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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. 3 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 4 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. 5 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 6 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 7 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. 8 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 9 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) 10 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.. 11 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. 12 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.) $3.14 per 100 c.f. Changes in water rates over the last ten fiscal years: 2006 0% 2007 - 5% 2008 0% 2009 0% 2010 0% 2011 0% 2012 0% 2013 0% 2014 0% 2015 5% 13 Financial Information: The following table summarizes the results of operations for the Water System for the fiscal years ended June 30, 2015, 2014, and 2013. 2015 2014 2013 Operating Revenues: Charges for services 8,527$ 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 14 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 32 TO P  TA X P A Y E R S  LO C A T E D  WI T H I N  UR B A N  RE N E W A L  AR E A FY 2 0 1 5 / 1 6 Ta x a b l e %  of  To t a l Ta x p a y e r Cl a s s i f i c a t i o n Va l u a t i o n Ta x a b l e  Va l u a t i o n s  (1) RB D  IO W A  CI T Y  LL C Sh e r a t o n  Ho t e l 10 , 3 9 3 , 6 6 8 $                           3.29% PL A Z A  TO W E R S  LL C Re s i d e n t i a l  & Co m m .  Co n d o  Re n t a l s 7, 7 8 5 , 1 7 8                                    2.47% OC  GR O U P  LC Ol d  Ca p i t a l  Ma l l 7, 6 1 7 , 7 8 0                                    2.41% MI D W E S T O N E  BA N K Fi n a n c i a l  In s t i t u t i o n 6, 9 4 3 , 3 9 2                                    2.20% MO E N ,  MA R C  B Re s i d e n t i a l  & Co m m .  Co n d o  Re n t a l s 6, 6 9 1 , 4 2 5                                    2.12% IC F  LL C Re s i d e n t i a l  & Co m m .  Co n d o  Re n t a l s 6, 1 9 6 , 3 1 1                                    1.96% FI R S T  NA T I O N A L  BA N K  IO W A  CI T Y F i n a n c i a l  In s t i t u t i o n 6, 0 0 0 , 1 3 8                                    1.90% 16 0 0 ‐17 0 0  LL C Re s i d e n t i a l  Co n d o  Re n t a l s 5, 9 1 9 , 6 7 8                                    1.87% CE N T E R  CI T Y  LL C Re s i d e n t i a l  & Co m m .  Co n d o  Re n t a l s 5, 9 1 4 , 4 0 7                                    1.87% CO U R T  ST R E E T  AP A R T M E N T S  LL C R e s i d e n t i a l  & Co m m .  Co n d o  Re n t a l s 5, 5 0 0 , 3 3 6                                    1.74% To t a l 68 , 9 6 2 , 3 1 3 $                           21.84% (1 )  Th e  To t a l  Ta x a b l e  Va l u a t i o n  in  th e  Ur b a n  Re n e w a l  Ar e a  fo r  1/ 1 / 2 0 1 4  fo r  fi s c a l  ye a r  20 1 5 ‐16  is  $3 1 5 , 8 2 2 , 7 2 6 . 33 TA X  IN C R E M E N T  TA X  RA T E S FY 2 0 0 9 ‐10 FY 2 0 1 0 ‐11 FY 2 0 1 1 ‐12 FY 2 0 1 2 ‐13 FY 2 0 1 3 ‐14  (1 ) FY 2 0 1 4 ‐15  (1)FY2015 ‐16  (1) To t a l  Ci t y  Ta x  Ra t e 40 . 5 9 5 6 9 $               40 . 9 1 5 1 9 $             40 . 7 5 3 6 9 $             39 . 4 9 9 1 7 $             38 . 6 3 8 6 2 $             38.52756 $             38.81115 $        Ci t y  De b t  Se r v i c e (4 . 2 1 9 3 4 )                      (4 . 4 3 8 4 7 )                  (4 . 6 4 9 0 1 )                  (4 . 4 4 2 8 7 )                  (4 . 0 2 9 6 5 )                  (4.12963)                  (3.92833)          Io w a  Ci t y  CS D  De b t  Se r v i c e (0 . 7 8 6 7 4 )                      (0 . 7 2 7 0 1 )                  (0 . 7 4 9 0 0 )                  (0 . 6 9 7 2 9 )                  (0 . 6 3 5 0 0 )                  (0.59831)                  (0.58612)          Io w a  Ci t y  CS D  PP E L (1 . 6 7 0 0 0 )                      (1 . 6 7 0 0 0 )                  (1 . 6 7 0 0 0 )                  (1 . 6 7 0 0 0 )                  (1 . 6 7 0 0 0 )                  (1.67000)                  (1.67000)          Io w a  Ci t y  CS D  IS P L ‐                                          ‐                                       ‐                                       ‐                                         (0 . 1 2 4 0 5 )                  (0.08550)                  (0.08991)          Ki r k w o o d  De b t  Se r v i c e (0 . 1 5 9 0 8 )                      (0 . 1 8 5 6 1 )                  (0 . 2 0 0 0 0 )                  (0 . 2 0 0 0 0 )                  (0 . 2 0 0 0 0 )                  (0.20000)                  (0.27005)          Jo h n s o n  Co u n t y  De b t  Se r v i c e (0 . 6 9 6 8 0 )                      (0 . 5 9 5 3 3 )                  (0 . 4 7 4 0 2 )                  (0 . 6 2 8 1 3 )                  (1 . 6 1 0 7 4 )                  (2.05908)                  (1.77673)          Ta x  In c r e m e n t  Ta x  Ra t e 33 . 0 6 3 7 3 $               33 . 2 9 8 7 7 $             33 . 0 1 1 6 6 $             31 . 8 6 0 8 8 $             30 . 3 6 9 1 8 $             29.78504 $             30.49001 $        Io w a  Ci t y  Do w n t o w n  SS M I D  (2 ) 2. 0 0 0 0 0                        2. 0 0 0 0 0                      2.00000                      2.00000             Ta x  In c r e m e n t  Ta x  Ra t e  in  SS M I D 33 . 8 6 0 8 8 $             32 . 3 6 9 1 8 $             31.78504 $             32.49001 $        (1 )  An y  ur b a n  re n e w a l  ar e a  cr e a t e d  af t e r  Ap r i l  24 ,  20 1 2 ,  wi l l  no t  be  el i g i b l e  to  re c e i v e  th e  be n e f i t s  of  th e lo c a l  sc h o o l  di s t r i c t ' s  in s t r u c t i o n  su p p o r t  le v y  (I S P L )  ta x  re v e n u e s ,  un l e s s  th e  IS P L  is  ne c e s s a r y  to  pa y  pr i n c i p a l an d  in t e r e s t  on  th e  ur b a n  re n e w a l  de b t  an d  th e  sc h o o l  pa s s e s  a  sp e c i a l  re s o l u t i o n  ap p r o v i n g  su c h  us e  of  th e re v e n u e s .    Ur b a n  re n e w a l  de b t  in c u r r e d  on  or  be f o r e  Ap r i l  24 ,  20 1 2 ,  ma y  re c e i v e  th e  be n e f i t  of  IS P L  ta x re v e n u e s  fo r  fi s c a l  ye a r  20 1 3 ‐14  an d  fo l l o w i n g  on l y  if  th e  IS P L  is  ne c e s s a r y  to  pa y  pr i n c i p a l  an d  in t e r e s t  on  th e ur b a n  re n e w a l  ar e a  de b t  an d  th e  ci t y  ce r t i f i e s  to  th e  sc h o o l  di s t r i c t  by  Ju l y  1  of  ea c h  fi s c a l  ye a r ,  be g i n n i n g Ju l y  1,  20 1 3 .    Th e  sc h o o l  di s t r i c t  mu s t  th e n  pa y  th o s e  am o u n t s  du r i n g  th a t  fi s c a l  ye a r  (N o v .  1  an d  Ma y 1 )  ba c k  to th e  Ci t y ' s  ur b a n  re n e w a l  fu n d . Fo r  th e  FY 2 0 1 5 ‐16  ta x  ra t e s ,  th e  Io w a  Ci t y  CS D  ra t e s  an d  th e  Ki r k w o o d  De b t  Se r v i c e  ra t e s  ar e  pr e l i m i n a r y an d  ha v e  no t    be e n  fi n a l i z e d  du e  to  le g i s l a t i o n  th a t  is  st i l l  su b j e c t  to  th e  fi n a l  au t h o r i z a t i o n . (2 )  In  fi s c a l  ye a r  20 1 2 ‐13 ,  th e  Ci t y  cr e a t e d  a  Se l f  Su p p o r t i n g  Mu n i c i p a l  Im p r o v e m e n t  Di s t r i c t  (S S M I D )  wi t h i n  a po r t i o n  of  th e  Ur b a n  Re n e w a l  Ar e a .    Th e  ta x  le v y  fo r  th e  SS M I D  in c r e a s e s  th e  ta x  in c r e m e n t  ra t e  bu t  is  on l y ap p l i e d  to  ce r t a i n  pr o p e r t i e s  wh e n  th e  Co u n t y  is  ap p o r t i o n i n g  th e  ta x  in c r e m e n t  re v e n u e  re q u e s t . 34 HI S T O R I C A L  AN D  PR O J E C T E D  TA X A B L E  VA L U A T I O N S  WI T H I N  TH E  UR B A N  RE N E W A L  AR E A Ta x a b l e To t a l T a x a b l e T a x a b l e N e w  Ta x a b l e V a l u a t i o n T a x a b l e As s e s s m e n t F i s c a l T a x a b l e V a l u e V a l u a t i o n V a l u a t i o n A v a i l a b l e  fo r V a l u a t i o n Da t e Ye a r Va l u e  (1 ) Fr o z e n  Ba s e Av a i l a b l e fr o m  Pr o j e c t Ce r t i f i c a t i o n Certified 1/ 1 / 2 0 1 0 F Y  20 1 2 1 9 5 , 5 4 0 , 2 8 4              89 , 6 7 7 , 0 7 4              10 5 , 8 6 3 , 2 1 0          0                                                    10 5 , 8 6 3 , 2 1 0          0                           1/ 1 / 2 0 1 1 F Y  20 1 3 1 9 9 , 9 9 3 , 1 5 6              97 , 6 2 5 , 1 2 0              10 2 , 3 6 8 , 0 3 6          0                                                    10 2 , 3 6 8 , 0 3 6          3,925,401            1/ 1 / 2 0 1 2 F Y  20 1 4 3 0 6 , 9 0 1 , 1 2 7              19 8 , 1 0 7 , 1 4 9          10 8 , 7 9 3 , 9 7 8          0                                                    10 8 , 7 9 3 , 9 7 8          9,358,858            1/ 1 / 2 0 1 3 F Y  20 1 5 3 1 6 , 9 4 4 , 4 0 8              19 1 , 2 6 8 , 5 7 5          12 5 , 6 7 5 , 8 3 3          2, 8 8 0 , 0 0 0                        12 8 , 5 5 5 , 8 3 3          17,165,967         1/ 1 / 2 0 1 4 F Y  20 1 6 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          17,054,100         1/ 1 / 2 0 1 5 F Y  20 1 7 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,691,864            1/ 1 / 2 0 1 6 F Y  20 1 8 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,800,424            1/ 1 / 2 0 1 7 F Y  20 1 9 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,729,581            1/ 1 / 2 0 1 8 F Y  20 2 0 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,805,016            1/ 1 / 2 0 1 9 F Y  20 2 1 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,708,591            1/ 1 / 2 0 2 0 F Y  20 2 2 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,766,971            1/ 1 / 2 0 2 1 F Y  20 2 3 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,816,823            1/ 1 / 2 0 2 2 F Y  20 2 4 3 0 9 , 7 8 0 , 9 9 2              17 1 , 9 8 9 , 8 6 9          13 7 , 7 9 1 , 1 2 3          6, 0 4 1 , 7 3 4                        14 3 , 8 3 2 , 8 5 7          6,688,912            1/ 1 / 2 0 2 3 F Y  20 2 5 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,715,150            1/ 1 / 2 0 2 4 F Y  20 2 6 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,726,629            1/ 1 / 2 0 2 5 F Y  20 2 7 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,722,694            1/ 1 / 2 0 2 6 F Y  20 2 8 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,702,687            1/ 1 / 2 0 2 7 F Y  20 2 9 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,665,954            1/ 1 / 2 0 2 8 F Y  20 3 0 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,781,566            1/ 1 / 2 0 2 9 F Y  20 3 1 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          6,721,054            1/ 1 / 2 0 3 0 F Y  20 3 2 2 2 4 , 4 5 3 , 7 6 1              12 9 , 9 6 6 , 3 2 1          94 , 4 8 7 , 4 4 0              6, 0 4 1 , 7 3 4                        10 0 , 5 2 9 , 1 7 4          0                           (1 )  To t a l  ta x a b l e  va l u a t i o n  av a i l a b l e  fo r  ce r t i f i c a t i o n  wi l l  de c r e a s e  in  fi s c a l  ye a r  20 2 4 ‐25  du e  to  th e  re t i r e m e n t  of  the  tax   in c r e m e n t  of  th e  20 0 1  Am e n d e d  po r t i o n  of  th e  Ur b a n  Re n e w a l  Ar e a .    To t a l  ta x a b l e  va l u e  in c r e a s e d  in  fi s c a l  ye a r  2013 ‐14  due  to   20 1 2  Am e n d e d  Ar e a  of  th e  Ur b a n  Re n e w a l  Ar e a . 35 HI S T O R I C A L  AN D  PR O J E C T E D  TA X A B L E  VA L U A T I O N S  WI T H I N  TH E  UR B A N  RE N E W A L  AR E A Ta x a b l e Va l u a t i o n T a x a b l e A v a i l a b l e C e r t i f i e d R e s e r v e T I F E x i s t i n g A n n u a l E n d i n g A v a i l a b l e R e q u e s t e d As s e s s m e n t F i s c a l A v a i l a b l e  fo r V a l u a t i o n TI F T a x  In c r e m e n t T a x  In c r e m e n t F u n d R e v e n u e C e r t i f i e d S u r p l u s /Cash Debt Debt Da t e Ye a r Ce r t i f i c a t i o n  (1 ) Ce r t i f i e d Ta x  Ra t e  (2 ) Re v e n u e s  (3 ) Re v e n u e s Re l e a s e Bo n d s De b t (D e f i c i t ) Balance Coverage Coverage 1/ 1 / 2 0 1 0 F Y  20 1 2 1 0 5 , 8 6 3 , 2 1 0             0                                                    33 . 0 1 1 6 6                        3, 4 9 4 , 7 2 0              0                                            0                                   0                   n.a. n.a. 1/ 1 / 2 0 1 1 F Y  20 1 3 1 0 2 , 3 6 8 , 0 3 6             3, 9 2 5 , 4 0 1                      31 . 8 6 0 8 8                        3, 2 6 1 , 5 3 6              12 5 , 0 6 7                    12 5 , 0 6 7            0                                   0                   n.a. n.a. 1/ 1 / 2 0 1 2 F Y  20 1 4 1 0 8 , 7 9 3 , 9 7 8             9, 3 5 8 , 8 5 8                      30 . 3 6 9 1 8                        3, 3 0 3 , 9 8 4              28 4 , 2 2 1                    75 , 3 3 5                20 8 , 8 8 6            0                                   0                   43.86           1.55                1/ 1 / 2 0 1 3 F Y  20 1 5 1 2 8 , 5 5 5 , 8 3 3             17 , 1 6 5 , 9 6 7                  29 . 7 8 5 0 4                        3, 8 2 9 , 0 4 1              51 1 , 2 8 9                    75 , 3 3 5                43 5 , 9 5 4            0                                   0                   50.83           1.05                1/ 1 / 2 0 1 4 F Y  20 1 6 1 4 3 , 8 3 2 , 8 5 7             17 , 0 5 4 , 1 0 0                  30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              51 9 , 9 8 0                    20 5 , 3 3 5          14 2 , 3 1 8            17 2 , 3 2 6           172,326       21.36           1.00                1/ 1 / 2 0 1 5 F Y  20 1 7 1 4 3 , 8 3 2 , 8 5 7             6, 6 9 1 , 8 6 4                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 4 , 0 3 5                    20 4 , 0 3 5          0                                    0                                   172,326       21.49           1.00                1/ 1 / 2 0 1 6 F Y  20 1 8 1 4 3 , 8 3 2 , 8 5 7             6, 8 0 0 , 4 2 4                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 7 , 3 4 5                    20 7 , 3 4 5          0                                    0                                   172,326       21.15           1.00                1/ 1 / 2 0 1 7 F Y  20 1 9 1 4 3 , 8 3 2 , 8 5 7             6, 7 2 9 , 5 8 1                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 5 , 1 8 5                    20 5 , 1 8 5          0                                    0                                   172,326       21.37           1.00                1/ 1 / 2 0 1 8 F Y  20 2 0 1 4 3 , 8 3 2 , 8 5 7             6, 8 0 5 , 0 1 6                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 7 , 4 8 5                    20 7 , 4 8 5          0                                    0                                   172,326       21.14           1.00                1/ 1 / 2 0 1 9 F Y  20 2 1 1 4 3 , 8 3 2 , 8 5 7             6, 7 0 8 , 5 9 1                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 4 , 5 4 5                    20 4 , 5 4 5          0                                    0                                   172,326       21.44           1.00                1/ 1 / 2 0 2 0 F Y  20 2 2 1 4 3 , 8 3 2 , 8 5 7             6, 7 6 6 , 9 7 1                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 6 , 3 2 5                    20 6 , 3 2 5          0                                    0                                   172,326       21.26           1.00                1/ 1 / 2 0 2 1 F Y  20 2 3 1 4 3 , 8 3 2 , 8 5 7             6, 8 1 6 , 8 2 3                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 7 , 8 4 5                    20 7 , 8 4 5          0                                    0                                   172,326       21.10           1.00                1/ 1 / 2 0 2 2 F Y  20 2 4 1 4 3 , 8 3 2 , 8 5 7             6, 6 8 8 , 9 1 2                      30 . 4 9 0 0 1                        4, 3 8 5 , 4 6 5              20 3 , 9 4 5                    20 3 , 9 4 5          0                                    0                                   172,326       21.50           1.00                1/ 1 / 2 0 2 3 F Y  20 2 5 1 0 0 , 5 2 9 , 1 7 4             6, 7 1 5 , 1 5 0                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 4 , 7 4 5                    20 4 , 7 4 5          0                                    0                                   172,326       14.97           1.00                1/ 1 / 2 0 2 4 F Y  20 2 6 1 0 0 , 5 2 9 , 1 7 4             6, 7 2 6 , 6 2 9                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 5 , 0 9 5                    20 5 , 0 9 5          0                                    0                                   172,326       14.94           1.00                1/ 1 / 2 0 2 5 F Y  20 2 7 1 0 0 , 5 2 9 , 1 7 4             6, 7 2 2 , 6 9 4                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 4 , 9 7 5                    20 4 , 9 7 5          0                                    0                                   172,326       14.95           1.00                1/ 1 / 2 0 2 6 F Y  20 2 8 1 0 0 , 5 2 9 , 1 7 4             6, 7 0 2 , 6 8 7                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 4 , 3 6 5                    20 4 , 3 6 5          0                                    0                                   172,326       15.00           1.00                1/ 1 / 2 0 2 7 F Y  20 2 9 1 0 0 , 5 2 9 , 1 7 4             6, 6 6 5 , 9 5 4                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 3 , 2 4 5                    20 3 , 2 4 5          0                                    0                                   172,326       15.08           1.00                1/ 1 / 2 0 2 8 F Y  20 3 0 1 0 0 , 5 2 9 , 1 7 4             6, 7 8 1 , 5 6 6                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 6 , 7 7 0                    20 6 , 7 7 0          0                                    0                                   172,326       14.82           1.00                1/ 1 / 2 0 2 9 F Y  20 3 1 1 0 0 , 5 2 9 , 1 7 4             6, 7 2 1 , 0 5 4                      30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              20 4 , 9 2 5                    20 4 , 9 2 5          0                                    0                                   172,326       14.96           1.00                1/ 1 / 2 0 3 0 F Y  20 3 2 1 0 0 , 5 2 9 , 1 7 4             0                                                    30 . 4 9 0 0 1                        3, 0 6 5 , 1 3 6              0                                            20 7 , 8 4 5                  20 7 , 8 0 0          0                                    45                               172,371       n.a. n.a. (1 )  To t a l  ta x a b l e  va l u a t i o n  av a i l a b l e  fo r  ce r t i f i c a t i o n  wi l l  de c r e a s e  in  fi s c a l  ye a r  20 2 4 ‐25  du e  to  th e  re t i r e m e n t  of  th e  ta x  in c r e m e n t  of  th e  20 0 1  Am e n d e d  po r t i o n  of  the  Urban  Renewal  Area. (2 )  Th e  ta x  in c r e m e n t  ra t e  in  fis c a l  ye a r  20 1 3 ‐14  re f l e c t s  th e  lo s s  of  th e  lo c a l  sc h o o l  dis t r i c t ' s  in s t r u c t i o n  su p p o r t  le v y  (I S P L )  of  $. 1 2 4 0 5  du e  to  re c e n t  le g i s l a t i v e  ch a n g e s .              TI F  ta x  ra t e  do e s  no t  in c l u d e  th e  SS M I D  le v y  ra t e  of  $2 . 0 0  pe r  $1 , 0 0 0  of  va l u e .   St a r t i n g  in  fi s c a l  ye a r  20 1 2 ‐13 ,  a  po r t i o n  of  th e  ta x a b l e  va l u a t i o n  ce r t i f i e d  wi l l  be  at  the  higher  rate              du e  to  it s  lo c a t i o n  in  th e  SS M I D .     Fo r  th e  FY 2 0 1 5 ‐16  ta x  ra t e s ,  th e  Io w a  Ci t y  CS D  ra t e s  an d  th e  Ki r k w o o d  De b t  Se r v i c e  ra t e s  ar e  pr e l i m i n a r y  an d  ha v e  no t    be e n  fin a l i z e d  du e  to  le g i s l a t i o n  th a t  is  st i l l  su b j e c t  to  th e  fi n a l  au t h o r i z a t i o n . (3 )  Th e  av a i l a b l e  ta x  in c r e m e n t  re v e n u e s  do  no t  re f l e c t  an  es t i m a t e  fo r  th e  po r t i o n  of  th e  av a i l a b l e  va l u a t i o n  th a t  wo u l d  be  ta x e d  at  th e  hi g h e r    SS M I D  ra t e . 36