HomeMy WebLinkAboutFY2017 Longterm Debt Disclosure Report
Date: January 8, 2018
To: Geoff Fruin, City Manager
From: Jacklyn Budding, Budget & Compliance Officer
RE: Long-term Debt Disclosure Report
On October 6, 2015, the City Council adopted a new Debt Management Policy. As part of that
policy, an annual debt report was to be submitted within 210 days after the fiscal year-end to the
City Manager and the City Council. The City’s fiscal year 2017 ended on June 30, 2017, and
this report is intended to provide information in regards to that fiscal year. According to the
policy, the annual debt report should include, at a minimum, the following information:
• General Long-term Debt Obligations:
• Property valuations and trend valuations for total actual and taxable valuations
• List of the City’s 10 largest taxpayers
• Summary of all of the City’s direct, long-term debt obligations
• Debt per capita (GO Debt and TIF Revenue Debt)
• Debt per total assessed value (GO Debt and TIF Revenue Debt)
• City’s debt versus the legal debt limit
• Revenue-Secured Debt Obligations:
• Summary of the system
• Summary of the system’s rates and charges
• The historical trend of system’s sales and charges
• Coverage ratios for system
• Number of system customers, if applicable
• List of system’s 10 largest users, if applicable
According to the policy, the annual debt report should also include a list of any potential
upcoming debt issues and a summary of any material events that have occurred in the past
year. The report may also include any other relevant information that is significant to the City’s
debt program or ability to repay its debt obligations.
During fiscal year 2017, the City incurred to following significant events related to its bond
obligations:
• Principal and interest payment delinquencies: None
• Non-payment related defaults, if material: None
• Unscheduled draws on debt service reserves reflecting financial difficulties: None
• Unscheduled draws on credit enhancements relating to the Bonds reflecting financial
substitution of credit or liquidity providers, or their failure to perform: None
• Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or
other material notices or determinations with respect to the tax-exempt status of the
Series Bonds, or material events affecting the tax-exempt status of the Bonds: None
January 8, 2018
Page 2
Modifications to rights of Holders of the Bonds, if material: None
Bond calls (excluding sinking fund mandatory redemptions), if material, and tender
offers; a Notice of Material Event was timely filed for each of these events:
i. 2008B GO bond maturities called on August 1, 2016
ii. 2008C Sewer Revenue bond maturities called on July 1, 2016
iii. 2008D Water Revenue bond maturities called on July 1, 2016
iv. 2009C GO bond maturities called on June 1, 2017
Defeasances of the Bonds; a Notice of Material Event was timely filed for this event:
None
Release, substitution, or sale of property securing repayment of the Bonds, if material:
None
Rating changes on the Bonds: None
Bankruptcy, insolvency, receivership or similar event of the Issuer: None
The consummation of a merger, consolidation, or acquisition involving the Issuer or the
sale of all or substantially all of the assets of the Issuer, other than in the ordinary
course of business, the entry into a definitive agreement to undertake such an action
or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material: None
Appointment of a successor or additional trustee or the change of name of a trustee, if
material: None
In the next 180 days, we are currently anticipating the following potential bond issues:
2018 Water Revenue Refunding Bonds Refund – to fund Water distribution pressure
zone improvements - $1,122,000
2018 General Obligation Bonds – 2018 CIP Program - $11,988,570
Other potential debt issues include: None
Attached to this memo are summaries that include the additional financial and debt information
mentioned above. This information along with our Fiscal Year 2017 Comprehensive Annual
Financial Report (CAFR) will be provided to our bondholders and will be posted on the
Electronic Municipal Market Access (EMMA) web site in accordance with Municipal Securities
Rulemaking Board (MSRB) rules. This information must be posted by January 26, 2018 in
order to comply with the continuing disclosure certificates on our outstanding bonded debt.
We are not aware of any material or significant events that will prevent the City from meeting its
current outstanding bonded debt obligations.
Finance and Operating Report
For the City of Iowa City, Iowa
Pursuant to Securities and Exchange Commission Rule 15c2-12
Through the Fiscal Year Ended June 30, 2017
Financial and Operating Data
General Obligation Debt
To the extent not included in the City’s Financial Statements, all information the City of
Iowa City has agreed to provide in its annual reports, as it relates to its outstanding general
obligation debt is included in this report. Attached is additional information as required to
be submitted under previous disclosure undertakings of the City.
CITY PROPERTY VALUES
IOWA PROPERTY VALUATIONS
In compliance with Section 441.21 of the Code of Iowa, the State Director of Revenue annually
directs the county auditors to apply prescribed statutory percentages to the assessments of
certain categories of real property. The Johnson County Auditors adjusted the final Actual
Values for 2015. The reduced values, determined after the application of rollback percentages,
are the taxable values subject to tax levy. For assessment year 2015, the taxable value
rollback rate was 55.6259% of actual value for residential property; 46.1068% of actual value
for agricultural property; and 90% of actual value for commercial, industrial, and railroad
property. No adjustment was ordered for utility property because its assessed value did not
increase enough to qualify for reduction. Utility property is limited to an 8% annual growth.
The Legislature’s intent has been to limit the growth of statewide taxable valuations for the
specific classes of property to 3% annually. Political subdivisions whose taxable valuations are
thus reduced or are unusually low in growth are allowed to appeal the valuations to the State
Appeal Board, in order to continue to fund present services.
PROPERTY VALUATIONS AND TREND OF VALUATIONS
ACTUAL (100%) VALUATIONS FOR THE CITY (1)(2)
Fiscal Year: 2012/13 2013/14 2014/15 2015/16 2016/17
Property Class Levy Year: 2011 2012 2013 2014 2015
Residential $3,285,609,160 $3,371,854,560 $3,495,700,460 $3,617,590,930 $3,893,541,900
Agricultural 2,516,440 2,655,640 3,680,920 3,553,520 3,720,671
Commercial 1,155,433,460 1,118,453,910 1,157,640,090 1,155,761,766 856,972,664
Industrial 77,855,500 77,291,810 80,494,880 76,495,918 79,053,598
Multi-residential (3) 0 0 0 0 415,208,021
Railroads 2,619,932 3,205,451 3,827,506 4,015,580 4,096,577
Utilities without Gas & Electric 11,051,685 10,816,940 9,599,528 8,239,789 7,375,066
Gas & Electric Utility 83,538,109 87,100,183 78,642,915 87,728,294 92,987,351
Less: Military Exemption (3,096,542) (3,059,502) (2,939,122) (2,828,002) (2,727,994)
Total Valuation with TIF 4,615,527,744 4,668,318,992 4,826,647,177 4,950,557,795 5,350,227,854
Percent Change 2.11%(4) 1.14% 3.39% 2.57% 8.07%
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (TIF) valuations used in the following amounts:
January 1: 2011 2012 2013 2014 2015
TIF Valuation $11,712,327 $14,113,908 $21,131,574 $42,307,287 $72,650,838
(3) New Class as of January 1, 2015, previously reported as Commercial Property.
(4) Based on 2010 Actual Valuation of $4,520,142,100.
For the January 1, 2015 levy year, the City’s Taxable Valuation was comprised of
approximately 63% residential, 23% commercial, 10% multi-residential, 2% industrial, 2%
utilities and less than 1% agriculture and military exemption.
PROPERTY VALUATIONS AND TREND OF VALUATIONS
Taxable (“Rollback”) VALUATIONS FOR THE CITY (1)(2)
Fiscal Year: 2012/13 2013/14 2014/15 2015/16 2016/17
Property Class Levy Year: 2011 2012 2013 2014 2015
Residential $1,667,396,105 $1,780,898,909 $1,901,667,703 $2,016,210,314 $2,165,817,742
Agricultural 1,447,988 1,591,636 1,597,501 1,588,496 1,706,955
Commercial 1,155,433,460 1,118,453,910 1,099,758,752 1,040,185,590 771,275,414
Industrial 77,855,500 77,291,810 76,470,143 68,846,326 71,148,238
Multi-residential (3) 0 0 0 0 358,117,010
Railroads 2,619,932 3,205,451 3,636,130 3,614,022 3,686,919
Utilities without Gas & Electric 11,051,685 10,816,940 9,599,528 8,239,789 7,375,066
Gas & Electric Utility 47,404,050 46,813,214 47,004,994 46,785,426 44,986,783
Less: Military Exemption (3,096,542) (3,059,502) (2,939,122) (2,828,002) (2,727,994)
Total Valuation with TIF 2,960,112,178 3,036,012,368 3,136,795,629 3,182,641,961 3,421,386,133
Percent Change 3.93%(4) 2.56% 3.32% 1.46% 7.50%
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (TIF) valuations used in the following amounts:
January 1: 2011 2012 2013 2014 2015
TIF Valuation $11,712,327 $14,113,908 $21,131,574 $33,331,128 $72,650,838
(3) New Class as of January 1, 2015, previously reported as Commercial Property.
(4) Based on 2010 Actual Valuation of $2,848,162,606.
LARGER TAXPAYERS
Set forth in the following table are the persons or entities which represent larger taxpayers
within the boundaries of the City, as provided by the Johnson County Auditor’s Office. No
independent investigation has been made of and no representation is made herein as to the
financial condition of any of the taxpayers listed below or that such taxpayers will continue to
maintain their status as major taxpayers in the City. With the exception of the electric and
natural gas provider noted below (which is subject to an excise tax in accordance with Iowa
Code chapter 437A), the City’s mill levy is uniformly applicable to all of the properties included
in the table, and thus taxes expected to be received by the City from such taxpayers will be in
proportion to the taxable valuations of the properties. The total tax bill for each of the
properties is dependent upon the mill levies of the other taxing entities which overlap the
properties.
1/1/2015
Taxpayer 1) Type of Property/Business Taxable Valuations
American College Testing, Inc. Commercial $47,639,112
Mid American Energy Co. Utility 42,663,321
Ann S. Gerdin Revocable Trust Commercial 22,803,280
Dealer Properties IC LLC Commercial 18,888,867
Procter & Gamble Hair Care LLC Industrial 16,414,333
Christian Retirement Services Inc Retirement 15,576,959
MidWestOne Bank Banking 15,014,313
Vesper Iowa City LLC Apartments 14,026,869
Alpla, Inc. Industrial 13,860,000
National Computer Systems Inc. Commercial 12,814,893
1) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers
listed contain multiple parcels and it is possible that some parcels and their valuations have been overlooked.
Source: Johnson County Auditor’s Office
PROPERTY TAX LEGISLATION
During the 2013 legislative session, the Iowa General Assembly enacted Senate File 295 (the “Act”), which
the Governor signed into law on June 12, 2013. Among other things, the Act (i) reduced the maximum
annual taxable value growth percent, due to revaluation of existing residential and agricultural property, from
the 4% to 3%, (ii) assigned a “rollback” (the percentage of a property’s value that is subject to tax) to
commercial, industrial and railroad property of 95% for the 2013 assessment year and 90% for the 2014
assessment year and all years thereafter, (iii) created a new property tax classification for multi-residential
properties (mobile home parks, manufactured home communities, land-lease communities, assisted living
facilities and property primarily used or intended for human habitation containing three or more separate
dwelling units) (“Multi-residential Property”) that began in the 2015 assessment year, and assigned a
declining rollback percentage of 3.75% to such properties for each subsequent year until the 2021
assessment year (the rollback percentage for Multi-residential Properties is equal to the residential rollback
percentage in the 2022 assessment year and thereafter) and (iv) exempted a specified portion of the
assessed value of telecommunication properties.
The Act included a standing appropriation to replace some of the tax revenues lost by local governments,
including tax increment districts, resulting from the new rollback for commercial and industrial property. Prior
to Fiscal Year 2017-18, the appropriation is a standing unlimited appropriation, but beginning in Fiscal Year
2017-18 the standing appropriation cannot exceed the actual Fiscal Year 2016-17 appropriation amount.
The appropriation does not replace losses to local governments resulting from the Act’s provisions that
reduce the annual revaluation growth limit for residential and agricultural properties from 4% to 3%, the
gradual transition for Multi-residential Property from the commercial rollback percentage (100% of Actual
Value) to the residential rollback percentage (currently 55.7335% of Actual Valuation), or the reduction in the
percentage of telecommunications property that is subject to taxation.
Given the wide scope of the statutory changes, and the State of Iowa’s discretion in establishing the annual
replacement amount that is appropriated each year commencing in Fiscal Year 2017-18, the impact of the
Act on the City’s future property tax collections is uncertain and the City is unable to estimate the financial
impact of the Act’s provisions on the City’s future operations.
In Moody’s Investor Service US Public Finance Weekly Credit Outlook, dated May 30, 2013, Moody’s
Investor Service (“Moody’s”) projected that local governments in the State of Iowa are likely to experience
modest reductions in property tax revenues starting in Fiscal Year 2014-15 as a result of the Act, with
sizeable reductions possible starting in Fiscal Year 2017-18. According to Moody’s, local governments that
may experience disproportionately higher revenue losses include regions that have a substantial commercial
base, a large share of Multi-residential Property (such as college towns), or significant amounts of
telecommunications property.
Notwithstanding any decrease in property tax revenues that may result from the Act, Iowa Code section 76.2
provides that when an Iowa political subdivision issues general obligation bonds, “the governing authority of
these political subdivisions before issuing bonds shall, by resolution, provide for the assessment of an
annual levy upon all the taxable property in the political subdivision sufficient to pay the interest and principal
of the bonds within a period named not exceeding twenty years. A certified copy of this resolution shall be
filed with the county auditor or the auditors of the counties in which the political subdivision is located; and
the filing shall make it a duty of the auditors to enter annually this levy for collection from the taxable
property within the boundaries of the political subdivision until funds are realized to pay the bonds in full.”
From time to time, other legislative proposals may be considered by the Iowa General Assembly that would,
if enacted, alter or amend one or more of the property tax matters described in this Official Statement. It
cannot be predicted whether or in what forms any of such proposals may be enacted, and there can be no
assurance that such proposals will not apply to valuation, assessment or levy procedures for the levy of
taxes by the City.
CITY INDEBTEDNESS
DEBT LIMIT
Article XI, Section 3 of the State of Iowa Constitution limits the amount of debt outstanding at
any time of any county, municipality or other political subdivision to no more than 5% of the
actual value of all taxable property within the corporate limits, as taken from the last state and
county tax list. The debt limit for the City, based on its 2015 valuation currently applicable to
the fiscal year 2016-17 is as follows:
2015 Actual Valuation of Property $5,350,227,854
Legal Debt Limit of 5% 0.05
Legal Debt Limit $267,511,393
Less: Total G.O. Debt (51,645,000)
Less: TIF Revenue Debt (15,200,000)
Less: Letters of Credit (UniverCity) (663,000)
Less: Other legal indebtedness (TIF rebates) (17,356,000)
Net Debt Limit $182,647,393
DIRECT DEBT
General Obligation Debt Supported by Property Taxes and Tax Increment
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/17
8/10B 7,420,000 City Improvements 6/20 $2,370,000
6/11A 7,925,000 City Improvements 6/21 3,080,0001)
6/11C 10,930,000 Refunding 6/21 5,055,000
6/12A 9,070,000 City Improvements 6/22 4,780,000
7/13A 7,230,000 City Improvements 6/23 4,975,000
6/14 11,390,000 City Improvements 6/24 6,685,000
6/15 7,785,000 City Improvements 6/25 6,380,000
6/16A 8,795,000 City Improvements 6/26 8,555,000
6/17A 9,765,000 City Improvements 6/27 9,765,000
Subtotal $51,645,000
1) City called Series 2011AB with cash on August 1, 2017.
Total General Obligation Debt Subject to Debt Limit: $51,645,000
Annual Fiscal Year General Obligation Debt Service Payments
Total Outstanding
Principal &
Fiscal Year Principal Interest
2017-18 $7,960,000 $9,157,996
2018-19 8,125,000 9,156,994
2019-20 8,330,000 9,165,606
2020-21 7,090,000 7,703,841
2021-22 5,540,000 5,978,663
2022-23 4,645,000 4,970,063
2023-24 3,865,000 4,082,512
2024-25 2,915,000 3,050,063
2025-26 2,090,000 2,164,200
2026-27 1,085,000 1,112,125
Total $51,645,000 $56,542,063
OTHER DEBT
The City has revenue debt payable solely from the net revenues of the City’s Urban Renewal
Areas as follows:
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/17
11/12D $2,655,000 Developer Grant 6/32 $2,395,000
09/16E 12,805,000 Developer Grant 6/36 12,805,000
Total $15,200,000
The City has revenue debt payable solely from the net revenues of the Municipal Parking
System as follows:
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/16
4/17 15,400,000 Parking 6/37 $14,482,714
The City has revenue debt payable solely from the net revenues of the Municipal Water
System as follows:
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/17
5/09B $9,750,000 Water Refunding 7/25 $585,000 1)
6/12C 4,950,000 Water Refunding 7/22 3,085,000
6/16D 3,650,000 Water Refunding 7/24 3,650,000
6/17C 5,910,000 Water Refunding 7/25 5,910,000
Total $13,230,000
1) The 2018 through 2025 maturities in the amount of $6,310,000 were current refunded by the Water Revenue
Refunding Capital Loan Notes, Series 2017C on July 1, 2017.
The City has revenue debt payable solely from the net revenues of the Municipal Sewer
System as follows:
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/16
5/09A 8,660,000 Sewer Refunding 7/25 $525,000 1)
4/10A 15,080,000 Sewer Refunding 7/20 5,155,000
6/16C 9,360,000 Sewer Refunding 7/21 9,360,000
6/17B 4,550,000 Sewer Refunding 7/22 4,550,000
Total $19,590,000
1) The 2018 through 2025 maturities in the amount of $5,770,000 were current refunded by the Sewer Revenue
Refunding Capital Loan Notes, Series 2017B on July 1, 2017.
INDIRECT GENERAL OBLIGATION DEBT
1/1/2015 Percent City’s
Taxing District Taxable Valuation1) In City G.O. Debt2) Proportionate Share
Johnson County $8,042,302,645 42.54%3) $10,970,000 $4,666,638
Iowa City CSD 5,978,490,538 57.23%3) 3,205,000 1,834,222
Clear Creek-Amana CSD 129,160,108 0.04% 58,795,000 26,105
Kirkwood Comm. College 24,144,197,855 14.17%3) 79,468,000 11,260,616
City’s share of total overlapping debt $17,787,581
1) Taxable Valuation excludes military exemption and includes Ag. Land & Buildings, Taxable TIF Increment and all Utilities.
2) Includes general obligation bonds only.
DEBT RATIOS
Debt/Actual
Market Value Debt/67,862
G.O. Debt ($5,350,227,854)1) Population2)
Total General Obligation Debt $51,645,000 0.97% $761.03 TIF Revenue Debt $15,200,000 0.28% $223.98
City’s share of total overlapping debt $17,787,581 0.33% $262.11
1) Based on the City’s 1/1/2015 100% Actual Valuation; includes Ag Land, Ag Buildings, all Utilities and TIF Increment.
2) Population based on the City’s 2010 U.S. Census.
TAX RATES
FY2012-13 FY2013-14 FY2014-15 FY2015-16 FY2016-17
$/$1,000 $/$1,000 $/$1,000 $/$1,000 $/$1,000
Johnson County 6.74909 6.73712 6.74168 6.90337 6.77140
City of Iowa City 17.26864 16.80522 16.70520 16.65096 16.58305
Iowa City CSD 14.07327 13.68792 13.69999 13.86773 13.98935
Clear Creek-Amana CSD (Clear Creek) 15.31063 15.31055 15.06516 15.62084 15.75419
Kirkwood Comm. College 1.07888 1.06473 1.05754 1.06125 1.08048
City Assessor 0.24453 0.25873 0.23866 0.24325 0.24339
County Ag. Extension 0.08146 0.08160 0.08119 0.08129 0.07781
State of Iowa 0.00320 0.00330 0.00330 0.00330 0.00330
Total Tax Rate - City Resident:
Iowa City CSD 39.49917 38.63862 38.52756 38.81115 38.74878
Clear Creek-Amana CSD (Clear Creek) 40.73653 40.26125 39.89273 40.56426 41.51362
LEVY LIMITS
A city’s general fund tax levy is limited to $8.10 per $1,000 of taxable value, with provision for
an additional $0.27 per $1,000 levy for an emergency fund which can be used for general fund
purposes (Code of Iowa, Chapter 384, Division I). Cities may exceed the $8.10 limitation upon
authorization by a special levy election. Further, there are limited special purpose levies which
may be certified outside of the above described levy limits (Code of Iowa, Section 384.12). The
amount of the City general fund levy subject to the $8.10 limitation is $8.10 for Fiscal Year
2016-17. The City does levy costs for operation and maintenance of publicly owned Transit,
tort liability and other insurance, support of the public library, police and fire retirement, FICA
and IPERS and other employee benefits expenses in addition to the $8.10 general fund limit
as authorized by law. In addition, the City has not established an emergency fund levy for
Fiscal Year 2016-17. Debt service levies are not limited.
CITY FUNDS ON HAND (Cash and Investments as of June 30, 2017, in thousands)
City Operating Funds $175,749
City Restricted Funds 56,751
Total $232,500
Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections1 Collections
2008 39,973 39,768 99.5 70 39,838 99.7
2009 43,168 43,118 99.9 18 43,136 99.9
2010 45,393 45,318 99.8 17 45,335 99.9
2011 47,789 47,826 100.1 8 47,834 100.1
2012 49,595 49,543 99.9 1 49,544 99.9
2013 50,407 50,139 99.5 3 50,142 99.5
2014 50,307 49,835 99.1 1 49,836 99.1
2015 51,609 51,292 99.4 3 51,295 99.4
2016 52,034 52,074 100.1 0 52,074 100.1
2017 55,330 55,331 100.0 0 55,331 100.0
Source: Certificate of City Taxes and Johnson County Treasurer's Office
Note: This schedule is presented on a cash basis of accounting. Taxes are collected by the Johnson County Treasurer and
submitted to the City in the following month. Because of the month delay, some years will show Current Tax Collections in
excess of the Total Tax Levied.
1 Delinquent tax collection is presented by collection year, rather than levy year, because information is not available from
Johnson County Treasurer by levy year.
Percent of
Levy
Collected
Total as
a Percent of
Levy
CITY OF IOWA CITY, IOWA
LEVIES AND TAX COLLECTIONS
Last Ten Fiscal Years
(Cash basis of accounting)
(amounts expressed in thousands)
GENERAL FUND BUDGET
The table below summarizes fiscal year actuals for years ending June 30, 2016 and June 30,
2017, and the 2018 Amended Budget as estimated at December 18, 2017.
Revenues & Transfers In 2016
Actual
2017
Actual
2018
Revised
Property Taxes 29,796,656$ 31,754,702$ 32,862,685$
Other City Taxes 2,431,882 2,534,880 2,469,854
Licenses And Permits 3,056,051 3,521,079 2,551,850
Use Of Money And Property 689,835 812,954 686,337
Intergovernmental 3,803,459 3,580,793 3,502,070
Charges For Fees And Services 1,607,320 1,697,137 1,374,189
Miscellaneous 4,603,845 5,484,920 5,935,042
Other Financial Sources 2,678,802 1,764,562 3,158,753
Sub-total Revenues:48,667,850 51,151,026 52,540,780
Transfers In 12,468,366 10,655,199 10,153,215
Total Revenues & Transfers In 61,136,216$ 61,806,225$ 62,693,995$
Expenditures & 2016 2017 2018
Transfers Out Actual Actual Revised
Personnel 35,579,630$ 37,744,421$ 40,615,582$
Services 8,290,221 9,281,092 10,142,737
Supplies 1,515,890 1,555,556 1,767,319
Capital Outlay 1,970,355 2,244,302 3,321,672
Other Financial Uses 1,842,500 588,000 1,513,000
Contingency - - 534,000
Sub-total Expenditures:49,198,596 51,413,370 57,894,310
Transfers Out 12,842,428 17,804,258 13,529,936
Total Expenditures &
Transfers Out 62,041,024$ 69,217,629$ 71,424,246$
Finance and Operating Report
For the City of Iowa City, Iowa
Pursuant to Securities and Exchange Commission Rule 15c2-12
Through the Fiscal Year Ended June 30, 2017
Financial and Operating Data
Water System Revenue
Sewer System Revenue
Parking System Revenue
and
Urban Renewal Area Revenue
To the extent not included in the City’s Financial Statements, all information the City of
Iowa City has agreed to provide in its annual reports, as it relates to its outstanding Water
System Revenue, Sewer System Revenue, and Parking System Revenue debt, is included in
this report. Attached is additional Water System, Sewer System, and Parking
System i nformation as required to be submitted under previous disclosure undertakings of
the City.
Revenue Bond Activity
Revenue bonded debt activity for the year ended June 30, 2017, was as follows:
As of June 30, 2017, the following unmatured revenue bond issues are outstanding:
Wastewater Taxable Urban
Treatment Water Renewal
Original issue amount $37,650,000 $24,260,000 $15,200,000
Interest rates 2.0% to 5.0% 1.5% to 5.0% 1.0% to 3.9%
Annual maturities $275,000 to $380,000 to $135,000 to
$2,085,000 $1,225,000 $965,000
Amount outstanding $19,590,000 $13,230,000 $15,200,000
The City of Iowa City defeased the remaining $6,605,000 of its 2009 parking revenue bonds on
November 12, 2014 by prepaying all remaining outstanding bonds and interest from cash on
hand. The total defeased outstanding as of June 30, 2017 is $5,465,000. The total amount of
interest that was paid was $574,186. Liabilities for the defeased bonds are not included in the
City’s financial statements.
On June 15, 2017, the City issued $4,550,000 of sewer revenue bonds for a current refunding
of $5,245,000 of sewer revenue bonds on July 1, 2017. As a result, the sewer 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 $1,030,981 in future debt service
payments and an economic gain of $723,184.
On June 15, 2017, the City issued $5,910,000 of water revenue bonds for a current refunding
of $5,725,000 of water revenue bonds on July 1, 2017. As a result, the water revenue bonds
from that issue are considered to be defeased and the liability has been removed from the
financial statements. The refunding was undertaken to reduce total future debt service
payments. The result of the transaction is a reduction of $1,137,664 in future debt service
payments and an economic gain of $1,033,306.
Due Within
July 1, 2016 Issues Retirements June 30, 2017 One Year
Governmental activities:
Revenue bonds 2,525,000 12,805,000 130,000 15,200,000 135,000
Less: Unamortized
Discounts 33,984 - 2,124 31,860 2,124
Total revenue bonds 2,491,016 12,805,000 127,876 15,168,140 132,876
Business-type activities:
Revenue bonds 38,420,000 10,460,000 16,060,000 32,820,000 5,035,000
Plus: Unamortized
Premium 1,531,661 645,415 576,162 1,600,914 290,852
Total revenue bonds 39,951,661 11,105,415 16,636,162 34,420,914 5,325,852
Revenue bond debt service requirements to maturity are as follows:
The revenue bond ordinances required that wastewater treatment, water revenues, and urban
renewal tax 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 Amount required to be deposited in the Revenue Bond and
Reserve Interest Reserve until the reserve fund equals: Water
Revenue and Taxable Urban Renewal 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.
In fiscal year ended June 30, 2017, the Wastewater Treatment Fund had net revenue of
$7,026,000 and the amount of principal and interest due was $4,610,000. In fiscal year ended
June 30, 2017, the Water Fund had net revenues of $3,197,000 and the amount of principal
and interest due was $2,284,000.
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2018 135,000$ 456,495$ 5,035,000$ 1,150,476$
2019 135,000 454,335 4,975,000 872,703
2020 140,000 451,635 5,385,000 685,365
2021 140,000 448,695 5,610,000 477,665
2022 1,110,000 445,475 4,350,000 298,690
2023-2027 5,420,000 1,735,955 7,465,000 237,420
2028-2032 4,710,000 964,955 - -
2033-2037 3,410,000 259,500 - -
Total 15,200,000$ 5,217,045$ 32,820,000$ 3,722,319$
Governmental Activities Business-type Activities
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2017, are comprised of the
following issues:
(1) This bond issue refunded the May 2002 General Obligation Bonds.
(2) This bond issue is an advance refunding of portions of the September 2006 and May 2007
General Obligation Bonds.
(3) This bond issue refunded the October 2000 Wastewater Revenue Bonds.
(4) This bond issue refunded the December 2001 and April 2002 Wastewater Revenue Bonds.
(5) This bond issue refunded the October 2008 Wastewater Revenue Bond.
(6) This bond issue refunded the May 2009 Wastewater Revenue Bonds.
(7) This bond issue refunded the December 2000 Water Revenue Bonds.
(8) This bond issue refunded the October 2002 Water Revenue Bonds.
(9) This bond issue refunded the October 2008 Water Revenue Bonds.
(10) This bond issued refunded the May 2009 Water Revenue Bonds.
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2017
General Obligation Bonds:
Multi-Purpose Aug. 2010 7,420,000 2.0 - 2.75 6/20 2,370,000
Multi-Purpose June 2011 7,925,000 2.0 - 3.625 6/21 3,080,000
Refunded Multi-Purpose and
Library Construction (1) June 2011 10,930,000 2.0 - 3.625 6/21 5,055,000
Multi-Purpose June 2012 9,070,000 2.0 - 2.25 6/22 4,780,000
Multi-Purpose July 2013 7,230,000 1.0 - 2.0 6/23 4,975,000
Refunded Multi-Purpose (2) June 2014 11,980,000 2.0 - 3.0 6/24 6,685,000
Multi-Purpose June 2015 7,785,000 2.0 - 2.25 6/25 6,380,000
Multi-Purpose June 2016 8,795,000 2.0 - 3.0 6/26 8,555,000
Multi-Purpose June 2017 9,765,000 2.0 - 2.5 6/27 9,765,000
Total General Obligation Bonds 51,645,000$
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2017
Revenue Bonds:
Refunded Wastewater
Treatment Bonds (3) May 2009 8,660,000 3.5 - 5.0 7/25 525,000
Refunded Wastewater
Treatment Bonds (4) Apr. 2010 15,080,000 3.0 - 4.0 7/20 5,155,000
Refunded Wastewater
Treatment Bonds (5) June 2016 9,360,000 3.0 - 4.0 7/21 9,360,000
Refunded Wastewater
Treatment Bonds (6) June 2017 4,550,000 2.0 - 5.0 7/22 4,550,000
Refunded Water Bonds (7) May 2009 9,750,000 4.0 - 4.5 7/25 585,000
Refunded Water Bonds (8) June 2012 4,950,000 1.5 - 2.1 7/22 3,085,000
Refunded Water Bonds (9) June 2016 3,650,000 1.5 - 5.0 7/24 3,650,000
Refunded Water Bonds (10) June 2017 5,910,000 2.0 - 2.25 7/25 5,910,000
Taxable Urban Renewal Nov. 2012 2,655,000 1.0 - 3.9 6/32 2,395,000
Taxable Urban Renewal Sept. 2016 12,805,000 3.0 6/36 12,805,000
Total Revenue Bonds 48,020,000
99,665,000$
Parking Capital Lease Obligation Activity
In the fiscal year ended June 30, 2017, the government entered into a lease agreement as
lessee for financing the acquisition of a parking ramp valued at $15,497,867. The parking ramp
has a 30-year estimated useful life. This lease agreement qualifies as a capital lease for
accounting purposes and, therefore, was recorded at the present value of future minimum
lease payments as of the inception date.
The future minimum lease obligations and net present value of these minimum lease payments
as of June 30, 2017, were as follows:
Changes in the capital lease obligation for the year ended June 30, 2017, was as follows:
Fiscal Year Ending
June 30
Business-type
Activities
2018 1,100,821$
2019 1,100,821
2020 1,100,821
2021 1,100,821
2022 1,100,821
2023-2036 15,411,500
Total minimum lease payments 20,915,605
Less: amount representing interest (6,432,891)
Present value of minimum lease payments 14,482,714$
Due Within
July 1, 2016 Issues Retirements June 30, 2017 One Year
Business-type activities:-$ 15,497,867$ 1,015,153$ 14,482,714$ 524,409$
Fiscal
Year Net Revenue Annual Debt Service2
Ended Available for Ratio of
June 30 Revenue Expenses1 Debt Service Principal Interest Total Coverage
Parking Revenue3
2008 4,995 2,454 2,541 355 606 961 2.64
2009 5,630 3,024 2,606 370 584 954 2.73
20106 5,509 3,149 2,360 390 504 894 2.64
2011 5,389 2,920 2,469 420 391 811 3.04
2012 4,945 3,034 1,911 500 339 839 2.28
2013 5,122 3,549 1,573 515 324 839 1.87
2014 5,365 2,969 2,396 530 308 838 2.86
20157 5,620 3,828 1,792 540 254 794 2.26
2016 - - - - - - -
2017 - - - - - - -
Wastewater Treatment Revenue4
20086 13,332 4,581 8,751 4,105 3,071 7,176 1.22
20096 13,462 5,202 8,260 4,260 2,813 7,073 1.17
20106 13,174 5,050 8,124 4,205 2,307 6,512 1.25
20116 13,281 5,477 7,804 1,840 2,054 3,894 2.00
2012 13,175 5,663 7,512 4,615 1,693 6,308 1.19
2013 13,301 5,340 7,961 4,865 1,547 6,412 1.24
2014 12,835 5,708 7,127 3,250 1,428 4,678 1.52
2015 12,620 6,574 6,046 3,370 1,305 4,675 1.29
2016 12,681 6,513 6,168 3,520 1,175 4,695 1.31
2017 13,383 6,357 7,026 3,625 985 4,610 1.52
Water Revenue5
20086 9,258 5,348 3,910 955 1,229 2,184 1.79
20096 8,833 5,726 3,107 995 1,171 2,166 1.43
20106 8,336 5,153 3,183 680 1,055 1,735 1.83
2011 8,354 5,464 2,890 1,110 902 2,012 1.44
20126 8,649 5,653 2,996 1,200 861 2,061 1.45
20136 9,342 6,348 2,994 845 758 1,603 1.87
20146 8,613 5,818 2,795 1,335 650 1,985 1.41
2015 8,715 5,632 3,083 1,380 610 1,990 1.55
2016 9,323 5,387 3,936 1,715 579 2,294 1.72
2017 9,529 6,332 3,197 1,760 524 2,284 1.40
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.
7 Parking Revenue Bonds defeased are excluded from the principal and interest of Annual Debt Service.
CITY OF IOWA CITY, IOWA
SCHEDULE OF REVENUE BOND COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
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 31.75 (FTE)
employees who work in the Water Division. This division serves about 74,398 people and has
over 28,336 customer water accounts. The average daily use for fiscal year 2017 was
approximately 5.5 million gallons per day (MGD). A peak flow of over 8.6 MGD was
experienced during the summer of 2012.
Water Sources: The primary source of water for the City is the alluvial aquifer collector wells
along the Iowa River. Four collector wells can provide approximately 10.5 MGD. Additional
sources include two Jordan aquifer wells which can provide 2.0 MGD; three Silurian aquifer
wells which can provide 1.0 MGD; a sand pit that can provide 1.0 MGD; a river intake that can
provide 3.0 MGD; for a total of approximately 16.7 MGD maximum capacity.
Water Treatment Processes: The facilities include one treatment plant (constructed in 2003)
located at 80 Stephen Atkins Drive. The plant is a surface water plant design that includes
aeration, lime softening (coagulation/flocculation/sedimentation), and granular activated carbon
filtration processes with fluoridation and free chlorination. The Grade IV Water Treatment
Facility houses an operations team that performs over 230 water quality tests per day in-house
and collects regulatory samples for testing at the University Hygienic Laboratory. This testing
ensures that Iowa City’s drinking water meets all IDNR and EPA Safe Drinking Water Act
Standards.
Distribution System: The water flows through approximately 277 miles of water mains and
includes over 28,000 service connections. The distribution piping consists of cast iron, ductile
iron and plastic 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 3,543 public and private hydrants located throughout the community.
Billing and Collections: Customers are billed monthly on a combined utility statement which
includes charges for sewer, water, solid waste, and curbside recycling. Under present City
policy and City ordinances, utility bills are due when received but contain a delinquency date
which provides 15 days for payment. If payment is not made in full within 22 days, a notice is
mailed which allows 25 calendar days before service is disconnected. The City’s bad debt
write-offs have been less than 0.2% of gross revenues for the past three years.
Rates:
The following rates and charges were effective July 1, 2015.
Water Service Charge Minimums (includes up to the first 100 cubic feet (c.f.))
Meter Size Meter Size
(Inches) Charge (Inches) Charge
5/8” $7.07 2” $24.41
3/4” 7.72 3” 45.11
1” 9.10 4” 78.69
1 1/2” 18.15 6” 158.33
Monthly Usage in excess of 100 cubic feet (c.f.)
101 – 3,000 $3.30 per 100 c.f.
3,001 and over $2.37 per 100 c.f.
Single Purpose Meter Charges
First 100 (c.f) Minimum Monthly Charge
Usage in excess of 100 cubic feet (c.f.) $3.30 per 100 c.f.
Changes in water rates over the last ten fiscal years:
2008 0%
2009 0%
2010 0%
2011 0%
2012 0%
2013 0%
2014 0%
2015 5%
2016 5%
2017 0%
Water System Customers by Classification: 1)
Classification FY2013 FY2014 FY2015 3) FY2016 FY2017
Residential 24,442 24,790 23,089 23,638 24,025
Commercial 1,491 1,491 1,409 1,415 1,425
Industrial 15 15 14 14 14
Other 2) 204 202 135 131 134
Total Meters 26,152 26,498 24,647 25,198 25,598
1) Meter information above represents the number of meters customers billed as of the end of the
fiscal year.
2) Other meters consist of rural, schools, government, churches, and City meters.
3) Implemented a new utility billing system during Fiscal Year 2015 which consolidated customers
with multiple meters.
Financial Information: The following table summarizes the results of operations for the Water
System for the fiscal years ended June 30, 2017, 2016, and 2015.
2017 2016 2015
Operating Revenues:
Charges for services 9,275$ 9,134$ 8,527$
Miscellaneous 41 17 13
Total operating revenues 9,316 9,151 8,540
Operating Expenses:
Personal services 3,288 3,115 2,495
Commodities 1,031 578 1,121
Services and charges 2,013 1,694 2,016
6,332 5,387 5,632
Depreciation 2,344 2,295 2,250
Total operating expenses 8,676 7,682 7,882
Operating income 640 1,469 658
Nonoperating Revenues (Expenses):
Gain (Loss) on disposal of capital assets 1 8 (17)
Operating Grants - - 2
Interest income 213 172 175
Interest expense (447) (528) (608)
Total nonoperating revenues (expenses) (233) (348) (448)
Income before capital contributions
and transfers 407 1,121 210
Capital contributions 869 674 581
Transfers in 2,305 985 348
Transfers out (250) (720) (691)
Change in net assets 3,331 2,060 448
Net Position, Beginning*67,163 65,103 64,655
Net Position, Ending 70,494$ 67,163$ 65,103$
*The 2015 beginning balance was restated from implementation of GASB 68.
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
Last Three Fiscal Years
The following table summarizes the budget and actual figures for the Water System for the
fiscal year ended June 30, 2017 and the budget for the fiscal year ended June 30, 2018 on a
modified accrual basis.
The following table summarizes the Water System funds on hand for the fiscal years ended
June 30, 2017, 2016, and 2015.
FY18
Actual Budget Percentage Budget
Charges for services 9,274$ 8,926$ 103.90% 9,097$
Interest income 213 172 123.84% 163
Miscellaneous 41 14 292.86% 8
Bond sales 5,975 - 0.00% 1,100
Sale of Assets 1 - 0.00% -
Total Receipts 15,504$ 9,112$ 170.15% 10,368$
Personal services 2,601 $ 2,777$ 93.66% 2,806$
Commodities 580 673 86.18%655
Services and charges 2,750 2,773 99.17% 2,656
Capital outlay 545 2,720 20.04% 2,942
Transfer to capital project funds 175 100 175.00%725
Debt service payments 6,416 6,374 100.66% 7,634
Total Disbursements 13,067$ 15,417$ 84.76% 17,418$
WATER SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2017
(amounts expressed in thousands)
2017 2016 2015
Operating Funds 9,566$ 8,481$ 8,670$
Restricted and Designated Funds 4,640 5,026 4,964
Total Funds on Hand 14,206$ 13,507$ 13,634$
WATER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
2008 249,361,929 7,976,536
2009 234,804,167 7,497,903
2010 234,342,825 7,568,378
2011 236,838,370 7,661,898
2012 246,618,257 7,953,738
2013 254,616,773 8,194,467
2014 239,790,719 7,778,364
20151 240,423,612 8,161,522
2016 255,524,943 8,758,683
2017 267,511,531 9,156,005
Sources:
City of Iowa City Revenue Department
Notes:
1Beginning in March 2015, Water Sales by Cubic Feet Sold also includes unbilled usage.
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
Customer Name Charges Rank Percentage Charges Rank Percentage
Proctor & Gamble 630,949$ 1 7.91 %768,168$ 1 8.39 %
Veterans Administration Medical Center 98,229 2 1.23 115,589 2 1.26
Mark IV Apts - -N/A 69,603 3 0.76
Campus Apartments 65,318 5 0.82 65,672 4 0.72
Mercy Hospital 72,710 3 0.91 65,422 5 0.71
University of Iowa (Mayflower Apartments)42,709 8 0.54 43,148 6 0.47
Oaknoll Retirement Residence - -N/A 39,154 7 0.43
Seville Apts - -N/A 37,563 8 0.41
Iowa City School District - -N/A 35,999 9 0.39
RBD Iowa City LLC DBA Sheraton - -N/A 33,165 10 0.36
Dolphin Lake Point (Rus Properties Mngmt)67,054 4 0.84 - -N/A
Robert's Dairy 63,503 6 0.80 - -N/A
ACT 50,923 7 0.64 - -N/A
Lear Corp 38,531 9 0.48 - -N/A
Sheraton Inn/Holiday Inn 34,970 10 0.44 - -N/A
1,164,896$ 14.61 %1,273,483$ 13.90 %
Total Water System Charges 7,976,536$ 9,156,005$
Sources:
City of Iowa City Revenue Division
CITY OF IOWA CITY, IOWA
PRINCIPAL WATER SYSTEM CUSTOMERS
Current Year and Nine Years Ago
2008 2017
Sewer System
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately
300 miles of sanitary sewers, 18 sanitary sewer lift stations, and a wastewater treatment plant.
There are a total of 25.40 (FTE) employees who work in the Wastewater Division. This
division serves about 75,000 people and has about 25,600 customers. The system has 3
significant industrial users, 2 non-categorical and 1 categorical. The average daily treatment
plant flow for fiscal year 2017 was 7.86 million gallons per day (MGD).
The Wastewater Plant was constructed in 1990. The plant was upgraded in 2002 and
underwent another expansion in 2014. The City conducts all wastewater treatment at the
Wastewater Treatment Plant and controls operations of the system remotely through
supervisory control and data acquisition (SCADA) computer systems. The wastewater
treatment system design has a maximum daily treatment capacity of 43.30 MGD. The
Wastewater Treatment Division is currently in compliance with federal clean water standards.
Billing and Collections: Customers are billed monthly on a combined utility statement which
includes charges for sewer, water, solid waste, and curbside recycling. Under present City
policy and City ordinances, utility bills are due when received but contain a delinquency date
which provides 15 days for payment. If payment is not made in full within 22 days, a notice is
mailed which allows 25 calendar days before service is disconnected. The City’s bad debt
write-offs have been less than 0.2% of gross revenues for the past three years.
Rates:
The following rates and charges were effective July 1, 2015.
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.) $3.99
Changes in sewer rates over the last ten fiscal years:
2008 0%
2009 5%
2010 0%
2011 0%
2012 0%
2013 0%
2014 0%
2015 0%
2016 0%
2017 0%
Number of Sewer System Customers:
Number of Sewer
Fiscal Year System Customers
2013 24,059
2014 24,389
2015 24,533
2016 25,085
2017 25,485
Financial Information: The following table summarizes the results of operations for the Sewer
System for the fiscal years ended June 30, 2017, 2016, and 2015.
2017 2016 2015
Operating Revenues:
Charges for services 12,277$ 12,266$ 12,189$
Miscellaneous 754 94 126
Total operating revenues 13,031 12,360 12,315
Operating Expenses:
Personal services 2,899 2,808 2,136
Commodities 1,094 1,421 1,473
Services and charges 2,364 2,284 2,965
6,357 6,513 6,574
Depreciation 4,506 4,484 4,497
Total operating expenses 10,863 10,997 11,071
Operating income 2,168 1,363 1,244
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets (4,835) - 1
Operating grants - - 21
Interest income 352 321 305
Interest expense (558) (927) (1,161)
Total nonoperating revenues (expenses) (5,041) (606) (834)
Income before capital contributions
and transfers (2,873) 757 410
Capital contributions 2,226 3,839 1,370
Transfers in 5,911 195 239
Transfers out (2,436) (522) (190)
Change in net assets 2,828 4,269 1,829
Net Position, Beginning*135,052 130,783 128,954
Net Position, Ending 137,880$ 135,052$ 130,783$
*The 2015 beginning balance was restated from implementation of GASB 68.
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
STATEMENT OF REVENUES, EXPENSES
Last Three Fiscal Years
The following table summarizes the budget and actual figures for the Sewer System for the
fiscal year ended June 30, 2017 and the budget for the fiscal year ended June 30, 2018 on a
modified accrual basis.
The following table summarizes the Sewer System funds on hand for the fiscal years ended
June 30, 2017, 2016, and 2015.
FY18
Actual Budget Percentage Budget
Charges for services 12,277$ 12,204$ 100.60% 12,216$
Interest income 352 291 120.96% 288
Miscellaneous 755 94 803.19% 85
Grants 3,108 2,391 129.99% 1,140
Bond sales 5,131 - 0.00% -
Sale of assets 18 - 0.00% -
Total Receipts 21,641$ 14,980$ 144.47% 13,729$
Personal services 2,190 $ 2,265$ 96.69% 2,355$
Commodities 971 701 138.52%803
Services and charges 3,425 3,049 112.33% 3,092
Capital outlay 415 6,484 6.40% 10,184
Transfer to capital project funds 1,166 2,000 58.30% 2,000
Debt service payments 15,171 15,176 99.97% 9,588
Total Disbursements 23,338$ 29,675$ 78.65% 28,022$
SEWER SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2017
(amounts expressed in thousands)
2017 2016 2015
Operating Funds 18,830$ 18,210$ 16,643$
Restricted and Designated Funds 9,136 9,460 9,861
Total Funds on Hand 27,966$ 27,670$ 26,504$
SEWER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
2008 285,492,596 12,221,769
2009 276,455,246 12,499,949
2010 265,375,857 12,541,905
2011 280,303,237 12,748,695
2012 282,134,840 12,784,321
2013 285,472,392 12,883,641
2014 269,494,125 12,382,031
20151 266,830,947 12,278,153
2016 270,547,701 12,022,203
2017 277,712,785 12,404,360
Sources:
City of Iowa City Revenue Department
Notes:
1Beginning in March 2015, Sewer Sales by Cubic Feet Sold also includes unbilled usage.
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
Customer Name Charges Rank Percentage Charges Rank Percentage
University of Iowa 2,017,440$ 1 16.51 %1,860,993$ 1 15.00 %
Proctor & Gamble 1,131,315 2 9.26 1,086,165 2 8.76
Iowa City Landfill 106,445 7 0.87 159,650 3 1.29
Veterans Administration Medical Center 110,306 5 0.90 135,049 4 1.09
Mercy Hospital 118,333 4 0.97 104,653 5 0.84
Mark IV Apts 66,229 10 0.54 91,500 6 0.74
Campus Apartments 85,198 8 0.70 76,669 7 0.62
University of Iowa Mayflower 71,611 9 0.59 68,568 8 0.55
Oaknoll Retirement Residence - -N/A 55,788 9 0.45
RBD Iowa City LLC DBA Sheraton - -N/A 53,955 10 0.43
Dolphin Lake Point (Rus Properties Mngmt)110,129 6 0.90 - -N/A
Robert's Dairy 160,445 3 1.31 - -N/A
3,977,451$ 32.55 %3,692,990$ 29.77 %
Total Sewer System Charges 12,221,769$ 12,404,360$
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
PRINCIPAL SEWER SYSTEM CUSTOMERS
Current Year and Nine Years Ago
20172008
Parking System
The Parking System currently consists of approximately 4,860 parking spaces located at
various parking facilities in the City. The Parking Division of the Transportation Services
Department oversees the operation of parking garages, parking lots, and on-street (metered)
parking. Parking Division enforces parking regulation in the central business district, while the
Police Department enforces parking regulations in residential areas. Recognizing that there is
a high demand for parking in downtown Iowa City, Parking Services promotes turnover of on-
street metered parking spaces in the core of the downtown. Customers with longer-term needs
are encouraged to use the garages or on streets in outlying areas. There are a total of 21.63
(FTE) employees who work in the Parking Division.
Parking System Utilization, Demand and Other Considerations: The City tracks Parking System
utilization by the hour in each of the cashiered facilities. During peak hours, the occupancy
rate regularly runs between 85% to 98% depending on the time of year and the time of day.
Peak hours for the Parking System are 10:00 am through 3:00 pm with high occupancy rates
regularly maintained through 5:30 pm daily.
In addition to hourly parking, the Parking System offers monthly permit parking. The Parking
System currently has 1,985 permit holders. The largest customer for the monthly permit
parking is the University of Iowa with 615 permits. There are currently over 1,800 people on
the Parking System's waiting lists for monthly permit parking.
In addition to monthly and permit parking, the Parking System has parking space contracts
with the Sheraton Hotel in the amount of $8,500.00 per month and with the Hotel Vetro in the
amount of $2,125.00 per month.
The City regularly evaluates parking demand. As development has continued to move south
of Burlington Street and the central business district, the need for additional spaces in this
area has increased. The underlying economic growth and employment base of the City
continues to contribute to increased demand.
Parking System Rates and Charges: Rates for the Parking System are set by the City
Council. Parking System rates are reviewed annually. The rates vary by facility and the
hourly and monthly rates and charges as approved by the City Council are listed below by
facility. These rates include the most recent hourly rate adjustments that were approved by
the City Council on June 4, 2013 and became effective July 1, 2013 and the recent monthly
permit rate adjustments that were approved by the City Council on June 2, 2009 and became
effective July 1, 2009.
Parking Facilities: The Parking System consists of 3 cashiered garages and 2 unattended
garages, as well as, various parking lots and on-street metered parking in the Central Business
District. The City completes regular visual inspections of the parking garages to evaluate
their current appearance and general condition. The garages are visually inspected for the
condition of the main structural elements (columns, girders, beams), parking decks, expansion
and control joints, and their coating systems. Based on the most recent inspections, all of the
Parking System's facilities are in excellent condition. All garages will continue to receive
routine inspections and maintenance. A description of each parking facility, their locations,
access, the number of spaces, monthly permits, and current rates are as follows:
Capitol Street Garage
Constructed 1980
Address 220 S. Capitol Street
Description Located on a parcel confined by Burlington Street to the south, Capitol
Street to the west, Clinton Street to the east and the Old Capitol Town
Center to the north.
Access This is a cashiered facility with two entry lanes off of Clinton Street; two
entry lanes off of Capitol Street; and four exit lanes onto Capitol Street.
Spaces 875
Monthly Permits 220
Rates Hourly $1.00 per hour, with first hour free
Monthly $80.00 per month
Changes in Capitol Street Garage rates over the last ten fiscal years:
Hourly Monthly
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
Dubuque Street Garage
Constructed 1980
Address 220 S. Dubuque Street
Description Located on a parcel confined by Burlington Street to the south, Dubuque
Street to the west, Linn Street to the east and the Sheraton Hotel to the
north.
Access This is a cashiered facility with two entry lanes off of Dubuque Street; one
entry lanes off of Linn Street; and two exit lanes onto Dubuque Street.
Spaces 625
Monthly Permits 310
Rates Hourly $1.00 per hour, with first hour free
Monthly $80.00 per month
Changes in Dubuque Street Garage rates over the last ten fiscal years:
Hourly Monthly
2008 0% 0%
2009 0% 0%
2010 0% 23%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
Chauncey Swan Garage
Constructed 1993
Address 415 E. Washington Street
Description Located on a parcel confined by College Street to the south, Van Buren
Street to the east, Gilbert Street to the west and Washington Street to the
north.
Access This is an automated facility with one entry/exit lane off of College Street;
one entry/exit lane off of Washington Street; and one entry/exit lane
through the Recreation Center parking lot onto Burlington Street.
Spaces 475
Monthly Permits 380
Rates Hourly $0.75 per hour
Monthly $80.00 per month
Changes in Chauncey Swan Garage rates over the last ten fiscal years:
Hourly Monthly
2008 0% 0%
2009 0% 0%
2010 0% 17%
2011 0% 14%
2012 0% 0%
2013 0% 0%
2014 25% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
Tower Place Garage
Constructed 2001
Address 335 E. Iowa Avenue
Description Located on a parcel confined by Iowa City Senior Center to the south,
Gilbert Street to the east, Linn Street to the west and Iowa Avenue to the
north.
Access This is a cashiered facility with two entry lanes off of Iowa Avenue; three
exit lanes onto Iowa Avenue; and secured permit-only entry and exit off of
Gilbert Street.
Spaces 510
Monthly Permits 210
Rates Hourly $1.00 per hour, with first hour free
Monthly $80.00 per month
Changes in Tower Place Garage rates over the last ten fiscal years:
Hourly Monthly
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
Harrison Street Garage
Constructed 2017
Address 175 E. Harrison Street
Description Located on a parcel confined by Harrison Street to the north, Sabin
Townhomes to the east, Prentiss St to the south, and MidWest One to the
west.
Access This is an automated facility with one entry lane and two exit lanes off of
Harrison Street.
Spaces 600
Monthly Permits 293
Rates Hourly $0.75 per hour
Monthly $85.00 per month
Changes in Harrison Street Garage rates over the last ten fiscal years:
Hourly Monthly
2017* 100% 100%
*Garage was opened in fiscal year 2017.
On-Street Parking Meters: The City operates short-term meters (1-2 hours) concentrated in the
core of the downtown. These meters are intended for shopper's use. Each parking meter dial states
the maximum time. Longer term meters become more common away from the core downtown area.
Meters 1,174
Rates Hourly $0.75 - $1.50 per hour based on proximity to the central
business district and usage.
Parking Lots: The City operates seven parking lots in the Central Business District. They consist
of a mix of permit spaces and metered spaces.
Spaces 460
Monthly Permits 150
Rates Hourly $0.75 - $1.50 per hour based on proximity to the central
business district and usage.
Monthly $65.00 per month
Moped Parking: FY12 saw the implementation of a parking permit program for mopeds, scooters,
and motorcycles. Spaces were designated throughout the Central Business District to
accommodate the use of mopeds and scooters while also removing them from parking in bicycle
racks.
Spaces 150
Total Annual Permits 736
Rates Annual $90.00 per year
Financial Information: The following table summarizes the results of operations for the Parking
System for the fiscal years ended June 30, 2017, 2016, and 2015.
2017 2016 2015
Operating Revenues:
Charges for services 5,453$ 5,438$ 5,502$
Miscellaneous 41 40 82
Total operating revenues 5,494 5,478 5,584
Operating Expenses:
Personal services 1,767 1,781 1,465
Commodities 621 578 106
Services and charges 1,295 1,304 2,257
3,683 3,663 3,828
Depreciation 880 808 798
Total operating expenses 4,563 4,471 4,626
Operating income 931 1,007 958
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets - 2,450 -
Interest income 37 37 36
Interest expense (134) - (77)
Total nonoperating revenues (expenses)(97) 2,487 (41)
Income before special item 834 3,494 917
Special item:
Payment to refunded bond escrow - - (574)
Change in net assets 834 3,494 343
Net Position, Beginning*21,231 17,737 17,394
Net Position, Ending 22,065$ 21,231$ 17,737$
*The 2015 beginning balance was restated from implementation of GASB 68.
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
The following table summarizes the budget and actual figures for the Parking System for the
fiscal year ended June 30, 2017 and the budget for the fiscal year ended June 30, 2018 on a
modified accrual basis.
The following table summarizes the Parking System funds on hand for the fiscal years ended
June 30, 2017, 2016, and 2015.
FY18
Actual Budget Percentage Budget
Charges for services 5,453$ 5,567$ 97.95%5,934$
Interest income 37 35 105.71%35
Miscellaneous 40 79 50.63%35
Total Receipts 5,530$ 5,681$ 97.34%6,004$
Personal services 1,358$ 1,612$ 84.24%1,643$
Commodities 63 31 203.23%36
Services and charges 1,682 1,901 88.48%2,372
Capital outlay 640 1,166 54.89%1,056
Interfund Loan Repayment 228 228 100.00%235
Debt service payments 1,101 - 0.00%3,115
Total Disbursements 5,072$ 4,938$ 102.71%8,457$
PARKING SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2017
(amounts expressed in thousands)
2017 2016 2015
Operating Funds 11,896$ 10,944$ 4,238$
Restricted and Designated Funds 1 387 386
Total Funds on Hand 11,897$ 11,331$ 4,624$
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
Urban Renewal Area: CITY – UNIVERSITY PROJECT I
The City, acting under the authority of Chapter 403 of the Code of Iowa, has established an
urban renewal area designated as “City - University Project I Urban Renewal Area” (the “Urban
Renewal Area”) designed to implement their comprehensive plan.
Description of CITY – UNIVERSITY PROJECT I Urban Renewal Plan/Area
On October 2, 1969, the Iowa City Council adopted Resolution No. 2157 approving the City -
University Project I Urban Renewal Plan (Project No. IA R-14) which plan has been modified
and amended from time to time (said plan, as amended, is hereinafter referred to as the
“Urban Renewal Plan” or “Plan”).
The Urban Renewal Area is located in the heart of City’s downtown. The northern edge of the
original area consists of part of Washington Street with the western edge consisting of the
eastern bank of the Iowa River. The southern edge consisted of a part of Court Street to the
eastern edge which ran to Linn Street. In 2001, the original urban renewal area was expanded
north to Iowa Ave, south to Prentiss Street and east to Gilbert Street. In 2012, the amended
urban renewal area was extended south of the existing boundaries. In 2016, the amended
urban renewal area was expanded to include a one block area bounded by Iowa Avenue on
the north, Van Buren Street on the East, Washington Street on the South and Gilbert Street on
the West. The original Urban Renewal Area is classified as a blighted area and does not have
a sunset or expiration date. The 2001 amended urban renewal area has, at a minimum, a
twenty year life and will expire after fiscal year 2023-24. The 2012 amended urban renewal
area is classified as a blighted area and does not have a sunset or expiration date. The 2016
amended urban renewal area will expire, at a minimum, twenty years from the calendar year
following the calendar year in which the City first certifies debt for the amended area.
The objectives of the Plan called for the City to undertake a program for the clearance and
reconstruction or rehabilitation to enhance and promote the economic development within the
Urban Renewal Area. Through the implementation of the Plan, the City’s overall goal is to
develop and redevelop the Urban Renewal Area; to stimulate through public action and
commitments, private investment which creates employment and increases to the tax base
within the City.
In general, tax increment revenues from an Urban Renewal Area are determined annually by
multiplying the aggregate of all local taxes, excluding the portion of the overall tax rate
associated with debt service, physical plant and equipment and the instructional support
program levies applicable to the taxable valuation of all property within the Urban Renewal
Area, by the aggregate difference (“Tax Increment Valuation Available”) between the current
taxable valuation and the original taxable valuation upon creation of the Urban Renewal Area.
In general, the original taxable valuation reflects the valuation upon creation of the Urban
Renewal Area (the “Frozen Base Valuation”). Johnson County (the “County”) collects the real
estate taxes and distributes the Tax Increment Revenues to the City to use for repayment of
the urban renewal revenue bonds. Tax Increment Revenues are generally distributed by the
County to the City in the months of October and April of each calendar year.
TOP TAXPAYERS LOCATED WITHIN URBAN RENEWAL AREA
FY2016/17
Taxable % of Total
Taxpayer Classification Valuation Taxable Valuations (1)
MIDWESTONE BANK Financial Institution 12,902,535$ 3.76%
RBD IOWA CITY LLC Sheraton Hotel 11,579,832 3.38%
OC GROUP LC Old Capital Mall 8,968,986 2.62%
PLAZA TOWERS LLC Residential & Comm. Condo Rentals 8,087,115 2.36%
MOEN, MARC B Residential & Comm. Condo Rentals 7,491,452 2.18%
FIRST NATIONAL BANK IOWA CITY Financial Institution 6,906,951 2.01%
100-500 LLC Residential Condo Rentals 6,795,112 1.98%
ICF LLC Residential & Comm. Condo Rentals 6,660,466 1.94%
CENTER CITY LLC Residential & Comm. Condo Rentals 6,414,733 1.87%
COURT STREET APARTMENTS LLC Residential & Comm. Condo Rentals 6,037,026 1.76%
Total 81,844,208$ 23.87%
(1) The Total Taxable Valuation in the Urban Renewal Area for 1/1/2015 for fiscal year 2016-17 is $342,890,955.
TAX INCREMENT TAX RATES
FY2009-10 FY2010-11 FY2011-12 FY2012-13 FY2013-14 (1)FY2014-15 (1)FY2015-16 (1)FY2016-17 (1)
Total City Tax Rate 40.59569 $ 40.91519 $ 40.75369 $ 39.49917 $ 38.63862$ 38.52756$ 38.81115$ 38.74878$
City Debt Service (4.21934) (4.43847) (4.64901) (4.44287) (4.02965) (4.12963) (3.92833) (3.82846)
Iowa City CSD Debt Service (0.78674) (0.72701) (0.74900) (0.69729) (0.63500) (0.59831) (0.58612) (0.55017)
Iowa City CSD PPEL (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000)
Iowa City CSD ISPL - - - - (0.12405) (0.08550) (0.08991) (0.07069)
Kirkwood Debt Service (0.15908) (0.18561) (0.20000) (0.20000) (0.20000) (0.20000) (0.27005) (0.21003)
Johnson County Debt Service (0.69680) (0.59533) (0.47402) (0.62813) (1.61074) (2.05908) (1.77673) (2.00829)
Tax Increment Tax Rate 33.06373 $ 33.29877 $ 33.01166 $ 31.86088 $ 30.36918$ 29.78504$ 30.49001$ 30.41114$
Iowa City Downtown SSMID (2)2.00000 2.00000 2.00000 2.00000 2.00000
Tax Increment Tax Rate in SSMID 33.86088 $ 32.36918$ 31.78504$ 32.49001$ 32.41114$
(1) Any urban renewal area created after April 24, 2012, will not be eligible to receive the benefits of the
local school district's instruction support levy (ISPL) tax revenues, unless the ISPL is necessary to pay principal
and interest on the urban renewal debt and the school passes a special resolution approving such use of the
revenues. Urban renewal debt incurred on or before April 24, 2012, may receive the benefit of ISPL tax
revenues for fiscal year 2013-14 and following only if the ISPL is necessary to pay principal and interest on the
urban renewal area debt and the city certifies to the school district by July 1 of each fiscal year, beginning
July 1, 2013. The school district must then pay those amounts during that fiscal year (Nov. 1 and May 1) back to
the City's urban renewal fund.
(2) In fiscal year 2012-13, the City created a Self Supporting Municipal Improvement District (SSMID) within a
portion of the Urban Renewal Area. The tax levy for the SSMID increases the tax increment rate but is only
applied to certain properties when the County is apportioning the tax increment revenue request.
HISTORICAL AND PROJECTED TAXABLE VALUATIONS WITHIN THE URBAN RENEWAL AREA
Taxable
Total Taxable Taxable New Taxable New Taxable Valuation Taxable
Assessment Fiscal Taxable Value Valuation Valuation Valuation Available for Valuation
Date Year Value (1)Frozen Base (2)Available Park @ 201 Chauncy Certification Certified
1/1/2010 FY 2012 195,540,284 89,677,074 105,863,210 0 0 105,863,210 0
1/1/2011 FY 2013 199,993,156 90,475,486 109,517,670 0 0 109,517,670 3,925,401
1/1/2012 FY 2014 306,901,127 196,103,957 110,797,170 0 0 110,797,170 9,358,858
1/1/2013 FY 2015 316,944,391 178,306,881 138,637,510 2,880,000 0 141,517,510 16,477,686
1/1/2014 FY 2016 309,883,790 159,027,124 150,856,666 6,041,734 0 156,898,400 17,156,898
1/1/2015 FY 2017 336,428,957 147,479,758 188,949,199 6,461,998 0 195,411,197 25,360,541
1/1/2016 FY 2018 336,428,957 147,479,758 188,949,199 6,461,998 0 195,411,197 6,818,061
1/1/2017 FY 2019 336,428,957 147,479,758 188,949,199 6,461,998 0 195,411,197 19,378,918
1/1/2018 FY 2020 336,428,957 147,479,758 188,949,199 6,461,998 0 195,411,197 19,454,549
1/1/2019 FY 2021 336,428,957 147,479,758 188,949,199 6,461,998 16,345,771 211,756,968 19,357,873
1/1/2020 FY 2022 336,428,957 147,479,758 188,949,199 6,461,998 30,128,234 225,539,431 51,148,198
1/1/2021 FY 2023 336,428,957 147,479,758 188,949,199 6,461,998 30,128,234 225,539,431 50,081,812
1/1/2022 FY 2024 336,428,957 147,479,758 188,949,199 6,461,998 30,128,234 225,539,431 48,842,135
1/1/2023 FY 2025 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 47,761,939
1/1/2024 FY 2026 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 46,836,291
1/1/2025 FY 2027 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 41,784,853
1/1/2026 FY 2028 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 37,662,679
1/1/2027 FY 2029 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 37,403,892
1/1/2028 FY 2030 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 37,283,048
1/1/2029 FY 2031 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 37,135,241
1/1/2030 FY 2032 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 37,122,910
1/1/2031 FY 2033 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 30,163,289
1/1/2032 FY 2034 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 30,181,374
1/1/2033 FY 2035 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 30,174,798
1/1/2034 FY 2036 238,069,229 105,456,210 132,613,019 6,461,998 30,128,234 169,203,251 30,143,559
(1) Total taxable valuation available for certification will decrease in fiscal year 2024-25 due to the retirement of the tax increment
of the 2001 Amended portion of the Urban Renewal Area. Total taxable value increased in fiscal year 2013-14 due to 2012
Amended Area of the Urban Renewal Area.
(2) Taxable value frozen base decreases due to commercial and industrial rollback amounts starting in fiscal year 2014-15 and
multi-residential rollback amounts starting in fiscal year 2016-17.
TAX INCREMENT CASH FLOW AND ANTICIPATE DEBT COVERAGE
Taxable
Valuation Taxable Available Certified 2012D TIF 2016E TIF Other Total Annual Ending Available Requested
Assessment Fiscal Available for Valuation TIF Tax Increment Tax Increment Other Total Revenue Revenue TIF TIF Surplus/Cash Debt Debt
Date Year Certification (1)Certified Tax Rate (2)Revenues (3)Revenues Revenues Revenues Bonds Bonds Debt Debt (Deficit)Balance (4)Coverage Coverage
1/1/2010 FY 2012 105,863,210 0 33.01166 3,494,720 0 0 0 0 0 0 0 0 662,510 n.a.n.a.
1/1/2011 FY 2013 109,517,670 3,925,401 31.86088 3,489,329 128,072 31,795 159,867 0 0 159,867 159,867 0 662,510 n.a.n.a.
1/1/2012 FY 2014 110,797,170 9,358,858 30.36918 3,364,819 289,650 148 289,798 75,335 0 214,315 289,650 148 662,658 44.66 1.55
1/1/2013 FY 2015 141,517,510 16,477,686 29.78504 4,215,105 502,339 5,090 507,429 75,335 0 427,004 502,339 5,090 667,748 55.95 1.05
1/1/2014 FY 2016 156,898,400 17,156,898 30.49001 4,783,834 532,776 2,434 535,210 205,335 0 172,256 377,591 157,619 825,367 23.30 1.00
1/1/2015 FY 2017 195,411,197 25,360,541 30.41114 5,942,677 805,965 0 805,965 204,035 0 307,715 511,750 294,215 1,119,582 29.13 1.00
1/1/2016 FY 2018 195,411,197 6,818,061 30.41114 5,942,677 207,345 0 207,345 207,345 0 0 207,345 0 1,119,582 28.66 1.00
1/1/2017 FY 2019 195,411,197 19,378,918 30.41114 5,942,677 589,335 0 589,335 205,185 384,150 0 589,335 0 1,119,582 10.08 1.00
1/1/2018 FY 2020 195,411,197 19,454,549 30.41114 5,942,677 591,635 0 591,635 207,485 384,150 0 591,635 0 1,119,582 10.04 1.00
1/1/2019 FY 2021 211,756,968 19,357,873 30.41114 6,439,771 588,695 0 588,695 204,545 384,150 0 588,695 0 1,119,582 10.94 1.00
1/1/2020 FY 2022 225,539,431 51,148,198 30.41114 6,858,911 1,555,475 0 1,555,475 206,325 1,349,150 0 1,555,475 0 1,119,582 4.41 1.00
1/1/2021 FY 2023 225,539,431 50,081,812 30.41114 6,858,911 1,523,045 0 1,523,045 207,845 1,315,200 0 1,523,045 0 1,119,582 4.50 1.00
1/1/2022 FY 2024 225,539,431 48,842,135 30.41114 6,858,911 1,485,345 0 1,485,345 203,945 1,281,400 0 1,485,345 0 1,119,582 4.62 1.00
1/1/2023 FY 2025 169,203,251 47,761,939 30.41114 5,145,664 1,452,495 0 1,452,495 204,745 1,247,750 0 1,452,495 0 1,119,582 3.54 1.00
1/1/2024 FY 2026 169,203,251 46,836,291 30.41114 5,145,664 1,424,345 0 1,424,345 205,095 1,219,250 0 1,424,345 0 1,119,582 3.61 1.00
1/1/2025 FY 2027 169,203,251 41,784,853 30.41114 5,145,664 1,270,725 0 1,270,725 204,975 1,065,750 0 1,270,725 0 1,119,582 4.05 1.00
1/1/2026 FY 2028 169,203,251 37,662,679 30.41114 5,145,664 1,145,365 0 1,145,365 204,365 941,000 0 1,145,365 0 1,119,582 4.49 1.00
1/1/2027 FY 2029 169,203,251 37,403,892 30.41114 5,145,664 1,137,495 0 1,137,495 203,245 934,250 0 1,137,495 0 1,119,582 4.52 1.00
1/1/2028 FY 2030 169,203,251 37,283,048 30.41114 5,145,664 1,133,820 0 1,133,820 206,770 927,050 0 1,133,820 0 1,119,582 4.54 1.00
1/1/2029 FY 2031 169,203,251 37,135,241 30.41114 5,145,664 1,129,325 0 1,129,325 204,925 924,400 0 1,129,325 0 1,119,582 4.56 1.00
1/1/2030 FY 2032 169,203,251 37,122,910 30.41114 5,145,664 1,128,950 0 1,128,950 207,800 921,150 0 1,128,950 0 1,119,582 4.56 1.00
1/1/2031 FY 2033 169,203,251 30,163,289 30.41114 5,145,664 917,300 0 917,300 0 917,300 0 917,300 0 1,119,582 5.61 1.00
1/1/2032 FY 2034 169,203,251 30,181,374 30.41114 5,145,664 917,850 0 917,850 0 917,850 0 917,850 0 1,119,582 5.61 1.00
1/1/2033 FY 2035 169,203,251 30,174,798 30.41114 5,145,664 917,650 0 917,650 0 917,650 0 917,650 0 1,119,582 5.61 1.00
1/1/2034 FY 2036 169,203,251 30,143,559 30.41114 5,145,664 916,700 0 916,700 0 916,700 0 916,700 0 1,119,582 5.61 1.00
(1) Total taxable valuation available for certification will decrease in fiscal year 2024-25 due to the retirement of the tax increment of the 2001 Amended portion of the Urban Renewal Area.
(2) The tax increment rate in fiscal year 2013-14 reflects the loss of the local school district's instruction support levy (ISPL) of $.12405 due to recent legislative changes.
TIF tax rate does not include the SSMID levy rate of $2.00 per $1,000 of value. Starting in fiscal year 2012-13, a portion of the taxable valuation certified will be at the higher rate
due to its location in the SSMID.
(3) The available tax increment revenues do not reflect an estimate for the portion of the available valuation that would be taxed at the higher SSMID rate.
(4) The balance includes TIF reserve fund of $207,845.