HomeMy WebLinkAboutFY2010 Annual Financial ReportCity of Iowa City, Iowa
Comprehensive Annual
Financial Report
For the Fiscal Year Ended June 30, 2010
Local dignitaries break ground at the site of Iowa City’s Fire Station #4
in October of 2009. The Fire Station is located at 2008 Dubuque Road.
Fire Station #4
Iowa City broke ground on a fourth re station in October 2009, with construction of the 13,300
square-foot station scheduled to be complete in July 2011. The additional satellite station will
employee nine new reghters and be equipped with a pumper truck and a ladder truck. The
building will feature drive-thru apparatus bays, a rst for Iowa City, which will improve safety
response time for the vehicles. The design also includes a geothermal system, use of daylight-
ing, water-ecient xtures, and other features that are intended to achieve gold certication
for the Leadership in Energy and Environmental Design (LEED), a green building certication
system.
Lt. Governor Patty Judge was a part of the ground breaking ceremony as this project has been
made possible with a $2,269,000 grant from I-JOBS, Iowa’s infrastructure investment initiative.
Total project costs are estimated at $4,809,000. To fund the nine reghters who will sta the
new station 24 hours a day, seven days a week, the City will use a portion of the 1 percent utility
franchise fee that became eective April 1, 2010.
The station, located on the city’s northeast side at the intersection of North Dodge Street and
Scott Boulevard, will improve emergency response times to residents and businesses in the
area. “The City Council's decision to construct, equip, and sta Fire Station 4 in the northeast
Iowa City will have an extremely positive impact on the future of emergency service delivery in
the community,” said Fire Chief Andy Rocca.
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
CITY OF IOWA CITY, IOWA
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
PREPARED BY:
FINANCE DEPARTMENT
CITY OF IOWA CITY, IOWA
CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2010
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
Statement of changes in assets and liabilities – agency funds........................................................ 96
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CITY OF IOWA CITY, IOWA
TABLE OF CONTENTS
June 30, 2010
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 that could have a direct and material effect on each
major program and on internal control over compliance in accordance with OMB Circular A-
133................................................................................................................................................... 135
Schedule of expenditures of federal awards....................................................................................... 137
Notes to the schedule of expenditures of federal awards ................................................................... 142
Schedule of findings and questioned costs......................................................................................... 143
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December 15, 2010
To the Citizens, Honorable Mayor, Members
of the City Council and City Manager
City of Iowa City, Iowa
The Comprehensive Annual Financial Report (CAFR) of the City of Iowa City, Iowa (the City)
for the fiscal year ended June 30, 2010 is submitted herewith in accordance with the provisions of
Chapter 11 of the Code of Iowa. The City’s Finance Department prepared this report.
Responsibility for both the accuracy of the data presented and the completeness and fairness of
the presentation, including all disclosures, rest with the City. I believe the information, as
presented, is accurate in all material respects and presented in a manner designed to fairly present
the financial position and results of operations of the City. All disclosures necessary to enable the
reader to gain an understanding of the City's financial affairs have been included.
This report consists of management’s representation concerning the finances of the City of Iowa
City. Management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these
representations, management of the City has established a comprehensive internal control
framework that is designed both to protect the government’s assets from loss, theft, or misuse and
to compile sufficient reliable information for the preparation of the City’s financial statements in
conformity with accounting principles generally accepted in the United States of America
(GAAP). Because the cost of internal controls should not outweigh their benefits, the City’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free from material misstatement. As
management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The CAFR reflects all funds of the City in accordance with standards set by the Governmental
Accounting Standards Board (GASB). In 1999, GASB adopted Statement No. 34, Basic
Financial Statements – Management’s Discussion and Analysis – For State and Local
Governments . The final effective date for the implementation of GASB No. 34 for the City of
Iowa City was June 30, 2003. This report complies with those standards. This statement
significantly changes governmental financial reporting in order to bring it closer to a private
sector model.
Chapter 11 of the Code of Iowa requires an annual audit to be performed. The independent public
accounting firm of Eide Bailly LLP was selected by the City. In addition to meeting the
requirements set forth in Chapter 11, the audit was also designed to meet the requirements of the
Single Audit Act of 1996 and related Office of Management and Budget (OMB) Circular A-133,
Audits of States, Local Governments and Non-Profit Organizations .
While, the financial statements are the responsibility of the City, the responsibility of the auditor
is to express an opinion on the City’s financial statements based on their audit. The goal of the
independent audit is to provide reasonable assurance that the City’s financial statements for the
fiscal year ended, June 30, 2010 are free of material misstatement. The audit is conducted in
accordance with generally accepted auditing standards and involves examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and evaluating the
overall financial statement preparation.
The independent auditor concluded, based upon the audit, that there was a reasonable basis for
rendering an unqualified opinion that the City of Iowa City’s financial statements for the fiscal year
ended, June 30, 2010, are fairly presented in conformity with GAAP. The independent auditors’
report on the basic financial statements and combining and individual fund statements and
schedules is included in the financial section of this report.
As a recipient of federal financial assistance, the City is responsible for ensuring that adequate
internal controls are in place to ensure compliance with applicable laws and regulations related to
these federal programs. These internal accounting and administrative controls are subject to
periodic evaluation by the City's management and the City is required to undergo an annual single
audit in conformity with the provisions of the Single Audit Act of 1996 and the U.S. Office of
Management and Budget (OMB) Circular A-133, Audits of State, Local Governments and Non-
Profit Organizations. Information related to this single audit, including the schedules of federal
financial assistance, findings and questioned costs, and independent auditors’ reports on the
internal accounting and administrative controls and compliance with applicable laws and
regulations are included in the compliance section of this report.
GAAP require that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statements in the form of Management’s Discussion and Analysis
(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City’s MD&A can be found immediately following the report of the
independent auditors.
Profile of the Government
The City of Iowa City was incorporated April 6, 1853. The City is governed by a seven member
Council; each member serves a four-year term. Elections are held every two years allowing for
continuation in office of at least three members at each biennial election. The Council members are
elected at large, but three members are nominated from specific districts, and the four other
members are nominated at large. The Council elects the Mayor from its own members for a two-
year term.
The City Council is the legislative body and makes all policy determinations for the City through
the enactment of ordinances and resolutions. It also adopts a budget to determine how the City will
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 557 full-time and 72 part-time permanent municipal employees and 406 temporary
employees, including a police force of 76 sworn personnel and a fire department of 59 firefighters.
The City provides a full range of services including police and fire protection, construction and
maintenance of roads, streets and infrastructure, inspection and licensing functions, maintenance of
grounds and buildings, municipal airport, library, recreational activities, and cultural events. The
City owns and operates its water supply and distribution system and sewage collection and
treatment system with secondary treatment also provided. Virtually the entire City has separate
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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. And 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 over 35,000
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, has helped insulate the City from the significant negative
economic impacts related to unemployment.
The City continues to see sustained production in our major local industries, such as ACT and NCS
Pearson. Continued economic development efforts involving the Iowa City and Coralville
Chambers of Commerce, local private interests, the University of Iowa and other surrounding
communities through participation as members of the Iowa City Area Development Group, have
proved positive with the retention and expansion of businesses. 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 5.0% for the month of June
2010, as compared to 6.6% 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 stayed consistent in comparison to the prior year with 127 new single-
family houses and 81 multi-family dwelling units added to the tax rolls for the year ended
December 31, 2009. 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 69,086 in 2010; this represents an 11.0% increase.
In response to national economic recession, the American Recovery and Reinvestment Act,
signed into law by President Obama in February 2009, was designed to preserve and create jobs
and promote economic recovery, assist people impacted by the recession, provide investments
needed to increase economic efficiency, and stabilize state and local government budgets. While
Iowa City’s housing market and unemployment have not felt the impact as greatly as other areas
of the country, the City has been able to utilize stimulus funds to complete projects and
strengthen the local economy. Iowa City applied for funds totaling $56,659,268 and has been
approved for $6,970,540. These projects include upgrading LED light fixtures in the parking
structures, reconstructing of airport runways, and purchasing three 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
$14,718,867 in I-JOBS funds and has been approved for $8,012,132, with an additional
$6,504,708 approved if funds become available. These funds are being used for projects
including building a fourth fire station, relocating the North Wastewater Treatment Plant, and the
UniverCity Neighborhood Partnership, a joint project between the City and the University of
Iowa to ensure the neighborhoods around the University of Iowa campus remain vital, safe,
affordable, and attractive places to live and work for both renters and homeowners.
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 Treatment Plant, elevating Dubuque Street and rebuilding Park Road Bridge,
constructing levees to prevent future flooding, as well as, rebuilding the City’s Animal Shelter.
In addition, the City received $23,293,000 in Hazard Mitigation Grants and Community
Development Block Grants and is in the process of acquiring properties in the flood-impacted
neighborhoods.
The City is developing a general industrial park on the southeast side. This project involves
annexing and rezoning 180 acres of land and building the street, water, and sewer infrastructure
needed to support industrial businesses. This project is estimated to cost $11,740,000 and will be
funded through Tax Increment Financing (TIF). This project is scheduled to be completed in
phases, with the land being “shovel ready” for industries to build.
The City of Iowa City is in the planning process of constructing a mixed-use parking facility
adjacent to downtown Iowa City. The mixed-use parking facility will include three components:
parking facility consisting of approximately 600 parking spaces, commercial space of
approximately 25,000 – 35,000 square feet, and 25 - 75 workforce housing units. The City is
hoping to work with a private partner to develop the commercial and housing spaces. As this is
still in the planning phase, the cost of this project is unknown, but it is anticipated that the parking
facility will be financed with bonds and the commercial and housing space will be funded by the
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private developer in conjunction with the City. The City anticipates establishing an urban
renewal area for the purposes of allowing Tax Increment Financing of the commercial and
residential space.
The City has received grants totaling $3,950,000 to construct new single family homes in Iowa
City to replace homes lost during the 2008 flood. These funds can be used to assist the
homebuyer with the downpayment of up to 25% of the home cost. A total of 77 new homes have
been approved in the first two rounds of the Single Family New Construction (SFNC) Program.
The City is now soliciting proposals from the building community to construct approximately 31
additional homes in Iowa City by December 31, 2012. In addition, the City and the University of
Iowa have joined together in a cooperative effort to acquire and rehabilitate 25 homes in the
neighborhoods surrounding the University of Iowa Campus to ensure the neighborhoods remain
vital, safe, affordable, and attractive places to live and work for both renters and homeowners.
The City has secured a $1,250,000 I-JOBS grant for the program.
Upcoming projects for the City include Moss Green Urban Village, Towncrest Urban Renewal,
and Riverfront Crossing Development. The City has established an urban renewal area for the
development of Moss Green Urban Village, a 243-acre, 18-lot office research and mixed-use
subdivision on the northeast edge of the city. The Towncrest Urban Renewal Plan was developed
to revitalize the Towncrest commercial district in ways that would serve existing businesses while
also drawing new retailers, service providers, and consumers to the area. The costs for Towncrest
Renewal are estimated at $1,400,000 and will be covered through TIF. The Riverfront Crossing
Development Plan is an initiative to revitalize the area south of Iowa City’s downtown area. It
will be a mixed-use zoning district that will allow for commercial and residential development
with identified costs estimated at $800,000 and additional expenses anticipated. A TIF district is
being considered for this project. This project will include purchasing and rehabilitating the train
depot, which relates to the recent announcement of a $230,000,000 federal grant that will be used
to develop passenger rail services from Chicago to Iowa City, pending matching State funds.
Long-term Financial Planning
In preparing the financial plan for the three years ending June 30, 2014, 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
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CITY OF IOWA CITY, IOWA
LISTING OF CITY OFFICIALS
June 30, 2010
ELECTED OFFICIALS
Term Expires
Mayor Matt Hayek January 2, 2012
Council Member and Mayor Pro tem Ross Wilburn January 2, 2012
Council Member Regenia Bailey January 2, 2012
Council Member Connie Champion January 2, 2014
Council Member Terry Dickens January 2, 2014
Council Member Susan Mims January 2, 2014
Council Member Mike Wright January 2, 2012
APPOINTED OFFICIALS
Date of Hire
Acting City Manager Dale E. Helling August 16, 1975
City Clerk Marian K. Karr May 21, 1979
City Attorney Eleanor Dilkes March 18, 1996
DEPARTMENT DIRECTORS
Director of Housing and Inspection Services Douglas W. Boothroy September 22, 1975
Library Director Susan Craig July 28, 1975
Director of Planning & Community Development Jeff Davidson January 26, 1981
Director of Public Works Rick Fosse February 22, 1984
Director of Transportation Services Chris O’Brien December, 29, 1997
Senior Center Coordinator Linda Kopping March 20, 1995
Fire Chief Andrew Rocca July 14, 1978
Parks and Recreation Director Mike Moran September 26, 1983
Director of Finance Kevin O’Malley August 19, 1985
Chief of Police Sam Hargadine August 29, 2005
11
12
www. eidebailly .com
3999 Pennsylvania Ave., Ste. 100 | Dubuque, IA 52002-2273 | T 563.556.1790 | F 563.557.7842 | EOE
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
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, 2010, 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, 2010, 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 2010 financial statements and our report dated December 15,
2010, 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
2010 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 15,
2010, 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 15, 2010, 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, 2010. 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,
2010 by $425,683,000 (net assets). Of this amount, $98,203,000 (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 $35,206,000 during the fiscal year. Governmental activities
increased by $24,504,000 and business-type activities increased by $10,702,000.
• At the close of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $50,731,000, an increase of $8,608,000 in comparison with the prior year. Of this total
amount, approximately $32,470,000, or 64% 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 $26,101,000, or 57% of total General Fund expenditures.
• The City’s total debt decreased by $19,425,000, during the current fiscal year. The key factor to this
decrease was the City did not issue any new bonded debt, except as a refunding of revenue bonds to take
advantage of lower interest rates and the retirement of bonds. The City was able to utilize Federal and
State stimulus grants and a new local option sales tax, rather than debt, to fund some capital improvement
projects.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements.
The City’s basic financial statements are comprised of three components: 1) government-wide financial
statements, 2) fund financial statements; and 3) notes to the financial statements. This report also contains
other supplementary information in addition to the basic financial statements themselves.
Government-wide Financial Statements: The government-wide financial statements are designed to provide
readers with a broad overview of the City’s finances in a manner similar to a private-sector business.
The statement of net assets presents information on all of the City’s assets and liabilities, with the difference
between the two reported as net assets . Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City’s net assets changed during the most
recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in
this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by taxes and intergovernmental revenues (governmental activities ) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges ( business-type
activities ). The governmental activities of the City include Public Safety, Public Works (roads, traffic
controls, and transit), Culture and Recreation, Community and Economic Development, General Government,
and Interest on long-term debt. The business-type activities of the City include Airport, Cable Television,
Housing Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment, and Water.
15
The government-wide financial statements may be found on pages 26 – 29 of this report.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds: Governmental funds are used to account for essentially the same function
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources , as well as on balances of spendable resources available
at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements and is typically the basis that is used in developing the next annual budget.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. Both
the governmental fund balance sheet and the governmental fund statement of revenues, expenditures,
and changes in fund balances provide a reconciliation to facilitate this comparison.
The City has five major governmental funds: General Fund, Employee Benefits Fund, Community
Development Block Grant Fund, Other Shared Revenue and Grants Fund, and Debt Service Fund.
Information is presented separately in the governmental funds balance sheet and in the governmental
funds statement of revenues, expenditures, and changes in fund balances for these major funds. Data
from all other non-major governmental funds is combined into a single aggregated presentation and
are referenced under a single column as “Other Governmental Funds”. Individual fund data on each of
these non-major governmental funds is provided in the form of combining statements elsewhere in this
report.
The City adopts an annual appropriated budget for all governmental funds as required by state statute.
Budget comparisons have been provided for the Governmental funds and the Enterprise funds, to
demonstrate compliance with the adopted budget.
The basic governmental funds financial statements can be found on pages 30 – 35 of this report.
Proprietary Funds: The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide
financial statements. The City uses enterprise funds to account for its Airport, Cable Television,
Housing Authority, Parking, Sanitation, Stormwater Collection, Wastewater Treatment, and Water
activities. Internal Service funds are an accounting device used to accumulate and allocate costs
internally among the City’s various functions. The City has four Internal Service Funds: Equipment
Maintenance, Central Services, Loss Reserve, and Information Technology. Because these services
predominantly benefit governmental rather than business-type functions, they have been included
within governmental activities in the government-wide financial statements.
Proprietary funds 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
Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not available to support the City’s own programs and
therefore are not reflected in the government-wide financial statements. The City has two fiduciary
funds: Project Green and Library Foundation, which are maintained as agency funds.
The basic fiduciary funds financial statements can be found on page 42.
Notes to Financial Statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes
to the financial statements can be found on pages 43 – 76 of this report.
Other Information: The combining statements referred to in the above paragraphs in connection with
non-major governmental funds, non-major enterprise funds, and internal service funds are presented
immediately following the notes.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial
position. In the case of the City, assets exceeded liabilities by $425,683,000 at the close of the fiscal
year ended June 30, 2010.
By far, the largest portion of the City’s net assets reflect its investment in capital assets (e.g., land,
building, machinery and equipment, improvements other than buildings, and infrastructure), less any
related debt to acquire those assets that is still outstanding. The City uses these capital assets to
provide services to its citizens; consequently, these assets are not available for future spending.
Although the City’s investment in its capital assets is reported net of related debt, it should be noted
that the resources needed to repay this debt must be provided from other resources, since the capital
assets themselves cannot be used to liquidate these liabilities.
City of Iowa City's Net Assets
June 30, 2010
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2010 2009 2010 2009 2010 2009
Current and other assets 142,590 $ 126,588 $ 100,458 $ 99,378 $ 243,048 $ 225,966 $
Capital assets 173,071 167,330 255,613 254,404 428,684 421,734
Total Assets 315,661 293,918 356,071 353,782 671,732 647,700
Long-term liabilities outstanding 75,466 83,928 95,080 103,551 170,546 187,479
Current and other liabilities 70,426 64,725 5,077 5,019 75,503 69,744
Total Liabilities 145,892 148,653 100,157 108,570 246,049 257,223
Net assets:
Invested in capital assets, net of
related debt 111,703 100,741 172,601 162,211 284,304 262,952
Restricted 25,588 26,586 17,588 19,159 43,176 45,745
Unrestricted 32,478 17,938 65,725 63,842 98,203 81,780
Total Net Assets 169,769 $ 145,265 $ 255,914 $ 245,212 $ 425,683 $ 390,477 $
17
A portion of the City’s net assets (10.1% or $43,176,000) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of the unrestricted net assets (23.1% or
$98,203,000) 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, 2010, 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 $24,504,000. The increase
in net assets of governmental activities is primarily due to receiving grants to fund expenditures in capital assets
for flood recovery and mediation and community development projects.
The following is a more detailed review of FY10’s operation.
City of Iowa City's Changes in Net Assets
(amounts expressed in thousands)
Governmental Business-type
activities activities Total
2010 2009 2010 2009 2010 2009
Revenues:
Program Revenues:
Charges for services 7,388 $ 6,701 $ 35,943 $ 36,227 $ 43,331 $ 42,928 $
Operating grants and contributions 15,554 8,185 7,777 7,293 23,331 15,478
Capital grants and contributions 8,291 3,773 6,570 3,705 14,861 7,478
General Revenues:
Property taxes 49,467 47,085 - - 49,467 47,085
Road use tax 5,525 5,254 - - 5,525 5,254
Local option sales tax 8,141 - - - 8,141 -
Other taxes 1,535 1,489 - - 1,535 1,489
Earnings on investments 1,766 3,057 1,311 2,577 3,077 5,634
Gain on disposal of capital assets - - 230 360 230 360
Other 3,893 4,894 464 317 4,357 5,211
Total revenues 101,560 80,438 52,295 50,479 153,855 130,917
Expenses:
Public safety 19,955 20,730 - - 19,955 20,730
Public works 16,806 15,177 - - 16,806 15,177
Culture and recreation 12,238 9,574 - - 12,238 9,574
Community and economic development 16,913 8,726 - - 16,913 8,726
General government 7,549 7,600 - - 7,549 7,600
Interest on long-term debt 2,970 3,264 - - 2,970 3,264
Wastewater treatment - - 11,274 11,925 11,274 11,925
Water - - 8,309 9,185 8,309 9,185
Sanitation - - 7,705 7,296 7,705 7,296
Housing authority - - 7,838 7,238 7,838 7,238
Parking - - 4,536 4,489 4,536 4,489
Airport - - 724 693 724 693
Stormwater - - 1,187 1,223 1,187 1,223
Cable television - - 645 633 645 633
Total expenses 76,431 65,071 42,218 42,682 118,649 107,753
Change in net assets before transfers 25,129 15,367 10,077 7,797 35,206 23,164
Transfers (625) 205 625 (205) - -
Change in net assets 24,504 15,572 10,702 7,592 35,206 23,164
Net assets beginning of year 145,265 129,693 245,212 237,620 390,477 367,313
Net assets end of year 169,769 $ 145,265 $ 255,914 $ 245,212 $ 425,683 $ 390,477 $
18
The total revenues for governmental activities for FY10 were $101,560,000. Governmental activities are
primarily funded through taxes (63.7% or $64,668,000) and grants and contributions (23.5% or $23,845,000)
Grants and contributions increased from prior year by $11,887,000 due to federal ARRA grants, state I-JOBS
grants, and Community Development Block Grants used to fund capital and flood mediation projects.
Expenses for governmental activities totaled $76,431,000. Governmental activities are tracked by function
including public safety, public works, community and economic development, culture and recreation, and general
government. In FY10, public safety accounted for the highest portion of governmental expenses (26.1% or
$19,955,000). Community and economic development (22.1% or $16,913,000) and public works (22.0% or
$16,806,000) made up another large portion of governmental expenses and each increased over the prior year due
to flood recovery and mediation projects that were covered by various grants.
Business-type Activities: Business-type activities increased the City’s total assets by $10,702,000. The increases
in net assets were primarily in the Wastewater, Airport, and Water funds. For all business-type activities,
revenues exceeded expenses by $10,077,000.
Revenues for business-type activities totaled $52,295,000. The primary revenue source for business-type
activities is charges for services (68.7% or $35,943,000). In addition for FY10, the City’s business type-activities
had a significant portion of their revenues from grants and contributions (27.4% or $14,347,000). This is an
increase of $3,349,000 to help fund capital and flood recovery projects for business-type activities.
The total expenses for business-type activities in FY10 were $42,218,000. Wastewater treatment represented the
highest portion of business-type activities (26.7% or $11,274,000), with Water (19.7% or $8,309,000), Housing
Authority (18.6% or $7,838,000), and Sanitation (18.3 or $7,705,000) making up the remainder of the majority of
business-type activities expenses.
The graphs on the following pages represent a breakdown of revenue by source and expenditures by program area
for governmental and business-type activities.
19
Governmental Activities
FY2010 Revenue
by Source
Grants and
Contributions
23%
Charges for
services
7%
Misc.
Other
6%
Property taxes
49%
Other Taxes
15%
Business-Type Activities
FY2010 Revenue
by Source
Charges for
services
69%
Misc. Other
4% Grants and
Contributions
27%
20
Governmental Activities
FY2010 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
FY2010 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, 2010, the City’s governmental funds reported combined ending fund
balances of $50,731,000, an increase of $8,608,000 in comparison with the prior year. Of this total amount,
$32,470,000 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 (36.0%) 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
fund various debt service payments ($13,952,000), 2) to fund employee retirement commitments
($2,124,000), and 3) restricted by grant agreements ($719,000).
The General Fund is the chief operating fund of the City. As of the fiscal year ended June 30, 2010, the
unreserved fund balance of the General Fund was $26,101,000 while General Fund’s total fund balance was
$26,507,000. 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 57.3% of total
General Fund expenditures ($45,565,000), while total fund balance represents 58.2% of that same amount.
The fund balance of the City’s General Fund increased by $10,590,000 during the current fiscal year . This
was due to collection of a local option sales tax that took effect in FY10 to be used to fund future capital
improvement projects. This tax will be collected through FY13. In addition, the City’s property tax collected
in FY10 increased due to higher taxable property values.
The Bridge, Street, and Traffic Control Construction Fund had a deficit fund balance of ($1,207,000) as
compared to a deficit balance of ($1,883,000) 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 FY11 to cover the capital expenditures.
The Other Shared Revenue and Grants Fund had a deficit fund balance of ($673,000) as compared to a deficit
balance of ($720,000) in the prior period. This fund accounts for transactions from various sources, primarily
road use tax monies from the State of Iowa and reimbursable programs funded by federal and state grants.
The deficit is due to capital expenditures. The City anticipates receiving funds from the Iowa Department of
Economic Development.
The Debt Service Fund had a fund balance of $13,952,000, an increase of $2,193,000 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 $248,009,000, a net asset increase of $9,907,000 . This was
primarily due to an increase in capital contributions of federal and state grants to fund capital improvement
projects to help with flood recovery and mediation. Of the enterprise funds’ net assets, $172,601,000 is
invested in capital assets, net of related debt. Unrestricted net assets totaled $57,820,000, an increase of
$1,088,000 compared to the previous year.
22
The Internal Service funds showed net assets totaling $22,446,000 as of June 30, 2010, an increase of
$2,045,000 from the previous year.
Budgetary Highlights
The City presents budgetary information as allowed by GASB Statement No. 41. Budgets are based on nine
functional areas as required by state statute, not by fund or fund type.
The City had three budget amendments during the fiscal year, which is higher than our common practice of
two amendments. These amendments increased the expenditure budget by $152,671,000 to a total of
$293,161,000. This represented a 108.7% increase. The major increase was due to capital projects in
governmental and business-type funds due to timing of completion of projects, ongoing recovery from the
flood of 2008, and stimulus grants received to help with economic development.
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, 2010 amounts to $428,684,000 (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, 2010 increased by
$5,741,000 for governmental activities compared to the prior year and increased by $1,209,000 for business-
type activities over the prior year.
The following table reflects the $428,684,000 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
2010 2009 2010 2009 2010 2009
Land 21,838 $ 17,483 $ 25,847 $ 25,783 $ 47,685 $ 43,266 $
Buildings 45,041 44,973 72,293 74,866 117,334 119,839
Improvements other than
buildings 3,580 3,721 6,846 7,233 10,426 10,954
Machinery and equipment 15,908 12,389 8,773 9,265 24,681 21,654
Infrastructure 80,863 74,458 130,545 131,052 211,408 205,510
Construction in progress 5,841 14,306 11,309 6,205 17,150 20,511
Total 173,071 $ 167,330 $ 255,613 $ 254,404 $ 428,684 $ 421,734 $
Major capital asset events during the current fiscal year included the following:
• Continuation of airport projects included runway design, grading, lighting, paving, and runway extension.
Project costs during the year totaled $3,733,000 added with prior years’ costs there was $6,286,000
remaining in construction in progress at fiscal year end.
• Completion of the McCollister Boulevard extension project to connect Old Highway 218 at its
intersection with Mormon Trek Boulevard to Gilbert Street capitalized for $7,439,000. $2,462,000
remains in construction in progress for a variety of additional street and bridge construction in new
residential areas and replacement and expansion of existing infrastructure.
23
• On-going work on the Inverted Siphon Sewer Project to construct a horizontal directional drilled inverted
siphon sewer, inlet and outlet structures, sanitary manholes, and sanitary sewer. Expenses of $1,174,000.
were in construction in progress at the end of the fiscal year.
• Continued construction on a new landfill cell. $1,387,000 in expenses for FY10 added to prior years’
expenses for a total of $ 1,894,000 in construction in progress at fiscal year end.
• Public Works salt storage building completed and capitalized for $963,000.
• Ground breaking on a new fourth fire station. Expenses of $562,000 were in construction in progress at
the end of the fiscal year. Total project costs are estimated at $4,089,000.
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
$153,385,000. Of this amount, $75,050,000 comprises debt backed by the full faith and credit of the City.
However, 5.0% of this total, $3,750,000, is debt that serves enterprise funds and is abated by their charges for
services and 8.4% of this total, $6,320,000, is debt that will be paid with Tax Increment Financing revenues.
The remaining $78,335,000 represents revenue bonds secured solely by specific revenue sources.
City of Iowa City's Outstanding Debt
General Obligation and Revenue Bonds
(amounts expressed in thousands)
Governmental Business-type
Activities Activities Total
2010 2009 2010 2009 2010 2009
General obligation bonds 71,300 $ 80,654 $ 3,750 $ 4,341 $ 75,050 $ 84,995 $
Revenue bonds - - 78,335 87,815 78,335 87,815
Total 71,300 $ 80,654 $ 82,085 $ 92,156 $ 153,385 $ 172,810 $
During the current fiscal year the City’s total bonded debt decreased by $19,425,000.
The City did not issue any General Obligation bonds during FY10. The City did issue $9,110,000 of parking
revenue bonds and $15,080,000 of wastewater revenue bonds for current refunding of $9,275,000 and
$16,240,000 of parking and wastewater revenue bonds, respectively. The refundings were undertaken to
reduce total future debt service payments. The result of the transaction is a reduction of $3,447,000 in future
debt service payments and an economic gain of $2,884,000.
The City continues to have the same excellent bond rating on its General Obligation bonds that it has had for
the past several years. This rating is given to those bonds judged to be of the best quality and carrying the
smallest degree of investment risks. The City's bond ratings by Moody’s Investors Services, Inc. as of June
30, 2010 were as follows:
General obligation bonds Aaa
Parking revenue bonds A
Wastewater treatment revenue bonds A
Water revenue bonds A
The City continues to operate well under the State debt capacity debt limitations. State statute limits the amount
of General Obligation Debt outstanding to 5% of the assessed value of all taxable property in Iowa City. The
current debt limitation for the City is $218,974,000. With outstanding General Obligation Debt applicable to
this limit of $75,050,000 we are utilizing 34.3% of this limit.
More detailed information on debt administration is provided in Note 6 of the financial statements .
24
Economic Factors and Next Year’s Budget and Rates
In May 2009, the voters of Iowa City approved a one cent local option sales tax. This tax will be collected for
four years beginning July 1, 2009. In FY10, the City collected $8,141,000 in local option sales tax. The City
Council has indicated that the priorities for use of this sales tax will be the elevation of Dubuque Street,
including the reconstruction of Park Road Bridge, and the relocation of the North Wastewater Plant. Sales tax
proceeds are used to provide local match for available state and federal funding and to reduce our reliance on
property tax and increased user fees otherwise needed to fund such projects.
During the 2009 session, the Iowa State Legislature passed a law allowing cities to utilize franchise fee tax as
a revenue alternative to property tax effective for FY11. The Iowa City Council passed a local franchise fee
tax of 1% on natural gas and electricity to support additional public safety initiatives that became effective
April 1, 2010. For the last three months of FY10, the City collected $47,000.
The City expects continued constraints by the State’s property tax formula. The rollback on residential
properties negatively affects the City’s general operating funds and without the potential for new revenue
sources, like those mentioned above, the City’s opportunities for new initiatives are limited. The Council has
established a balance budget in the General Fund for FY11 that strives to maintain current service delivery
levels. The tax levy rate per $1,000 of taxable valuation for FY11 is provided below:
General Levy $ 8.100
Debt Service Levy 4.438
Employee Benefits Levy 3.581
Transit Levy 0.950
Liability Insurance Levy 0.417
Library Levy 0.270
Total City Levy $ 17.756
Requests for Information
This report is designed to provide a general overview of the City of Iowa City’s finances for all of those with
an interest in the government’s finances. Questions concerning any of the information provided in this report,
or requests for additional financial information should be addressed to City of Iowa City, Finance
Department, 410 E. Washington Street, Iowa City, IA, 52240.
25
Governmental Business-type
Activities Activities Total
Assets
Equity in pooled cash and investments 53,778 $ 52,189 $ 105,967 $
Receivables:
Property tax 48,809 - 48,809
Accounts and unbilled usage 691 3,104 3,795
Interest 147 538 685
Notes 15,842 997 16,839
Internal balances (9,175) 9,175 -
Due from other governments 11,852 1,148 13,000
Prepaid insurance 13 - 13
Inventories 557 418 975
Assets held for resale 663 - 663
Restricted assets:
Equity in pooled cash and investments 19,413 32,889 52,302
Capital assets:
Land and construction in progress 27,679 37,156 64,835
Other capital assets (net of accumulated depreciation) 145,392 218,457 363,849
Total assets 315,661 356,071 671,732
Liabilities
Accounts payable 4,144 562 4,706
Contracts payable 786 1,167 1,953
Accrued liabilities 4,123 439 4,562
Interest payable 230 1,864 2,094
Deposits 894 647 1,541
Due to other governments 2,014 118 2,132
Notes payable 498 - 498
Unearned revenue 57,737 280 58,017
Noncurrent liabilities:
Due within one year:
Employee vested benefits 1,134 288 1,422
Bonds payable 9,647 4,025 13,672
Due in more than one year:
Employee vested benefits 966 235 1,201
Other Post Employment Benefits Obligation 1,363 383 1,746
Notes Payable 211 - 211
Bonds payable 62,145 78,989 141,134
Landfill closure/post-closure liability - 11,160 11,160
Total liabilities 145,892 100,157 246,049
(continued)
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
June 30, 2010
26
Governmental Business-type
Activities Activities Total
Net Assets
Invested in capital assets, net of related debt 111,703 $ 172,601 $ 284,304 $
Restricted for or by:
Employee benefits 2,124 - 2,124
Capital projects 8,043 - 8,043
Debt service 13,952 - 13,952
Assets held for resale 663 - 663
Streets - - -
Other purposes 87 - 87
Bond ordinance - 13,399 13,399
State statute - 906 906
Future improvements - - -
Grant agreement 719 3,283 4,002
Unrestricted 32,478 65,725 98,203
Total net assets 169,769 $ 255,914 $ 425,683 $
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, 2010
(amounts expressed in thousands)
27
Operating Capital
Charges Grants and Grants and
Functions/Programs: Expenses for Services Contributions Contributions
Governmental activities:
Public safety 19,955 $ 2,980 $ 1,339 $ 120 $
Public works 16,806 1,061 1,484 5,574
Culture and recreation 12,238 773 306 14
Community and economic development 16,913 - 12,425 2,583
General government 7,549 2,574 - -
Interest on long-term debt 2,970 - - -
Total governmental activities 76,431 7,388 15,554 8,291
Business-type activities:
Wastewater Treatment 11,274 12,637 - 2,115
Water 8,309 7,957 6 572
Sanitation 7,705 8,096 6 6
Housing Authority 7,838 180 7,765 25
Parking 4,536 5,377 - -
Airport 724 289 - 3,311
Stormwater 1,187 617 - 541
Cable television 645 790 - -
Total business-type activities 42,218 35,943 7,777 6,570
Total 118,649 $ 43,331 $ 23,331 $ 14,861 $
General revenues:
Property taxes, levied for general purposes
Road use tax
Hotel/motel tax
Gas and electric tax
Local option sales tax
Utility franchise tax
Earnings on investments
Gain on disposal of capital assets
Miscellaneous
Transfers
Total general revenues and transfers
Changes in net assets
Net assets beginning of year
Net assets end of year
The notes to the financial statements are an integral part of this statement.
Program Revenues
CITY OF IOWA CITY, IOWA
STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2010
(amounts expressed in thousands)
28
Governmental Business-type
Activities Activities Total
(15,516) $ - $ (15,516) $
(8,687) - (8,687)
(11,145) - (11,145)
(1,905) - (1,905)
(4,975) - (4,975)
(2,970) - (2,970)
(45,198) - (45,198)
- 3,478 3,478
- 226 226
- 403 403
- 132 132
- 841 841
- 2,876 2,876
- (29) (29)
- 145 145
- 8,072 8,072
(45,198) 8,072 (37,126)
49,467 - 49,467
5,525 - 5,525
699 - 699
789 - 789
8,141 - 8,141
47 - 47
1,766 1,311 3,077
- 230 230
3,893 464 4,357
(625) 625 -
69,702 2,630 72,332
24,504 10,702 35,206
145,265 245,212 390,477
169,769 $ 255,914 $ 425,683 $
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 18,539 $ 1,932 $ -$ -$ 12,813 $ 1,354 $ 34,638 $
Receivables:
Property tax 26,699 9,825 - - 12,278 7 48,809
Accounts and unbilled usage 514 - - - - 153 667
Interest 42 - - - 59 19 120
Notes 386 - 12,032 1,823 1,601 - 15,842
Advances to other funds 1,645 - 18 - 208 - 1,871
Due from other governments 4,045 154 14 4,048 - 3,519 11,780
Inventories 234 - - - - - 234
Assets held for resale - - - 498 - 165 663
Restricted assets:
Equity in pooled cash and investments 8,948 - - 41 - 10,424 19,413
Total assets 61,052 $ 11,911 $ 12,064 $ 6,410 $ 26,959 $ 15,641 $ 134,037 $
(continued)
(amounts expressed in thousands)
Special Revenue
CITY OF IOWA CITY, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2010
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 1,136 $ 16 $ -$ 191 $ -$ 2,244 $ 3,587 $
Contracts payable - - - - - 786 786
Accrued liabilities 1,535 2 10 120 - 56 1,723
Advances from other funds 1,288 - 4 1,849 - - 3,141
Due to other governments 15 - - 37 - 1,962 2,014
Notes payable - - - 498 - - 498
Deferred revenue 29,681 9,769 12,050 4,384 13,007 1,772 70,663
Liabilities payable from restricted assets:
Deposits 890 - - 4 - - 894
Total liabilities 34,545 9,787 12,064 7,083 13,007 6,820 83,306
Fund balances:
Reserved for:
Inventories 234 - - - - - 234
Assets held for resale - - - 498 - 165 663
Encumbrances 58 - - 25 - 372 455
Debt service - - - - 13,952 - 13,952
Employee retirement commitments - 2,124 - - - - 2,124
Perpetual care 114 - - - - - 114
Restricted by grant agreement - - - 719 - - 719
Unreserved
Undesignated:
General fund 26,101 - - - - - 26,101
Special revenue funds - - - (1,915) - 241 (1,674)
Capital projects funds - - - - - 8,043 8,043
Total fund balances 26,507 2,124 - (673) 13,952 8,821 50,731
Total liabilities and fund balances 61,052 $ 11,911 $ 12,064 $ 6,410 $ 26,959 $ 15,641 $ 134,037 $
The notes to the financial statements are an integral part of this statement.
Special Revenue
BALANCE SHEET (continued)
GOVERNMENTAL FUNDS
June 30, 2010
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
31
Total governmental fund balances 50,731 $
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. 22,446
Prepaid insurance benefits future periods and is included in
governmental activities in the statement of net assets. 13
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 12,926
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the funds. 167,120
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds. (1,991)
Accrued post employment benefit obligations are not due and
payable in the current period and therefore are not reported
in the funds. (1,338)
Bonds payable are not due and payable in the current period
and therefore are not reported in the funds. (71,792)
Notes payable are not due and payable in the current period
and therefore are not reported in the funds. (211)
Accrued interest on bonds (230)
Internal balance due to integration of internal service funds (7,905)
Total net assets of governmental activities 169,769 $
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, 2010
32
Community Other
Development Shared Other
Employee Block Revenue and Debt Governmental
General Benefits Grant Grants Service Funds Total
Revenues
Taxes 33,897 $ 9,988 $ -$ -$ 11,344 $ 3,914 $ 59,143 $
Licenses and permits 1,211 - - - - - 1,211
Intergovernmental 4,254 - 1,169 19,205 - 6,776 31,404
Charges for services 2,243 135 - 47 - 8 2,433
Use of money and property 1,355 - - 68 139 37 1,599
Miscellaneous 4,130 1 189 272 - 192 4,784
Total revenues 47,090 10,124 1,358 19,592 11,483 10,927 100,574
Expenditures
Current:
Public safety 17,570 206 - - - 1,332 19,108
Public works 6,885 - - 4,882 - 1,544 13,311
Culture and recreation 10,993 - - - - 273 11,266
Community and economic development 1,484 - 1,399 6,021 - 1,616 10,520
General government 6,658 412 - - - 121 7,191
Debt service:
Principal - - - - 9,354 - 9,354
Interest - - - - 3,064 - 3,064
Capital outlay 1,975 - 2 7,700 - 8,013 17,690
Total expenditures 45,565 618 1,401 18,603 12,418 12,899 91,504
Excess (deficiency) of revenues over
(under) expenditures 1,525 9,506 (43) 989 (935) (1,972) 9,070
Other Financing Sources (Uses)
Sale of capital assets 104 - 118 - - - 222
Insurance Recoveries - - - - - 20 20
Transfers in 9,753 - - 619 3,128 3,242 16,742
Transfers out (792) (9,618) (75) (1,561) - (5,400) (17,446)
Total other financing sources and (uses) 9,065 (9,618) 43 (942) 3,128 (2,138) (462)
Net change in fund balances 10,590 (112) - 47 2,193 (4,110) 8,608
Fund Balances, Beginning 15,917 2,236 - (720) 11,759 12,931 42,123
Fund Balances, Ending 26,507 $ 2,124 $ -$ (673) $ 13,952 $ 8,821 $ 50,731 $
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, 2010
(amounts expressed in thousands)
33
34
Net change in fund balances - total governmental funds 8,608 $
Amounts reported for governmental activities in the statement of activities
are different because:
Governmental funds report capital outlays as expenditures while governmental
activities report depreciation expense to allocate those expenditures over the
life of the asset. Capital outlays and contributed capital assets exceeded
depreciation expense in the current year as follows:
Expenditures for capital assets 10,552 $
Capital assets contributed 824
Depreciation expense (5,893) 5,483
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.
Repayments of debt 9,354
Amortization of premium 76 9,430
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. 925
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 (79)
Change in accrued post employment benefit obligations (861)
Change in accrued interest on debt 18
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. (283)
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. 13
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The net revenue of certain activities of
internal service funds is reported with governmental activities. 1,250
Change in net assets of governmental activities 24,504 $
The notes to the financial statements are an integral part of this statement.
(amounts expressed in thousands)
For the Year Ended June 30, 2010
CITY OF IOWA CITY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
35
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Assets
Current assets:
Equity in pooled cash and investments 5,677 $ 12,615 $ 11,636 $ 16,083 $ 3,272 $ 2,906 $ 52,189 $ 19,140 $
Receivables:
Accounts and unbilled usage 24 1,228 795 775 42 240 3,104 24
Interest 8 178 278 41 29 4 538 27
Notes - - - - 997 - 997 -
Advances to other funds - - - 4,316 - - 4,316 -
Due from other governments - 578 185 35 46 304 1,148 72
Inventories - - 418 - - - 418 323
Total current assets 5,709 14,599 13,312 21,250 4,386 3,454 62,710 19,586
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 1,486 9,645 4,595 13,762 3,283 118 32,889 -
Capital assets:
Land 6,798 758 6,296 1,787 732 9,476 25,847 45
Buildings 24,908 59,611 23,875 908 5,601 4,779 119,682 831
Improvements other than buildings 166 7,371 2,351 144 9 357 10,398 50
Machinery and equipment 779 9,962 10,434 158 147 634 22,114 14,230
Infrastructure - 87,477 48,615 11,298 - 42,293 189,683 1,087
Accumulated depreciation (13,965) (62,850) (21,149) (9,611) (3,652) (12,193) (123,420) (10,292)
Construction in progress 151 1,483 711 2,592 - 6,372 11,309 -
Total noncurrent assets 20,323 113,457 75,728 21,038 6,120 51,836 288,502 5,951
Total assets 26,032 128,056 89,040 42,288 10,506 55,290 351,212 25,537
(continued)
Business-type Activities - Enterprise Funds
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2010
36
Governmental
Activities -
Other Internal
Wastewater Housing Enterprise Service
Parking Treatment Water Sanitation Authority Funds Total Funds
Liabilities
Current liabilities:
Accounts payable 20 $ 91 $ 163 $ 128 $ 22 $ 138 $ 562 $ 557 $
Contracts payable 35 306 227 308 - 291 1,167 -
Accrued liabilities 151 171 242 256 81 61 962 2,509
Due to other governments - - 32 70 16 - 118 -
Deferred revenue 280 - - - - - 280 -
Interest payable 218 1,173 473 - - - 1,864 -
Bonded debt payable (net of unamortized discounts) 422 1,899 1,704 - - - 4,025 -
Total current liabilities 1,126 3,640 2,841 762 119 490 8,978 3,066
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 2 - 394 14 228 9 647 -
Advances from other funds 1,523 - - - 18 1,505 3,046 -
Bonded debt payable (net of unamortized discounts) 8,724 45,603 24,662 - - - 78,989 -
Other Post Employment Benefits Obligation 65 65 101 97 17 38 383 25
Landfill closure/postclosure liability - - - 11,160 - - 11,160 -
Total noncurrent liabilities 10,314 45,668 25,157 11,271 263 1,552 94,225 25
Total liabilities 11,440 49,308 27,998 12,033 382 2,042 103,203 3,091
Net Assets
Invested in capital assets, net of related debt 9,692 56,310 44,768 7,276 2,837 51,718 172,601 5,951
Restricted by bond ordinance 1,267 8,472 3,660 - - - 13,399 -
Restricted by state statute - - - 906 - - 906 -
Restricted by grant agreement - - - - 3,283 - 3,283 -
Unrestricted 3,633 13,966 12,614 22,073 4,004 1,530 57,820 16,495
Total net assets 14,592 $ 78,748 $ 61,042 $ 30,255 $ 10,124 $ 53,248 $ 248,009 22,446 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 7,905
Net assets of business-type activities 255,914 $
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, 2010
(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 5,377 $ 12,637 $ 7,957 $ 8,096 $ 180 $ 1,696 $ 35,943 $ 15,930 $
Miscellaneous 26 73 28 57 210 37 431 49
Total operating revenues 5,403 12,710 7,985 8,153 390 1,733 36,374 15,979
Operating Expenses:
Personal services 1,775 1,874 2,246 2,497 936 647 9,975 2,076
Commodities 248 645 987 393 45 265 2,583 2,133
Services and charges 1,126 2,531 1,920 4,540 6,743 532 17,392 8,966
3,149 5,050 5,153 7,430 7,724 1,444 29,950 13,175
Depreciation 905 4,178 2,180 630 143 1,139 9,175 1,242
Total operating expenses 4,054 9,228 7,333 8,060 7,867 2,583 39,125 14,417
Operating income (loss) 1,349 3,482 652 93 (7,477) (850) (2,751) 1,562
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets (15) - 5 - 32 208 230 111
Insurance Recoveries - - 33 - - - 33 -
Operating grants - - 6 6 7,765 - 7,777 -
Interest income 106 464 312 320 84 25 1,311 166
Interest expense (538) (2,173) (1,092) - - - (3,803) -
Total nonoperating revenues (expenses) (447) (1,709) (736) 326 7,881 233 5,548 277
Income (loss) before capital contributions
and transfers 902 1,773 (84) 419 404 (617) 2,797 1,839
Capital contributions - 2,115 572 6 25 3,852 6,570 42
Transfers in - 167 756 - 75 356 1,354 170
Transfers out (110) (202) (343) - (18) (141) (814) (6)
Change in net assets 792 3,853 901 425 486 3,450 9,907 2,045
Net Assets, Beginning 13,800 74,895 60,141 29,830 9,638 49,798 20,401
Net Assets, Ending 14,592 $ 78,748 $ 61,042 $ 30,255 $ 10,124 $ 53,248 $ 22,446 $
Adjustment to reflect the consolidation of internal service fund activities
related to enterprise funds. 795
Change in net assets of business-type activities 10,702 $
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, 2010
(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 5,694 $ 12,736 $ 7,972 $ 8,339 $ 348 $ 1,737 $ 36,826 $ 15,938 $
Payments to suppliers (1,390) (3,218) (2,941) (4,426) (6,790) (929) (19,694) (10,794)
Payments to employees (1,749) (1,848) (2,195) (2,431) (934) (622) (9,779) (1,810)
Net cash flows from operating activities 2,555 7,670 2,836 1,482 (7,376) 186 7,353 3,334
Cash Flows From Noncapital Financing Activities
Grants received - - - 1 7,771 5 7,777 -
Transfers from other funds - 167 756 - 75 356 1,354 170
Transfers to other funds (110) (202) (343) - (18) (141) (814) (6)
Repayment/(payment) of notes receivable - - - 5 347 - 352 -
Advances from other funds (927) - - - - 206 (721) -
Advances to other funds - - - 937 - - 937 -
Net cash flows from noncapital financing activities (1,037) (35) 413 943 8,175 426 8,885 164
Cash Flows From Capital and Related Financing
Activities
Capital grants received - 879 41 - 25 3,626 4,571 -
Acquisition and construction of property and
equipment (211) (1,259) (1,338) (1,760) (196) (4,180) (8,944) (1,747)
Proceeds from sale of property 1 - 5 - 449 223 678 117
Proceeds from insurance recoveries - - 33 - - - 33 -
Proceeds from issuance of refunding debt (principal
plus premium & less discount) 9,216 15,915 - - - - 25,131 -
Principal paid on bonded debt (9,665) (23,325) (1,270) - - - (34,260) -
Interest paid on bonded debt (609) (2,307) (1,217) - - - (4,133) -
Net cash flows from capital and related financing
activities (1,268) (10,097) (3,746) (1,760) 278 (331) (16,924) (1,630)
Cash Flows From Investing Activities
Interest on investments 191 474 324 486 109 40 1,624 267
Net increase (decrease) in cash and cash equivalents 441 (1,988) (173) 1,151 1,186 321 938 2,135
Cash and Cash Equivalents, Beginning 6,722 24,248 16,404 28,694 5,369 2,703 84,140 17,005
Cash and Cash Equivalents, Ending 7,163 $ 22,260 $ 16,231 $ 29,845 $ 6,555 $ 3,024 $ 85,078 $ 19,140 $
(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, 2010
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) 1,349 $ 3,482 $ 652 $ 93 $ (7,477) $ (850) $ (2,751) $ 1,562 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating activities:
Depreciation expense 905 4,178 2,180 630 143 1,139 9,175 1,242
Changes in:
Receivables:
Accounts and unbilled usage 11 27 10 182 (37) 4 197 (24)
Due from other governments - (1) (2) 3 - - - (17)
Inventories - - (17) - - - (17) 9
Accounts payable (16) (42) (15) (13) (5) (132) (223) 296
Accrued liabilities (7) 1 (1) 22 - - 15 229
Due to other governments - - (2) 6 3 - 7 -
Deferred revenue 280 - - - - - 280 -
Deposits - - (21) 1 (5) - (25) -
Other Post Employment Benefits
Obligation 33 25 52 44 2 25 181 37
Landfill closure/postclosure liability - - - 514 - - 514 -
Total adjustments 1,206 4,188 2,184 1,389 101 1,036 10,104 1,772
Net cash flows from operating activities 2,555 $ 7,670 $ 2,836 $ 1,482 $ (7,376) $ 186 $ 7,353 $ 3,334 $
Noncash Investing, Capital, and
Financing Activities:
Contributions of capital assets from
government and others -$ 681 $ 369 $ - $ - $ 541 $ 1,591 $ 42 $
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, 2010
41
Agency
Funds
Assets
Equity in pooled cash and investments 235 $
Accounts receivable 5
Interest receivable 1
Total assets 241 $
Liabilities
Accounts payable 19 $
Accrued liabilities 11
Due to agency 211
Total liabilities 241 $
The notes to the financial statements are an integral part of this statement.
June 30, 2010
(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, 2010
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, 2010
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, 2010
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.
The funds in this category are Project Green , which accounts for donations that are received to plant and
develop yards and lawns, both public and private, within Iowa City, and the Library Foundation , which
accounts for donations that are made to support the library development office.
Proprietary funds distinguish operating revenues and expenses from 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
45
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use
restricted resources first, then unrestricted resources as they are needed.
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, 2010
Inventories
Inventories are recognized only in those funds in which they are material to the extent of affecting
operations. For the City, these are the General Fund, Water Fund, and the Equipment Maintenance Fund.
Inventories included in the governmental funds are valued at cost using the first-in, first out (FIFO)
method. The costs of governmental fund inventories are recorded as expenditures when consumed rather
than when purchased. Inventories of materials and supplies in the enterprise funds are determined by
actual count and priced on the FIFO method.
Capital Assets
Capital assets, which include property, buildings, equipment, and infrastructure assets (e.g., roads,
bridges, water mains, and similar items), are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements. The City follows the policy of not
capitalizing an asset with an initial, individual cost of less than $50,000 for infrastructure assets and
$5,000 for remaining assets. Such assets are recorded at original purchase cost or at fair value at the date
of donation when received as donated properties.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Infrastructure 3 – 100 years
Buildings and structures 20 – 50 years
Improvements other than buildings 10 – 50 years
Vehicles 2 – 20 years
Other equipment 5 – 30 years
Bond Premiums and Discounts
Debt issued at a premium or discount is recorded net of the unamortized premium or discount. In the
governmental funds, premiums and discounts are recorded entirely as other financing sources or uses in
the year of issuance. In the proprietary funds and the government-wide statements, they are amortized
over the life of the bonds.
Compensated Absences
Permanent City employees accumulate vacation and sick leave hours for subsequent use or for payment
upon death, resignation, or retirement. The City pays its employees (except firefighters) one-half of the
accumulated sick leave at the time of termination on the basis of the employee’s then effective hourly
base salary, provided that the dollar amount of the payment may be up to, but not exceed, the amount that
an employee would be paid if the employee had terminated on June 28, 1985. Employees hired on or after
June 29, 1985, are not eligible for payment of accumulated sick leave upon termination, death, or
retirement.
Pensions
The provision for pension cost is recorded on the accrual basis (based on statutorily determined
contribution rates), and the City’s policy is to fund pension costs as they accrue.
47
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
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, 2010
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 $187,914,000 in revenues and
other financing sources and by $211,643,000 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, 2010 the Capital Project Fund for bridge, street, and traffic control construction reported a
deficit fund balance of $1,207,000. 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 2011 to
cover the capital expenditures. At June 30, 2010 the Other Shared Revenue and Grants Fund reported a
deficit balance of $673,000. 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.
49
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
3. Cash and Pooled Investments
The City’s deposits in banks at June 30, 2010 were entirely covered by federal depository insurance,
national credit union administration, or by the State Sinking Fund in accordance with Chapter 12C of the
Code of Iowa. This chapter provides for additional assessments against the depositories to insure there
will be no loss of public funds.
The City is authorized by statute to invest public funds in obligations of the United States government, its
agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured
Iowa depository institutions approved by City Council and secured pursuant to the limitations set forth in
Chapter 12C of the Code of Iowa; prime eligible bankers acceptances; certain high rated commercial
paper; perfected repurchase agreements; Iowa Public Agency Investment Trust (IPAIT); certain registered
open–end management investment companies registered with the Securities & Exchange Commission
under the federal Investment Company Act of 1940; certain joint investment trusts; and warrants or
improvement certificates of a drainage district.
Investments are stated at fair value. In addition, the City had investments in the Iowa Public Agency
Investment Trust, which are valued at an amortized cost of $46,091,065 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 $1 per unit net asset value since inception and were registered with the Securities
and Exchange Commission (SEC).
Due to legal and budgetary reasons, the general fund is assigned a portion of the investment earnings
associated with other funds. These funds are the employee benefits, other shared revenue, and sanitation
funds.
50
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
4. Interfund Balances and Transfers
Interfund balances for the year ended June 30, 2010, consisted of the following:
Community
Development Debt
General Block Grant Service Sanitation Total
Advances to:
General -$ - $ - $ 1,287,850 $ 1,287,850 $
Community Development
Block Grant 3,626 $ - - - 3,626 $
Other Shared Revenue
and Grants 1,641,389 $ - 207,973 - 1,849,362
Parking - - 1,522,656 1,522,656
Housing Authority 18,000 - - 18,000
Nonmajor enterprise - - - 1,505,097 1,505,097
Total 1,645,015 $ 18,000 $ 207,973 $ 4,315,603 $ 6,186,591 $
Advances from
Interfund balances at June 30, 2010, include advances due to/from other funds. Advances to/from other
funds represent amounts for construction loans, land and negative cash balance funding. $1,462,780 of the
$1,505,097 advances to the Nonmajor Enterprise Funds and $1,395,840 of the $1,522,656 advance to the
Parking Fund are not expected to be repaid within the next year. $1,179,296 of the $1,287,850 advances
to the General Fund and $197,297 of the $207,973 advance to the Other Shared Revenue and Grants Fund
are not expected to be repaid within the next year. None of the $18,000 advance to Housing Authority is
expected to be repaid within the next year. The $3,626 advance to the Community Development Block
Grant Fund and the $1,641,389 advance to the Other Shared Revenue and Grants Fund are expected to be
repaid within the next year.
51
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Interfund transfers for the year ended June 30, 2010, consisted of the following:
Other
Community Shared
Employee Development Revenue and Nonmajor
General Benefits Block Grant Grants Governmental
Transfer to:
General - $ 9,229,898 $ - $ 103,488 $ 281,893 $
Debt service 79,776 - - 198,918 2,781,075
Other shared revenue and grants 22,898 388,457 - - 207,812
Nonmajor governmental 359,883 - 30,000 1,202,076 1,160,646
Wastewater treatment 96,625 - - - 62,770
Water 106,086 - - 3,954 646,102
Housing Authority - - 45,055 29,750 -
Nonmajor enterprise 115,664 - - - 240,380
Internal Service 11,350 - - 23,247 18,343
Total Transfer to 792,282 $ 9,618,355 $ 75,055 $ 1,561,433 $ 5,399,021 $
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, 2010
Wastewater Housing Nonmajor Internal Total
Parking Treatment Water Authority Enterprise Service Transfer from
-$ 20,216 $ 34,604 $ 18,000 $ 64,781 $ - $ 9,752,880 $
- - - - 67,857 - 3,127,626
- - - - - - 619,167
- 181,228 308,468 - - - 3,242,301
- - - - 7,500 - 166,895
- - - - - - 756,142
- - - - - - 74,805
- - - - - - 356,044
109,532 - - - - 6,884 169,356
109,532 $ 201,444 $ 343,072 $ 18,000 $ 140,138 $ 6,884 $ 18,265,216 $
Transfer from
53
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
5. Capital Assets
Capital asset activity for the year ended June 30, 2010, was as follows:
Beginning
July 1, 2009
Acquisitions
and Transfers
Disposals and
Transfers
Balance
June 30, 2010
Governmental activities:
Capital assets, not being depreciated:
Land 17,482,906 $ 4,395,031 $ 40,000 $ 21,837,937 $
Construction in progress 14,305,568 3,181,727 11,646,024 5,841,271
Total capital assets, not being depreciated 31,788,474 7,576,758 11,686,024 27,679,208
Capital assets, being depreciated:
Buildings 61,281,261 1,640,965 408,117 62,514,109
Improvements other than buildings 5,345,298 127,102 100,817 5,371,583
Machinery and equipment 37,238,345 6,667,476 1,698,333 42,207,488
Infrastructure 97,342,237 8,766,289 - 106,108,526
Total capital assets being depreciated 201,207,141 17,201,832 2,207,267 216,201,706
Less accumulated depreciation for:
Buildings 16,307,718 1,561,261 396,048 17,472,931
Improvements other than buildings 1,624,503 210,103 42,343 1,792,263
Machinery and equipment 24,849,371 3,001,630 1,551,524 26,299,477
Infrastructure 22,883,912 2,361,566 - 25,245,478
Total accumulated depreciation 65,665,504 7,134,560 1,989,915 70,810,149
Total capital assets, being depreciated, net 135,541,637 10,067,272 217,352 145,391,557
Governmental activities capital assets, net 167,330,111 $ 17,644,030 $ 11,903,376 $ 173,070,765 $
54
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Beginning
July 1, 2009
Acquisitions
and Transfers
Disposals and
Transfers
Balance
June 30, 2010
Business-type activities:
Capital assets, not being depreciated:
Land 25,783,133 $ 142,947 $ 78,983 $ 25,847,097 $
Construction in progress 6,204,686 7,357,258 2,253,190 11,308,754
Total capital assets, not being depreciated 31,987,819 7,500,205 2,332,173 37,155,851
Capital assets, being depreciated:
Buildings 119,026,032 1,115,974 460,165 119,681,841
Improvements other than buildings 10,348,442 49,319 - 10,397,761
Machinery and equipment 21,699,054 747,735 330,998 22,115,791
Infrastructure 185,920,777 3,761,930 - 189,682,707
Total capital assets being depreciated 336,994,305 5,674,958 791,163 341,878,100
Less accumulated depreciation for:
Buildings 44,159,445 3,253,467 23,548 47,389,364
Improvements other than buildings 3,115,489 436,340 - 3,551,829
Machinery and equipment 12,434,263 1,223,607 315,428 13,342,442
Infrastructure 54,868,265 4,269,818 - 59,138,083
Total accumulated depreciation 114,577,462 9,183,232 338,976 123,421,718
Total capital assets, being depreciated, net 222,416,843 (3,508,274) 452,187 218,456,382
Business-type activities capital assets, net 254,404,662 $ 3,991,931 $ 2,784,360 $ 255,612,233 $
Depreciation expense was charged to functions as follows:
Governmental activities:
Public safety 632,481 $
Public works 3,059,686
Culture and recreation 1,887,155
Community and economic development 37,061
General government 277,029
Internal service funds 1,241,148
Total depreciation expense - governmental activities 7,134,560 $
Business-type activities:
Parking 905,221 $
Wastewater treatment 4,178,373
Water 2,180,524
Sanitation 629,714
Housing authority 143,084
Nonmajor enterprise 1,139,062
Total depreciation expense - business-type activities 9,175,979 $
55
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
6. Long Term Debt
Changes in Debt for Bonds
Bond debt activity for the year ended June 30, 2010, was as follows:
Due Within
July 1, 2009 Issues Retirements June 30, 2010 One Year
Governmental activities:
General obligation bonds $ 80,654,160 $ - $ 9,354,538 $ 71,299,622 $ 9,570,840
Plus: Unamortized
Premium 568,373 - 76,258 492,115 76,258
$ 81,222,533 $ - $ 9,430,796 $ 71,791,737 $ 9,647,098
Business-type activities:
General obligation bonds $ 4,340,840 -$ $ 590,462 $ 3,750,378 $ 604,160
Less: Unamortized
Discounts 23,053 - 3,842 19,211 3,842
Total general obligation bonds 4,317,787 - 586,620 3,731,167 600,318
Revenue bonds 87,815,000 24,190,000 33,670,000 78,335,000 3,370,000
Plus: Unamortized
Premium 60,855 940,615 54,582 946,888 54,582
Total revenue bonds 87,875,855 25,130,615 33,724,582 79,281,888 3,424,582
$ 92,193,642 $ 25,130,615 $ 34,311,202 $ 83,013,055 $ 4,024,900
General Obligation Bonds
Various issues of general obligation bonds totaling $75,050,000 are outstanding as of June 30, 2010. The
bonds have interest rates ranging from 1.5% to 5.6% and mature in varying annual amounts ranging from
$95,000 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, 2010
Annual debt service requirements to maturity for general obligation bonds are as follows:
Fiscal Year Ending
June 30 Principal Interest Principal Interest
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 2,082,934 641,555 96,592
2014 8,558,446 1,771,924 636,554 71,997
2015 8,149,748 1,445,311 655,252 47,435
2016-2020 23,000,000 3,217,024 590,000 33,188
2021-2025 3,290,000 274,895 - -
Total 71,299,622 $ 13,975,852 $ 3,750,378 $ 509,309 $
Governmental Activities Business-type Activities
Revenue Bonds
As of June 30, 2010, the following unmatured revenue bond issues are outstanding:
Wastewater
Parking Treatment Water
Original issue amount $ 9,110,000 $ 48,020,000 $ 25,365,000
Interest rates 3.0% to 5.0% 3.0% to 5.0% 2.0% to 4.65%
Annual maturities $ 420,000 to $ 260,000 to $ 355,000 to
$ 770,000 $ 2,750,000 $ 835,000
Amount outstanding $ 9,110,000 $ 46,525,000 $ 22,700,000
Revenue bond debt service requirements to maturity are as follows:
Fiscal Year Ending Business-type Activities
June 30 Principal Interest
2011 3,370,000 3,346,900
2012 6,315,000 2,893,609
2013 6,625,000 2,688,718
2014 5,075,000 2,498,788
2015 5,255,000 2,319,945
2016-2020 29,525,000 8,276,465
2021-2025 20,560,000 2,366,921
2026-2030 1,610,000 38,163
78,335,000 $ 24,429,509 $
57
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
The revenue bond ordinances required that wastewater treatment, parking system, and water revenues be
set aside into separate and special accounts as they are received. The use and the amounts to be included
in the accounts are as follows:
Account Amount
(a) Revenue Bond and Interest Amount sufficient to pay current bond and interest maturities.
Sinking Reserve
(b) Revenue Debt Service Reserve Amount required to be deposited in the Revenue Bond and
Interest Reserve until the reserve fund equals: Parking Revenue
and Water Revenue bonds – maximum debt service due on the
bonds in any succeeding fiscal year. Wastewater Revenue
bonds – 125% of the average principal and interest payments
over the life of all the Wastewater Revenue bonds.
(c) Improvement Reserve $20,000 per month until the reserve balance equals or exceeds
$2,000,000 for Wastewater Revenue bonds and $5,000 per
month until the reserve balance equals or exceeds $450,000 for
Water Revenue bonds, with no further deposits once the
minimum balance is reached. If the reserve falls below the
required minimum, monthly transfers in the aforementioned
amounts will resume.
On November 23, 2009, the City issued $9,110,000 of parking revenue bonds for a current refunding of
$9,275,000 of parking revenue bonds. The refunding was undertaken to reduce total future debt service
payments. The result of the transaction is a reduction of $1,554,933 in future debt service payments and
an economic gain of $1,197,510.
On April 15, 2010, the City issued $15,080,000 of wastewater revenue bonds for a current refunding of
$16,240,000 of wastewater revenue bonds on July 1, 2010. 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 $1,892,479 in future debt service payments and an economic gain of
$1,686,527.
58
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2010, are comprised of the following issues:
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2010
General Obligation Bonds:
Multi-Purpose and Library
Construction May 2002 29,100,000 $ 3.5 - 5.0 6/21 14,875,000 $
Refunded Multi-Purpose (1) Oct. 2002 10,600,000 2.5 - 4.0 6/15 2,090,000
Multi-Purpose Nov. 2003 5,570,000 2.5 - 3.6 6/14 2,205,000
Taxable-Urban Renewal Mar. 2004 7,305,000 4.0 - 5.4 6/23 6,320,000
Multi-Purpose Mar. 2005 7,020,000 3.0 - 4.0 6/15 3,820,000
Multi-Purpose Jun. 2006 6,265,000 3.625 - 4.0 6/16 4,105,000
Multi-Purpose Jun. 2006 1,000,000 5.5 - 5.6 6/16 675,000
Refunded Water
Construction (2) Sep. 2006 3,350,000 3.6 - 3.75 6/17 2,105,000
Multi-Purpose May 2007 8,870,000 3.75 6/17 6,545,000
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 7,545,000
Refunded Multi-Purpose Oct. 2008 17,005,000 3.0 - 3.75 6/18 13,235,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 6,085,000
Taxable- Housing Improvements June 2009 505,000 1.5 - 3.0 6/14 405,000
Refunded Multi-Purpose June 2009 5,840,000 2.0 - 4.0 6/16 5,040,000
Total General Obligation Bonds 75,050,000 $
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2010
Revenue Bonds:
Refunded Parking Bonds (3) Nov. 2009 9,110,000 $ 3.0 - 5.0 7/24 9,110,000 $
Refunded Wastewater
Treatment Bonds (4) Oct. 2008 24,280,000 3.0 - 5.0 7/22 22,785,000
Refunded Wastewater
Treatment Bonds (5) May 2009 8,660,000 3.5 - 5.0 7/25 8,660,000
Refunded Wastewater
Treatment Bonds (6) Apr. 2010 15,080,000 3.0 - 4.0 7/20 15,080,000
Water Bonds Oct. 2002 8,500,000 2.0 - 4.65 7/22 6,165,000
Refunded Water Bonds (7) Oct. 2008 7,115,000 3.0 - 4.375 7/24 6,785,000
Refunded Water Bonds (8) May 2009 9,750,000 4.0 - 4.5 7/25 9,750,000
Total Revenue Bonds 78,335,000
153,385,000 $
59
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
(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 December 1999 Parking 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 December 2001 and April 2002 Wastewater Revenue Bonds.
(7) This bond issue refunds the May 1999 Water Revenue Bonds.
(8) 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, 2010, there were two series of Industrial Development Revenue Bonds and Facility
Refunding Revenue Bonds outstanding, with an aggregate principal amount payable of $38,442,139.
Debt Legal Compliance
Legal Debt Margin:
As of June 30, 2010, the general obligation debt issued by the City did not exceed its legal debt limit
computed as follows:
Assessed valuation:
Real property $ 4,307,005,765
Utilities 72,469,098
Total valuation $ 4,379,474,863
Debt limit, 5% of total assessed valuation $ 218,973,743
Debt applicable to debt limit:
General obligation bonds 75,050,000
Legal debt margin $ 143,923,743
60
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
7. Other Long-term Liabilities
Notes Payable
A note payable was issued to Greater Iowa City Housing Fellowship for the purchase of an 11 unit
apartment building for low income and disabled housing in the Peninsula Neighborhood. The terms of
the loan are 1%, interest only payments for twenty years with a final balloon payment of $211,000 due on
August 1, 2025.
Employee Vested Benefits
Changes in Long-Term Liabilities - Employee Vested benefits
Employee Vested Benefits activity for the year ended June 30, 2010, was as follows:
Due Within
July 1, 2009 Issues Retirements June 30, 2010 One Year
Governmental activities: $ 2,030,118 1,156,913 $ 1,087,269 $ 2,099,762 $ 1,133,652 $
Business-type activities: $ 510,449 $ 291,120 278,551 $ $ 523,018 288,275 $
For the governmental activities, employee vested benefits are generally liquidated by the General Fund
and Community Development Block Grant Fund.
Landfill Closure / Post-Closure Care Costs
In August 1993, the GASB issued Statement No. 18, Accounting for Municipal Solid Waste Landfill
Closure and Post-closure Care Costs (the Statement). Under these rules, in addition to operating
expenses related to current activities of the landfill, an expense provision and related liability are being
recognized based on the future closure and post-closure care costs that will be incurred near or after the
Changes in Long-Term Liabilities - Landfill Closure Post-closure Care Costs
Landfill Closure Post-closure care activity for the year ended June 30, 2010, was as follows:
Due Within
July 1, 2009 Issues Retirements June 30, 2010 One Year
Business-type activities: $ 10,645,935 $ 513,994 - $ $ 11 ,159,929 - $
Changes in Long-Term Liabilities - Notes Payable
Note Payable activity for the year ended June 30, 2010, was as follows:
Due Within
July 1, 2009 Issues Retirements June 30, 2010 One Year
Governmental activities: 211,000 - - 211,000 -
61
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
date the landfill no longer accepts waste. The recognition of these landfill closure and post-closure care
costs is based on the amount of the landfill used during the year.
The estimated liability for landfill closure and post-closure care costs as of June 30, 2010, is
approximately $11,159,929, which is based on 85.1% usage (filled) of the landfill and is included in
accrued liabilities within the Sanitation Fund. It is estimated that an additional amount of approximately
$4,692,300 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, 2010, was
determined by engineers from Howard R. Green Company and approximated $13,113,900. 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, 2010. 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, 2010, the Sanitation Fund had $12,842,479 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
July 1, 2009 Current Year June 30, 2010
Governmental activities: $ 464,700 $ 885,450 $ 1,350,150
Business-type activities: $ 201,091 $ 195,247 $ 396,338
Net OPEB Obligation
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.
62
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Life insurance – The option of converting the employee’s City-paid policy to an individual policy at
the individual’s expense with the City’s life insurance carrier.
Long-term disability – For employees who terminate/resign and have been on the plan for a minimum
of one year, the option of converting the employee’s City-paid group policy to a personal policy at the
individual’s expense with the City’s long-term disability insurance carrier.
The above options, while at the individual’s own expense, are included within the City’s overall insurance
package, which results in an implicit rate subsidy and an OPEB liability.
Funding Policy : The contribution requirements of plans members are established and may be amended by
the City. The City currently finances the benefit plans on a pay-as-you-go basis.
Annual OPEB Cost and Net OPEB Obligation : The City’s annual OPEB cost is calculated based on the
annual required contribution (ARC) of the City, an amount actuarially determined in accordance with
GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
projected to cover normal costs each year and amortize any unfunded actuarial liabilities over a period not
to exceed 30 years.
The following table shows the components of the City’s annual OPEB cost for the year ended June 30,
2010, the amount actually contributed to the plans, and changes in the City’s net OPEB obligation:
Annual required contribution $1,288,466
Interest on net OPEB obligation 26,632
Adjustment to annual required contribution (23,779)
Annual OPEB costs 1,291,319
Contributions made (210,622)
Increase in net OPEB obligation 1,080,697
Net OPEB obligation beginning of year 665,791
Net OPEB obligation end of year $1,746,488
For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2008. The end
of year net OPEB obligation was calculated by the actuary as the cumulative difference between the
actuarially determined funding requirements and the actual contributions for the year ended June 30,
2010.
The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plans and the net
OPEB obligation as of June 30, 2010 are summarized as follows:
Percentage of Annual
Annual OPEB Cost Net OPEB
Year Ended OPEB Cost Contributed from City Obligation
June 30, 2010 $1,291,319 16.3% $1,746,488
63
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Funded Status and Funding Progress : As of July 1, 2008, the most recent actuarial valuation date for the
period July 1, 2009 through June 30, 2010, the actuarial accrued liability was $15,235,196, with no
actuarial value of assets, resulting in an unfunded actuarial accrued liability (UAAL) of $15,235,196. The
covered payroll (annual payroll of active employees covered by the plans) was $29,842,842 and the ratio
of the UAAL to covered payroll was 51.1%. As of June 30, 2010, there were no trust fund assets.
Actuarial Methods and Assumptions : Actuarial valuations of an ongoing plan involve estimates of the
value of reported amounts and assumptions about the probability of events far into the future. Examples
include assumption about future employments, mortality, and the health care cost trend. Actuarially
determined amounts are subject to continual review as actual results are compared with past expectations
and new estimates are made about the future.
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 plan 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.
64
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
8. Short Term Debt
During FY10, the City issued multiple short term loans totaling $497,500. The loans mature one year
from the date of the loan and bear interest rates ranging from 1% to 3.25%. The loans were used to fund
the acquisition and rehabilitation of single family homes as part of the UniverCity Neighborhood
Partnership Program (UniverCity). UniverCity is a cooperative effort of the City of Iowa City and the
University of Iowa dedicated to ensuring that the University of Iowa Campus and surrounding
neighborhoods remain vital, safe, affordable, and attractive places to live and work for both renters and
homeowners. The City has secured a $1.25 million I-JOBS grant that will allow the program to acquire
and rehabilitate 25 homes in the designated UniverCity Neighborhoods. These short term loans will be
repaid with the proceeds from the sale of the rehabilitated homes.
9. 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, 2010 the City purchased property, liability, and workers’
compensation insurance under the program that provides for a $100,000 self-insured retention per
occurrence on property losses, a $500,000 self-insured retention per occurrence on liability, and a
$400,000 self-insured retention on workers’ compensation losses. The liability insurance provides
coverage for claims in excess of the aforementioned self-insured retention up to a maximum of
$21,000,000 annual aggregate of losses paid. The operating funds pay annual premiums to the Loss
Reserve Fund. Accumulated monies in the Loss Reserve Fund are available to cover the self-insured
retention amounts and any uninsured losses. Settled claims have not exceeded this commercial coverage
in any of the past twenty three fiscal years.
The Housing Authority Fund is insured under a separate policy with the Assisted Housing Risk
Management Association. The remaining funds participate in the Loss Reserve Fund. The funds make
payments to the Loss Reserve Fund based on actuarial estimates of the amounts needed to pay prior- and
current-year claims and to establish a reserve for catastrophic losses. The Fund’s accrued liabilities
balance includes a claims liability at June 30, 2010 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, 2010 and 2009 are as follows:
Changes in Short Term Liabilities – Loans Payable
Loans Payable activity for the year ended June 30, 2010, was as follows:
Due Within
July 1, 2009 Issues Retirements June 30, 2010 One Year
Governmental activities: - $ 497,500 - $ $ 497,500 $ 497.500
65
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2008 – 2009 $ 1,300,000 $ 889,000 $ 952,000 $ 1,237,000
2009 – 2010 1,237,000 1,127,000 762,000 1,602,000
Also, the City is partially self-insured, through stop-loss insurance, for employee health care coverage,
which is available to all of its permanent employees. This insurance provides stop-loss coverage for
claims in excess of $100,000 per employee with an aggregate stop-loss of $9,034,731. 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, 2010 and
2009 are as follows:
Current-Year
Beginning-of- Claims and Balance at
Fiscal-Year Changes in Claim Fiscal
Liability Estimates Payments Year-End
2008 – 2009 $ 688,000 $ 6,649,000 $ 6,500,000 $ 837,000
2009 – 2010 837,000 5,879,000 6,002,000 714,000
66
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
10. Contractual Commitments and Contingencies
The total outstanding contractual commitments as of June 30, 2010 are as follows:
Project Amount
Bridge, street and traffic Paving and bridge construction,
control construction engineering design and consulting 2,436,176 $
Other construction Public works construction, culture & recreation
construction, and fire station construction 2,615,333
Parking Garage improvements and repair & maintenance 60,302
Wastewater Facility consolidation consulting and wastewater
main repairs 967,476
Water Water main construction and flood mitigation
construction 329,351
Sanitation Landfill consulting and recycling facility
construction 4,112,281
Airport Runway grading and paving 37,776
Stormwater Stormwater system improvements 449,961
11,008,656 $
Fund
11. 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.
67
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
12. Pension and Retirement Systems
Municipal Fire and Police Retirement System of Iowa
The City is a participating employer in the Municipal Fire and Police Retirement System of Iowa
(MFPRSI or the Plan), which is a cost-sharing multiple-employer defined benefit public police and fire
employees retirement system. All fire fighters and police officers appointed under civil service participate
in the Plan. The Plan provides retirement, disability, and death benefits that are established under state
statute. The Plan issues a publicly available financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to Municipal Fire and Police
Retirement System of Iowa, 7155 Lake Drive Suite 201, West Des Moines, Iowa 50266 or the report may
be obtained from website www.mfprsi.org under the publications link. A member may retire at age 55
with 22 years of employment, and receive full benefits that are equal to 66% of the member’s average
final compensation. Additionally, members retiring with more than 22 years of service will receive an
additional 2% of the member’s average final compensation for up to 8 years of additional service. Other
benefits are also calculated at varying percentages of the average final compensation. Benefits vest after
four years of service.
Member contribution rates are established by state statute. For the fiscal year ended June 30, 2010,
members contributed 9.40%. The City’s contribution rate is based upon an actuarially determined normal
contribution rate. The normal contribution rate is provided by state statute to be the actuarial liabilities of
the plan less current plan assets, the total then being divided by 1% of the actuarially determined present
value of prospective future compensation of all members, further reduced by member contributions.
Legislatively appropriated contributions from the state to the plan may further reduce the City’s
contribution rate. However, the City’s contribution rate may not be less than 17% of earnable
compensation.
The City was required to contribute 19.9% of earnable compensation of each member in 2010, 18.75% of
earnable compensation in 2009, and 25.48% of earnable compensation in 2008. The contributions paid by
the City for the years ended June 30, 2008, 2009, and 2010, were $1,910,454, $1,434,031, and $1,349,558
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.
68
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
All employees eighteen or older, except temporary employees of six months or less of employment
duration, who do not participate in any other public retirement system in the state are eligible and must
participate in IPERS. The pension plan provides retirement and death benefits that are established by state
statute. Generally, a member may retire at the age of 65, or any time after age 62 and 20 years or more of
service, or when age plus years of service equals or exceeds 88, and receive unreduced (for age) benefits.
Members may also retire at the age of 55 or more at reduced benefits. Benefits vest after four years of
service or after attaining the age of 55. Full benefits are equal to 60% of the average of the highest three
years of covered wages times years of service divided by 30.
Plan members are required to contribute 4.5% of their annual covered salary and the City is required to
contribute 6.95% of annual covered payroll. Contribution requirements are established by state statute.
The City’s contributions to IPERS for the years ended June 30, 2008, 2009, and 2010, were $1,534,552,
$1,659,955, and $1,767,350 respectively, and were equal to the required contributions for each year.
13. 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 69,086 people and has over 23,000 customers. The average
daily use for 2010 was 5.48 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.
69
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
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, 2009.
Water Service Charge Minimums (includes up to the first 100 cubic feet (c.f.))
Meter Size Meter Size
(Inches) Charge (Inches) Charge
5/8” $6.41 2” $22.14
3/4” 7.00 3” 40.91
1” 8.26 4” 71.37
1 1/2” 16.47 6” 143.61
Monthly Usage in excess of 100 cubic feet (c.f.)
101 – 3,000 $2.99 per 100 c.f.
3,001 and over $2.15 per 100 c.f.
Single Purpose Meter Charges
First 100 (c.f) Minimum Monthly Charge
Usage in excess of 100 cubic feet (c.f.) $2.99 per 100 c.f.
Changes in water rates over the last ten fiscal years.
2001 0%
2002 0%
2003 - 5%
2004 - 5%
2005 0%
2006 0%
2007 - 5%
2008 0%
2009 0%
2010 0%
70
2010 2009 2008
Operating Revenues:
Charges for services 7,957 $ 8,107 $ 8,195 $
Miscellaneous 28 86 134
Total operating revenues 7,985 8,193 8,329
Operating Expenses:
Personal services 2,246 2,316 2,160
Commodities 987 768 1,348
Services and charges 1,920 2,642 1,840
5,153 5,726 5,348
Depreciation 2,180 2,124 2,065
Total operating expenses 7,333 7,850 7,413
Operating income 652 343 916
Nonoperating Revenues (Expenses):
Gain ( Loss) on disposal of capital assets 5 - (2)
Insurance Recoveries 33 - -
Operating Grants 6 15 -
Interest income 312 625 931
Interest expense (1,092) (1,351) (1,426)
Total nonoperating revenues (expenses) (736) (711) (497)
Income before capital contributions
and transfers (84) (368) 419
Capital contributions 572 132 314
Transfers in 756 469 689
Transfers out (343) (698) (820)
Change in net assets 901 (465) 602
Net Assets, Beginning 60,141 60,606 60,004
Net Assets, Ending 61,042 $ 60,141 $ 60,606 $
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
fiscal years ended June 30, 2010, 2009, and 2008.
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Financial Information : The following table summarizes the results of operations for the Water System for the
71
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
The following table summarizes the budget and actual figures for the Water System for the fiscal year
ended June 30, 2010 and the budget for the fiscal year ended June 30, 2011 on a cash basis.
WATER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2010
(amounts expressed in thousands)
FY11
Actual Budget Percentage Budget
Charges for services $ 7,997 $ 8,390 95.32% $ 8,397
Interest income 323 337 95.85% 190
Miscellaneous 141 49 287.76% 49
Operating grants 41 1,749 2.34% 2,272
Transfers from other funds 4 336 1.19% 336
Bond sales - - 0.00% -
Total Receipts $ 8,506 $ 10,861 78.32% $ 11,244
Personal services $ 2,346 $ 2,492 94.14% $ 2,481
Commodities 640 823 77.76% 806
Services and charges 2,158 2,574 83.84% 2,796
Capital outlay 677 5,062 13.37% 5,310
Transfer to capital project funds 308 1,300 23.69% 982
Transfers to other funds 19 - - -
Operating subsidy 20 20 100.00% 20
Debt service payments 12,767 12,768 99.99% 2,757
Total Disbursements $ 18,935 $ 25,039 75.62% $ 15,152
Sewer System
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately 254 miles
of sanitary sewers, 18 lift stations, and 2 treatment plants. There are a total of 25.60 (FTE) employees
who work in the Wastewater Division. This division serves 69,086 people and has over 23,000
customers. The average daily combined treatment flow for 2010 was 11.75 million gallons per day
(MGD).
The North Plant was constructed in 1935 and the South Plant was completed in 1990 and upgraded in
2002. The connecting of the North and South Plants was completed in 1998. The City has the capability
to divert all wastewater treatment to the South Plant and control all operations remotely through computer
systems. The combined wastewater treatment system design has a maximum daily treatment capacity of
41.10 MGD. Both plants are in compliance with federal clean water standards.
72
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
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, 2009.
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.
2001 5%
2002 5%
2003 0%
2004 0%
2005 0%
2006 0%
2007 8%
2008 0%
2009 5%
2010 0%
73
2010 2009 2008
Operating Revenues:
Charges for services 12,637 $ 12,557 $ 12,318 $
Miscellaneous 73 84 75
Total operating revenues 12,710 12,641 12,393
Operating Expenses:
Personal services 1,874 1,848 1,651
Commodities 645 853 606
Services and charges 2,531 2,501 2,324
5,050 5,202 4,581
Depreciation 4,178 4,155 4,181
Total operating expenses 9,228 9,357 8,762
Operating income 3,482 3,284 3,631
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - 131 (5)
Operating grants - 1 -
Interest income 464 820 944
Interest expense (2,173) (2,578) (3,041)
Total nonoperating revenues (expenses) (1,709) (1,626) (2,102)
Income before capital contributions
and transfers 1,773 1,658 1,529
Capital contributions 2,115 266 577
Transfers in 167 148 30
Transfers out (202) (296) (69)
Change in net assets 3,853 1,776 2,067
Net Assets, Beginning 74,895 73,119 71,052
Net Assets, Ending 78,748 $ 74,895 $ 73,119 $
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
SEWER SYSTEM
STATEMENT OF REVENUES, EXPENSES
fiscal years ended June 30, 2010, 2009, and 2008.
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
Financial Information : The following table summarizes the results of operations for the Water System for the
74
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
The following table summarizes the budget and actual figures for the Sewer System for the fiscal year
ended June 30, 2010 and the budget for the fiscal year ended June 30, 2011 on a cash basis.
SEWER SYSTEM
BUDGET AND ACTUALS (CASH BASIS)
For the Year Ended June 30, 2010
(amounts expressed in thousands)
FY11
Actual Budget Percentage Budget
Charges for services $ 12,671 $ 13,413 94.47% $ 13,427
Interest income 473 593 79.76% 100
Miscellaneous 65 40 162.50% 57
Operating grants 879 20,563 4.27% 5,700
Local option sales tax 64 3,690 0.00% 9,286
Bond sales 15,869 15,900 99.81% -
Total Receipts $ 30,021 $ 54,199 55.39% $ 28,570
Personal services $ 1,913 $ 1,895 100.95% $ 1,962
Commodities 542 580 93.45% 547
Services and charges 2,588 2,578 100.39% 2,879
Capital outlay 1,133 27,884 4.06% 19,396
Transfer to capital project funds 182 784 23.21% 774
Operating subsidy 20 20 100.00% 20
Debt service payments 16,087 16,088 99.99% 24,174
Total Disbursements $ 22,465 $ 49,829 45.08% $ 49,752
75
CITY OF IOWA CITY, IOWA
NOTES TO FINANCIAL STATEMENTS (continued)
June 30, 2010
14. Subsequent events
On August 2, 2010, the City of Iowa City received and awarded bonds for General Obligation Bonds,
Series 2010B in the amount of $7,420,000. The bonds were issued to finance multiple capital
improvement projects.
15. New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued statements not yet implemented by
the City. The statement, which might impact the City’s financial statements is as follows:
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions , issued March
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 taxes 45,318 $ - $ 45,318 $
Delinquent property taxes (2) - (2)
Tax increment financing taxes 3,919 - 3,919
Other city taxes 8,539 - 8,539
Licenses and permits 1,214 12 1,226
Intergovernmental 27,038 12,528 39,566
Charges for services 5,837 34,648 40,485
Use of money and property 781 1,987 2,768
Miscellaneous 3,175 2,340 5,515
Total revenues 95,819 51,515 147,334
Expenditures/Expenses:
Public safety 18,312 - 18,312
Public works 12,737 - 12,737
Culture and recreation 11,412 - 11,412
Community and economic development 19,140 - 19,140
General government 7,091 - 7,091
Debt service 13,181 - 13,181
Capital outlay 10,224 - 10,224
Business-type - 76,221 76,221
Total expenditures/expenses 92,097 76,221 168,318
Excess (deficiency) of revenues over
(under) expenditures/expenses 3,722 (24,706) (20,984)
Other financing sources and uses, net 1,547 24,940 26,487
Net change in fund balances 5,269 234 5,503
Balances, beginning of year 48,564 102,857 151,421
Balances, end of year 53,833 103,091 156,924
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, 2010
(dollar amounts expressed in thousands)
BUDGETARY BASIS
78
Final to Actual
Variance -
Positive
Original Final (Negative)
45,393 $ 45,393 $ (75) $
- 6 (8)
2,839 4,045 (126)
1,588 9,326 (787)
1,325 1,351 (125)
24,410 111,976 (72,410)
39,592 40,213 272
3,165 2,533 235
5,756 8,598 (3,083)
124,068 223,441 (76,107)
18,750 20,483 2,171
13,297 13,948 1,211
11,723 11,884 472
5,500 35,671 16,531
8,328 7,968 877
13,146 13,182 1
20,290 67,235 57,011
49,456 122,790 46,569
140,490 293,161 124,843
(16,422) (69,720) 48,736
10,185 39,754 (13,267)
(6,237) (29,966) 35,469
104,883 152,413
98,646 122,447
Budgeted Amounts
79
Accrual Modified Accrual
Budget Basis Adjustments Basis
Revenues 95,819 $ 4,755 $ 100,574 $
Expenditures 92,097 (593) 91,504
Net 3,722 5,348 9,070
Other financing sources (uses) 1,547 (2,009) (462)
Beginning Fund Balances 48,564 $ (6,441) $ 42,123 $
Ending Fund Balances 53,833 $ (3,102) $ 50,731 $
Accrual Accrual
Budget Basis Adjustments Basis
Revenues 51,515 $ (5,790) $ 45,725 $
Expenditures 76,221 (33,293) 42,928
Net (24,706) 27,503 2,797
Other financing sources (uses) 24,940 (17,830) 7,110
Beginning Fund Balances 102,857 135,245 $ 238,102
Ending Fund Balances 103,091 $ 144,918 $ 248,009 $
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, 2010
(dollar amounts expressed in thousands)
80
City of Iowa City, Iowa
Note to Required Supplementary Information - Budgetary Reporting
For the Year Ended June 30, 2010
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 $99,373,000 and expenditures by
$152,671,000. The budget amendments were primarily due to changes in breadth and timing of capital
improvement projects and mediation costs and related grants due to the flood in the summer of 2008.
81
City of Iowa City, Iowa
Note to Required Supplementary Information – Schedule of Funding Progress for Health and
Dental Plans
For the Year Ended June 30, 2010
Actuarial
Valuation
Date
Fiscal
Year
Actuarial
Value of
Assets
Actuarial
Accrued
Liability (AAL)
Unfunded AAL
(UAAL) Funded Ratio
Covered
Payroll
UAAL As a
Percentage of
Covered
Payroll
July 1, 2008 June 30, 2009 $ - $ 15,235,196 $ 15,235,196 0.00% $ 32,804,905 46.44%
July 1, 2008 June 30, 2010 $ - $ 15,235,196 $ 15,235,196 0.00% $ 32,804,905 46.44%
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:
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:
Bridge, Street, and Traffic Control Construction Fund – accounts for the construction or replacement
of infrastructure fixed assets, such as streets, bridges, dams, sidewalks, and lighting systems.
Other Construction Fund – accounts for the construction or replacement of other City general fixed
assets, such as administrative buildings with various funding sources, including general obligation bonds,
intergovernmental revenues, and contributions.
83
Bridge,
Johnson Street, and
County Traffic
Economic Council of Control Other
Development Governments Construction Construction Total
Assets
Equity in pooled cash and investments 143 $ 70 $ 918 $ 223 $ 1,354 $
Receivables:
Property tax 7 - - - 7
Accounts and unbilled usage - - 16 137 153
Interest 4 - - 15 19
Due from other governments - 42 997 2,480 3,519
Assets held for resale - - 165 - 165
Restricted assets:
Equity in pooled cash and investments - - - 10,424 10,424
Total assets 154 $ 112 $ 2,096 $ 13,279 $ 15,641 $
Liabilities and Fund Balances
Liabilities:
Accounts payable -$ 2 $ 4 $ 2,238 $ 2,244 $
Contracts payable - - 302 484 786
Accrued liabilities - 23 16 17 56
Due to other governments - - 1,962 - 1,962
Deferred revenue - - 1,019 753 1,772
Total liabilities - 25 3,303 3,492 6,820
Fund balances:
Reserved for:
Assets held for resale - - 165 - 165
Encumbrances - - - 372 372
Unreserved
Designated for future improvements - - - - -
Undesignated 154 87 (1,372) 9,415 8,284
Total fund balances 154 87 (1,207) 9,787 8,821
Total liabilities and fund balances 154 $ 112 $ 2,096 $ 13,279 $ 15,641 $
Capital Projects Special Revenue
CITY OF IOWA CITY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2010
(amounts expressed in thousands)
84
Bridge,
Johnson Street, and
County Traffic
Economic Council of Control Other
Development Governments Construction Construction Total
Revenues
Property taxes 3,898 $ -$ 16 $ -$ 3,914 $
Intergovernmental - 285 2,884 3,607 6,776
Charges for services - - 8 - 8
Use of money and property 7 - - 30 37
Miscellaneous - 3 6 183 192
Total revenues 3,905 288 2,914 3,820 10,927
Expenditures
Current:
Public safety - - - 1,332 1,332
Public works - - 1,347 197 1,544
Culture and recreation - - - 273 273
Community and economic
development 974 640 - 2 1,616
General government - - - 121 121
Capital outlay - 6 2,720 5,287 8,013
Total expenditures 974 646 4,067 7,212 12,899
Excess (deficiency) of revenues over
(under) expenditures 2,931 (358) (1,153) (3,392) (1,972)
Other Financing Sources (Uses)
Insurance Recoveries - - - 20 20
Transfers in - 380 2,210 652 3,242
Transfers out (3,155) - (381) (1,864) (5,400)
Total other financing sources
and (uses) (3,155) 380 1,829 (1,192) (2,138)
Net change in fund balances (224) 22 676 (4,584) (4,110)
Fund Balances, Beginning 378 65 (1,883) 14,371 12,931
Fund Balances, Ending 154 $ 87 $ (1,207) $ 9,787 $ 8,821 $
NONMAJOR GOVERNMENTAL FUNDS
AND CHANGES IN FUND BALANCES
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
CITY OF IOWA CITY, IOWA
Capital Projects Special Revenue
For the Year Ended June 30, 2010
(amounts expressed in thousands)
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 293 $ 1,314 $ 1,299 $ 2,906 $
Receivables:
Accounts and unbilled usage - 60 180 240
Interest - 2 2 4
Due from other governments 304 - - 304
Total current assets 597 1,376 1,481 3,454
Noncurrent assets:
Restricted assets:
Equity in pooled cash and investments 9 - 109 118
Capital assets:
Land 7,309 2,167 - 9,476
Buildings 4,038 - 741 4,779
Improvements other than buildings 357 - - 357
Machinery and equipment 281 259 94 634
Infrastructure 7,337 34,956 - 42,293
Accumulated depreciation (4,138) (7,748) (307) (12,193)
Construction in progress 6,286 86 - 6,372
Total noncurrent assets 21,479 29,720 637 51,836
Total assets 22,076 31,096 2,118 55,290
Liabilities
Current liabilities:
Accounts payable 23 2 113 138
Contracts payable 249 42 - 291
Accrued liabilities 3 15 43 61
Total current liabilities 275 59 156 490
Noncurrent liabilities:
Liabilities payable from restricted assets:
Deposits 9 - - 9
Advances from other funds 1,505 - - 1,505
Other Post Employment Benefits Obligation 8 4 26 38
Total noncurrent liabilities 1,522 4 26 1,552
Total liabilities 1,797 63 182 2,042
Net Assets
Invested in capital assets, net of related debt 21,470 29,720 528 51,718
Unrestricted (1,191) 1,313 1,408 1,530
Total net assets 20,279 $ 31,033 $ 1,936 $ 53,248 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
June 30, 2010
88
Cable
Airport Stormwater Television Total
Operating Revenues:
Charges for services 289 $ 617 $ 790 $ 1,696 $
Miscellaneous 36 1 - 37
Total operating revenues 325 618 790 1,733
Operating Expenses:
Personal services 48 166 433 647
Commodities 21 193 51 265
Services and charges 241 152 139 532
310 511 623 1,444
Depreciation 431 676 32 1,139
Total operating expenses 741 1,187 655 2,583
Operating income (loss) (416) (569) 135 (850)
Nonoperating Revenues (Expenses):
Gain on disposal of capital assets 208 - - 208
Interest income 3 10 12 25
Total nonoperating revenues (expenses) 211 10 12 233
Income (loss) before capital contributions
and transfers (205) (559) 147 (617)
Capital contributions 3,311 541 - 3,852
Transfers in 291 65 - 356
Transfers out (78) (8) (55) (141)
.
Change in net assets 3,319 39 92 3,450
Net Assets, Beginning 16,960 30,994 1,844 49,798
Net Assets, Ending 20,279 $ 31,033 $ 1,936 $ 53,248 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2010
AND CHANGES IN FUND NET ASSETS
89
Cable
Airport Stormwater Television Total
Cash Flows From Operating Activities
Receipts from customers and users 325 $ 625 $ 787 $ 1,737 $
Payments to suppliers (274) (466) (189) (929)
Payments to employees (41) (163) (418) (622)
Net cash flows from operating activities 10 (4) 180 186
Cash Flows From Noncapital Financing Activities
Operating grants received 5 - - 5
Transfers from other funds 291 65 - 356
Transfers to other funds (78) (8) (55) (141)
Advances from other funds 206 - - 206
Net cash flows from noncapital financing activities 424 57 (55) 426
Cash Flows From Capital and Related Financing
Activities
Capital grants received 3,626 - - 3,626
Acquisition and construction of property and equipment (4,074) (105) (1) (4,180)
Proceeds from sale of property 223 - - 223
Net cash flows from capital and related financing
activities (225) (105) (1) (331)
Cash Flows From Investing Activities
Interest on investments 4 17 19 40
Net increase (decrease) in cash and cash equivalents 213 (35) 143 321
Cash and Cash Equivalents, Beginning 89 1,349 1,265 2,703
Cash and Cash Equivalents, Ending 302 $ 1,314 $ 1,408 $ 3,024 $
Reconciliation of operating income (loss) to net
cash flows from operating activities:
Operating income (loss) (416) $ (569) $ 135 $ (850) $
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Depreciation expense 431 676 32 1,139
Changes in:
Receivables:
Accounts and unbilled usage - 7 (3) 4
Accounts payable (12) (121) 1 (132)
Accrued liabilities - 1 (1) -
Other Post Employment Benefits Obligation 7 2 16 25
Total adjustments 426 565 45 1,036
Net cash flows from operating activities 10 $ (4) $ 180 $ 186 $
Noncash Investing, Capital, and Financing Activities:
Contributions of capital assets from government and others -$ 541 $ -$ 541 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended June 30, 2010
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 7,197 $ 640 $ 8,476 $ 2,827 $ 19,140 $
Receivables:
Accounts and unbilled usage 19 - - 5 24
Interest 10 1 12 4 27
Due from other governments 56 - - 16 72
Inventories 323 - - - 323
Total current assets 7,605 641 8,488 2,852 19,586
Noncurrent assets:
Capital assets:
Land 45 - - - 45
Buildings 578 - - 253 831
Improvements other than buildings 50 - - - 50
Machinery and equipment 12,446 226 8 1,550 14,230
Infrastructure - - - 1,087 1,087
Accumulated depreciation (8,566) (123) (4) (1,599) (10,292)
Total noncurrent assets 4,553 103 4 1,291 5,951
Total assets 12,158 744 8,492 4,143 25,537
Liabilities
Current liabilities:
Accounts payable 123 3 211 220 557
Accrued liabilities 104 4 2,328 73 2,509
Total current liabilities 227 7 2,539 293 3,066
Noncurrent liabilities:
Other Post Employment Benefits Obligation 24 (10) (14) 25 25
Total liabilities 251 (3) 2,525 318 3,091
Net Assets
Invested in capital assets, net of related debt 4,553 103 4 1,291 5,951
Unrestricted 7,354 644 5,963 2,534 16,495
Total net assets 11,907 $ 747 $ 5,967 $ 3,825 $ 22,446 $
(amounts expressed in thousands)
CITY OF IOWA CITY
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2010
92
Equipment Central Loss Information
Maintenance Services Reserve Technology Total
Operating Revenues:
Charges for services 4,856 $ 318 $ 8,970 $ 1,786 $ 15,930 $
Miscellaneous - - 1 48 49
Total operating revenues 4,856 318 8,971 1,834 15,979
Operating Expenses:
Personal services 895 35 162 984 2,076
Commodities 1,855 2 19 257 2,133
Services and charges 467 193 7,823 483 8,966
3,217 230 8,004 1,724 13,175
Depreciation 1,031 27 2 182 1,242
Total operating expenses 4,248 257 8,006 1,906 14,417
Operating income (loss) 608 61 965 (72) 1,562
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 104 1 - 6 111
Interest income 62 6 67 31 166
Total nonoperating revenues (expenses) 166 7 67 37 277
Income (loss) before capital contributions
and transfers 774 68 1,032 (35) 1,839
Capital contributions - - - 42 42
Transfers in 144 - - 26 170
Transfers out - - (6) - (6)
Change in net assets 918 68 1,026 33 2,045
Net Assets, Beginning 10,989 679 4,941 3,792 20,401
Net Assets, Ending 11,907 $ 747 $ 5,967 $ 3,825 $ 22,446 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2010
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 4,836 $ 318 $ 8,971 $ 1,813 $ 15,938 $
Payments to suppliers (2,365) (213) (7,665) (551) (10,794)
Payments to employees (852) (45) 85 (998) (1,810)
Net cash flows from operating activities 1,619 60 1,391 264 3,334
Cash Flows From Noncapital Financing
Activities
Transfers from other funds 144 - - 26 170
Operating transfers to other funds - - (6) - (6)
Net cash flows from noncapital financing
activities 144 - (6) 26 164
Cash Flows From Capital and Related
Financing Activities
Acquisition and construction of property
and equipment (1,496) (38) - (213) (1,747)
Proceeds from sale of property 110 1 - 6 117
Net cash flows from capital and related
financing activities (1,386) (37) - (207) (1,630)
Cash Flows From Investing Activities
Interest on investments 99 9 112 47 267
Net increase in cash and cash
equivalents 476 32 1,497 130 2,135
Cash and Cash Equivalents, Beginning 6,721 608 6,979 2,697 17,005
Cash and Cash Equivalents, Ending 7,197 $ 640 $ 8,476 $ 2,827 $ 19,140 $
Reconciliation of operating income (loss)
to net cash flows from operating activities:
Operating income (loss) 608 $ 61 $ 965 $ (72) $ 1,562 $
Adjustments to reconcile operating income
(loss) to net cash flows from operating
activities:
Depreciation expense 1,031 27 2 182 1,242
Changes in:
Receivables:
Accounts and unbilled usage (19) - - (5) (24)
Due from other governments (1) - - (16) (17)
Inventories 9 - - - 9
Accounts payable (52) (18) 177 189 296
Accrued liabilities 2 1 244 (18) 229
Other Post Employment Benefits
Obligation 41 (11) 3 4 37
Total adjustments 1,011 (1) 426 336 1,772
Net cash flows from operating activities 1,619 $ 60 $ 1,391 $ 264 $ 3,334 $
Noncash Investing, Capital, and Financing
Activities:
Contributions of fixed assets from
government and others - $ - $ - $ 42 $ 42 $
(amounts expressed in thousands)
CITY OF IOWA CITY, IOWA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2010
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, 2009 Increases Decreases June 30, 2010
Project Green
Assets
Equity in pooled cash and investments 230 $ 60 $ 61 $ 229 $
Interest receivable 2 1 2 1
Total assets 232 $ 61 $ 63 $ 230 $
Liabilities
Accounts payable -$ 19 $ - $ 19 $
Due to agency 232 $ 42 $ 63 $ 211 $
Total liabilities 232 $ 61 $ 63 $ 230 $
Library Foundation
Assets
Equity in pooled cash and investments 4 $ 12 $ 10 $ 6 $
Accounts receivable 6 - 1 5
10 $ 12 $ 11 $ 11 $
Liabilities
Accrued liabilities 10 $ 11 $ 10 $ 11 $
Total liabilities 10 $ 11 $ 10 $ 11 $
Total Agency Funds
Assets
Equity in pooled cash and investments 234 $ 72 $ 71 $ 235 $
Accounts receivable 6 - 1 5
Interest receivable 2 1 2 1
Total assets 242 $ 73 $ 74 $ 241 $
Liabilities
Accounts payable -$ 19 $ - $ 19 $
Accrued liabilities 10 11 10 11
Due to agency 232 42 63 211
Total liabilities 242 $ 72 $ 73 $ 241 $
(amounts expressed in thousands)
CITY OF IOWA CITY
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For the Year Ended June 30, 2010
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.
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Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections Collections
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
2010 45,393 45,318 99.8 17 45,335 99.9
Source: Certificate of City Taxes and Johnson County Treasurer's Office
CITY OF IOWA CITY, IOWA
PROPERTY TAX BUDGETS AND COLLECTIONS
Last Ten Fiscal Years
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Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
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
2010 234,342,825 7,568,378
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
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Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
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
2010 265,375,857 12,541,905
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
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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
2001 3,541 $ 1,763 $ 5,304 $ 53,898 $ .10 : 1.00
2002 3,599 2,136 5,735 53,462 .11 : 1.00
2003 2 4,742 3,683 8,425 82,001 .10 : 1.00
2004 5,172 3,336 8,508 83,445 .10 : 1.00
2005 9,349 3,676 13,025 88,342 .15 : 1.00
2006 6,099 3,458 9,557 93,360 .10 : 1.00
2007 6,700 3,464 10,164 93,639 .11 : 1.00
2008 7,323 3,556 10,879 99,178 .11 : 1.00
2009 8,418 3,364 11,782 102,607 .11 : 1.00
2010 9,354 3,064 12,418 108,950 .11 : 1.00
Notes:
1 General Fund, Special Revenue Funds and Debt Service Fund.
2 Beginning in FY03, Capital Projects Funds are also included.
CITY OF IOWA CITY, IOWA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2010
(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 75,050 $ 100.00% 75,050 $ 1,086 $
Iowa City Community
School District 24,160 59.36% 14,341 208
Total 99,210 $ 89,391 $ 1,294 $
Per capita assessed value 64,565 $
Source: Johnson County Auditor's Office.
each overlapping government.
However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City.
This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the
residents and businesses of Iowa City. This process recognizes that, when considering the City's ability to issue
and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account.
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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
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
2010 6 5,509 3,149 2,360 390 504 894 2.64
Wastewater Treatment Revenue 4
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
2010 6 13,174 5,050 8,124 4,205 2,307 6,512 1.25
Water Revenue 5
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
2010 6 8,336 5,153 3,183 680 1,055 1,735 1.83
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
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Last Ten Fiscal Years
(amounts expressed in thousands)
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(
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Fiscal Year Principal Interest Total
2010 1 390,000 $ 503,862 $ 893,862 $
2011 420,000 390,926 810,926
2012 500,000 339,200 839,200
2013 515,000 323,975 838,975
2014 530,000 308,300 838,300
2015 540,000 292,250 832,250
2016 560,000 272,950 832,950
2017 580,000 250,150 830,150
2018 605,000 226,450 831,450
2019 625,000 201,850 826,850
2020 650,000 176,350 826,350
2021 680,000 148,900 828,900
2022 705,000 119,469 824,469
2023 735,000 88,869 823,869
2024 770,000 54,000 824,000
2025 695,000 17,375 712,375
Total 9,500,000 $ 3,714,876 $ 13,214,876 $
Fiscal Year Principal Interest Total
2010 1 4,205,000 $ 2,307,469 $ 6,512,469 $
2011 1,840,000 2,054,003 3,894,003
2012 4,615,000 1,693,000 6,308,000
2013 4,865,000 1,546,888 6,411,888
2014 3,250,000 1,418,681 4,668,681
2015 3,370,000 1,304,900 4,674,900
2016 3,520,000 1,175,119 4,695,119
2017 3,625,000 1,034,575 4,659,575
2018 3,775,000 886,575 4,661,575
2019 3,915,000 731,400 4,646,400
2020 4,090,000 557,463 4,647,463
2021 3,740,000 378,013 4,118,013
2022 2,485,000 232,288 2,717,288
2023 1,220,000 141,250 1,361,250
2024 700,000 93,250 793,250
2025 740,000 57,250 797,250
2026 775,000 19,375 794,375
Total 50,730,000 $ 15,631,499 $ 66,361,499 $
(continued)
Outstanding
Sewer
Outstanding
CITY OF IOWA CITY, IOWA
REVENUE DEBT ANNUAL MATURITY BY FUNDING SOURCE
Parking
Fiscal Year Principal Interest Total
2010 1 680,000 $ 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 23,380,000 $ 8,949,064 $ 32,329,064 $
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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2001 2002 2003 2004 2005 2006
Public Safety
Police 96.25 97.25 97.25 97.25 94.25 94.25
Fire 52 58 58 58 56 57
Animal Shelter 5.5 5.5 6 6 6 6
Inspection Services 14.13 14.13 14.13 14.13 13.88 14.88
Public Works
Public Works Admin 3 2 2 2 2 2
Engineering 11.6 13.6 13.6 13.6 11.6 11.6
Traffic Engineering 4.15 4.15 5.65 5.65 5.65 4.15
Streets 23.5 23.5 22 22 22 23.5
Culture and Recreation
Parks and Rec Admin 2 2 2 2 2 2
Recreation 15.17 15.17 15.17 15.17 15.17 15.17
Parks 13 13 13 13 12 13
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 41.25 41.25 43.25 42.63 42.63
Senior Center 6 6 5.81 5.81 6.31 6.31
Community and Economic Development 8.55 9.05 8.35 9.45 8.45 8.45
General Government
City Council 7 7 7 7 7 7
City Manager 3 3 3 3 3 3
City Clerk 4.5 4.5 4 4 4 4
City Attorney 6 6.6 6.6 6.6 6.6 6.6
Tort Liabiltiy, Insurance
Personnel 4 4 4 4 4 4
Finance 27.36 28.61 28.61 28.61 26.61 26.75
Government Buildings 4.97 4.96 4.96 4.96 4.96 4.96
Energy Conservation 0.5 0.5 0.5 0.5 0.5 0.5
Human Rights 2 2 2.5 2.5 2.5 2.5
Transit 48.25 48.5 48.5 48.5 50.5 50.5
Special Revenue
Employee Benefits 0.45 0.4 0.34 0.34 0.34 0.39
CIP / Roads 6 7 7 7 3 2
Community Development 4.75 4.75 5.45 5.35 4.35 4.35
JCCOG 6.1 6.1 6.1 6.1 6.1 6.6
Library Development 1.5 1.5 1.5 1.5 0.8 1
Internal Service Funds
Information Technology 7.5 7.5 7.5 7.5 8 11.75
Equipment 9.5 10.25 11.25 11.26 11.25 11.26
Central Services 2.25 0.75 0.75 0.75 0.75 0.75
Risk Management 1.46 1.26 1.33 1.33 1.32 1.38
Business-Type Activities
Parking 37 37 31.5 31.5 32.75 32.75
Wastewater Treatment 25.3 26.3 26.3 27.3 27.3 25.5
Water 26.2 28.2 30.7 31.7 31.7 32.5
Sanitation 32.35 32.35 32.35 32.35 34.35 33.85
Airport 2 2 2 2 2 1.6
Cable television 5.25 5.25 6.19 6.19 6.19 6.19
Stormwater 0.5
Housing Authority 12.5 12.5 12.5 12.5 12.75 13.25
Total 591.79 606.38 605.64 610.65 599.56 605.37
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
2007 2008 2009 2010
96.25 96.25 103.25 103.25
57 57 57 57
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14.88 15.38 15.55 15.55
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6.31 6.31 6.31 6.31
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0.39 0.29 0.29 0.29
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32.75 32.75 33.25 33.25
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33.85 34.85 34.85 35.85
1.6 1.6 1.75 1.75
6.19 6.19 6.44 6.44
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608.13 614.81 629.03 630.03
Full-Time Equivalent Employees as of June 30
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s
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, 2010, which collectively comprise the City’s basic financial statements and have issued
our report thereon dated December 15, 2010. 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 was not designed to identify all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses and therefore, there can be no
assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified. However,
as described in the accompanying Schedule of Findings and Questioned Costs, we identified a certain
deficiency in internal control over financial reporting that we consider to be a material weakness.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control such that there is a reasonable possibility that a material misstatement of the City’s financial
statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies in
internal control described in Part II of the accompanying Schedule of Findings and Questioned Costs as items
II-A-10 and II-B-10 to be material weaknesses.
133
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and
grant agreements, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed
no instances of noncompliance or other matters that are required to be reported under Government Auditing
Standards .
Comments involving statutory and other legal matters about the City’s operations for the year ended June 30,
2010, 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 responses to the findings identified in our audit are described in the accompanying Schedule of
Findings and Questioned Costs. While we have expressed our conclusion on the City’s responses, we did not
audit the City’s responses, and accordingly, we express no opinion on them.
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, and is not intended to be and should not
be used by anyone other than these specified parties.
Dubuque, Iowa
December 15, 2010, except for Note 3 to the Schedule of Expenditures of Federal Awards which is dated
May 31, 2012
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 THAT COULD HAVE
A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON
INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE
WITH OMB CIRCULAR A-133
To the Honorable Mayor and
Members of the City Council
City of Iowa City, Iowa
Compliance
We have audited the compliance of the City of Iowa City, Iowa, with the types of compliance requirements
described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on
each of the City’s major federal programs for the year ended June 30, 2010. The City’s major federal
programs are identified in the summary of the independent auditor’s results section of the accompanying
Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations,
contracts, and grants applicable to each of its major federal programs is the responsibility of the City’s
management. Our responsibility is to express an opinion on the City’s compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing Standards ,
issued by the Comptroller General of the United States; and OMB Circular A-133. Those standards and OMB
Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether non-
compliance with the types of compliance requirements referred to above that could have a direct and material
effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the
City’s compliance with those requirements and performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not
provide a legal determination of the City’s compliance with those requirements.
In our opinion, the City of Iowa City, Iowa, complied, in all material respects, with the compliance
requirements referred to above that that could have a direct and material effect on each of its major federal
programs for the year ended June 30, 2010.
Subsequent to the issuance of the City’s 2010 financial statements and our report dated December 15, 2010,
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-B-10 should be included within this report. In our
original report we expressed an unqualified opinion on the 2010 compliance, and our opinion on compliance,
as expressed herein, remains unqualified.
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Internal Control Over Compliance
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 grants applicable to federal
programs. In planning and performing our audit, we considered the City’s internal control over compliance
with the requirements that could have a direct and material effect on a major federal program to determine the
auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal
control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an
opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion
on the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal
program on a timely basis. A material weakness in internal control over compliance is a deficiency, or
combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility
that material noncompliance with a type of compliance requirement of a federal program will not be
prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over compliance
that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above.
This report, 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, and is not intended to be and should not
be used by anyone other than these specified parties.
Dubuque, Iowa
December 15, 2010, except for Note 3 to the Schedule of Expenditures of Federal Awards which is dated
May 31, 2012
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CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2010
Pass-Through
Entity Identifying Program
Grantor/Program CFDA Number Number Expenditures
U.S. Department of Commerce
Direct Program
Economic Adjustment Assistance 11.307 $ 5,603
Economic Adjustment Assistance 11.307 27,684
Total U.S. Department of Commerce 33,287
U.S. Department of Housing and Urban Development
Direct Program
Community Development Block Grants/
Entitlement Grants 14.218 279,566
Community Development Block Grants/
Entitlement Grants 14.218 515,972
795,538
Pass-Through Program From
Iowa Department of Economic Development
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRMH-015 584,709
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRMH-215 829,858
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRB-204 819,294
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRH-210 1,297,500
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRI-071 34,650
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRHB-225 1,896,523
Community Development Block Grants/
State’s Program and Non-Entitlement
Grants in Hawaii 14.228 08-DRH-010 2,387,928
7,850,462
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CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2010
Pass-Through
Entity Identifying Program
Grantor/Program CFDA Number Number Expenditures
U.S. Department of Housing and Urban Development (continued)
Direct Program
HOME Investment Partnerships Program 14.239 $ 61,186
HOME Investment Partnerships Program 14.239 53,272
HOME Investment Partnerships Program 14.239 184,569
HOME Investment Partnerships Program 14.239 202,297
501,324
ARRA – Community Development Block
Grant ARRA Entitlement Grants (CDBG-R)
(Recovery Act Funded) 14.253 176,785
Public and Indian Housing 14.850 122,330
Public and Indian Housing 14.850 106,870
229,200
Section 8 Housing Choice Vouchers 14.871 7,237,907
Public Housing Capital Fund 14.872 44,415
Public Housing Capital Fund 14.872 109,360
153,775
ARRA - Public Housing Capital Fund Stimulus
(Formula) Recovery Act Funded 14.885 169,005
Total U.S. Department of Housing and Urban Development 17,113,996
U.S. Department of Justice
Pass-Through Program From
Iowa Department of Justice
Violence Against Women Formula Grants 16.588 VW-10-34 46,929
Direct Program
Bulletproof Vest Partnership Program 16.607 216
Bulletproof Vest Partnership Program 16.607 1,535
1,751
Pass-Through Program From
Governor’s Office of Drug Control Policy
Public Safety Partnership and Community 09-Hotspots/
Policing Grants 16.710 Interdiction-09 1,642
Direct Program
Edward Byrne Memorial Justice Assistance
Grant Program 16.738 6,698
Edward Byrne Memorial Justice Assistance
Grant Program 16.738 2,885
9,583
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CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2010
Pass-Through
Entity Identifying Program
Grantor/Program CFDA Number Number Expenditures
U.S. Department of Justice (continued)
Pass-Through Program From
Governor’s Office of Drug Control Policy
ARRA – Edward Byrne Memorial Justice
Assistance Grant Program/Grants to States
and Territories 16.803 09JAG/ARRA-206 $ 123,675
Direct Program
ARRA – Edward Byrne Memorial Justice
Assistance Grant Program/Grants to Units
of Local Government 16.804 179,973
Total U.S. Department of Justice 363,553
U.S. Department of Transportation
Direct Program
Airport Improvement Program 20.106 1,673
Airport Improvement Program 20.106 281,569
Airport Improvement Program 20.106 6,635
Airport Improvement Program 20.106 26,678
ARRA - Airport Improvement Program 20.106 1,269,453
Airport Improvement Program 20.106 6,715
Airport Improvement Program 20.106 1,698,358
3,291,081
Pass-Through Program From
Iowa Department of Transportation
Highway Planning and Construction 20.205 FHWAIA08-05 23,628
Highway Planning and Construction 20.205 FHWAIA08-02 18,898
Highway Planning and Construction 20.205 FHWAIA08-03 34,829
Highway Planning and Construction 20.205 10MPO-JCCOG 126,681
ARRA -Highway Planning and
Construction 20.205 ESL-3715(643)--7S-52 600,000
Highway Planning and Construction 20.205 HDP-3715(628)--71-52 357,184
1,161,220
Federal Transit – Capital Investment Grants 20.500 IA-04-0113-371-07 4,268
Federal Transit – Capital Investment Grants 20.500 IA-04-0113-371-10 882,474
886,742
Federal Transit – Metropolitan Planning
Grants 20.505 10MPO-JCCOG 33,136
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CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2010
Pass-Through
Entity Identifying Program
Grantor/Program CFDA Number Number Expenditures
U.S. Department of Transportation (continued)
Direct Program
Federal Transit – Formula Grants 20.507 $ 904,110
Pass-Through Program From
Iowa Department of Transportation
ARRA - Federal Transit – Formula Grants 20.507 IA-96-0001-210-09 1,057,448
1,961,558
Capital Assistance Program for Elderly Persons
and Persons with Disabilities 20.513 IA-16-X001-371-10 94,336
Job Access – Reverse Commute 20.516 IA-37-X012-371-09 560
Job Access – Reverse Commute 20.516 IA-37-X017-371-10 93,451
Job Access – Reverse Commute 20.516 IA-37-X017-371-09 32,267
126,278
Iowa Department of Public Safety, Governor’s
Traffic Safety Bureau
Alcohol Impaired Driving Countermeasures
Incentive Grants I 20.601 PAP-10-410, Task 36 19,138
Alcohol Impaired Driving Countermeasures
Incentive Grants I 20.601 PAP-09-410, Task 36 10,595
29,733
Total U.S. Department of Transportation 7,584,084
U.S. Department of Energy
Direct Program
ARRA - Energy Efficiency and Conservation
Block Grant Program 81.128 20,211
U.S. Department of Education
Pass-Through Program From
Iowa Department of Education
ARRA – State Fiscal Stabilization Fund -
Government Services, Recovery Act 84.397 S397A090016A 75,568
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CITY OF IOWA CITY, IOWA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
YEAR ENDED JUNE 30, 2010
Pass-Through
Entity Identifying Program
Grantor/Program CFDA Number Number Expenditures
U.S. Department of Homeland Security
Pass-Through Program From
Iowa Homeland Security and Emergency
Management Division
Disaster Grants – Public Assistance
(Presidentially Declared Disasters) 97.036 FEMA-1763-DR-IA $ 1,565,813
Hazard Mitigation Grant (B) 97.039 FEMA-DR-1763-0015 01 3,622,952
Hazard Mitigation Grant (B) 97.039 DR-1737-0001-01 8,301
Hazard Mitigation Grant (B) 97.039 DR-1763-0137-01 7,142
3,638,395
Direct Program
Assistance to Firefighters Grant 97.044 EMW-2008-FR-00186 906,400
Total U.S. Department of Homeland Security 6,110,608
Total $ 31,301,307
See notes to the Schedule of Expenditures of Federal Awards.
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CITY OF IOWA CITY, IOWA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2010
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 OMB Circular A-133, Audits of States, Local Governments,
and Non-Profit Organizations . Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
NOTE 2. SUBRECIPIENTS
Of the federal expenditures presented in the schedule, the City of Iowa City, Iowa, provided federal awards to
subrecipients as follows:
Federal Amount Provided
Program Title CFDA Number to Subrecipients
Community Development Block Grants/
Entitlement Grants 14.218 $ 666,836
HOME Investment Partnerships Program 14.239 326,630
Edward Byrne Memorial Justice Assistance
Grant Program 16.738 9,243
ARRA – Edward Byrne Memorial Justice Assistance
Grant Program/Grants to States and Territories 16.803 60,214
ARRA – Edward Byrne Memorial Justice Assistance
Grant Program/Grants to Units of Local Government 16.804 106,610
NOTE 3. RESTATEMENT
The City’s 2010 Schedule of Expenditures of Federal Awards was reissued to report $3,622,952 of
expenditures under CFDA# 97.039 Hazard Mitigation Grant (B), instead of CFDA# 97.036 Disaster Grants –
Public Assistance (Presidentially Declared Disasters). A material weakness was added to the Schedule of
Findings and Questioned Costs as finding II-B-10.
142
CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2010
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 None reported
Noncompliance material to financial statements noted No
Federal Awards
Internal control over major programs:
Material weakness identified No
Significant deficiency None reported
Type of auditor’s report issued on compliance for major programs Unqualified
Any audit findings disclosed that are required to be reported in
accordance with Circular A-133, Section .510(a) No
Identification of major programs:
CFDA Number Name of Federal Program or Cluster
Cluster: 14.218 Community Development Block Grants/
Entitlement Grants
14.253 ARRA – Community Development Block Grant
ARRA Entitlement Grants (CDBG-R)
(Recovery Act Funded)
14.228 Community Development Block Grants/
State’s Program and Non-Entitlement Grants
in Hawaii
16.804 ARRA – Edward Byrne Memorial Justice Assistance
Grant Program/Grants to Units of Local
Government
20.106 Airport Improvement Program
20.205 Highway Planning and Construction
Cluster: 20.500 Federal Transit – Capital Investment Grants
20.507 Federal Transit – Formula Grants
97.044 Assistance to Firefighters Grant
Dollar threshold used to distinguish
between Type A and Type B programs $939,039
Auditee qualified as low-risk auditee No
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CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2010
Part II: Findings Related to the Financial Statements :
MATERIAL WEAKNESSES:
II-A-10 Material Audit Adjustment
Criteria – A properly designed system of internal control over financial reporting allows entities to
initiate, authorize, record, process, and report financial data reliably in accordance with generally
accepted accounting principles.
Condition – During the course of our engagement, we proposed a material audit adjustment to the
financial statements that would not have been identified as a result of the City’s existing internal
controls and, therefore, could have resulted in a material misstatement of the City’s financial
statements. The adjustment was related to a loan receivable within the Shared Revenue Fund.
Cause –There was a miscommunication between the Accounting Division and the Planning and
Community Development Department regarding a payment from the Shared Revenue Fund that
was a loan, not a grant.
Effect – The effect of this condition was that if the adjustment had not been recorded, the financial
statements would have been materially misstated.
Recommendation – We recommend that finance staff work together with the Planning and
Community Development Department to develop a process to identify and track the needed
information to record the proper receivable and deferred revenue balances at year end.
Response – A separate expenditure account number has been set up for Aid to Agency payments
that are external loans to help identify these payments in the General Ledger as loans versus
assistance payments.
The Accounting Division will look at an internal control process to track balances in the
Accounting Division to be used as a comparison to balances maintained in Planning and
Community Development. Finance staff will work with the Planning and Community Development
Department staff to identify the necessary information to record the proper receivable and deferred
revenue balances at year end.
Due to an increase in Federal and State funding for flood and stimulus grants, the Accounting
Division was already in the process of hiring an additional accountant, whose primary
responsibility will be grants and who will be able to commit more time to grant reporting to help
prevent issues like this in the future.
Conclusion – Response accepted.
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CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2010
Part II: Findings Related to the Financial Statements : (continued)
II-B-10 Material Adjustment 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 adjustment 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 97.036 was entered rather than
97.039. 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 major 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 January 2011 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.
145
CITY OF IOWA CITY, IOWA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2010
Part III: Other Findings Related to Required Statutory Reporting :
III-A-10 Certified Budget – Disbursements during the year ended June 30, 2010, did not exceed the amount
budgeted.
III-B-10 Questionable Expenditures – We noted no expenditures that we believe may fail to meet the
requirements of public purpose as defined in an Attorney General’s opinion dated April 25, 1979.
III-C-10 Travel Expense – No expenditures of City money for travel expenses of spouses of City officials or
employees were noted.
III-D-10 Business Transactions – No business transactions between the City and City officials or employees
were noted.
III-E-10 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-10 Council Minutes – No transactions were found that we believe should have been approved in the
Council minutes but were not.
III-G-10 Deposits and Investments – No instances of non-compliance with the deposit and investment
provisions of Chapters 12B and 12C of the Code of Iowa and the City’s investment policy were
noted.
III-H-10 Revenue Bonds – No instances of non-compliance with the provisions of the City’s revenue bond
resolutions were noted.
146