HomeMy WebLinkAboutFY2015 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