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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.