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FY2015 Annual Financial ReportCITY OF IOWA CITY, IOWA Comprehensive Annual Financial Report FOR THE FISCAL YEAR ENDED JUNE 30, 2015 IOWA CITY ANIMAL CARE AND ADOPTION CENTER Ribbon-cutting ceremony and grand opening celebration: Sept. 25-26, 2015 Introductory Section Tab Financial Section Tabs Property 57% O Grants and Contribution 24% y taxes % Other Taxes 3% Governm FY20 by d ns M Busine FY Misc. Other 8% mental Activ 015 Revenue y Source Misc. Other 3% ess-Type Ac Y2015 Reven by Source Charges f services 9% vities e Charges for services 73% ctivities nue for s Grants Contribu 23% r s and utions % 26 Public Safety Public Works Culture and Recreation Community and Econ Dev General Govt Interest Expense 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 Do l l a r s ( $ ) Program Area Governmental Activities FY2015 Expenses by Program Area (amounts expressed in thousands) Wastewater Treatment Water SanitationHousing Authority Parking Airport Stormwater Cable TV Transit 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 Do l l a r s ( $ ) Program Area Business-Type Activities FY2015 Expenses by Program Area (amounts expressed in thousands) 27 Net change in fund balances - total governmental funds (2,159)$ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense to allocate those expenditures over the life of the asset. Capital outlays and contributed capital assets exceeded depreciation expense in the current year as follows: Expenditures for capital assets 16,434 $ Transfers of capital assets (to)\from internal service funds - net (879) Capital assets contributed 921 Depreciation expense (6,183) 10,293 Bond proceeds are reported as other financing sources in governmental funds and thus contribute to the change in fund balance. In the statement of net position, however, issuing debt increases long-term liabilities and does not affect the statement of activities. Similarly, repayment of principal is an expenditure in the governmental funds but reduces the liability in the statement of net position. Debt issued (7,785) Premium on bonds issued (199) Repayments of debt 12,564 Amortization of premium 129 4,709 Because some revenues will not be collected for several months after the City's year end, they are not considered available revenues in the governmental funds.1,539 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 16 Pension expense 2,450 Change in accrued post employment benefit obligations (268) Change in accrued interest on debt 23 In the statement of activities, only the gain on the sale of the capital assets is recognized, whereas in the governmental funds, the proceeds from the sale increased financial resources. Thus, the change in net position differs from the change in fund balance by the cost of the capital asset sold.(30) Internal service funds are used by management to charge the costs of certain activities to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities.2,030 Change in net position of governmental activities 18,603 $ The notes to the financial statements are an integral part of this statement. (amounts expressed in thousands) For the Year Ended June 30, 2015 CITY OF IOWA CITY RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 39 Statistical Section Tabs Compliance Section Tab