75 (FTE) employees who work in
the Water Division. This division serves 67,831 people and has over 22,000 customers. The average
daily use for 2009 was 5.51 million gallons per day (MGD). A peak flow of 10.6 MGD was experienced
during the summer of 1989.
Water Sources : The primary source of water for the City is the alluvial collector wells along the Iowa
River. Four collector wells can provide approximately 11.0 MGD. Additional sources include two
Jordan aquifer wells which can provide 2.0 MGD; four Siluran aquifer wells which can provide 1.0
MGD; a sand pit that can provide 3.0 MGD; a river intake that can provide 3.0 MGD; for a total of
approximately 20 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 charcoal 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.
Distribution System : The water flows through approximately 288 miles of water mains and includes over
25,000 service connections. The distribution piping consists of cast iron, ductile and PVC main that
ranges in size from 2” to 30”. The treatment plant site has effective water storage capacity of 1.75 million
gallons of water; in addition there are four remote ground storage reservoirs (with pumping stations) that
add up to remote effective storage capacity of 6.0 million gallons of water. The water system also
provides for fire protection with approximately 3,100 hydrants located throughout the community.
Billing and Collections : Customers are billed monthly on a combined utility statement which includes
charges for sewer, water, solid waste, and curbside recycling. Under present City policy and City
ordinances, utility bills are due when received but contain a delinquency date which provides 15 days for
payment. If payment is not made in full within 22 days, a notice is mailed which allows 25 calendar days
before service is disconnected. The City’s bad debt write-offs have been less than 0.5% of gross revenues
for the past three years.
Rates:
The following rates and charges were effective July 1, 2008.
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
69
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
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.
2000 10%
2001 0%
2002 0%
2003 - 5%
2004 - 5%
2005 0%
2006 0%
2007 - 5%
2008 0%
2009 0%
70
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Financial Information : The following table summarizes the results of operations for the Water System for
the fiscal years ended June 30, 2009, 2008, and 2007.
2009 2008 2007
Operating Revenues:
Charges for services 8,107 $ 8,195 $ 8,240 $
Miscellaneous 86 134 51
Total operating revenues 8,193 8,329 8,291
Operating Expenses:
Personal services 2,316 2,160 2,091
Commodities 768 1,348 1,463
Services and charges 2,642 1,840 1,802
5,726 5,348 5,356
Depreciation 2,124 2,065 2,024
Total operating expenses 7,850 7,413 7,380
Operating income 343 916 911
Nonoperating Revenues (Expenses):
Loss on disposal of capital assets - (2) -
Operating Grants 15 - -
Interest income 625 931 929
Interest expense (1,351) (1,426) (1,549)
Total nonoperating revenues (expenses) (711) (497) (620)
Income before capital contributions
and transfers (368) 419 291
Capital contributions 132 314 845
Transfers in 469 689 3,045
Transfers out (698) (820) (237)
Change in net assets (465) 602 3,944
Net Assets, Beginning 60,606 60,004 56,060
Net Assets, Ending 60,141 $ 60,606 $ 60,004 $
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
71
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
The following table summarizes the budget and actual figures for the Water System for the fiscal year
ended June 30, 2008 and the budget for the fiscal year ended June 30, 2009 on a cash basis.
FY10
Actual Budget Percentage Budget
Charges for services 8,144 $ 8,425 $ 96.66% 8,390 $
Interest income 561 1,025 54.73% 515
Miscellaneous 92 49 187.76% 1,799
Operating grants - 169 0.00% 1,749
Bond sales 16,952 17,251 98.27% -
Total Receipts 25,749 $ 26,919 $ 95.65% 12,453 $
Personal services 2,353 $ 2,371 $ 99.24% 2,492 $
Commodities 652 768 84.90% 708
Services and charges 2,185 2,582 84.62% 2,574
Capital outlay 994 4,318 23.02% 4,502
Transfer to capital project funds 477 1,101 43.32% 1,524
Operating subsidy 17 17 100.00% 20
Debt service payments 19,790 20,152 98.20% 2,833
Total Disbursements 26,468 $ 31,309 $ 84.54% 14,653 $
WATER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2009
(amounts expressed in thousands)
Sewer System
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately 300 miles
of sanitary sewers, 14 lift stations, and 2 treatment plants. There are a total of 25.60 (FTE) employees
who work in the Wastewater Division. This division serves 67,831 people and has over 23,000
customers. The average daily treatment for 2009 was 12.34 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 treatment to the South Plant and control all operations remotely through computer systems. The
combined wastewater treatment system has a maximum daily capacity of 41.00 MGD. Both plants are in
compliance with federal clean water standards.
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.
72
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Rates:
The following rates and charges were effective July 1, 2008.
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.
2000 20%
2001 5%
2002 5%
2003 0%
2004 0%
2005 0%
2006 0%
2007 8%
2008 0%
2009 5%
73
74
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
The following table summarizes the budget and actual figures for the Sewer System for the fiscal year
ended June 30, 2008 and the budget for the fiscal year ended June 30, 2009 on a cash basis.
FY10
Actual Budget Percentage Budget
Charges for services 12,611 $ 13,575 $ 92.90% 13,413 $
Interest income 1,411 915 154.21% 672
Miscellaneous 84 - 0.00% -
Operating grants - 1,063 0.00% 20,563
Local option sales tax - - 0.00% 3,900
Bond sales 33,590 34,365 97.74% -
Total Receipts 47,696 $ 49,918 $ 95.55% 38,548 $
Personal services 1,778 $ 1,802 $ 98.67% 1,895 $
Commodities 564 473 119.24% 580
Services and charges 2,476 2,461 100.61% 2,578
Capital outlay 275 2,300 11.96% 27,884
Transfer to capital project funds 125 500 25.00% 624
Operating subsidy 17 17 100.00% 20
Debt service payments 40,822 41,513 98.34% 6,883
Total Disbursements 46,057 $ 49,066 $ 93.87% 40,464 $
SEWER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2009
(amounts expressed in thousands)
13. Subsequent events
On November 23, 2009, the City of Iowa City received and awarded capital loan notes for Parking
Revenue Refunding Capital Loan Notes, Series 2009F in the amount of $9,110,000. The notes were
issued to current refund on November 23, 2009, $9,275,000 of the City’s outstanding Parking Revenue
Bonds, Series 1999, dated December 1, 1999.
14. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued seven statements not yet
implemented by the City. The statements, which might impact the City are as follows:
Statement No. 51, Accounting and Financial Reporting for Intangible Assets , issued June 2007, will be
effective for the fiscal year ending June 30, 2010. This statement requires that all intangible assets not
specifically excluded by its scope be classified as capital assets.
Statement No. 53, Accounting and Financial Reporting for Derivative Instruments , issued June 2008, will
be effective for the fiscal year ending June 30, 2010. This statement addresses the recognition,
measurement, and disclosure of information regarding derivative instruments entered into by state and
local governments.
75
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2009
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions , issued February
2009, will be effective for the fiscal year ending June 30, 2011. This Statement establishes new standards
for fund balance classifications based primarily on the extent to which a government is bound to observe
constraints imposed upon the use of the resources reported in governmental funds.
The City’s management has not yet determined the effect these statements will have on the City’s
financial statements.
76
77
Governmental
Fund Types Enterprise Fund
Actual Budgetary Types Actual Total Actual
Basis Budgetary Basis Budgetary Basis
Revenues:
Property Tax 43,137 $ - $ 43,137 $
Tax increment financing taxes 3,693 - 3,693
Other city taxes 1,597 - 1,597
Licenses and permits 1,272 8 1,280
Intergovernmental 21,353 10,696 32,049
Charges for services 4,758 34,830 39,588
Use of money and property 1,543 3,379 4,922
Miscellaneous 3,412 2,090 5,502
Total revenues 80,765 51,003 131,768
Expenditures/Expenses:
Public safety 20,025 - 20,025
Public works 11,958 - 11,958
Culture and recreation 10,577 - 10,577
Community and economic development 13,893 - 13,893
General government 7,183 - 7,183
Debt service 35,740 - 35,740
Capital outlay 12,693 - 12,693
Business-type - 76,186 76,186
Total expenditures/expenses 112,069 76,186 188,255
Excess (deficiency) of revenues over
(under) expenditures/expenses (31,304) (25,183) (56,487)
Other financing sources and uses, net 32,647 49,801 82,448
Net change in fund balances 1,343 24,618 25,961
Balances, beginning of year 47,221 78,239 125,460
Balances, end of year 48,564 102,857 151,421
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, 2009
(dollar amounts expressed in thousands)
BUDGETARY BASIS
78
Final to Actual
Variance -
Positive
Original Final (Negative)
43,168 $ 43,168 $ (31) $
2,478 3,809 (116)
1,587 1,586 11
1,308 1,308 (28)
22,537 63,944 (31,895)
40,342 39,926 (338)
5,504 5,150 (228)
5,698 6,722 (1,220)
122,622 165,613 (33,845)
18,116 26,277 6,252
12,577 13,467 1,509
11,332 11,603 1,026
5,051 31,023 17,130
8,183 8,264 1,081
12,662 36,660 920
12,863 28,611 15,918
60,429 118,228 42,042
141,213 274,133 85,878
(18,591) (108,520) 52,033
9,619 85,587 (3,139)
(8,972) (22,933) 48,894
104,586 125,460
95,614 102,527
Budgeted Amounts
79
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 80,765 $ (943) $ 79,822 $
Expenditures 112,069 (25,848) 86,221
Net (31,304) 24,905 (6,399)
Other financing sources (uses) 32,647 (24,546) 8,101
Beginning Fund Balances 47,221 $ (6,800) $ 40,421 $
Ending Fund Balances 48,564 $ (6,441) $ 42,123 $
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 51,003 $ (4,229) $ 46,774 $
Expenditures 76,186 (33,307) 42,879
Net (25,183) 29,078 3,895
Other financing sources (uses) 49,801 (46,414) 3,387
Beginning Fund Balances 78,239 152,581 $ 230,820
Ending Fund Balances 102,857 $ 135,245 $ 238,102 $
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, 2009
(dollar amounts expressed in thousands)
80
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2009
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 $42,991,000 and expenditures by
$175,911,000. The budget amendments were primarily due to changes in breadth and timing of capital
improvement projects and repair and clean-up costs and related grants due to the flood in the summer of
2008.
81
82
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds account for revenues derived from specific sources that are required to be
accounted for as separate funds. The funds in this category and their purpose are as follows:
Other Shared Revenue and Grants Fund – accounts for revenue from various sources, primarily road
use tax monies from the State of Iowa and reimbursable programs funded by federal and state grants.
Economic Development Fund – accounts for revenue and expenditures of economic development
activities.
Johnson County Council of Governments Fund – accounts for the financial activities of the
metropolitan/rural cooperative planning organization.
CAPITAL PROJECTS FUNDS
Capital Projects Funds are utilized to account for all resources used in the acquisition and construction of
capital facilities and other major fixed assets, with the exception of those that are financed by proprietary
fund monies. The fund in this category is as follows:
Other Construction Fund – accounts for the construction or replacement of other City general fixed
assets, such as administrative buildings with various funding sources, including general obligation bonds,
intergovernmental revenues and contributions.
83
Bridge,
Johnson Street, and
County Traffic
Economic Council of Control Other
Development Governments Construction Construction Total
Assets
Equity in pooled cash and investments 325 $ 49 $ 637$ 213$ 1,224$
Receivables:
Property tax 29 - - - 29
Accounts and unbilled usage - - 155 5 160
Interest 24 - - 18 42
Due from other governments - 39 2,061 403 2,503
Restricted assets:
Equity in pooled cash and investments - - - 14,634 14,634
Total assets 378$ 88 $ 2,853$ 15,273$ 18,592$
Liabilities and Fund Balances
Liabilities:
Accounts payable -$ 1$ 13 $ 142$ 156$
Contracts payable - - 686 340 1,026
Accrued liabilities - 22 21 8 51
Due to other governments - - 1,963 - 1,963
Deferred revenue - - 2,053 412 2,465
Total liabilities - 23 4,736 902 5,661
Fund balances:
Reserved for:
Encumbrances - - - 1,528 1,528
Unreserved
Undesignated 378 65 (1,883) 12,843 11,403
Total fund balances 378 65 (1,883) 14,371 12,931
Total liabilities and fund balances 378$ 88 $ 2,853$ 15,273$ 18,592$
Capital Projects Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2009
(amounts expressed in thousands)
84
Bridge,
Johnson Street, and
County Traffic
Economic Council of Control Other
Development Governments Construction Construction Total
Revenues
Property taxes 3,688 $ -$ -$ -$ 3,688 $
Intergovernmental - 272 2,107 194 2,573
Use of money and property 36 - 20 244 300
Miscellaneous 40 3 31 13 87
Total revenues 3,764 275 2,158 451 6,648
Expenditures
Current:
Public safety - - - 547 547
Public works - - 1,044 96 1,140
Culture and recreation - - - 205 205
Community and economic
development 1,031 614 - 39 1,684
General government - - - 73 73
Capital outlay - 4 4,592 4,890 9,486
Total expenditures 1,031 618 5,636 5,850 13,135
Excess (deficiency) of revenues over
(under) expenditures 2,733 (343) (3,478) (5,399) (6,487)
Other Financing Sources (Uses)
Issuance of bonds - - - 7,190 7,190
Sale of capital assets - - - 360 360
Premium on issuance of bonds - - - 159 159
Transfers in - 338 3,862 279 4,479
Transfers out (2,727) - (672) (2,297) (5,696)
Total other financing sources
and (uses) (2,727) 338 3,190 5,691 6,492
Net change in fund balances 6 (5) (288) 292 5
Fund Balances, Beginning 372 70 (1,595) 14,079 12,926
Fund Balances, Ending 378 $ 65 $ (1,883) $ 14,371 $ 12,931 $
Capital Projects Special Revenue
For the Year Ended June 30, 2009
(amounts expressed in thousands)
NONMAJOR GOVERNMENTAL FUNDS
AND CHANGES IN FUND BALANCES
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
CITY OF IOWA CITY, IOWA
85
86
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.
87
Cable
Airport Stormwater Television Total
Assets
Current assets:
Equity in pooled cash and investments 80 $ 1,349 $ 1,154 $ 2,583 $
Receivables:
Accounts and unbilled usage - 67 177 244
Interest 1 9 9 19
Due from other governments 624 - - 624
Total current assets 705 1,425 1,340 3,470
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 9 - 111 120
Capital assets:
Land 7,324 2,156 - 9,480
Buildings 3,563 - 741 4,304
Improvements other than buildings 357 - - 357
Machinery and equipment 281 260 94 635
Infrastructure 7,122 34,024 - 41,146
Accumulated depreciation (3,706) (7,072) (276) (11,054)
Construction in progress 3,243 340 - 3,583
Total noncurrent assets 18,193 29,708 670 48,571
Total assets 18,898 31,133 2,010 52,041
Liabilities
Current liabilities:
Accounts payable 35 123 112 270
Contracts payable 591 - - 591
Accrued liabilities 3 14 44 61
Total current liabilities 629 137 156 922
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 9 - - 9
Advances from other funds 1,299 - - 1,299
Other Post Employment Benefits Obligation 1 2 10 13
Total noncurrent liabilities 1,309 2 10 1,321
Total liabilities 1,938 139 166 2,243
Net Assets
Invested in capital assets, net of related debt 18,184 29,708 559 48,451
Unrestricted (1,224) 1,286 1,285 1,347
Total net assets 16,960 $ 30,994 $ 1,844 $ 49,798 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
June 30, 2009
88
Cable
Airport Stormwater Television Total
Operating Revenues:
Charges for services 248 $ 622 $ 788 $ 1,658 $
Miscellaneous 29 3 - 32
Total operating revenues 277 625 788 1,690
Operating Expenses:
Personal services 61 155 479 695
Commodities 20 202 27 249
Services and charges 198 157 90 445
279 514 596 1,389
Depreciation 415 709 32 1,156
Total operating expenses 694 1,223 628 2,545
Operating income (loss) (417) (598) 160 (855)
Nonoperating Revenues (Expenses):
Operating grants 2 - - 2
Interest income - 30 27 57
Total nonoperating revenues (expenses) 2 30 27 59
Income (loss) before capital contributions
and transfers (415) (568) 187 (796)
Capital contributions 3,239 68 - 3,307
Transfers in 195 320 - 515
Transfers out (37) - (160) (197)
.
Change in net assets 2,982 (180) 27 2,829
Net Assets, Beginning 13,978 31,174 1,817 46,969
Net Assets, Ending 16,960 $ 30,994 $ 1,844 $ 49,798 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2009
AND CHANGES IN FUND NET ASSETS
89
Cable
Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 280 $ 626 $ 795 $ 1,701 $
Payments to suppliers (262) (284) (113) (659)
Payments to employees (67) (146) (479) (692)
Net cash flows from operating activities (49) 196 203 350
Cash Flows From Noncapital Financing Activities
Transfers from other funds 195 320 - 515
Transfers to other funds (37) - (160) (197)
Advances from other funds 94 - - 94
Net cash flows from noncapital financing activities 252 320 (160) 412
Cash Flows From Capital and Related Financing
Activities
Capital grants received 3,249 - - 3,249
Acquisition and construction of property and equipment (3,475) (428) (6) (3,909)
Proceeds from sale of property - 6 - 6
Net cash flows from capital and related financing
activities (226) (422) (6) (654)
Cash Flows From Investing Activities
Interest on investments 12 31 30 73
Net increase (decrease) in cash and cash equivalents (11) 125 67 181
Cash and Cash Equivalents, Beginning 100 1,224 1,198 2,522
Cash and Cash Equivalents, Ending 89 $ 1,349 $ 1,265 $ 2,703 $
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss) (417) $ (598) $ 160 $ (855) $
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 415 709 32 1,156
Changes in:
Receivables:
Accounts and unbilled usage 4 1 7 12
Accounts payable (44) 75 4 35
Accrued liabilities (7) 7 (10) (10)
Deposits (1) - - (1)
Other Post Employment Benefits Obligation 1 2 10 13
Total adjustments 368 794 43 1,205
Net cash flows from operating activities (49) $ 196 $ 203 $ 350 $
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 68 $ -$ 68 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2009
90
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.
91
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Assets
Current assets:
Equity in pooled cash and investments 6,721 $ 608 $ 6,979 $ 2,697 $ 17,005 $
Receivables:
Interest 47 4 57 20 128
Due from other governments 55 - - - 55
Inventories 332 - - - 332
Total current assets 7,155 612 7,036 2,717 17,520
Noncurrent assets:
Capital assets:
Land 45 - - - 45
Buildings 578 - - 253 831
Improvements other than buildings 50 - - - 50
Machinery and equipment 11,528 226 8 1,401 13,163
Infrastructure - - - 1,006 1,006
Accumulated depreciation (8,306) (134) (2) (1,442) (9,884)
Construction in progress 199 - - - 199
Total noncurrent assets 4,094 92 6 1,218 5,410
Total assets 11,249 704 7,042 3,935 22,930
Liabilities
Current liabilities:
Accounts payable 175 21 34 31 261
Accrued liabilities 102 3 2,084 91 2,280
Total current liabilities 277 24 2,118 122 2,541
Noncurrent liabilities:
Other Post Employment Benefits Obligation (17) 1 (17) 21 (12)
Total liabilities 260 25 2,101 143 2,529
Net Assets
Invested in capital assets, net of related debt 4,094 92 6 1,218 5,410
Unrestricted 6,895 587 4,935 2,574 14,991
Total net assets 10,989 $ 679 $ 4,941 $ 3,792 $ 20,401 $
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2009
92
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 4,847 $ 344 $ 8,399 $ 1,882 $ 15,472 $
Miscellaneous - - 17 - 17
Total operating revenues 4,847 344 8,416 1,882 15,489
Operating Expenses:
Personal services 831 41 152 986 2,010
Commodities 2,004 21 13 223 2,261
Services and charges 423 221 8,786 465 9,895
3,258 283 8,951 1,674 14,166
Depreciation 956 19 1 155 1,131
Total operating expenses 4,214 302 8,952 1,829 15,297
Operating income (loss) 633 42 (536) 53 192
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 45 (1) - - 44
Interest income 148 15 178 72 413
Total nonoperating revenues (expenses) 193 14 178 72 457
Income (loss) before capital contributions
and transfers 826 56 (358) 125 649
Capital contributions 4 - - - 4
Transfers in 277 - - - 277
Transfers out - - - (59) (59)
Change in net assets 1,107 56 (358) 66 871
Net Assets, Beginning 9,882 623 5,299 3,726 19,530
Net Assets, Ending 10,989 $ 679 $ 4,941 $ 3,792 $ 20,401 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2009
AND CHANGES IN FUND NET ASSETS
93
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Cash Flows From Operating Activities
Receipts from customers and users 4,964 $ 344 $ 8,416 $ 1,882 $ 15,606 $
Payments to suppliers (2,729) (227) (8,891) (861) (12,708)
Payments to employees (831) (39) (80) (956) (1,906)
Net cash flows from operating activities 1,404 78 (555) 65 992
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 277 - - - 277
Operating transfers to other funds - - - (59) (59)
Net cash flows from noncapital financing
activities 277 - - (59) 218
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (951) (42) - (9) (1,002)
Proceeds from sale of property 51 - - 4 55
Net cash flows from capital and related
financing activities (900) (42) - (5) (947)
Cash Flows From Investing Activities
Interest on investments 149 16 188 75 428
Net increase in cash and cash
equivalents 930 52 (367) 76 691
Cash and Cash Equivalents, Beginning 5,791 556 7,346 2,621 16,314
Cash and Cash Equivalents, Ending 6,721 $ 608 $ 6,979 $ 2,697 $ 17,005 $
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 633 $ 42 $ (536) $ 53 $ 192 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 956 19 1 155 1,131
Changes in:
Receivables:
Accounts and unbilled usage 3 - - - 3
Due from other governments 114 - - - 114
Inventories (11) - - - (11)
Accounts payable (291) 15 (92) (173) (541)
Accrued liabilities 17 1 89 9 116
Other Post Employment Benefits
Obligation (17) 1 (17) 21 (12)
Total adjustments 771 36 (19) 12 800
Net cash flows from operating activities 1,404 $ 78 $ (555) $ 65 $ 992 $
Noncash Investing, Capital, and Financing
Activities:
Contributions of fixed assets from
government and others 4 $ - $ - $ - $ 4 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2009
94
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.
95
Balance Balance
July 1, 2008 Increases Decreases June 30, 2009
Project Green
Assets
Equity in pooled cash and investments 212 $ 67 $ 49 $ 230 $
Interest receivable 2 2 2 2
Total assets 214$ 69 $ 51 $ 232$
Liabilities
Due to agency 214$ 69 $ 51 $ 232 $
Total liabilities 214$ 69 $ 51 $ 232$
Library Foundation
Assets
Equity in pooled cash and investments 4 $ 9 $ 9 $ 4 $
Accounts receivable 5 1 - 6
9$ 10 $ 9$ 10 $
Liabilities
Accrued liabilities 9$ 10 $ 9 $ 10 $
Total liabilities 9$ 10 $ 9$ 10 $
Total Agency Funds
Assets
Equity in pooled cash and investments 216 $ 76 $ 58 $ 234 $
Accounts receivable 5 1 - 6
Interest receivable 2 2 2 2
Total assets 223$ 79 $ 60 $ 242$
Liabilities
Accrued liabilities 9$ 10 $ 9 $ 10 $
Due to agency 214 69 51 232
Total liabilities 223$ 79 $ 60 $ 242$
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2009
AGENCY FUNDS
96
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 99
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 104
These schedules contain information to help the reader assess the
government’s most significant local revenue source, the property tax.
Debt Capacity 114
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 124
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 126
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.
97
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103
CITY OF IOWA CITY, IOWA
GENERAL GOVERNMENT TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(Modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
Year Property Tax Road Use Tax Hotel/Motel Tax Total
2000 24,271 4,928 554 29,753
2001 27,071 4,852 497 32,420
2002 28,623 5,077 646 34,346
2003 31,966 5,103 559 37,628
2004 34,958 5,311 580 40,849
2005 36,076 5,269 611 41,956
2006 38,336 5,303 674 44,313
2007 42,221 5,305 683 48,209
2008 44,101 5,432 734 50,267
2009 47,861 5,254 713 53,828
104
CITY OF IOWA CITY, IOWA
ASSESSED AND TAXABLE VALUE OF PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
Fiscal Taxable Property Total Taxable Total
Year Ended Assessed Value/ Exempt Assessed Direct
June 30 Estimated Actual Value 1 Property Value 2 Value Tax Rate
2000 2,699,944 136,493 2,563,451 13.851
2001 2,920,580 137,713 2,782,867 14.757
2002 2,975,254 152,991 2,822,263 14.850
2003 3,214,973 155,407 3,059,566 16.813
2004 3,322,001 176,188 3,145,813 17.596
2005 3,834,435 181,186 3,653,249 17.314
2006 3,953,781 183,799 3,769,982 17.729
2007 4,280,834 212,203 4,068,631 17.302
2008 4,365,626 215,955 4,149,671 17.297
2009 4,424,355 217,904 4,206,451 17.717
Sources:
1Johnson County Abstract Assessment
2City of Iowa City Assessor's Office - Annual Report
Notes:
Property is reassessed in the odd numbered years to make adjustments to all property values, according to current market
values.
As per the Code of Iowa, all real and tangible personal property subject to taxation shall be valued at its actual value and,
except as otherwise provided, shall be reassessed at 100% of its actual value, and the value so assessed shall be taken and
societies, low-rent housing and associations for war veterans. Each must apply for property tax exempt status with the City
Assessor, who determines if the property qualifies under state guidelines. Exempt property is assessed each year like other
taxable property. Property owned by governmental entities is not taxable and is not included in “Exempt Property".
considered as the assessed value and taxable value of the property upon which the levy shall be made.
Taxable property includes real property, buildings and structures, industrial plant and fixtures, commercial equipment
assessed as real property, agriculture, residential on agriculture, and utilities distribution property.
Exempt property includes all property that is owned by religious and educational institutions, charitable and benevolent
105
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Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections Collections
2000 23,945 $ 23,989 $ 100.2 5$ 23,994 $ 100.2 %
2001 26,089 25,684 98.4 31 25,715 98.6
2002 27,920 28,423 101.8 5 28,428 101.8
2003 31,975 31,863 99.6 16 31,879 99.7
2004 34,073 34,009 99.8 23 34,032 99.9
2005 34,403 34,814 101.2 15 34,829 101.2
2006 36,460 36,654 100.5 44 36,698 100.7
2007 39,094 38,947 99.6 13 38,960 99.7
2008 39,973 39,768 99.5 70 39,838 99.7
2009 43,168 43,118 99.9 18 43,136 99.9
Source: Certificate of City Taxes and Johnson County Treasurer's Office
Note: Collection of Delinquent Taxes not available by levy year. Presented in year collected.
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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110
Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
2000 N/A N/A
2001 245,725,159 $8,837,339
2002 253,409,874 9,049,700
2003 257,788,030 9,308,824
2004 253,454,012 8,850,608
2005 254,560,239 8,315,719
2006 267,107,998 8,844,993
2007 261,072,632 8,414,310
2008 249,361,929 7,976,536
2009 234,804,167 7,497,903
Sources:
Sources:
City of Iowa City Revenue Department
Notes:
N/A Not available
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
111
Cu
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112
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
2000 N/A N/A
2001 299,381,463 $11,111,313
2002 292,323,306 11,431,949
2003 297,084,229 12,015,122
2004 294,683,685 12,482,393
2005 297,714,953 12,557,646
2006 302,925,357 12,373,762
2007 315,199,203 11,084,369
2008 285,492,596 12,221,769
2009 276,455,246 12,499,949
Sources:
Sources:
City of Iowa City Revenue Department
Notes:
N/A Not available
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
113
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115
CITY OF IOWA CITY, IOWA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES 1
Last Ten Fiscal Years
(amounts expressed in thousands)
Total
General
Fiscal Year Governmental Ratio of Debt
Ended Total Expenditures Service to General
June 30 Principal Interest Debt Service and Transfers Expenditures
2000 2,918$ 1,360$ 4,278$ 52,727$ .08 : 1.00
2001 3,541 1,763 5,304 53,898 .10 : 1.00
2002 3,599 2,136 5,735 53,462 .11 : 1.00
20032 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
Notes:
1 General Fund, Special Revenue Funds and Debt Service Fund.
2 Beginning in FY03, Capital Projects Funds are also included.
116
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2009
(amounts expressed in thousands, except per capita)
Amount
Total General % Applicable Applicable
Long-Term to the to the
Name of Bonded Debt City of City of
Governmental Unit Outstanding Iowa City Iowa City Per Capita
City of Iowa City 84,995 $ 100.00% 84,995 $ 1,253 $
Iowa City Community
School District 26,690 59.85% 15,974 235
Total 111,685 $ 100,969 $ 1,489 $
Per capita assessed value 64,360 $
Source: Johnson County Auditor's Office
each overlapping government.
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Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city.
This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the
residents and businesses of Iowa City. This process recognizes that, when considering the city's ability to issue
and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account.
117
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Fiscal
Year Net Revenue Annual Debt Service 2
Ended Available for Ratio of
June 30 Revenue Expenses 1 Debt Service Principal Interest Total Coverage
Parking Revenue 3
2000 3,716 $ 1,861 $ 1,855 $ 455 $ 139 $ 594 $ 3.12
2001 4,309 2,176 2,133 485 836 1,321 1.61
2002 4,272 1,960 2,312 510 746 1,256 1.84
2003 4,198 1,953 2,245 375 715 1,090 2.06
2004 4,164 2,319 1,845 395 687 1,082 1.71
2005 4,360 2,377 1,983 305 663 968 2.05
2006 4,161 2,380 1,781 320 645 965 1.85
2007 5,035 2,973 2,062 335 626 961 2.15
2008 4,995 2,454 2,541 355 606 961 2.64
2009 5,630 3,024 2,606 370 584 954 2.73
Wastewater Treatment Revenue 4
2000 11,872 $ 3,259 $ 8,613 $ 2,160 $ 3,691 $ 5,851 $ 1.47
2001 12,824 3,248 9,576 2,505 3,589 6,094 1.57
2002 12,501 3,389 9,112 3,005 4,236 7,241 1.26
2003 13,000 4,463 8,537 3,060 4,385 7,445 1.15
2004 12,947 4,523 8,424 3,280 3,672 6,952 1.21
2005 12,600 4,432 8,168 3,630 3,537 7,167 1.14
2006 12,798 4,260 8,538 3,815 3,390 7,205 1.19
2007 13,708 4,236 9,472 3,905 3,234 7,139 1.33
2008 13,332 4,581 8,751 4,105 3,071 7,176 1.22
2009 6 13,462 5,202 8,260 4,260 2,813 7,073 1.17
Water Revenue 5
2000 9,626 $ 3,384 $ 6,242 $ - $ 299 $ 299 $ 20.88
2001 10,629 3,410 7,219 140 445 585 12.34
2002 10,179 3,428 6,751 705 1,175 1,880 3.59
2003 10,241 4,361 5,880 500 1,088 1,588 3.70
2004 10,627 4,360 6,267 925 1,427 2,352 2.66
2005 9,287 4,783 4,504 845 1,340 2,185 2.06
2006 9,918 5,722 4,196 880 1,305 2,185 1.92
2007 9,220 5,356 3,864 915 1,268 2,183 1.77
2008 9,258 5,348 3,910 955 1,229 2,184 1.79
2009 6 8,833 5,726 3,107 995 1,171 2,166 1.43
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)
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Fiscal Year Principal Interest Total
2009 370,000 $ 584,298 $ 954,298 $
2010 390,000 561,973 951,973
2011 410,000 538,473 948,473
2012 430,000 513,798 943,798
2013 455,000 487,801 942,801
2014 480,000 460,335 940,335
2015 505,000 431,401 936,401
2016 535,000 400,851 935,851
2017 565,000 368,468 933,468
2018 600,000 334,100 934,100
2019 630,000 297,815 927,815
2020 670,000 259,465 929,465
2021 710,000 218,400 928,400
2022 750,000 174,600 924,600
2023 795,000 128,250 923,250
2024 845,000 79,050 924,050
2025 895,000 26,850 921,850
Total 10,035,000 $ 5,865,928 $ 15,900,928 $
Fiscal Year Principal Interest Total
2009 1 4,260,000 $ 2,812,609 $ 7,072,609 $
2010 4,205,000 2,307,469 6,512,469
2011 4,720,000 2,031,945 6,751,945
2012 4,945,000 1,856,145 6,801,145
2013 5,095,000 1,670,193 6,765,193
2014 3,260,000 1,513,934 4,773,934
2015 3,395,000 1,388,615 4,783,615
2016 3,550,000 1,251,959 4,801,959
2017 3,690,000 1,103,155 4,793,155
2018 3,860,000 944,683 4,804,683
2019 4,015,000 776,608 4,791,608
2020 4,220,000 587,173 4,807,173
2021 3,895,000 388,688 4,283,688
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 59,030,000 $ 19,176,589 $ 78,206,589 $
(continued)
Outstanding
Sewer
Outstanding
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE
Parking
122
Fiscal Year Principal Interest Total
2009 1 995,000 $ 1,171,392 $ 2,166,392 $
2010 680,000 1,054,596 1,734,596
2011 1,110,000 901,971 2,011,971
2012 1,200,000 861,409 2,061,409
2013 1,245,000 817,855 2,062,855
2014 1,295,000 771,806 2,066,806
2015 1,345,000 722,795 2,067,795
2016 1,395,000 670,768 2,065,768
2017 1,450,000 615,530 2,065,530
2018 1,515,000 556,281 2,071,281
2019 1,575,000 493,487 2,068,487
2020 1,645,000 427,519 2,072,519
2021 1,715,000 357,303 2,072,303
2022 1,790,000 281,468 2,071,468
2023 1,870,000 200,160 2,070,160
2024 1,325,000 128,847 1,453,847
2025 1,390,000 68,481 1,458,481
2026 835,000 18,788 853,788
Total 24,375,000 $ 10,120,456 $ 34,495,456 $
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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Public Safety
Police 96.25 96.25 97.25 97.25 97.25 94.25
Fire 52 52 58 58 58 56
Animal shelter 5.5 5.5 5.5 6 6 6
Inspection services 14.13 14.13 14.13 14.13 14.13 13.88
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Traffic engineering 4.15 4.15 4.15 5.65 5.65 5.65
Streets 23.5 23.5 23.5 22 22 22
Culture and Recreation
Parks and rec admin 2 2 2 2 2 2
Recreation 14.67 15.17 15.17 15.17 15.17 15.17
Parks 13 13 13 13 13 12
Forestry 3 3 3 3 3 3
Cemetery 3 3 3 3 3 3
CBD maintenance 3 3 3 3 3 3
Library 40.25 40.25 41.25 41.25 43.25 42.63
Senior center 6 6 6 5.81 5.81 6.31
Community and Economic Development 8.55 8.55 9.05 8.35 9.45 8.45
General Government
City council 7 7 7 7 7 7
City manager 3 3 3 3 3 3
City clerk 5 4.5 4.5 4 4 4
City attorney 6 6 6.6 6.6 6.6 6.6
Tort liabiltiy, insurance
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Finance 27.71 27.36 28.61 28.61 28.61 26.61
Government buildings 4.08 4.97 4.96 4.96 4.96 4.96
Energy conservation 0.5 0.5 0.5 0.5 0.5 0.5
Human rights 2 2 2 2.5 2.5 2.5
Transit 48.25 48.25 48.5 48.5 48.5 50.5
Special Revenue
Employee benefits 0.45 0.45 0.4 0.34 0.34 0.34
CIP / roads 7 6 7 7 7 3
Community development 4.75 4.75 4.75 5.45 5.35 4.35
JCCOG 6.1 6.1 6.1 6.1 6.1 6.1
Library development 1.5 1.5 1.5 1.5 1.5 0.8
Internal Service Funds
Information technology 7.95 7.5 7.5 7.5 7.5 8
Equipment 9.5 9.5 10.25 11.25 11.26 11.25
Central services 2.1 2.25 0.75 0.75 0.75 0.75
Risk management 1.56 1.46 1.26 1.33 1.33 1.32
Business-Type Activities
Parking 30.5 37 37 31.5 31.5 32.75
Wastewater treatment 25.3 25.3 26.3 26.3 27.3 27.3
Water 26.2 26.2 28.2 30.7 31.7 31.7
Sanitation 31.85 32.35 32.35 32.35 32.35 34.35
Airport 1.75 2 2 2 2 2
Cable television 5.25 5.25 5.25 6.19 6.19 6.19
Stormwater
Housing authority 10.75 12.5 12.5 12.5 12.5 12.75
Total 581.65 591.79 606.38 605.64 610.65 599.56
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
126
2006 2007 2008 2009
94.25 96.25 96.25 103.25
57 57 57 57
6 6 6 6
14.88 14.88 15.38 15.55
2 2 2 2
11.6 11.6 11.35 11.35
4.15 4.15 4.15 4.15
23.5 23.5 23.5 25.5
2 2 2 2
15.17 15.42 15.42 15.42
13 13 13 13
3 3 3 3
3 3 3 3
3 3 3 3
42.63 42.89 43.14 43.14
6.31 6.31 6.31 6.31
8.45 8.45 8.95 9.05
7 7 7 7
3 3 3 3
4 4 4 4
6.6 6.6 6.6 6
1
4 4 4 4
26.75 26.75 26.5 25.3
4.96 4.96 4.96 4.96
0.5 0.5 0.25 0.25
2.5 2.5 2.5 2.5
50.5 50.5 54.75 58.5
0.39 0.39 0.29 0.29
2 2 1 2
4.35 4.35 3.98 3.88
6.6 6.6 6.6 6.6
1 1 1 1
11.75 12 12.3 12.3
11.26 11.26 11.26 11.26
0.75 0.75 0.75 0.75
1.38 1.38 1.73 1.93
32.75 32.75 32.75 33.25
25.5 25.5 25.5 25.6
32.5 32 32.75 32.75
33.85 33.85 34.85 35.85
1.6 1.6 1.6 1.75
6.19 6.19 6.19 6.44
0.5 1 2 1.9
13.25 13.25 13.25 13.25
605.37 608.13 614.81 630.03
Full-Time Equivalent Employees as of June 30
127
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132
www. eidebailly .com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
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, 2009, which collectively comprise the City’s basic financial statements and have issued
our report thereon dated December 14, 2009. 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
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.
Our consideration of internal control over financial reporting was for the limited purpose described in the
preceding paragraph and would not necessarily identify all deficiencies in the internal control over financial
reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we
identified a certain deficiency in internal control over financial reporting that we consider to be a significant
deficiency and material weakness.
A control deficiency exists when the design or operation of the control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on
a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the City’s ability to initiate, authorize, record, process, or report financial data reliably in
accordance with accounting principles generally accepted in the United States of America such that there is
more than a remote likelihood a misstatement of the City’s financial statements that is more than
inconsequential will not be prevented or detected by the City’s internal control. We consider the deficiency in
internal control described in Part II of the accompanying Schedule of Findings and Questioned Costs to be a
significant deficiency in internal control over financial reporting.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more
than a remote likelihood a material misstatement of the financial statements will not be prevented or detected
by the City’s internal control.
133
Our consideration of the internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in the internal control that
might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies
that are also considered to be material weaknesses. However, we believe the significant deficiency described
above, item II- A- 0 9 , is a material weakness.
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
obj ective 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 J une 30 ,
2 0 0 9 , 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 III 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.
The City’s response to the finding identified in our audit is described in the accompanying Schedule of
Findings and Questioned Costs. While we have expressed our conclusion on the City’s response, we did not
audit the City’s response, and accordingly, we express no opinion on it.
This report, a public record by law, is intended solely for the information and use of the officials, employees,
and citizens of the City of Iowa City, Iowa, and other parties to whom the City of Iowa City, Iowa, may
report, including federal awarding agencies and pass- through entities. This report is not intended to be and
should not be used by anyone other than these specified parties.
Dubuque, Iowa
December 14 , 2 0 0 9 , except for Note 3 to the Schedule of Expenditures of Federal Awards which is dated
May 31, 2 0 12
134
www. eidebailly .com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO
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 U.S. Office of Management and Budget ( OMB) Circular A- 133 Compliance Supplement that
are applicable to each of its maj or federal programs for the year ended J une 30 , 2 0 0 9 . The City’s maj or
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 grant agreements applicable to each of its maj or 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 maj or 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 on the City’s compliance with those requirements.
In our opinion, the City of Iowa City, Iowa, complied, in all material respects, with the requirements referred
to above that are applicable to each of its maj or federal programs for the year ended J une 30 , 2 0 0 9 .
Subsequent to the issuance of the City’s 2 0 0 9 financial statements and our report dated December 14 , 20 0 9 ,
we became aware that certain testing procedures required by U.S. Office of Management and Budget Circular
A- 133, Audits of States, Local Governments, and Non- Profit Organizations, had not been performed. Upon
performing those procedures, we determined that finding II- A- 0 9 should be included within this report. In
our original report we expressed an unqualified opinion on the 2 0 0 9 compliance, and our opinion on
compliance, as expressed herein, remains unqualified.
135
Internal Control Over Compliance
The management of the City of Iowa City, Iowa, is responsible for establishing and maintaining effective
internal control over compliance with requirements of laws, regulations, contracts, and grant agreements
applicable to federal programs. In planning and performing our audit, we considered the City’s internal
control over compliance with requirements that could have a direct and material effect on a maj or federal
program in order to determine our auditing procedures for the purpose of expressing our opinion on
compliance, 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 control deficiency in the City’s internal control over compliance 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 non- compliance with a type of compliance requirement of a federal program on
a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the City’s ability to administer a federal program such that there is more than a remote
likelihood non- compliance with a type of compliance requirement of a federal program that is more than
inconsequential will not be prevented or detected by the City’s internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more
than a remote likelihood that material non- compliance with a type of compliance requirement of a federal
program will not be prevented or detected by the City’s internal control.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might be
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, a public record by law, is intended solely for the information and use of the officials, employees,
and citizens of the City of Iowa City, Iowa, and other parties to whom the City of Iowa City, Iowa, may
report, including federal awarding agencies and pass- through entities. This report is not intended to be and
should not be used by anyone other than these specified parties.
Dubuque, Iowa
December 14 , 2 0 0 9 , except for Note 3 to the Schedule of Expenditures of Federal Awards and the maj or
program CFDA 9 7 .0 39 Hazard Mitigation Grant ( B) which is dated May 31, 2 0 12
136
CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2009
Agency or
Pass- through Program
Grantor/ Program CFDA Number Number Expenditures
U.S. Department of Housing and Urban Development
Direct Program
Community Development Block Grants/
Entitlement Grants 14 .2 18 $ 2 7 8 ,7 35
Community Development Block Grants/
Entitlement Grants 14 .2 18 5 6 5 ,0 7 9
8 4 3,8 14
Passed through program from
Iowa Department of Economic Development
Community Development Block Grants/
State’s Program 14 .2 2 8 0 8 - DRMH- 0 15 310 ,37 4
Community Development Block Grants/
State’s Program 14 .2 2 8 0 8 - DRH- 2 10 35 ,0 6 6
Community Development Block Grants/
State’s Program 14 .2 2 8 0 8 - DRB- 2 0 4 15 5
Community Development Block Grants/
State’s Program 14 .2 2 8 0 8 - DRH- 0 10 7 8 0 ,7 33
1,12 6 ,32 8
Direct Program
HOME Investment Partnerships Program 14 .2 39 7 8 ,6 6 6
HOME Investment Partnerships Program 14 .2 39 16 2 ,6 8 3
HOME Investment Partnerships Program 14 .2 39 45 8 ,12 2
HOME Investment Partnerships Program 14 .2 39 130 ,9 17
8 30 ,38 8
Direct Program
Public and Indian Housing 14 .8 5 0 10 5 ,4 8 0
Public and Indian Housing 14 .8 5 0 10 5 ,336
2 10 ,8 16
Direct Program
Section 8 Housing Choice Vouchers 14 .8 7 1 6 ,38 3,30 3
Direct Program
Public Housing Capital Fund 14 .8 7 2 30 ,8 8 3
Public Housing Capital Fund 14 .8 7 2 39 ,2 7 4
7 0 ,15 7
Direct Program
Public Housing Capital Fund Stimulus
( Formula) Recovery Act Funded 14 .8 8 5 3,336
Total U.S. Department of Housing and Urban Development 9 ,4 6 8 ,14 2
137
CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2009
Agency or
Pass- through Program
Grantor/ Program CFDA Number Number Expenditures
U.S. Department of J ustice
Passed through program from
Iowa Department of J ustice
Violence Against Women Formula Grants 16 .5 8 8 VW- 0 9 - 34 $ 4 2 ,9 4 8
Direct Program
Bulletproof Vest Partnership Program 16 .6 0 7 4 ,8 8 4
Bulletproof Vest Partnership Program 16 .6 0 7 5 4 8
5 ,4 32
Passed through program from
Governor’s Office of Drug Control Policy
Edward Byrne Memorial J ustice Assistance
Grant Program 16 .7 38 0 8 J AG/ C0 6 - A2 0 17 ,9 31
Direct Program
Edward Byrne Memorial J ustice Assistance
Grant Program 16 .7 38 6 ,6 2 6
Edward Byrne Memorial J ustice Assistance
Grant Program 16 .7 38 7 ,2 5 7
31,8 14
Total U.S. Department of J ustice 8 0 ,19 4
U.S. Department of Transportation
Direct Program
Airport Improvement Program 2 0 .10 6 317 ,5 7 6
Airport Improvement Program 2 0 .10 6 2 0 8 ,9 2 7
Airport Improvement Program 2 0 .10 6 5 33,5 10
Airport Improvement Program 2 0 .10 6 1,32 6 ,9 6 2
Airport Improvement Program 2 0 .10 6 5 0 5 ,2 9 0
Airport Improvement Program 2 0 .10 6 1,7 9 1
Airport Improvement Program 2 0 .10 6 19 1,0 14
3,0 8 5 ,0 7 0
138
CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2009
Agency or
Pass- through Program
Grantor/ Program CFDA Number Number Expenditures
U.S. Department of Transportation ( continued)
Passed through program from
Iowa Department of Transportation
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 6 $ 2 ,30 5
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 5 2 ,6 0 3
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 2 2 ,7 0 6
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 3 5 ,0 6 0
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 4 8 ,0 7 9
Highway Planning and Construction 2 0 .2 0 5 FHWAIA0 8 - 0 1-
DDIR RRW- 37 15 - 0 0 1 5 3,2 15
Highway Planning and Construction 2 0 .2 0 5 0 9 MPO- J CCOG 113,35 0
Highway Planning and Construction 2 0 .2 0 5 STP- E- 37 15 ( 6 35 ) - - 8 V- 5 2 2 6 6 ,6 9 0
Highway Planning and Construction 2 0 .2 0 5 HDP- 37 15 ( 6 2 8 ) - - 7 1- 5 2 1,2 5 0 ,4 7 4
Highway Planning and Construction 2 0 .2 0 5 HDP- 37 15 ( 6 34 ) - - 7 1- 5 2 1,5 8 9 ,0 6 8
3,2 9 3,5 5 0
Federal Transit – Capital Investment Grants 2 0 .5 0 0 IA- 0 4 - 0 0 13- 37 1- 0 7 10 7 ,36 5
Federal Transit – Metropolitan Planning Grants 20 .5 0 5 0 9 MPO- J CCOG 33,2 0 0
Direct Program
Federal Transit – Formula Grants 2 0 .5 0 7 9 9 3,132
Passed through program from
Iowa Department of Transportation
Capital Assistance Program for Elderly Persons
and Persons with Disabilities 2 0 .5 13 IA- 16 - X0 0 1- 37 1- 0 9 7 9 ,10 4
J ob Access – Reverse Commute Proj ect 2 0 .5 16 IA- 37 - X0 12 - 37 1- 0 9 5 5 ,5 0 2
J ob Access – Reverse Commute Proj ect 2 0 .5 16 IA- 37 - X0 17 - 37 1- 0 9 9 3,9 4 2
J ob Access – Reverse Commute Proj ect 2 0 .5 16 IA- 37 - X0 12 - 37 1- 0 7 2 9 ,9 4 6
17 9 ,39 0
New Freedom Program 2 0 .5 2 1 IA- 5 7 - X0 0 1- 37 1- 0 7 4 ,4 4 0
139
CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2009
Agency or
Pass- through Program
Grantor/ Program CFDA Number Number Expenditures
U.S. Department of Transportation ( continued)
Passed through program from
Iowa Department of Public Safety, Governor’s
Traffic Safety Bureau
State and Community Highway Safety 2 0 .6 0 0 PAP 0 8 - 0 2 , Task 13 $ 3,4 0 8
Alcohol Traffic Safety and Drunk Driving
Prevention Incentive Grants 2 0 .6 0 1 PAP- 0 9 - 4 10 , Task 36 15 ,0 7 1
Total U.S. Department of Transportation 7 ,7 9 3,7 30
U.S. Department of Homeland Security
Passed through program from
Iowa Homeland Security & Emergency
Management Division
Disaster Grants – Public Assistance
( Presidentially Declared Disasters) 9 7 .0 36 FEMA- 17 6 3- DR- IA 1,8 8 4 ,0 7 9
Hazard Mitigation Grant ( B) 9 7 .0 39 FEMA- DR- 176 3- 0 0 15 0 1 1,5 5 1,8 6 8
Hazard Mitigation Grant ( B) 9 7 .0 39 DR- 17 37 - 00 0 1- 0 1 1,7 2 9
1,5 5 3,5 9 7
Total U.S. Department of Homeland Security 3,4 37 ,6 7 6
Total $ 2 0 ,7 7 9 ,7 4 2
See notes to the Schedule of Expenditures of Federal Awards.
14 0
CITY OF IOWA CITY, IOWA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2009
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 on this schedule is
presented in accordance with the requirements of OM B 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 Provided
Program Title CFDA Number to Subrecipients
Community Development Block Grants/
Entitlement Grants 14 .2 18 $ 5 8 5 ,6 9 9
HOME Investment Partnerships Program 14 .2 39 5 6 8,0 14
Edward Byrne Memorial J ustice Assistance
Grant Program 16 .7 38 12 ,8 9 4
NOTE 3. RESTATEMENT
The City’s 2 0 0 9 Schedule of Expenditures of Federal Awards was reissued to report $ 1,5 5 1,8 6 8 of
expenditures under CFDA# 9 7 .0 39 Hazard Mitigation Grant ( B) , instead of CFDA# 9 7 .0 36 Disaster Grants –
Public Assistance ( Presidentially Declared Disasters) . CFDA# 9 7 .0 39 Hazard Mitigation Grant ( B) was
audited as a maj or program. In addition, a material weakness was added to the Schedule of Findings and
Questioned Costs as finding II- A- 0 9 .
14 1
CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2009
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 Yes
Significant deficiency Yes
Noncompliance material to financial statements noted No
Federal Awards
Internal control over maj or programs:
Material weakness identified No
Significant deficiency None reported
Type of auditor’s report issued on compliance for maj or programs Unqualified
Any audit findings disclosed that are required to be reported in
accordance with Circular A- 133, Section .5 10 ( a) No
Identification of maj or programs:
CFDA Number Name of Federal Program or Cluster
14 .2 2 8 Community Development Block Grants/
State’s Program
14 .2 39 HOME Investment Partnerships Program
2 0 .10 6 Airport Improvement Program
2 0 .2 0 5 Highway Planning and Construction
9 7 .0 39 Hazard Mitigation Grant ( B)
Dollar threshold used to distinguish
between Type A and Type B programs $ 6 2 3,39 2
Auditee qualified as low- risk auditee Yes
14 2
CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2009
Part II: Findings Related to the Financial Statements :
SIGNIFICANT DEFICIENCY/MATERIAL WEAKNESS
II- A- 0 9 Material Adj ustment to the Schedule of Expenditures of Federal Awards
Criteria – A properly designed system of internal control over financial reporting allows entities to
initiate, authorize, record, process, and report financial data reliably in accordance with the
requirements of OMB Circular A- 133, Audits of States, Local Governments, and Non- Profit
Organizations.
Condition – An adj ustment was made to the Schedule of Expenditures of Federal Awards to correct
a data entry error that was not identified through the City’s existing internal controls and resulted in
a material misstatement of the City’s Schedule of Expenditures of Federal Awards.
Cause – There is no formal internal review process for the Schedule of Expenditures of Federal
Awards over City personnel administering the grant reporting. The cause of this error was a
data entry error on a CFDA number that was entered in the software used to prepare the
Schedule of Expenditures of Federal Awards. CFDA number 9 7 .0 36 was entered rather than
9 7 .0 39 . Third party verification by the grant awarding agency also confirmed the incorrect
CFDA number.
Effect – The effect of this condition was that the federal expenditures were reported under an
incorrect CFDA number which resulted in a maj or program not being identified as such.
Recommendation – We recommend that finance staff develop a review procedure to insure that all
information included in the Schedule of Expenditures of Federal Awards is correctly reported.
Response – Due to an increase in Federal and State funding for flood and stimulus grants, the
Accounting Division hired an additional accountant in J anuary 2 0 11 whose primary responsibility
is grants and who is able to commit more time to grant reporting. Going forward, this grant
accountant will look at CFDA numbers entered into the software used to prepare the Schedule of
Expenditure of Federal Awards to verify data entry.
Conclusion – Response accepted.
14 3
CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2009
Part III: Other Findings Related to Required Statutory Reporting :
III- A- 0 9 Certified Budget – Disbursements before the March 2 4 , 2 0 0 9 , amendment exceeded the original
amount budgeted in the community and economic development and debt service functions. Chapter
38 4 .2 0 of the Code of Iowa states, in part, “ Public monies may not be expended or encumbered
except under an annual or continuing appropriation.”
Recommendation – The budget should have been amended in sufficient amounts in accordance
with Chapter 38 4 .18 of the Code of Iowa before disbursements were allowed to exceed the budget.
Response – The City will continue to monitor expenditures on an ongoing basis and in the future
will amend the budget prior to disbursements exceeding the budgeted amounts.
Conclusion – Response accepted.
III- B- 0 9 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 2 5 , 19 7 9 .
III- C- 0 9 Travel Expense – No expenditures of City money for travel expenses of spouses of City officials or
employees were noted.
III- D- 0 9 Business Transactions – No business transactions between the City and City officials or employees
were noted.
III- E- 0 9 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 insure the coverage is
adequate for current operations.
III- F- 0 9 Council Minutes – No transactions were found that we believe should have been approved in the
Council minutes but were not.
III- G- 0 9 Deposits and Investments – No instances of non- compliance with the deposit and investment
provisions of Chapters 12 B and 12 C of the Code of Iowa and the City’s investment policy were
noted.
III- H- 0 9 Revenue Bonds – No instances of non- compliance with the provisions of the City’s revenue bond
resolutions were noted.
14 4