HomeMy WebLinkAboutFY2015 Longterm Debt Disclosure Report
Date: January 20, 2016
To: Tom Markus, City Manager
From: Dennis Bockenstedt, Finance Director
RE: Long-term Debt Disclosure Report
On October 6, 2015, the City Council adopted a new Deb 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 2015 ended on June 30, 2015, 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:
Total actual and taxable property valuations
The historical trend of actual and taxable property 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 2015, 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
January 20, 2016
Page 2
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
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. 2005A GO bond maturities called on July 1, 2014
ii. 2006A GO bond maturities called on July 1, 2014
iii. 2006B GO bond maturities called on July 1, 2014
iv. 2006C GO bond maturities called on July 1, 2014
v. 2007A GO bond maturities called on July 1, 2014
Defeasances of the Bonds; a Notice of Material Event was timely filed for this event:
i. 2009F Parking Revenue Bonds defeased on November 12, 2014
Release, substitution, or sale of property securing repayment of the Bonds, if material:
None
Rating changes on the Bonds:
i. Filed notice of Moody’s rating upgrades from April 2010 that had not
previously been filed for parking, water, and sewer revenue bonds
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:
2016 Sewer Revenue Refunding Bonds – to refund 2008C Sewer Revenue Bonds -
$10,645,000
2016 Water Revenue Refunding Bonds Refund – to refund 2008D Water Revenue
Bonds - $4,165,000
2016 General Obligation Bonds – 2016 CIP Program - $9,660,000
Other potential bond issues include:
2016 Taxable TIF Revenue Capital Loan Note – Chauncey Building grant - $12,635,000
Attached to this memo are summaries that include the additional financial and debt information
mentioned above. This information along with our Fiscal Year 2015 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, 2016 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.
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 2013 final Actual Values were adjusted by the Johnson
County Auditor. The reduced values, determined after the application of rollback percentages,
are the Taxable Values subject to tax levy. For assessment year 2013, the Taxable Value
rollback rate was 54.4002% of Actual Value for residential property; 43.3997% of Actual Value
for agricultural property; 95% of Actual Value for commercial, industrial and railroad properties
and 100% of Actual Value for utility property.
The Legislature’s intent has been to limit the growth of statewide taxable valuations for the
specific classes of property to 3% annually. Utility property is limited to an 8% annual growth.
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 (1/1/2013 Valuation Taxes payable July 1, 2014 to June 30, 2015)
Taxable Value
100% Actual Value (With Rollback)
Residential $3,488,112,611 $1,894,079,854
Commercial 1,144,437,631 1,086,556,293
Industrial 80,153,614 76,128,877
Railroads 3,827,506 3,636,130
Utilities w/o Gas & Electric 9,599,528 9,599,528
Gross valuation $4,726,130,890 $3,070,000,682
Less military exemption (2,939,122) (2,939,122)
Net valuation $4,723,191,768 $3,067,061,560
TIF increment (used to compute
debt service levies and
constitutional debt limit) $21,131,574 $21,131,574
Taxed separately
Ag. Land & Buildings $3,680,920 $1,597,501
Gas & Electric Utilities $78,642,915 $47,004,994
2013 GROSS TAXABLE VALUATION BY CLASS OF PROPERTY 1)
Taxable Valuation Percent Total
Residential $1,894,079,854 60.77%
Commercial, Industrial and Utility 1,172,284,698 37.61%
Gas & Electric Utilities 47,004,994 1.51%
Railroads 3,636,130 0.11%
Total Gross Taxable Valuation $3,117,005,676 100.00%
1) Excludes Taxable TIF Increment and Ag. Land & Buildings.
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TREND OF VALUATIONS
Assessment Payable Taxable Valuation Taxable TIF
Year Fiscal Year 100% Actual Valuation (With Rollback) Increment
2010 2011-12 $4,520,142,100 $2,848,162,606 $25,408,838
2011 2012-13 4,615,527,744 2,960,112,178 11,712,327
2012 2013-14 4,668,318,992 3,036,012,368 14,113,908
2013 2014-15 4,826,647,177 3,136,795,629 21,131,574
2014 1) 2015-16 4,950,557,795 3,182,641,961 33,331,128
1) The City’s 1/1/2014 valuations are now available from the State of Iowa and became effective July 1, 2015.
The 100% Actual Valuations, before rollback and after the reduction of military exemption,
include Ag. Land & Buildings, Taxable TIF Increment and Gas & Electric Utilities. The Taxable
Valuations, with the rollback and after the reduction of military exemption, include Gas &
Electric Utilities and exclude Ag. Land & Buildings and Taxable TIF Increment. Iowa cities
certify operating levies against Taxable Valuation excluding Taxable TIF Increment and debt
service levies are certified against Taxable Valuation including the Taxable TIF Increment.
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 assessed 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.
1/1/2013
Taxable Valuations
Taxpayer 1) Type of Property/Business (in thousands)
Mid American Energy Co. Utility $44,302
ACT, Inc. Commercial 44,151
Ann Gerdin Trust Commercial 21,233
Dealer Properties IC LLC Commercial 18,676
Procter & Gamble LLC Industrial 15,419
Alpla, Inc. Industrial 14,616
CCAL 100 Hawk Ridge Drive LLC Residential 13,171
National Computer Systems Inc. Commercial 12,428
Wal-Mart Real Estate Commercial 12,078
Kobrin Development Company Inc. Commercial & Residential 11,712
1) Source: City of Iowa City Assessor’s Office – 2014 Annual Report
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RECENT 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) reduces the maximum
annual taxable value growth percent, due to revaluation of existing residential and agricultural property, from
the current 4% to 3%, (ii) assigns 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) creates 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 begins in the 2015 assessment year, and assigns a
declining rollback percentage of 3.75 percent to such properties for each subsequent year until the 2021
assessment year (the rollback percentage for Multi-residential Properties will be equal to the residential
rollback percentage in the 2022 assessment year and thereafter) and (iv) exempts a specified portion of the
assessed value of telecommunication properties.
The Act includes 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 to 3% from 4%, the gradual
transition for Multi-residential Property from the commercial rollback percentage (100% of Actual Value) to
the residential rollback percentage (currently 54.4002% 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.
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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 2013 valuation currently applicable to
the fiscal year 2014-15 is as follows:
2013 Actual Valuation of Property $4,829,586,299
Less: Military Exemption (2,939,122)
Net Actual Valuation of Property $4,826,647,177
Legal Debt Limit of 5% 0.05
Legal Debt Limit $241,332,359
Less: Total G.O. Debt (59,340,000)
Less: TIF Revenue Debt (2,655,000)
Less: Letter of Credit (UniverCity) (2,005,000)
Less: Other legal indebtedness (TIF rebates) (13,506,000)
Net Debt Limit $163,826,359
DIRECT DEBT
General Obligation Debt Supported by Property Taxes and Tax Increment
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/15
6/08A $9,150,000 City Improvements 6/18 $3,085,000 1)
10/08B 17,005,000 Refunding 6/18 4,530,000
6/09C 6,685,000 City Improvements 6/19 2,900,000
6/09E 5,840,000 Refunding 6/16 915,000
8/10B 7,420,000 City Improvements 6/20 3,840,000
6/11A 7,925,000 City Improvements 6/21 4,785,000
6/11C 10,930,000 Refunding 6/21 7,385,000
6/12A 9,070,000 City Improvements 6/22 6,565,000
7/13A 7,230,000 City Improvements 6/23 6,505,000
6/14 11,390,000 City Improvements 6/24 10,455,000
6/15 7,785,000 City Improvements 6/25 7,785,000
Subtotal $58,750,000
1) City intends to call Series 2008A with cash on July 1, 2015.
General Obligation Debt Supported by Enterprise Funds
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6/30/15
6/14 $590,000 City Improvements 6/17 $590,000
Total General Obligation Debt Subject to Debt Limit: $59,340,000
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Annual Fiscal Year General Obligation Debt Service Payments
Total Outstanding
Principal &
Fiscal Year Principal Interest
2015-16 $11,300,000 $12,813,675
2016-17 10,600,000 11,828,500
2017-18 9,535,000 10,500,756
2018-19 7,090,000 7,789,681
2019-20 6,500,000 7,008,694
2020-21 5,220,000 5,552,629
2021-22 3,635,000 3,829,850
2022-23 2,700,000 2,819,350
2023-24 1,880,000 1,940,350
2024-25 880,000 897,600
Total $59,340,000 $64,981,085
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 6/30/15
11/12D $2,655,000 Developer Grant 6/32 $2,655,000
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 6/30/15
11/09F $9,110,000 Parking 7/17 $0 1)
1) The City has advance funded $6,605,000 of the Series 2009F Bonds maturing 2015 through 2024. Funds are
being held in escrow until the July 1, 2017 call date.
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 6/30/15
10/08D $7,115,000 Water Refunding 7/24 $4,920,000
5/09B 9,750,000 Water Refunding 7/25 7,410,000
6/12C 4,950,000 Water Refunding 7/22 4,035,000
Total $16,365,000
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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 6/30/15
10/08C $24,280,000 Sewer Refunding 7/22 $14,345,000
5/09A 8,660,000 Sewer Refunding 7/25 6,760,000
4/10A 15,080,000 Sewer Refunding 7/20 7,480,000
Total $28,585,000
INDIRECT GENERAL OBLIGATION DEBT
1/1/2014 Percent City’s
Taxing District Taxable Valuation1) In City G.O. Debt2) Proportionate Share
Johnson County $7,537,032,197 42.23% $12,830,000 $5,418,109
Iowa City CSD 5,600,477,037 56.83% 17,975,000 10,215,193
Clear Creek-Amana CSD3) 1,063,288,907 0.01% 48,540,000 4,854
Kirkwood Comm. College3) 23,254,278,303 13.69% 94,705,000 12,965,115
City’s share of total overlapping debt $28,603,271
1) Taxable Valuation excludes military exemption and includes Ag. Land & Buildings, Taxable TIF Increment and all Utilities.
2) Includes general obligation bonds, PPEL notes, certificates of participation and new jobs training certificates.
3) Valuations for all counties, from Dept. of Mgmt. website.
DEBT RATIOS
Debt/Actual
Market Value Debt/67,862
G.O. Debt ($4,826,647,177)1) Population2)
Total General Obligation Debt $59,340,000 1.23% $874.42
Less G.O. Debt Service Paid by Enterprise Funds3) (590,000)
Net G.O. Debt Paid by Taxes and Tax Increment $58,750,000 1.21% $865.73
TIF Revenue Debt $2,655,000 0.06% $39.12
City’s share of total overlapping debt $28,603,271 0.50% $421.49
1) Based on the City’s 1/1/2013 100% Actual Valuation; includes Ag Land, Ag Buildings, all Utilities and TIF Increment.
2) Population based on the City’s 2010 U.S. Census.
3) G.O. debt abated by Water Revenues.
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TAX RATES
FY2010-11 FY2011-12 FY2012-13 FY2013-14 FY2014-15
$/$1,000 $/$1,000 $/$1,000 $/$1,000 $/$1,000
Johnson County 7.22207 6.98984 6.74909 6.73712 6.74168
City of Iowa City 17.75655 17.84150 17.26864 16.80522 16.70520
Iowa City CSD 14.68972 14.59055 14.07327 13.68792 13.69999
Clear Creek-Amana CSD (Clear Creek) 15.71002 15.54876 15.31063 15.31055 15.06516
Kirkwood Comm. College 0.92566 0.99870 1.07888 1.06473 1.05754
City Assessor 0.23472 0.24632 0.24453 0.25873 0.23866
County Ag. Extension 0.08307 0.08358 0.08146 0.08160 0.08119
State of Iowa 0.00340 0.00320 0.00320 0.00330 0.00330
Total Tax Rate - City Resident:
Iowa City CSD 40.91519 40.75369 39.49917 38.63862 38.52756
Clear Creek-Amana CSD (Clear Creek) 41.93549 41.71190 40.73653 40.26125 39.89273
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
2014-15. 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 2014-15. Debt service levies are not limited.
CITY FUNDS ON HAND (Cash and Investments as of June 30, 2015, in thousands)
City Operating Funds $118,315
City Restricted Funds 76,790
Total $195,105
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Collection Total Tax Current Tax Delinquent Tax Total Tax
Year Levied Collections Collections1 Collections
2006 36,460 36,654 100.5 44 36,698 100.7
2007 39,094 38,947 99.6 13 38,960 99.7
2008 39,973 39,768 99.5 70 39,838 99.7
2009 43,168 43,118 99.9 18 43,136 99.9
2010 45,393 45,318 99.8 17 45,335 99.9
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 8 51,300 99.4
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
PROPERTY TAX BUDGETS AND COLLECTIONS
Last Ten Fiscal Years
(Cash basis of accounting)
(amounts expressed in thousands)
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January 22, 2016
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, 2015
Financial and Operating Data
Water System Revenue
Sewer System Revenue
and
Parking System 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 information as required to be submitted under previous disclosure undertakings of
the City. The City’s June 30, 2015 Independent Auditor’s Reports has been filed with the
MSRB as of the date of this report and are incorporated herein by reference..
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Water System
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer
Service, Distribution, and Public Information/Education. There are a total of 32.0 (FTE)
employees who work in the Water Division. This division serves about 73,400 people and has
over 24,600 customer water accounts. The average daily use for fiscal year 2015 was
approximately 5.33 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 Siluran 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 four water facility
employs operators that perform over 230 water quality tests per day in-house and collect
samples for testing at the University Hygienic Laboratory. This testing ensures that the water
meets all of the Safe Drinking Water Act Standards.
Distribution System: The water flows through approximately 273 miles of water mains and
includes over 22,000 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 3,442 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.
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Rates:
The following rates and charges were effective July 1, 2014.
Water Service Charge Minimums (includes up to the first 100 cubic feet (c.f.))
Meter Size Meter Size
(Inches) Charge (Inches) Charge
5/8” $6.73 2” $23.25
3/4” 7.35 3” 42.96
1” 8.67 4” 74.94
1 1/2” 17.29 6” 150.79
Monthly Usage in excess of 100 cubic feet (c.f.)
101 – 3,000 $3.14 per 100 c.f.
3,001 and over $2.26 per 100 c.f.
Single Purpose Meter Charges
First 100 (c.f) Minimum Monthly Charge
Usage in excess of 100 cubic feet (c.f.) $3.14 per 100 c.f.
Changes in water rates over the last ten fiscal years:
2006 0%
2007 - 5%
2008 0%
2009 0%
2010 0%
2011 0%
2012 0%
2013 0%
2014 0%
2015 5%
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Financial Information: The following table summarizes the results of operations for the Water
System for the fiscal years ended June 30, 2015, 2014, and 2013.
2015 2014 2013
Operating Revenues:
Charges for services 8,527$ 8,443 $ 8,583$
Miscellaneous 13 16 174
Total operating revenues 8,540 8,459 8,757
Operating Expenses:
Personal services 2,495 2,692 2,633
Commodities 1,121 1,199 1,609
Services and charges 2,016 1,927 2,106
5,632 5,818 6,348
Depreciation 2,250 2,181 2,169
Total operating expenses 7,882 7,999 8,517
Operating income 658 460 240
Nonoperating Revenues (Expenses):
Gain (Loss) on disposal of capital assets (17) 11 -
Operating Grants 2 6 442
Interest income 175 154 143
Interest expense (608) (682) (731)
Total nonoperating revenues (expenses) (448) (511) (146)
Income before capital contributions
and transfers 210 (51) 94
Capital contributions 581 2,049 494
Transfers in 348 990 893
Transfers out (691) (117) (1,481)
Change in net assets 448 2,871 -
Net Position, Beginning*64,655 63,274 63,274
Net Position, Ending 65,103$ 66,145 $ 63,274$
*The 2015 beginning balance was restated from implementation of GASB 68.
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
WATER SYSTEM
STATEMENT OF REVENUES, EXPENSES
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The following table summarizes the budget and actual figures for the Water System for the
fiscal year ended June 30, 2015 and the budget for the fiscal year ended June 30, 2016 on a
modified accrual basis.
The following table summarizes the Water System funds on hand for the fiscal years ended
June 30, 2015, 2014, and 2013.
FY16
Actual Budget Percentage Budget
Charges for services 8,526$ 9,082$ 93.88% 9,265$
Interest income 175 144 121.53% 130
Miscellaneous 14 17 82.35% 17
Grants 43 - 4300.00% -
Total Receipts 8,758$ 9,243$ 94.75% 9,412$
Personal services 2,618$ 2,816$ 92.97% 2,752$
Commodities 524 627 83.57%508
Services and charges 2,074 2,236 92.75% 2,428
Capital outlay 1,365 3,215 42.46% 2,094
Transfer to capital project funds - 100 0.00%-
Transfers to other funds 691 - 69100.00%-
Debt service payments 2,304 2,323 99.18% 2,294
Total Disbursements 9,576$ 11,317$ 84.62% 10,076$
WATER SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2015
(amounts expressed in thousands)
2015 2014 2013
Operating Funds 8,670$ 8,939$ 7,410 $
Restricted and Designated Funds 4,964 4,801 4,631
Total Funds on Hand 13,634$ 13,740$ 12,041$
WATER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
15
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 24.65 (FTE) employees who work in the Wastewater Division. This
division serves about 73,400 people and has over 24,500 customers. The system has 3
significant industrial users, 2 non-categorical and 1 categorical. The average daily combined
treatment flow for fiscal year 2015 was 9.76 million gallons per day (MGD).
The North Plant was constructed in 1935 and the South Plant was completed in 1990. Both
were upgraded in 2002, and the South Plant expanded in 2014. The connecting of the North
and South Plants was completed in 1998 and after 79 years of being in service the North Plant
was decommissioned in 2014. The City utilized federal and state grants to fund a flood
recovery and mitigation project to decommission the North Wastewater Plant through
expansion of the South Wastewater Plant. The City has diverted all wastewater treatment to
the Wastewater Treatment Plant and control operations 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 Plant 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, 2014.
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:
2006 0%
2007 8%
2008 0%
2009 5%
2010 0%
2011 0%
2012 0%
2013 0%
2014 0%
2015 0%
16
Financial Information: The following table summarizes the results of operations for the Sewer
System for the fiscal years ended June 30, 2015, 2014, and 2013.
2015 2014 2013
Operating Revenues:
Charges for services 12,189 $ 12,559$ 12,832$
Miscellaneous 126 75 102
Total operating revenues 12,315 12,634 12,934
Operating Expenses:
Personal services 2,136 2,001 1,938
Commodities 1,473 1,006 854
Services and charges 2,965 2,701 2,548
6,574 5,708 5,340
Depreciation 4,497 4,036 3,912
Total operating expenses 11,071 9,744 9,252
Operating income 1,244 2,890 3,682
Nonoperating Revenues (Expenses):
Gain (loss) on disposal of capital assets 1 (10,062) -
Operating grants 21 62 -
Interest income 305 200 367
Interest expense (1,161) (1,284) (1,400)
Total nonoperating revenues (expenses) (834) (11,084) (1,033)
Income before capital contributions
and transfers 410 (8,194) 2,649
Capital contributions 1,370 7,422 30,841
Transfers in 239 26 7,322
Transfers out (190) (254) (1,566)
Change in net assets 1,829 (1,000) 39,246
Net Position, Beginning*128,954 131,278 92,032
Net Position, Ending 130,783$ 130,278 $ 131,278$
*The 2015 beginning balance was restated from implementation of GASB 68.
Last Three Fiscal Years
(amounts expressed in thousands)
AND CHANGES IN FUND NET ASSETS
SEWER SYSTEM
STATEMENT OF REVENUES, EXPENSES
17
The following table summarizes the budget and actual figures for the Sewer System for the
fiscal year ended June 30, 2015 and the budget for the fiscal year ended June 30, 2016 on a
modified accrual basis.
The following table summarizes the Sewer System funds on hand for the fiscal years ended
June 30, 2015, 2014, and 2013.
FY16
Actual Budget Percentage Budget
Charges for services 12,189$ 12,891$ 94.55% 12,559$
Interest income 305 458 66.59% 331
Miscellaneous 128 102 125.49% 75
Grants 2,469 367 672.75% 366
Total Receipts 15,091$ 13,818$ 109.21% 13,331$
Personal services 2,236$ 2,076$ 107.71% 2,131$
Commodities 733 557 131.60% 625
Services and charges 5,527 2,870 192.58% 2,785
Capital outlay 1,877 11,649 16.11% 975
Transfer to capital project funds 190 190 100.00% 2,400
Debt service payments 4,675 4,675 100.00% 4,695
Total Disbursements 15,238$ 22,017$ 69.21% 13,611$
SEWER SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2015
(amounts expressed in thousands)
2015 2014 2013
Operating Funds 16,643$ 17,417$ 15,655$
Restricted and Designated Funds 9,861 9,975 10,074
Total Funds on Hand 26,504$ 27,392$ 25,729$
SEWER SYSTEM
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
18
Parking System
The Parking System currently consists of approximately 4,120 parking spaces located at
various parking facilities in the central business district of 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 26.25 (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 1,360 permit holders. The largest customer for the monthly permit
parking is the University of Iowa with 615 permits. There are currently over 1,100 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 $8,000.00 per month and with the Hotel Vetro in the
amount of $2,000.00 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 Applied Real Estate Analysis ("AREA"), in conjunction with Desman
Associates, estimates that there is demand for 600 additional parking spaces in downtown
Iowa City. A recent update of demand based on upcoming developments shows a need of
650 additional spaces, an increase of 50 from the previous study. 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 proposed monthly
permit rate adjustments that were approved by the City Council on June 2, 2009 and became
effective July 1, 2009.
19
Parking Facilities: The Parking System consists of 2 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
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
20
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
2006 0% 0%
2007 25% 8%
2008 0% 0%
2009 0% 0%
2010 0% 23%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 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
2006 0% 0%
2007 20% 9%
2008 0% 0%
2009 0% 0%
2010 0% 17%
2011 0% 14%
2012 0% 0%
2013 0% 0%
2014 25% 0%
2015 0% 0%
21
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
2006 0% 0%
2007 25% 7%
2008 0% 0%
2009 0% 0%
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
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 $60.00 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 683
Rates Annual $90.00 per year
22
Financial Information: The following table summarizes the results of operations for the Parking
System for the fiscal years ended June 30, 2015, 2014, and 2013.
2015 2014 2013
Operating Revenues:
Charges for services 5,502$ 5,294$ 5,043 $
Miscellaneous 82 26 37
Total operating revenues 5,584 5,320 5,080
Operating Expenses:
Personal services 1,465 1,530 1,718
Commodities 106 141 630
Services and charges 2,257 1,298 1,201
3,828 2,969 3,549
Depreciation 798 800 787
Total operating expenses 4,626 3,769 4,336
Operating income 958 1,551 744
Nonoperating Revenues (Expenses):
Interest income 36 45 42
Interest expense (77) (298) (324)
Total nonoperating revenues (expenses) (41) (253) (282)
Income before capital contributions
and transfers 917 1,298 462
Transfers in - 19 -
Transfers out - - (224)
Income before special item 917 766 (144)
Special item:
Payment to refunded bond escrow (574) - -
Change in net assets 343 1,317 238
Net Position, Beginning*17,394 16,960 16,722
Net Position, Ending 17,737$ 18,277$ 16,960$
*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
23
The following table summarizes the budget and actual figures for the Parking System for the
fiscal year ended June 30, 2015 and the budget for the fiscal year ended June 30, 2016 on a
modified accrual basis.
The following table summarizes the Parking System funds on hand for the fiscal years ended
June 30, 2015, 2014, and 2013.
FY16
Actual Budget Percentage Budget
Charges for services 5,502$ 5,083$ 108.24% 5,274$
Interest income 36 47 76.60% 28
Miscellaneous 83 37 224.32% 27
Transfers from other funds 2,495 2,495 100.00% -
Total Receipts 8,116$ 7,662$ 105.93% 5,329$
Personal services 1,495$ 1,804$ 82.87% 1,709$
Commodities 41 56 73.21% 37
Services and charges 1,740 1,530 113.73% 1,525
Capital outlay 64 587 10.90% 670
Interfund Loan Repayment 144 144 100.00% 221
Debt service payments 7,974 7,974 100.00% -
Total Disbursements 11,458$ 12,095$ 94.73% 4,162$
PARKING SYSTEM
BUDGET AND ACTUALS (MODIFIED ACCRUAL BASIS)
For the Year Ended June 30, 2015
(amounts expressed in thousands)
2015 2014 2013
Operating Funds 4,238$ 5,674 $ 5,032$
Restricted and Designated Funds 386 1,921 1,668
Total Funds on Hand 4,624$ 7,595 $ 6,700$
FUNDS ON HAND (CASH AND INVESTMENTS)
Last Three Fiscal Years
(amounts expressed in thousands)
PARKING SYSTEM
24
Revenue Bond Activity
Bond debt activity for business-type activities for the year ended June 30, 2015, was as
follows:
As of June 30, 2015, the following unmatured revenue bond issues are outstanding:
Wastewater Taxable Urban
Treatment Water Renewal
Original issue amount $ 48,020,000 $ 21,815,000 $ 2,655,000
Interest rates 3.0% to 5.0% 1.5% to 4.5% 1.0% to 3.9%
Annual maturities $ 485,000 to $ 410,000 to $ 130,000 to
$ 2,205,000 $ 835,000 $ 200,000
Amount outstanding $ 28,585,000 $ 16,365,000 $ 2,655,000
The City of Iowa City defeased the remaining $6,605,000 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, 2015 is $6,605,000. The total amount of
interest that was paid was $574,186. Liabilities for the defeased bonds are not included in the
City’s financial statements.
Due Within
July 1, 2014 Issues Retirements June 30, 2015 One Year
Business-type activities:
General obligation bonds 890,000$ -$ 300,000$ 590,000$ 295,000$
Less: Unamortized
Discounts 3,843 - 3,843 - -
Total general obligation bonds 886,157 - 296,157 590,000 295,000
Revenue bonds 56,845,000 - 11,895,000 44,950,000 4,940,000
Plus: Unamortized
Premium 723,517 - 106,614 616,903 79,135
Total revenue bonds 57,568,517 - 12,001,614 45,566,903 5,019,135
58,454,674$ -$ 12,297,771$ 46,156,903$ 5,314,135$
25
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 Reserve Amount required to be deposited in the Revenue Bond and
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 $450,000 for Water
Revenue bonds, with no further deposits once the minimum
balance is reached. If the reserve falls below the required
minimum, monthly transfers in the aforementioned amounts will
resume.
Fiscal Year Ending
June 30 Principal Interest Principal Interest
2016 130,000$ 75,335$ 4,940,000$ 1,742,334$
2017 130,000 74,035 5,090,000 1,557,521
2018 135,000 72,345 5,295,000 1,362,478
2019 135,000 70,185 5,480,000 1,157,915
2020 140,000 67,485 5,710,000 931,565
2021-2025 740,000 287,405 16,825,000 1,865,494
2026-2030 855,000 169,450 1,610,000 38,162
2031-2035 390,000 22,725 - -
Total 2,655,000$ 838,965$ 44,950,000$ 8,655,469$
Governmental Activities Business-type Activities
26
Summary of Bond Issues
General obligation and revenue bonds payable at June 30, 2015, are comprised of the following issues:
(1) This bond issue refunded the April 1998, March 1999, and July 2000 General Obligation Bonds.
(2) This bond issue refunded the June 2001 General Obligation Bonds.
(3) This bond issue refunded the May 2002 General Obligation Bonds.
(4) This bond issue is an advance refunding of portions of the September 2006 and May 2007 General
Obligation Bonds.
(5) This bond issue refunded the March 1996, May 1997, and January 1999 Wastewater Revenue Bonds.
(6) This bond issue refunded the October 2000 Wastewater Revenue Bonds.
(7) This bond issue refunded the December 2001 and April 2002 Wastewater Revenue Bonds.
(8) This bond issue refunded the May 1999 Water Revenue Bonds.
(9) This bond issue refunded the December 2000 Water Revenue Bonds.
(10) This bond issue refunded the October 2002 Water Revenue Bonds.
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2015
General Obligation Bonds:
Multi-Purpose June 2008 9,150,000 3.25 - 3.75 6/18 3,085,000$
Refunded Multi-Purpose (1) Oct. 2008 17,005,000 3.0 - 3.75 6/18 4,530,000
Multi-Purpose June 2009 6,685,000 2.5 - 4.0 6/19 2,900,000
Refunded Multi-Purpose (2) June 2009 5,840,000 2.0 - 4.0 6/16 915,000
Multi-Purpose Aug. 2010 7,420,000 2.0 - 2.75 6/20 3,840,000
Multi-Purpose June 2011 7,925,000 2.0 - 3.625 6/21 4,785,000
Refunded Multi-Purpose and
Library Construction (3) June 2011 10,930,000 2.0 - 3.625 6/21 7,385,000
Multi-Purpose June 2012 9,070,000 2.0 - 2.25 6/22 6,565,000
Multi-Purpose July 2013 7,230,000 1.0 - 2.0 6/23 6,505,000
Refunded Multi-Purpose (4) June 2014 11,980,000 2.0 - 3.0 6/24 11,045,000
Multi-Purpose June 2015 7,785,000 2.0 - 2.25 6/25 7,785,000
Total General Obligation Bonds 59,340,000$
Date of Amount Interest Final Outstanding
Issue Issued Rates Maturity June 30, 2015
Revenue Bonds:
Refunded Wastewater
Treatment Bonds (5) Oct. 2008 24,280,000 3.0 - 5.0 7/22 14,345,000$
Refunded Wastewater
Treatment Bonds (6) May 2009 8,660,000 3.5 - 5.0 7/25 6,760,000
Refunded Wastewater
Treatment Bonds (7) Apr. 2010 15,080,000 3.0 - 4.0 7/20 7,480,000
Refunded Water Bonds (8) Oct. 2008 7,115,000 3.0 - 4.375 7/24 4,920,000
Refunded Water Bonds (9) May 2009 9,750,000 4.0 - 4.5 7/25 7,410,000
Refunded Water Bonds (10) June 2012 4,950,000 1.5 - 2.1 7/22 4,035,000
Taxable Urban Renewal Nov. 2012 2,655,000 1.0 - 3.9 6/32 2,655,000
Total Revenue Bonds 47,605,000
106,945,000$
27
Fiscal Water Sales Water System
Year Cubic Feet Sold Charges
2006 267,107,998 8,844,993$
2007 261,072,632 8,414,310
2008 249,361,929 7,976,536
2009 234,804,167 7,497,903
2010 234,342,825 7,568,378
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
2015 240,423,612 8,136,670
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL WATER CHARGES
Last Ten Fiscal Years
28
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold Charges
2006 302,925,357 12,373,762$
2007 315,199,203 11,084,369
2008 285,492,596 12,221,769
2009 276,455,246 12,499,949
2010 265,375,857 12,541,905
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
2015 266,341,794 12,248,082
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
SALES HISTORY AND TOTAL SEWER CHARGES
Last Ten Fiscal Years
29
Fiscal
Year Net Revenue Annual Debt Service2
Ended Available for Ratio of
June 30 Revenue Expenses1 Debt Service Principal Interest Total Coverage
Parking Revenue3
2006 4,161 2,380 1,781 320 645 965 1.85
2007 5,035 2,973 2,062 335 626 961 2.15
2008 4,995 2,454 2,541 355 606 961 2.64
2009 5,630 3,024 2,606 370 584 954 2.73
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
Wastewater Treatment Revenue4
2006 12,798 4,260 8,538 3,815 3,390 7,205 1.19
2007 13,708 4,236 9,472 3,905 3,234 7,139 1.33
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
Water Revenue5
2006 9,918 5,722 4,196 880 1,305 2,185 1.92
2007 9,220 5,356 3,864 915 1,268 2,183 1.77
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
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)
30
Customer Name Charges Rank Percentage Charges Rank Percentage
Proctor & Gamble 585,169$ 1 6.62 % 611,186$ 1 7.51 %
Veterans Administration Medical Center 155,991 2 1.76 102,194 2 1.26
Dolphin Lake Point (Rus Properties Mngmt)73,814 5 0.83 76,188 3 0.94
Mercy Hospital 78,602 3 0.89 66,050 4 0.81
Mark IV Apts 51,417 9 0.58 60,058 5 0.74
Campus Apartments 74,281 4 0.84 59,240 6 0.73
University of Iowa (Mayflower Apartments)- -N/A 41,017 7 0.50
RBD Iowa City LLC (Sheraton Hotel)--N/A 35,860 8 0.44
CCAL 100 Hawk Ridge Drive - -N/A 32,187 9 0.40
Seville Apartments - -N/A 31,979 10 0.39
Lear Corp 68,372 6 0.77 - -N/A
Roberts Dairy 56,567 7 0.64 - -N/A
ACT 56,419 8 0.64 - -N/A
Holiday Inn/MPI LESSE 50,391 10 0.57 - -N/A
1,251,023$ 14.14 % 1,115,959$ 13.72 %
Total Water System Charges 8,844,993$ 8,136,670$
Sources:
City of Iowa City Revenue Division
CITY OF IOWA CITY, IOWA
PRINCIPAL WATER SYSTEM CUSTOMERS
Current Year and Nine Years Ago
20152006
31
Customer Name Charges Rank Percentage Charges Rank Percentage
University of Iowa 2,191,365$ 1 17.71 %1,831,543$ 1 14.95 %
Proctor & Gamble 1,480,104 2 11.96 1,111,847 2 9.08
Iowa City Landfill Division - -N/A 137,895 3 1.13
Veterans Administration Medical Center 193,439 3 0.86 126,782 4 1.04
Dolphin Lake Point (Rus Properties Mngmt)106,545 4 0.86 123,920 5 1.01
Mercy Hospital 88,870 6 0.72 105,044 6 0.86
Mark IV Apartments 58,316 10 0.47 80,811 7 0.66
Campus Apartments 86,260 7 0.70 73,486 8 0.60
University of Iowa/Mayflower Apartments - -N/A 68,369 9 0.56
RBD Iowa City LLC (Sheraton Hotel)- -N/A 59,569 10 0.49
Roberts Dairy 134,502 5 1.09 - -N/A
Lear Corp 62,855 9 0.51 - -N/A
Holiday Inn/ MPI LESSEE 76,863 8 0.62 - -N/A
4,479,119$ 35.50 % 3,719,266$ 30.37 %
Total Sewer System Charges 12,373,762$ 12,248,082$
Sources:
City of Iowa City Revenue Department
CITY OF IOWA CITY, IOWA
PRINCIPAL SEWER SYSTEM CUSTOMERS
Current Year and Nine Years Ago
20152006
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172,371 n.a. n.a.
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.
36