HomeMy WebLinkAboutFY2019 Longterm Debt Disclosure Report
Date: January 31, 2020 To: Geoff Fruin, City Manager From: Jacklyn Fleagle, Budget & Compliance Officer RE: Long-term Debt Disclosure Report
On October 6, 2015, the City Council adopted a new Debt Management Policy. As part of that
policy, an annual debt report was to be submitted within 210 days after the fiscal year-end to the
City Manager and the City Council. The City’s fiscal year 2019 ended on June 30, 2019, and
this report is intended to provide information in regards to that fiscal year. According to the
policy, the annual debt report should include, at a minimum, the following information:
• General Long-term Debt Obligations:
• Property valuations and trend valuations for total actual and taxable valuations
• List of the City’s 10 largest taxpayers
• Summary of all of the City’s direct, long-term debt obligations
• Debt per capita (GO Debt and TIF Revenue Debt)
• Debt per total assessed value (GO Debt and TIF Revenue Debt)
• City’s debt versus the legal debt limit
• Revenue-Secured Debt Obligations:
• Summary of the system
• Summary of the system’s rates and charges
• The historical trend of system’s sales and charges
• Coverage ratios for system
• Number of system customers, if applicable
• List of system’s 10 largest users, if applicable
According to the policy, the annual debt report should also include a list of any potential
upcoming debt issues and a summary of any material events that have occurred in the past
year. The report may also include any other relevant information that is significant to the City’s
debt program or ability to repay its debt obligations.
During fiscal year 2019, the City incurred the 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
• 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 31, 2020
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. 2010A Sewer Revenue bond maturities called on July 1, 2018
ii. 2011C GO bond maturities called on July 1, 2018
• Defeasances of the Bonds; a Notice of Material Event was timely filed for this event:
None
• Release, substitution, or sale of property securing repayment of the Bonds, if material:
None
• Rating changes on the Bonds: None
• Bankruptcy, insolvency, receivership or similar event of the Issuer: None
• The consummation of a merger, consolidation, or acquisition involving the Issuer or the
sale of all or substantially all of the assets of the Issuer, other than in the ordinary
course of business, the entry into a definitive agreement to undertake such an action
or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material: None
• Appointment of a successor or additional trustee or the change of name of a trustee, if
material: None
• Incurrence of a Financial Obligation of the Issuer, if material, or agreement to covenants
events of default, remedies, priority rights, or other similar terms of a Financial
Obligation of the Issuer, any of which affect security holders, if material: None
• Default, event of acceleration, termination event, modification of terms or similar events
under the terms of a Financial Obligation of the Issuer, any of which reflect financial
difficulties: None
In the next 180 days, we are currently anticipating the following potential bond issues:
• 2020 General Obligation Bonds – 2020 CIP Program - $12,240,000
Other potential debt issues include: None
Attached to this memo are summaries that include the additional financial and debt information
mentioned above. This information along with our Fiscal Year 2019 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, 2020 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.
CONTINUING DISCLOSURE SUBMISSION
FINANCIAL AND OPERATING REPORT
FOR THE FISCAL YEAR JUNE 30, 2019
Relating to
CITY OF IOWA CITY
Johnson County, Iowa
GENERAL OBLIGATION DEBT
CUSIP NO. 462308
To the extent not included in the City’s Financial Statements, all information the City of Iowa City has agreed to
provide in its annual reports, as it relates to its outstanding general obligation debt is included in this report.
Attached is additional information as required to be submitted under previous disclosure undertakings of the City.
Pursuant to Securities and Exchange Commission Rule 15c2-12
For further information please contact:
Dennis Bockenstedt
Director of Finance
City of Iowa City
410 E. Washington Street
Iowa City, IA 52240
Telephone: (319) 356-5053
January 24, 2020
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 2
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 2017 valuation
currently applicable to the Fiscal Year 2018-19 is as follows:
2017 Actual Valuation of Property ......................................... $5,907,660,998
Legal Debt Limit of 5% .......................................................... 0.05
Legal Debt Limit .................................................................... $ 295,383,050
Less: TIF Revenue Debt Subject to Debt Limit ...................... (14,930,000)
Less: Total G.O. Debt Subject to Debt Limit .......................... (52,470,000)
Less: Other Loans ................................................................. (603,000)
Less: Other Legal Indebtedness (TIF Rebates) ..................... (27,704,000)
Total Applicable Debt ............................................................ (95,707,000)
Net Debt Limit ....................................................................... $ 199,676,050
DIRECT DEBT
General Obligation Debt Supported by Property Taxes and Tax Increment
Date of Original Final Principal Outstanding
Issue Amount Issued Purpose Maturity As of 6/30/19
June 2012 $ 9,070,000 City Improvements 6/22 $ 2,935,000
July 2013 7,230,000 City Improvements 6/23 3,380,000
June 2014 11,980,000 Refunded City Improvements 6/24 4,875,000
June 2015 7,785,000 City Improvements 6/25 4,915,000
June 2016 8,795,000 City Improvements 6/26 6,785,000
June 2017 9,765,000 City Improvements 6/27 7,960,000
June 2018 8,895,000 City Improvements 6/28 8,085,000
June 2018 3,100,000 Taxable City Improvements 6/20 1,000,000
June 2019 12,535,000 City Improvements 6/29 12,535,000
Total General Obligation Bonds $52,470,000
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 3
GENERAL OBLIGATION DEBT(1)
(Principal Only)
Fiscal Year
Ending Series Series Series Series Series Series Series Series
June 30 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2018B
2020 ........................................... $ 955,000 $ 820,000 $ 925,000 $ 765,000 $ 910,000 $ 920,000 $ 825,000 $1,000,000
2021 ........................................... 975,000 835,000 950,000 785,000 930,000 940,000 840,000 0
2022 ........................................... 1,005,000 855,000 970,000 805,000 950,000 955,000 855,000 0
2023 ........................................... 0 870,000 1,000,000 830,000 965,000 980,000 875,000 0
2024 ........................................... 0 0 1,030,000 850,000 985,000 1,000,000 895,000 0
2025 ........................................... 0 0 0 880,000 1,010,000 1,025,000 915,000 0
2026 ........................................... 0 0 0 0 1,035,000 1,055,000 940,000 0
2027 ........................................... 0 0 0 0 0 1,085,000 960,000 0
2028 ........................................... 0 0 0 0 0 0 980,000 0
2029 ........................................... 0 0 0 0 0 0 0 0
Total ......................................... $2,935,000 $3,380,000 $4,875,000 $4,915,000 $6,785,000 $7,960,000 $8,085,000 $1,000,000
Fiscal Year Total
Ending Series General Obligation Cumulative Retirement Principal &
June 30 2019 Debt Amount Percent Interest
2020 ........................................... $ 4,125,000 $11,245,000 $11,245,000 21.43% $12,441,696
2021 ........................................... 905,000 7,160,000 18,405,000 35.08% 8,103,923
2022 ........................................... 925,000 7,320,000 25,725,000 49.03% 8,106,163
2023 ........................................... 955,000 6,475,000 32,200,000 61.37% 7,103,413
2024 ........................................... 985,000 5,745,000 37,945,000 72.32% 6,220,513
2025 ........................................... 875,000 4,705,000 42,650,000 81.28% 5,051,513
2026 ........................................... 905,000 3,935,000 46,585,000 88.78% 4,175,700
2027 ........................................... 940,000 2,985,000 49,570,000 94.47% 3,132,325
2028 ........................................... 960,000 1,940,000 51,510,000 98.17% 2,012,600
2029 ........................................... 960,000 960,000 52,470,000 100.00% 981,600
Total ......................................... $12,535,000 $52,470,000 $57,329,446
Note: (1) Source: the City.
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 4
INDIRECT GENERAL OBLIGATION DEBT
DEBT RATIOS
STATEMENT OF BONDED INDEBTEDNESS(1)(2)
City Actual Value, January 1, 2017 ............................................................................................................................................................. $5,907,660,998
City Taxable Value, January 1, 2017 .......................................................................................................................................................... $3,745,477,705
Per Capita
Applicable Ratio to City Ratio to City (2010 Pop.
Total Percent Amount Actual Value Taxable Value 67,862 )
Direct Bonded Debt ....................................... $ 52,470,000 100.00% $ 52,470,000 0.89% 1.40% $ 773.19
TIF Revenue Debt ......................................... 14,930,000 100.00% 14,930,000 0.25% 0.40% 220.00
Overlapping Debt:
Iowa City Community School District ............. $115,095,000 57.24% $ 65,880,378 1.11% 1.76% 970.80
Clear Creek-Amana Community School Dist. 81,155,000 0.04% 32,462 0.00% 0.00% 0.48
Kirkwood Community College(3) ................... 80,231,000 14.19% 11,384,779 0.19% 0.30% 167.76
Johnson County ............................................ 5,145,000 42.22% 2,172,219 0.04% 0.06% 32.01
Total Overlapping Bonded Debt ................... $349,026,000 $ 79,469,838 1.34% 2.12% $1,171.05
Total Direct and Overlapping Bonded Debt ................................................ $146,869,838 2.48% 3.92% $2,164.24
Per Capita Actual Value ................................................................................................................................................................................ $87,054.04
Per Capita Taxable Value .............................................................................................................................................................................. $55,192.56
Notes: (1) Source: the City, Audited Financial Statements and EMMA for the County, School Districts and Community College.
(2) As of June 30, 2019.
(3) Excludes $32,315,000 in Industrial New Jobs Training Certificates, which are expected to be paid by proceeds from anticipated job credits
from withholding taxes.
OTHER OBLIGATIONS
OTHER DEBT
The City has revenue debt payable solely from the net revenues of the City’s Urban Renewal Areas as follows:
Date of Original Final Principal Outstanding
Issue Amount Issued Purpose Maturity As of 6/30/19
Nov 2012 $ 2,655,000 Developer Grant 6/32 $ 2,125,000
Sept.2016 12,805,000 Developer Grant 6/36 12,805,000
Total $14,930,000
The City has revenue debt payable solely from the net revenues of the Municipal Parking System as follows:
Date of Original Final Capital Lease Obligation
Issue Amount Issued Purpose Maturity As of 6/30/19
April 2017 $15,400,000 Parking 6/37 $ 9,413,024
The City has revenue debt payable solely from the net revenues of the Municipal Water System as follows:
Date of Original Final Principal Outstanding
Issue Amount Issued Purpose Maturity As of 6/30/19
June 2012 $ 4,950,000 Water Refunding 7/22 $ 2,100,000
June 2016 3,650,000 Water Refunding 7/24 2,865,000
June 2017 5,910,000 Water Refunding 7/25 5,300,000
Total $10,265,000
The City has revenue debt payable solely from the net revenues of the Municipal Sewer System as follows:
Date of Original Final Principal Outstanding
Issue Amount Issued Purpose Maturity As of 6/30/19
June 2016 $9,360,000 Sewer Refunding 7/21 $5,600,000
June 2017 4,550,000 Sewer Refunding 7/22 4,275,000
Total $9,875,000
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 5
IOWA PROPERTY VALUATIONS
In compliance with Section 441.21 of the Code of Iowa, as amended, the State Director of Revenue annually directs
all county auditors to apply prescribed statutory percentages to the assessments of certain categories of real property. The
final values, called Actual Valuation, are then adjusted by the County Auditor. Taxable Valuation subject to tax levy is
then determined by the application of State determined rollback percentages, principally to residential property.
Beginning in 1978, the State required a reduction in Actual Valuation to reduce the impact of inflation on its
residents. The resulting value is defined as the Taxable Valuation. Such rollback percentages may be changed in future
years. Certain historical rollback percentages for residential, multi-residential, agricultural and commercial valuations are
as follows:
PERCENTAGES FOR TAXABLE VALUATION AFTER ROLLBACKS(1)
Multi- Ag Land
Fiscal Year Residential Residential(2) & Buildings Commercial
2010/11 ................ 46.9094% N/A 66.2715% 100.0000%
2011/12 ................ 48.5299% N/A 69.0152% 100.0000%
2012/13 ................ 50.7518% N/A 57.5411% 100.0000%
2013/14 ................ 52.8166% N/A 59.9334% 100.0000%
2014/15 ................ 54.4002% N/A 43.3997% 95.0000%
2015/16 ................ 55.7335% N/A 44.7021% 90.0000%
2016/17 ................ 55.6259% 86.2500% 46.1068% 90.0000%
2017/18 ................ 56.9391% 82.5000% 47.4996% 90.0000%
2018/19 ................ 55.6209% 78.7500% 54.4480% 90.0000%
2019/20 ................ 56.9180% 75.0000% 56.1324% 90.0000%
Notes: (1) Source: the Iowa Department of Revenue.
(2) New category beginning with fiscal year 2017.
BUILDING PERMITS
City Building Permits(1)
(Excludes the Value of Land)
Calendar
Year: 2015 2016 2017 2018 2019
New Construction
No. of New Permits .................................... 184 262 211 151 120
Valuation: .................................................. $106,350,572 $295,339,497 $108,285,647 $115,872,543 $134,485,833
Remodeling Repair and Additions:
No. of New Permits: ................................... 461 532 507 467 484
Valuation: .................................................. $ 31,960,941 $ 93,087,526 $108,532,366 $ 76,942,267 $ 97,036,048
Total Permits ............................................. 645 794 718 618 604
Total Valuations ......................................... $138,311,513 $388,427,023 $216,818,013 $192,814,810 $231,521,881
Note: (1) Source: the City.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 6
PROPERTY VALUATIONS AND TREND OF VALUATIONS
ACTUAL (100%) VALUATIONS FOR THE CITY(1)(2)
Fiscal Year: 2014/15 2015/16 2016/17 2017/18 2018/19
Property Class Levy Year: 2013 2014 2015 2016 2017
Residential ........................................................ $3,495,700,460 $3,617,590,930 $3,893,541,900 $4,011,317,530 $4,279,194,820
Agricultural ........................................................ 3,680,920 3,553,520 3,736,510 3,443,020 2,626,150
Commercial ....................................................... 1,157,640,090 1,155,761,766 856,972,664 877,491,737 964,588,039
Industrial ........................................................... 80,494,880 76,495,918 79,053,598 79,474,988 74,013,639
Multi-residential(3) ............................................. 0 0 415,208,021 420,082,751 482,118,763
Railroads ........................................................... 3,827,506 4,015,580 4,096,577 3,984,932 3,549,414
Utilities without Gas and Electric ........................ 9,599,528 8,239,789 7,375,066 6,734,894 7,099,293
Gas and Electric Utility ...................................... 78,642,915 87,728,294 92,987,351 94,582,279 97,050,716
Less: Military Exemption ................................... (2,939,122) (2,828,002) (2,727,994) (2,635,396) (2,579,836)
Total ................................................................ $4,826,647,177 $4,950,557,795 $5,350,243,693 $5,494,476,735 $5,907,660,998
Percent Change +(-) ........................................ 3.39%(4) 2.57% 8.07% 2.70% 7.52%
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (TIF) valuations used in the following amounts:
January 1: 2013 2014 2015 2016 2017
TIF Valuation ............................... $21,131,574 $42,307,287 $72,650,838 $80,559,947 $85,379,369
(3) New Class as of January 1, 2015, previously reported as Commercial Property.
(4) Based on 2012 Actual Valuation of $4,668,318,992.
For the January 1, 2017 levy year, the City’s Taxable Valuation was comprised of approximately 64% residential,
23% commercial, 2% industrial, 10% multi-residential, 1% utilities and less than 1% agriculture and military exemption.
PROPERTY VALUATIONS AND TREND OF VALUATIONS
TAXABLE (“ROLLBACK”) VALUATIONS FOR THE CITY(1)(2)
Fiscal Year: 2014/15 2015/16 2016/17 2017/18 2018/19
Property Class Levy Year: 2013 2014 2015 2016 2017
Residential ........................................................ $1,901,667,703 $2,016,210,314 $2,165,817,742 $2,284,007,603 $2,380,126,625
Agricultural ........................................................ 1,597,501 1,588,496 1,706,955 1,618,090 1,429,547
Commercial ....................................................... 1,099,758,752 1,040,185,590 771,275,414 789,742,578 868,129,247
Industrial ........................................................... 76,470,143 68,846,326 71,148,238 71,527,489 66,612,275
Multi-residential(3) ............................................. 0 0 358,117,010 346,568,385 379,668,606
Railroads ........................................................... 3,636,130 3,614,022 3,686,919 3,586,439 3,194,473
Utilities without Gas and Electric(4) ................... 9,599,528 8,239,789 7,375,066 6,734,894 7,099,293
Gas and Electric Utility(4) .................................. 47,004,994 46,785,426 44,986,783 41,702,196 41,797,475
Less: Military Exemption ................................... (2,939,122) (2,828,002) (2,727,994) (2,635,396) (2,579,836)
Total ................................................................ $3,136,795,629 $3,182,641,961 $3,421,386,133 $3,542,852,278 $3,745,477,705
Percent Change +(-) ........................................ 3.32%(5) 1.46% 7.50% 3.55% 5.72%
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (TIF) valuations used in the following amounts:
January 1: 2013 2014 2015 2016 2017
TIF Valuation ............................... $21,131,574 $33,331,128 $72,650,838 $80,559,947 $85,379,369
(3) New Class as of January 1, 2015, previously reported as Commercial Property.
(4) See “PROPERTY TAX INFORMATION - Utility Property Tax Replacement” herein.
(5) Based on 2012 Taxable Valuation of $3,036,012,368.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 7
LEVIES AND TAX COLLECTIONS(1)
The following shows the trend in the City’s tax extensions and collections.
Levy Fiscal Amount Amount Percent
Year Year Levied Collected(2) Collected
2010 ............... 2011-12 .............. $49,589,988 $49,543,860 99.91%
2011 ............... 2012-13 .............. 50,407,375 50,419,618 100.02%
2012 ............... 2013-14 .............. 50,307,189 50,051,577 99.49%
2013 ............... 2014-15 .............. 51,608,730 51,496,353 97.70%
2014 ............... 2015-16 .............. 52,033,966 52,020,805 99.97%
2015 ............... 2016-17 .............. 55,330,223 55,357,357 100.05%
2016 ............... 2017-18 .............. 56,458,399 56,525,799 100.12%
2017 ............... 2018-19 .............. 59,173,825 59,252,017 100.13%
Notes: (1) Source: the State of Iowa Department of Management and the City. Does
not include Levies or Collections for Utility Replacement. Does not include
levies and collections for the City’s tax increment finance district.
(2) Includes delinquent taxes.
LARGER TAXPAYERS(1)
Levy Year 2017
Taxpayer Name Business/Service Taxable Valuation(2)
American College Testing, Inc (aka ACT, Inc.) .............. Commercial ................................................................. $ 50,377,182
MidAmerican Energy ..................................................... Utility ........................................................................... 39,501,682
BBCS-Hawkeye Housing LLC ....................................... Real Estate Management/Apartments.......................... 25,227,744
Ann S Gerdin Revocable Trust ...................................... Commercial ................................................................. 22,903,407
MidWestOne Bank ......................................................... Banking ....................................................................... 20,850,984
Dealer Properties IC LLC ............................................... Commercial ................................................................. 19,318,887
Procter & Gamble LLC ................................................... Industrial ...................................................................... 16,805,285
Vesper Iowa City LLC .................................................... Apartments .................................................................. 15,123,579
Alpla Inc ........................................................................ Industrial ...................................................................... 14,019,426
National Computer Systems Inc ..................................... Commercial ................................................................. 13,673,205
Total ................................................................................................................................................................. $237,801,381
Ten Largest Taxpayers as Percent of City’s 2017 Taxable Valuation ($3,745,477,705) .................................... 6.35%
Notes: (1) Source: Johnson County.
(2) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed
contain multiple parcels and it is possible that some parcels and their valuations have been overlooked.
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 2018-19. 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 2018-19.
Debt service levies are not limited.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 8
TAX RATES
Levy Years 2013 - 2017(1)(2)
(Per $1,000 Actual Valuation)
Fiscal Year: 2014/15 2015/16 2016/17 2017/18 2018/19
Levy Year: 2013 2014 2015 2016 2017
City:
General Fund ..................................................... $ 8.10000 $ 8.10000 $ 8.10000 $ 8.10000 $ 8.10000
Emergency Levy ................................................. 0.00000 0.00000 0.00000 0.00000 0.00000
Debt Service Fund .............................................. 4.12963 3.92833 3.82846 3.57846 3.22846
Employee Benefits ............................................. 2.96331 3.11277 3.14415 3.14415 3.34415
Capital Improvement .......................................... 0.00000 0.00000 0.00000 0.00000 0.00000
Other .................................................................. 1.51226 1.50986 1.51044 1.51044 1.51044
Total City .......................................................... $16.70520 $16.65096 $16.58305 $16.33305 $16.18305
Johnson County ................................................. $6.74168 $6.90337 $6.77140 $6.85143 $6.53594
Iowa City Community School District .................. 13.69999 13.86773 13.98935 13.95855 14.85629
Kirkwood ............................................................ 1.05754 1.06125 1.08048 1.13174 1.20354
Other .................................................................. 0.32315 0.32784 0.32450 0.33036 0.30557
Total Tax Rate(3) ............................................. $38.52756 $38.81115 $38.74878 $38.60513 $39.08439
Notes: (1) Source: Iowa Department of Management.
(2) Does not include the tax rate for agriculture.
(3) Taxpayers in the Iowa City Community School District area.
PROPERTY TAX LEGISLATION
From time to time, legislative proposals are pending in Congress and the Iowa General Assembly that would, if
enacted, alter or amend one or more of the property tax matters described herein. It cannot be predicted whether or in what
forms any of such proposals, either pending or that may be introduced, may be enacted, and there can be no assurance that
such proposals will not apply to valuation, assessment or levy procedures for taxes levied by the City or have an adverse
impact on the future tax collections of the City. Purchasers of the Bonds should consult their tax advisors regarding any
pending or proposed federal or state tax legislation. The opinions expressed by Bond Counsel are based upon existing
legislation as of the date of issuance and delivery of the Bonds and Bond Counsel has expressed no opinion as of any date
subsequent thereto or with respect to any pending federal or state tax legislation.
During the 2019 legislative session, the Iowa General Assembly enacted Senate File 634 (the “2019 Act”). This bill
modifies the process for hearing and approval of the total maximum property tax dollars under certain levies in the county
budget. The bill also includes a provision that will require the affirmative vote of 2/3 of the board of supervisors when the
maximum property tax dollars under these levies exceed an amount determined under a prescribed formula.
The 2019 Act does not change the process for hearing and approval of the Debt Service Levy pledged for repayment
of the Bonds. It is too early to evaluate the affect the 2019 Act will have on the overall financial position of the City or its
ability to fund essential services.
During the 2013 legislative session, the Iowa General Assembly enacted Senate File 295 (the “2013 Act”). Among
other things, the Act (i) reduced the maximum annual taxable value growth percent, due to revaluation of existing residential
and agricultural property to 3%, (ii) assigned a “rollback” (the percentage of a property’s value that is subject to tax) to
commercial, industrial and railroad property of 90%, (iii) created a new property tax classification for multi-residential
properties (apartments, nursing homes, assisted living facilities and certain other rental property) and assigned a declining
rollback percentage to such properties for each year until the residential rollback percentage is reached in the 2022
assessment year, after which the rollback percentage for such properties will be equal to the residential rollback percentage
each assessment year, and (iv) exempted a specified portion of the assessed value of telecommunication properties.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 9
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. Beginning in fiscal year
2018 the standing appropriation cannot exceed the actual 2017 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%, the gradual transition for multi-residential properties from the residential rollback
percentage (currently 53% of market value), 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’s discretion in establishing the annual replacement
amount that is appropriated each year commencing in fiscal 2018, the impact of the 2013 Act on the City’s future property
tax collections is uncertain and the City has not attempted to quantify the financial impact of the 2013 Act’s provisions on
the City’s future operations.
Notwithstanding any decrease in property tax revenues that may result from the 2013 Act, Iowa Code section 76.2
provides that when an Iowa political subdivision issues bonds, "[t]he governing authority of these political subdivisions
before issuing bonds shall, by resolution, provide for the assessment of an annual levy upon all the taxable property in the
political subdivision sufficient to pay the interest and principal of the bonds within a period named not exceeding twenty
years. A certified copy of this resolution shall be filed with the county auditor or the auditors of the counties in which the
political subdivision is located; and the filing shall make it a duty of the auditors to enter annually this levy for collection
from the taxable property within the boundaries of the political subdivision until funds are realized to pay the bonds in full."
From time to time, other legislative proposals may be considered by the Iowa General Assembly that would, if
enacted, alter or amend one or more of the property tax matters described in this Official Statement. It cannot be predicted
whether or in what forms any of such proposals may be enacted, and there can be no assurance that such proposals will not
apply to valuation, assessment or levy procedures for the levy of taxes by the City.
CITY FUNDS ON HAND (Cash and Investments as of June 30, 2019, in thousands)
City Operating Funds $175,028
City Restricted Funds 48,703
Total $233,731
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 10
STATEMENT OF NET POSITION
GOVERNMENTAL ACTIVITIES(1)
(Amounts Expressed in Thousands)
Audited as of June 30
2015 2016 2017 2018 2019
ASSETS:
Equity in Pooled Cash and Investments .................................. $ 63,571 $ 84,052 $111,030 $109,860 $111,645
Receivables:
Property Tax .......................................................................... 52,240 55,482 56,639 59,538 60,529
Accounts and Unbilled Usage ................................................ 718 953 820 817 941
Interest .................................................................................. 364 284 428 920 967
Notes ..................................................................................... 17,308 16,252 5,524 5,304 5,209
Internal Balances ..................................................................... (12,127) (13,688) (15,494) (16,069) (20,055)
Due from Other Governments.................................................. 10,298 5,987 4,519 4,067 7,584
Prepaid Item ............................................................................ 0 10 811 810 907
Inventories ............................................................................... 656 688 730 602 650
Assets Held for Resale ............................................................ 2,170 582 750 562 689
Restricted Assets:
Equity in Pooled Cash and Investments................................. 45,981 36,914 24,560 26,108 18,553
Other Post Employment Benefits Asset ................................... 25 40 35 0 0
Capital Assets:
Land and Construction in Progress ........................................ 48,032 48,275 52,545 73,176 51,291
Other Capital Assets (Net of Accumulated Depreciation) ......... 151,620 158,947 173,598 174,835 210,302
Total Assets ....................................................................... $380,856 $394,778 $416,495 $440,530 $449,212
DEFERRED OUTFLOWS OF RESOURCES:(2)
Pension Related Deferred Outflows ......................................... $ 6,767 $ 7,192 $ 13,131 $ 11,477 $ 11,255
OPEB Related Deferred Outflows ............................................ 0 0 0 637 1,467
Total Deferred Outflows of Resources ................................. $ 6,767 $ 7,192 $ 13,131 $ 12,114 $ 12,722
LIABILITIES:
Accounts Payable .................................................................... $ 2,296 $ 3,374 $ 2,127 $ 5,168 $ 3,399
Contracts Payable ................................................................... 5,468 2,773 2,521 3,663 5,864
Accrued Liabilities ................................................................... 4,145 4,143 4,182 4,193 5,231
Interest Payable ...................................................................... 168 110 133 134 151
Deposits .................................................................................. 1,078 1,715 1,230 952 1,008
Advances from Grantors .......................................................... 69 47 144 124 98
Due to Other Governments ...................................................... 636 402 42 29 31
Notes Payable ......................................................................... 2,004 582 663 475 602
Noncurrent Liabilities:
Due Within One Year:
Employee Vested Benefits ................................................... 1,148 1,185 1,252 1,253 1,308
Bonds Payable .................................................................... 11,255 10,384 8,230 9,612 11,534
Due in more than One Year:
Employee Vested Benefits ................................................... 928 947 989 987 1,012
Net Pension Liability ............................................................ 24,556 30,539 39,080 38,867 38,890
Other Post Employment Benefits Liability ............................ 2,932 3,227 3,660 5,472 6,401
Notes Payable ..................................................................... 211 211 211 211 211
Bonds Payable .................................................................... 50,785 48,105 59,509 58,307 56,771
Total Liabilities ................................................................... $107,679 $107,744 $123,973 $129,447 $132,511
DEFERRED INFLOWS OF RESOURCES:
Unavailable Revenues:
Pension Related Deferred Inflows.......................................... $ 10,791 $ 3,740 $ 1,603 $ 1,565 $ 1,940
OPEB Related Deferred Inflows ............................................ 0 0 0 246 216
Succeeding Year Property Taxes .......................................... 52,035 55,330 56,459 59,173 60,296
Notes ..................................................................................... 11,422 11,226 0 0 0
Grants ................................................................................... 0 12 0 0 0
Total Deferred Inflows of Resources .................................. $ 74,248 $ 70,308 $ 58,062 $ 60,984 $ 62,452
NET POSITION:
Net Investment in Capital Assets ............................................. $153,729 $163,362 $183,651 $157,106 $208,028
Restricted for or by:
Employee Benefits................................................................. 1,593 1,671 2,810 3,119 4,249
Capital Projects ..................................................................... 27,014 31,456 30,856 21,463 17,020
Debt Service .......................................................................... 6,921 6,463 7,221 8,423 9,514
Police .................................................................................... 510 458 349 283 214
Other Purposes ..................................................................... 409 1,657 2,590 4,469 4,359
Grant Agreement ................................................................... 0 449 3,850 3,733 3,463
Unrestricted ............................................................................. 15,520 18,402 16,264 63,617 20,124
Total Net Position .............................................................. $205,696 $223,918 $247,591 $262,213 $266,971
Note: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2015 through 2019.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 11
STATEMENT OF ACTIVITIES
GOVERNMENTAL ACTIVITIES(1)
(Amounts Expressed in Thousands)
Audited for the Year Ended June 30
2015 2016 2017 2018 2019
FUNCTION/PROGRAMS:
Governmental Activities:
Public Safety ......................................................................... $ (16,991) $ (15,969) $ (18,053) $ (20,466) $ (20,862)
Public Works ......................................................................... 8,350 998 6,746 (3,084) (2,516)
Culture and Recreation .......................................................... (13,208) (13,535) (14,573) (15,189) (14,834)
Community and Economic Development ............................... (6,101) (4,322) (6,264) (10,166) (14,116)
General Government ............................................................. (4,777) (4,988) (4,600) (5,338) (5,807)
Interest on Long-Term Debt ................................................... (1,517) (1,287) (1,481) (1,414) (1,444)
Total Governmental Activities .............................................. $ (34,244) $ (39,103) $ (38,225) $ (55,657) $ (59,579)
General Revenues:
Property Taxes, Levied for General Purposes ....................... $ 52,205 $ 53,114 $ 57,649 $ 59,046 $ 61,739
Hotel/Motel Tax ..................................................................... 1,057 1,079 1,137 1,046 1,302
Gas and Electric Tax ............................................................. 851 764 726 684 668
Utility Franchise Tax .............................................................. 902 874 939 976 965
Grants and Contributions Not Restricted to
Specific Purposes ................................................................. 1,048 2,080 1,583 1,547 1,552
Earnings on Investments ....................................................... 1,188 1,045 1,397 2,368 3,257
Gain on Disposal of Capital Assets ........................................ 135 218 2,151 140 186
Miscellaneous........................................................................ 5,518 4,464 3,369 3,656 3,329
Transfers ................................................................................. (10,057) (6,395) (7,053) 1,814 (8,661)
Reassignment of Cable Television to Governmental
Activities ................................................................................ 0 82 0 0 0
Total General Revenues and Transfers ............................... $ 52,847 $ 57,325 $ 61,898 $ 71,277 $ 64,337
Changes in Net Position .................................................... $ 18,603 $ 18,222 $ 23,673 $ 15,620 $ 4,758
Net Position Beginning of Year ................................................ 187,093(2) 205,696 223,918 246,593(2) 262,213
Net Position End of Year ......................................................... $205,696 $223,918 $247,591 $262,213 $266,971
Notes: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2015 through 2019.
(2) Restated.
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 12
BALANCE SHEET
GENERAL FUND(1)
(Amounts Expressed in Thousands)
Audited as of June 30
2015 2016 2017 2018 2019
ASSETS:
Equity in Pooled Cash and Investments .................................... $19,001 $30,214 $32,500 $36,321 $38,979
Receivables:
Property Taxes ........................................................................ 29,922 31,825 32,965 34,973 36,301
Accounts and Unbilled Usage .................................................. 250 449 410 496 491
Interest .................................................................................... 217 163 161 276 360
Notes ....................................................................................... 1,340 1,305 1,292 1,276 1,329
Advances to Other Funds .......................................................... 2,681 0 0 0 56
Due from Other Governments.................................................... 1,859 1,758 1,887 1,941 2,131
Prepaid Item .............................................................................. 0 10 719 726 818
Assets Held for Resale .............................................................. 2,005 582 750 562 689
Restricted Assets:
Equity in Pooled Cash and Investments................................... 30,141 21,277 10,268 1,904 2,028
Total Assets ....................................................................... $87,416 $87,583 $80,952 $78,475 $83,182
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES:
Liabilities:
Accounts Payable .................................................................... $ 1,328 $ 1,376 $ 1,191 $ 1,492 $ 1,497
Accrued Liabilities.................................................................... 887 1,141 1,321 1,391 1,466
Due to Other Governments ...................................................... 312 29 38 29 31
Interest Payable ...................................................................... 37 0 4 5 17
Notes Payable ......................................................................... 2,004 582 663 475 602
Liabilities Payable from Restricted Assets:
Deposits ............................................................................... 1,072 1,710 1,224 947 1,004
Advances from Grantors ....................................................... 27 0 7 113 94
Total Liabilities ................................................................... $ 5,667 $ 4,838 $ 4,448 $ 4,452 $ 4,711
DEFERRED INFLOWS OF RESOURCES:
Unavailable Revenues:
Succeeding Year Property Taxes .......................................... $29,805 $31,739 $32,863 $34,764 $36,176
Notes ..................................................................................... 1,340 1,305 0 0 0
Grants ................................................................................... 82 15 6 9 34
Other ..................................................................................... 1,393 1,434 1,539 1,600 1,643
Total Deferred Inflows of Resources .................................... $32,620 $34,493 $34,408 $36,373 $37,853
FUND BALANCES:
Nonspendable ......................................................................... $ 69 $ 69 $ 788 $ 793 $ 887
Restricted ................................................................................ 25,291 18,975 9,974 1,942 1,808
Committed ............................................................................... 0 4,699 5,199 4,962 0
Assigned ................................................................................. 4,483 1,143 1,342 1,437 3,565
Unassigned ............................................................................. 19,286 23,366 24,793 28,516 34,358
Total Fund Balances .......................................................... $49,129 $48,252 $42,096 $37,650 $40,618
Total Liabilities, Deferred Inflows of Resources
and Fund Balances .......................................................... $87,416 $87,583 $80,952 $78,475 $83,182
Note: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2015 through 2019.
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 13
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND(1)
(Amounts Expressed in Thousands)
Audited Fiscal Year Ended June 30
2015 2016 2017 2018 2019
REVENUES:
Taxes ........................................................................................ $ 31,909 $ 32,229 $ 34,290 $ 35,363 $ 37,426
Licenses and Permits ................................................................ 1,806 3,056 3,521 2,734 2,981
Intergovernmental ..................................................................... 3,487 3,830 3,574 3,786 4,099
Charges for Service ................................................................... 1,460 1,543 1,665 1,465 1,595
Fines and Forfeits ...................................................................... 0 760 750 695 776
Use of Money and Property ....................................................... 845 749 839 1,164 1,599
Miscellaneous............................................................................ 5,835 1,430 1,692 1,878 1,950
Total Revenues ....................................................................... $ 45,342 $ 43,597 $ 46,331 $ 47,085 $ 50,426
EXPENDITURES:
Current:
Public Safety ........................................................................... $ 21,087 $ 20,967 $ 22,005 $ 22,762 $ 23,858
Public Works ........................................................................... 1,624 1,312 1,803 1,871 1,922
Cultural and Recreation ........................................................... 11,698 12,038 12,890 13,099 13,096
Community and Economic Development ................................. 3,187 2,842 3,074 2,785 3,561
General Government ............................................................... 7,093 5,479 5,471 5,550 6,144
Capital Outlay ............................................................................ 3,333 1,651 1,463 2,124 1,718
Total Expenditures................................................................... $ 48,022 $ 44,289 $ 46,706 $ 48,191 $ 50,299
Excess (Deficiency) of Revenues Over (Under)
Expenditures ........................................................................... $ (2,680) $ (692) $ (375) $ (1,106) $ 127
Other Financing Sources (Uses):
Issuance of Debt ....................................................................... $ 0 $ 0 $ 0 $ 17 $ 0
Sale of Capital Assets ............................................................... 164 252 268 140 758
Premiums on Issuance of Bonds ............................................... 0 0 0 0 0
Transfers In ............................................................................... 8,780 10,692 10,725 10,138 11,548
Transfers Out ............................................................................ (5,044) (11,129) (18,023) (13,635) (9,465)
Total Other Financing Sources and (Uses) .............................. $ 3,900 $ (185) $ (7,030) $ (3,340) $ 2,841
Net Change in Fund Balances ................................................... $ 1,220 $ (877) $ (7,405) $ (4,446) $ 2,968
Fund Balances, Beginning ........................................................ $ 47,909 $ 49,129 $ 49,501(2) $ 42,096 $ 37,650
Fund Balances, Ending ............................................................. $ 49,129 $ 48,252 $ 42,096 $ 37,650 $ 40,618
Notes: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2015 through 2019.
(2) Restated.
PENSIONS
The City participates in two public pension systems, Iowa Public Employee’s Retirement System (IPERS) and
Municipal Fire and Police Retirement System of Iowa (MFPRSI). Summary descriptions of each Plan follow.
In fiscal year 2019, pursuant to the IPERS’ required rate, the City’s Regular members contributed 6.29% of pay and
the City contributed 9.44% for a total rate of 15.73%. The City’s contributions to IPERS for the year ended June 30, 2019
were $2,912,438. The City’s contribution to MFPRSI for year ended June 30, 2019 was $2,902,433. The City’s share of
the contributions, payable from the applicable funds of the City, is provided by a statutorily authorized annual levy of taxes
without limit or restriction as to rate or amount. The City has always made its full required contributions to IPERS and
MFPRSI.
At June 30, 2019, the City reported a liability of $25,419,730 for its proportionate share of the IPERS net pension
liability. The net pension liability was measured as of June 30, 2018 and the total pension liability used to calculate the net
pension liability was determined by an actuarial valuation as of that date. The discount rate used to measure the total pension
liability was 7%. The City’s proportion of the net pension liability was based on the City’s share of contributions to the
pension plan relative to the contributions of all IPERS participating employers.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 14
OTHER POST-EMPLOYMENT BENEFITS (OPEB)
The City operates one self-funded medical and dental plan for all employees, which is offered to current and retired
employees and their dependents. Group insurance benefits are established under Iowa Code Chapter 509A.13. No assets
are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
The following table shows the City’s total OPEB liability:
Total OPEB Liability Beginning of Year ................................................. $7,589,740
Changes for the year
Service Cost .......................................................................... 552,791
Interest .................................................................................. 296,944
Difference Between Expected and Actual Experience ........... 1,160,860
Changes in Assumptions ....................................................... 225,633
Benefit Payments .................................................................. (948,137)
Net Changes ......................................................................................... 1,288,091
Total OPEB Liability End of Year ........................................................... $8,877,831
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 15
FINANCIAL AND OPERATING REPORT
FOR THE FISCAL YEAR JUNE 30, 2019
Relating to
CITY OF IOWA CITY
Johnson County, Iowa
WATER SYSTEM REVENUE
BASE CUSIP NO. 462380
SEWER SYSTEM REVENUE
BASE CUSIP NO. 462362
PARKING SYSTEM REVENUE
BASE CUSIP NO. 462344
and
URBAN RENEWAL AREA REVENUE
BASE CUSIP NO. 462371
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 revenue, sewer revenue and urban renewal revenue
debt is included in this report. Attached is additional information as required to be submitted under previous
disclosure undertakings of the City.
Pursuant to Securities and Exchange Commission Rule 15c2-12
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 16
WATER SYSTEM
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer Service, Distribution, and Public
Information/Education. There are a total of 31.75 (FTE) employees who work in the Water Division. This division serves
about 75,798 people and has over 28,972 customer water accounts. The average daily use for fiscal year 2019 was
approximately 5.4 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 1.0 MGD; three Silurian aquifer wells which can provide 1.0 MGD; a sand pit that can provide 1.0 MGD; a river
intake that can provide 3.0 MGD; for a total of approximately 16.7 MGD maximum capacity.
Water Treatment Processes: The facilities include one treatment plant (constructed in 2003) located at 80 Stephen Atkins
Drive. The plant is a surface water plant design that includes aeration, lime softening
coagulation/flocculation/sedimentation), and granular activated carbon filtration processes with fluoridation and free
chlorination. The Grade IV Water Treatment Facility houses an operations team that performs over 230 water quality tests
per day in-house and collects regulatory samples for testing at the University Hygienic Laboratory. This testing ensures
that Iowa City’s drinking water meets all IDNR and EPA Safe Drinking Water Act Standards.
Distribution System: The water flows through approximately 279 miles of water mains and includes over 28,000 service
connections. The distribution piping consists of cast iron, ductile iron and plastic main that ranges in size from 2” to 30”.
The treatment plant site has effective water storage capacity of 1.75 million gallons of water; in addition there are four
remote ground storage reservoirs (with pumping stations) that add up to remote effective storage capacity of 6.0 million
gallons of water. The water system also provides for fire protection with approximately 3,669 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.
WATER SYSTEM RATES AND CHARGES
The following rates and charges were effective July 1, 2016.
Water Service Charge Minimums(1)
(Includes up to the first 100 cubic feet (c.f.))
Meter Size Charge Meter Size Charge
5/8" ..................... $ 7.42 2" ................... $ 25.63
3/4" ..................... 8.11 3" ................... 47.37
1" ....................... 9.56 4" ................... 82.62
1-1/2" .................... 19.06 6" ................... 166.25
Note: (1) Source: the City.
Monthly Usage in excess of 100 Cubic Feet (c.f.)(1)
101 c.f. - 3,000 c.f. .................. $3.47 per 100 c.f.
3,001 c.f. and over .................. $2.49 per 100 c.f.
Note: (1) Source: the City
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 17
Single Purpose Meter Charges(1)
First 100 c.f. ........................................ Minimum Monthly Charge
Usage in excess of 100 c.f. .................. $3.47 per 100 c.f.
Note: (1) Source: the City.
Changes in water rates over the last ten fiscal years:
Water Rate Changes(1)
Fiscal Rate
Year Change
2010 .................................................... 0%
2011 .................................................... 0%
2012 .................................................... 0%
2013 .................................................... 0%
2014 .................................................... 0%
2015 .................................................... 5%
2016 .................................................... 5%
2017 .................................................... 0%
2018 .................................................... 0%
2019 .................................................... 0%
Note: (1) Source: the City.
SALES HISTORY AND WATER SYSTEM CHARGES(1)
Fiscal Water Sales Water System
Year Cubic Feet Sold(2) Charges
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 .............................. 8,161,522
2016 ................................... 255,524,943 .............................. 8,758,683
2017 ................................... 267,511,531 .............................. 9,156,005
2018 ................................... 293,046,636 .............................. 9,953,510
2019 ................................... 289,055,329 .............................. 10,139,587
Notes: (1) Source: the City.
(2) Beginning in March 2015 the amounts include unbilled usage.
WATER SYSTEM CUSTOMERS BY CLASSIFICATION(1)(2)
Classification FY2015(4) FY2016 FY2017 FY2018 FY2019(5)
Residential ............................. 23,089 23,638 24,025 27,042 27,232
Commercial ........................... 1,409 1,415 1,425 1,428 1,528
Industrial ................................ 14 14 14 17 17
Other(3) ................................. 135 131 134 178 198
Total Meters ......................... 24,647 25,198 25,598 28,665 28,972
Notes: (1) Source: the City.
(2) Represents the number of meters customers billed as of the end of the fiscal year.
(3) Other meters consist of rural, schools, government, churches and City meters.
(4) Implemented a new utility billing system during Fiscal Year 2015, which consolidated customers with
multiple meters.
(5) Included all active meters for each customer – dual purpose (water and sewer) as well as single
purpose meters (water only, typically for irrigation).
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 18
LARGER WATER SYSTEM CUSTOMERS(1)
Fiscal Year 2019
Customer Name Charges Rank Percentage
Proctor & Gamble .................................................... $ 884,980 1 8.73%
Iowa City Veterans Health Care System .................. 108,501 2 1.07%
Campus Apartments ................................................ 69,523 3 0.69%
Mercy Hospital ......................................................... 62,721 4 0.62%
Tailwind Iowa City (Rus Properties Management) .... 62,045 5 0.61%
Dorminium JIT ......................................................... 52,530 6 0.52%
Graduate Hotel ........................................................ 48,311 7 0.48%
Seville Apartments ................................................... 38,770 8 0.38%
Iowa City Community School District ........................ 37,848 9 0.37%
Emerald Court Apartments ....................................... 32,840 10 0.32%
Total ...................................................................... $1,398,069 13.79%
Total Water System Customers $10,139,587
Note: (1) Source: the City.
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City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 19
SEWER SYSTEM
The City of Iowa City operates a municipal Sewer Utility System consisting of approximately 300+ miles of sanitary sewers,
17 sanitary sewer lift stations, and a wastewater treatment plant. There are a total of 26.00 (FTE) employees who work in
the Wastewater Division. This division serves approximately 76,000 people and has approximately 26,000 customers. The
system has 3 significant industrial users, 2 non-categorical and 1 categorical. The average daily treatment plant flow for
fiscal year 2019 was 10.05 million gallons per day (MGD).
The Wastewater Plant was constructed in 1990. The plant was upgraded in 2002 and underwent another expansion in 2014.
The City conducts all wastewater treatment at the Wastewater Treatment Plant and monitors and controls operations of the
system remotely through supervisory control and data acquisition (SCADA) computer systems. The wastewater treatment
system design has a maximum daily treatment capacity of 43.30 MGD. The Wastewater Treatment Division is currently in
compliance with federal clean water standards.
Billing and Collections: Customers are billed monthly on a combined utility statement which includes charges for sewer,
water, solid waste, and curbside recycling. Under present City policy and City ordinances, utility bills are due when received
but contain a delinquency date which provides 15 days for payment. If payment is not made in full within 22 days, a notice
is mailed which allows 25 calendar days before service is disconnected. The City’s bad debt write-offs have been less than
0.2% of gross revenues for the past three years.
SEWER SYSTEM RATES AND CHARGES
The following Sewer System rates and charges were approved by the City Council and became effective July 1,
2015:
Monthly 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
The following table shows historical rate increases over the last ten fiscal years.
Sewer Rate Increases(1)
Fiscal Year Rate Change
2010 .................................................... 0%
2011 .................................................... 0%
2012 .................................................... 0%
2013 .................................................... 0%
2014 .................................................... 0%
2015 .................................................... 0%
2016 .................................................... 0%
2017 .................................................... 0%
2018 .................................................... 0%
2019 .................................................... 0%
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 20
SALES HISTORY AND SEWER SYSTEM CHARGES(1)
Fiscal Sewer Sales Sewer System
Year Cubic Feet Sold(2) Charges
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 ..................................... 266,830,947 12,278,153
2016 ..................................... 270,547,701 12,022,203
2017 ..................................... 277,712,785 12,404,360
2018 ..................................... 283,246,320 12,524,540
2019 ..................................... 288,537,266 12,822,250
Notes: (1) Source: the City.
(2) Beginning in March 2015 the amount includes unbilled usage in totals.
NUMBER OF SEWER SYSTEM CUSTOMERS(1)
Fiscal Number of Sewer
Year System Customers
2012 .................................................. 23,529
2013 .................................................. 24,059
2014 .................................................. 24,389
2015 .................................................. 24,533
2016 .................................................. 25,085
2017 .................................................. 25,485
2018 .................................................. 26,049
2019 .................................................. 26,201
Note: (1) Source: the City.
LARGER SEWER SYSTEM CUSTOMERS(1)
Fiscal Year 2019
Customer Name Charges Rank Percentage
University of Iowa .......................................................... $ 2,145,648 1 16.73%
Proctor & Gamble .......................................................... 1,317,634 2 10.28%
Iowa City Landfill ............................................................ 249,780 3 1.95%
Iowa City Veterans Health Care System ........................ 133,486 4 1.04%
Mercy Hospital ............................................................... 100,293 5 0.78%
Campus Apartments ...................................................... 77,874 6 0.61%
Dorminium JIT .............................................................. 60,449 7 0.47%
Tailwind Iowa City LLC .................................................. 57,910 8 0.45%
Seville Apartments ......................................................... 53,432 9 0.42%
Graduate Hotel .............................................................. 50,597 10 0.39%
Total ............................................................................ $ 4,247,103 33.12%
Total Sewer System Customers ..................................... $12,822,250
Note: (1) Source: the City.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 21
PARKING SYSTEM
The Parking System currently consists of approximately 5,105 parking spaces located at various parking facilities in the
City. The Parking Division of the Transportation Services Department oversees the operation of parking garages, parking
lots, and on-street (metered) parking. Parking Division enforces parking regulation in the central business district, while
the Police Department enforces parking regulations in residential areas. Recognizing that there is a high demand for parking
in downtown Iowa City, Parking Services promotes turnover of on-street metered parking spaces in the core of the
downtown. Customers with longer-term needs are encouraged to use the garages or on streets in outlying areas. There are
a total of 21.38 (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 100% 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 2,051
permit holders. The largest customer for the monthly permit parking is the University of Iowa with 615 permits. There
are currently over 2,000 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 Graduate Hotel in the
amount of $8,500.00 per month and with the Hotel Vetro in the amount of $2,125.00 per month.
The City regularly evaluates parking demand. As development has continued to move south of Burlington Street and the
central business district, the need for additional spaces in this area has increased. The underlying economic growth and
employment base of the City continues to contribute to increased demand.
Parking System Rates and Charges: Rates for the Parking System are set by the City Council. Parking System rates are
reviewed annually. The rates vary by facility and the hourly and monthly rates and charges as approved by the City Council
are listed below by facility. These rates include the most recent hourly rate adjustments that were approved by the City
Council on June 4, 2013 and became effective July 1, 2013 and the most recent monthly permit rate adjustments that were
approved by the City Council became effective July 1, 2017.
Parking Facilities: The Parking System consists of 2 cashiered garages and 3 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 178
Rates Hourly $1.00 per hour, with first hour free
Monthly $85.00 per month
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 22
Changes in Capitol Street Garage rates over the last ten fiscal years:
Hourly Monthly
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
2018** 0% 6.3%
2019 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
*2018 Monthly Rate increase from $80.00 to $85.00
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 264
Rates Hourly $1.00 per hour, with first hour free
Monthly $85.00 per month
Changes in Dubuque Street Garage rates over the last ten fiscal years:
Hourly Monthly
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
2018** 0% 6.3%
2019 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
** 2018 Monthly Rate increase from $80.00 to $85.00
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 261
Rates Hourly $0.75 per hour
Monthly $85.00 per month
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 23
Changes in Chauncey Swan Garage rates over the last ten fiscal years:
Hourly Monthly
2010 0% 17%
2011 0% 14%
2012 0% 0%
2013 0% 0%
2014 25% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
2018** 0% 6.3%
2019 0% 0%
**2018 Monthly Rate increase from $80.00 to $85.00
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 266
Rates Hourly $1.00 per hour, with first hour free
Monthly $85.00 per month
Changes in Tower Place Garage rates over the last ten fiscal years:
Hourly Monthly
2010 0% 7%
2011 0% 0%
2012 0% 0%
2013 0% 0%
2014* 33% 0%
2015 0% 0%
2016 0% 0%
2017 0% 0%
2018** 0% 6.3%
2019 0% 0%
*2014 Hourly Rate increase from $0.75 to $1.00 but the first hour free also started in 2014
**2018 Monthly Rate increase from $80.00 to $85.00
Harrison Street Garage
Constructed 2017
Address 175 E. Harrison Street
Description Located on a parcel confined by Harrison Street to the north, Sabin Townhomes to the east,
Prentiss St to the south, and MidWest One to the west.
Access This is an automated facility with one entry lane and two exit lanes off of Harrison Street.
Spaces 600
Monthly Permits 302
Rates Hourly $0.75 per hour
Monthly $85.00 per month
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 24
Changes in Harrison Street Garage rates over the last ten fiscal years:
Hourly Monthly
2017* 100% 100%
2018 0% 0%
2019 0% 0%
*Garage was opened in fiscal year 2017.
On-Street Parking Meters: The City operates short-term meters (1-2 hours) concentrated in the core of the downtown.
These meters are intended for shopper's use. Each parking meter dial states the maximum time. Longer term meters
become more common away from the core downtown area.
Meters 1,177
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 245
Monthly Permits 59
Rates Hourly $0.75 - $1.50 per hour based on proximity to the central
business district and usage.
Monthly $65.00 per month
Moped Parking: FY12 saw the implementation of a parking permit program for mopeds, scooters, and motorcycles.
Spaces were designated throughout the Central Business District to accommodate the use of mopeds and scooters while
also removing them from parking in bicycle racks.
Spaces 206
Total Annual Permits 721
Rates Annual $90.00 per year
The remainder of this page was left blank intentionally.
Fiscal
Year Net Revenue Annual Debt Service2
Ended Available for Ratio of
June 30 Revenue Expenses1 Debt Service Principal Interest Total Coverage
Parking Revenue3
20106 5,509 3,149 2,360 390 504 894 2.64
2011 5,389 2,920 2,469 420 391 811 3.04
2012 4,945 3,034 1,911 500 339 839 2.28
2013 5,122 3,549 1,573 515 324 839 1.87
2014 5,365 2,969 2,396 530 308 838 2.86
20157 5,620 3,828 1,792 540 254 794 2.26
2016 - - - - - - -
2017 - - - - - - -
2018 - - - - - - -
2019 - - - - - - -
Wastewater Treatment Revenue4
20106 13,174 5,050 8,124 4,205 2,307 6,512 1.25
20116 13,281 5,477 7,804 1,840 2,054 3,894 2.00
2012 13,175 5,663 7,512 4,615 1,693 6,308 1.19
2013 13,301 5,340 7,961 4,865 1,547 6,412 1.24
2014 12,835 5,708 7,127 3,250 1,428 4,678 1.52
2015 12,620 6,574 6,046 3,370 1,305 4,675 1.29
2016 12,681 6,513 6,168 3,520 1,175 4,695 1.31
2017 13,383 6,357 7,026 3,625 985 4,610 1.52
2018 13,181 6,622 6,559 3,580 756 4,336 1.51
20198 13,548 6,840 6,708 6,135 539 6,674 1.68
Water Revenue5
20106 8,336 5,153 3,183 680 1,055 1,735 1.83
2011 8,354 5,464 2,890 1,110 902 2,012 1.44
20126 8,649 5,653 2,996 1,200 861 2,061 1.45
20136 9,342 6,348 2,994 845 758 1,603 1.87
20146 8,613 5,818 2,795 1,335 650 1,985 1.41
2015 8,715 5,632 3,083 1,380 610 1,990 1.55
2016 9,323 5,387 3,936 1,715 579 2,294 1.72
2017 9,529 6,332 3,197 1,760 524 2,284 1.40
2018 9,838 6,949 2,889 1,455 394 1,849 1.56
2019 10,078 6,888 3,190 1,510 280 1,790 1.78
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.
8 Ratio of Coverage excludes the amount called early of $2,670,000.
CITY OF IOWA CITY, IOWA
SCHEDULE OF REVENUE BOND COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
City of Iowa City, Johnson County, Iowa
Fiscal Year 2019 Annual Financial and Operating Disclosure
Page | 25
Urban Renewal Area: CITY – UNIVERSITY PROJECT I
The City, acting under the authority of Chapter 403 of the Code of Iowa, has established an urban renewal area designated
as “City - University Project I Urban Renewal Area” (the “Urban Renewal Area”) designed to implement their
comprehensive plan.
Description of CITY – UNIVERSITY PROJECT I Urban Renewal Plan/Area
On October 2, 1969, the Iowa City Council adopted Resolution No. 2157 approving the City - University Project I Urban
Renewal Plan (Project No. IA R-14) which plan has been modified and amended from time to time (said plan, as amended,
is hereinafter referred to as the “Urban Renewal Plan” or “Plan”).
The Urban Renewal Area is located in the heart of City’s downtown. The northern edge of the original area consists of part
of Washington Street with the western edge consisting of the eastern bank of the Iowa River. The southern edge consisted
of a part of Court Street to the eastern edge which ran to Linn Street. In 2001, the original urban renewal area was expanded
north to Iowa Ave, south to Prentiss Street and east to Gilbert Street. In 2012, the amended urban renewal area was extended
south of the existing boundaries. In 2016, the amended urban renewal area was expanded to include a one block area
bounded by Iowa Avenue on the north, Van Buren Street on the East, Washington Street on the South and Gilbert Street on
the West. The original Urban Renewal Area is classified as a blighted area and does not have a sunset or expiration date.
The 2001 amended urban renewal area has, at a minimum, a twenty year life and will expire after fiscal year 2023-24. The
2012 amended urban renewal area is classified as a blighted area and does not have a sunset or expiration date. The 2016
amended urban renewal area will expire, at a minimum, twenty years from the calendar year following the calendar year in
which the City first certifies debt for the amended area.
The objectives of the Plan called for the City to undertake a program for the clearance and reconstruction or rehabilitation
to enhance and promote the economic development within the Urban Renewal Area. Through the implementation of the
Plan, the City’s overall goal is to develop and redevelop the Urban Renewal Area; to stimulate through public action and
commitments, private investment which creates employment and increases to the tax base within the City.
In general, tax increment revenues from an Urban Renewal Area are determined annually by multiplying the aggregate of
all local taxes, excluding the portion of the overall tax rate associated with debt service, physical plant and equipment and
the instructional support program levies applicable to the taxable valuation of all property within the Urban Renewal Area,
by the aggregate difference (“Tax Increment Valuation Available”) between the current taxable valuation and the original
taxable valuation upon creation of the Urban Renewal Area. In general, the original taxable valuation reflects the valuation
upon creation of the Urban Renewal Area (the “Frozen Base Valuation”). Johnson County (the “County”) collects the real
estate taxes and distributes the Tax Increment Revenues to the City to use for repayment of the urban renewal revenue
bonds. Tax Increment Revenues are generally distributed by the County to the City in the months of October and April of
each calendar year.
The remainder of this page was left blank intentionally.
TOP TAXPAYERS LOCATED WITHIN URBAN RENEWAL AREA
FY2019/20
Taxable % of Total
Taxpayer Classification Valuation Taxable Valuations (1)
MIDWESTONE BANK Financial Institution 18,637,551$ 4.02%
RISE AT RIVERFRONT CROSSING OWNER LLC Residential & Comm. Condo Rentals 16,173,442$ 3.49%
IOWA CITY HOTEL ASSOCIATES LLC Hilton Garden Inn Hotel 14,623,650$ 3.15%
GRADUATE IOWA CITY OWNER, LLC Gaduate Hotel 13,609,404 2.94%
OC GROUP LC Old Capital Mall 9,915,912 2.14%
RIVERFRONT CROSSING HOSPITALITY OWNER LLC Residential & Comm. Condo Rentals 9,211,257 1.99%
PLAZA TOWERS LLC Residential & Comm. Condo Rentals 8,488,241 1.83%
MOEN, MARC B Residential & Comm. Condo Rentals 8,175,475 1.76%
FIRST NATIONAL BANK IOWA CITY Financial Institution 7,915,158 1.71%
ICF LLC Residential & Comm. Condo Rentals 7,232,307 1.56%
Total 113,982,397$ 24.59%
(1) The Total Taxable Valuation in the Urban Renewal Area for 1/1/2018 for fiscal year 2019-20 is $463,563,686.
TAX INCREMENT TAX RATES
FY2012-13 FY2013-14 (1)FY2014-15 (1)FY2015-16 (1)FY2016-17 (1)FY2017-18 (1)FY2018-19 (1)FY2019-20 (1)
Total City Tax Rate 39.49917$ 38.63862$ 38.52756$ 38.81115$ 38.74878$ 38.60513$ 39.16292$ 38.60077$
City Debt Service (4.44287) (4.02965) (4.12963) (3.92833) (3.82846) (3.57846) (3.22846) (2.97846)
Iowa City CSD Debt Service (0.69729) (0.63500) (0.59831) (0.58612) (0.55017) (0.52868) (1.95540) (1.44867)
Iowa City CSD PPEL (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000) (1.67000)
Iowa City CSD ISPL - (0.12405) (0.08550) (0.08991) (0.07069) (0.10140) (0.12733) (0.06273)
Kirkwood Debt Service (0.20000) (0.20000) (0.20000) (0.27005) (0.21003) (0.25000) (0.25000) (0.25000)
Johnson County Debt Service (0.62813) (1.61074) (2.05908) (1.77673) (2.00829) (2.13947) (2.24196) (2.25950)
Tax Increment Tax Rate 31.86088$ 30.36918$ 29.78504$ 30.49001$ 30.41114$ 30.33712$ 29.68977$ 29.93141$
Iowa City Downtown SSMID (2)2.00000 2.00000 2.00000 2.00000 1.79500 2.00000 2.00000 2.00000
Tax Increment Tax Rate in SSMID 33.86088$ 32.36918$ 31.78504$ 32.49001$ 32.20614$ 32.33712$ 31.68977$ 31.93141$
(1) Any urban renewal area created after April 24, 2012, will not be eligible to receive the benefits of the
local school district's instruction support levy (ISPL) tax revenues, unless the ISPL is necessary to pay principal
and interest on the urban renewal debt and the school passes a special resolution approving such use of the
revenues. Urban renewal debt incurred on or before April 24, 2012, may receive the benefit of ISPL tax
revenues for fiscal year 2013-14 and following only if the ISPL is necessary to pay principal and interest on the
urban renewal area debt and the city certifies to the school district by July 1 of each fiscal year, beginning
July 1, 2013. The school district must then pay those amounts during that fiscal year (Nov. 1 and May 1) back to
the City's urban renewal fund.
(2) In fiscal year 2012-13, the City created a Self Supporting Municipal Improvement District (SSMID) within a
portion of the Urban Renewal Area. The tax levy for the SSMID increases the tax increment rate but is only
applied to certain properties when the County is apportioning the tax increment revenue request.
HISTORICAL AND PROJECTED TAXABLE VALUATIONS WITHIN THE URBAN RENEWAL AREA
Taxable
Total Taxable Taxable New Taxable New Taxable Valuation Taxable
Assessment Fiscal Taxable Value Valuation Valuation Valuation Available for Valuation
Date Year Value (1)Frozen Base (2)Available Park @ 201 Chauncey Certification Certified
1/1/2010 FY 2012 195,540,284 89,677,074 105,863,210 0 0 105,863,210 0
1/1/2011 FY 2013 199,993,156 90,475,486 109,517,670 0 0 109,517,670 3,925,401
1/1/2012 FY 2014 306,901,127 196,103,957 110,797,170 0 0 110,797,170 9,358,858
1/1/2013 FY 2015 316,944,391 178,306,881 138,637,510 2,880,000 0 141,517,510 16,477,686
1/1/2014 FY 2016 309,883,790 159,027,124 150,856,666 6,041,734 0 156,898,400 17,156,898
1/1/2015 FY 2017 336,428,957 147,479,758 188,949,199 6,461,998 0 195,411,197 25,360,541
1/1/2016 FY 2018 359,905,681 140,030,863 219,874,818 6,564,472 0 226,439,290 23,992,851
1/1/2017 FY 2019 407,922,479 119,175,408 288,747,071 6,691,956 2,040,000 297,479,027 46,941,691
1/1/2018 FY 2020 463,307,274 134,766,543 328,540,731 6,796,297 6,399,369 341,736,397 72,764,197
1/1/2019 FY 2021 463,307,274 134,766,543 328,540,731 6,796,297 16,345,771 351,682,799 19,668,135
1/1/2020 FY 2022 463,307,274 134,766,543 328,540,731 6,796,297 30,128,234 365,465,262 51,967,983
1/1/2021 FY 2023 463,307,274 134,766,543 328,540,731 6,796,297 30,128,234 365,465,262 50,884,506
1/1/2022 FY 2024 463,307,274 134,766,543 328,540,731 6,796,297 30,128,234 365,465,262 49,624,959
1/1/2023 FY 2025 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 48,527,450
1/1/2024 FY 2026 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 47,586,966
1/1/2025 FY 2027 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 42,454,565
1/1/2026 FY 2028 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 38,266,323
1/1/2027 FY 2029 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 38,003,388
1/1/2028 FY 2030 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 37,880,608
1/1/2029 FY 2031 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 37,730,431
1/1/2030 FY 2032 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 37,717,902
1/1/2031 FY 2033 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 30,646,735
1/1/2032 FY 2034 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 30,665,111
1/1/2033 FY 2035 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 30,658,429
1/1/2034 FY 2036 364,947,546 92,742,995 272,204,551 6,796,297 30,128,234 309,129,082 30,626,689
(1) Total taxable valuation available for certification will decrease in fiscal year 2024-25 due to the retirement of the tax increment
of the 2001 Amended portion of the Urban Renewal Area. Total taxable value increased in fiscal year 2013-14 due to 2012
Amended Area of the Urban Renewal Area.
(2) Taxable value frozen base decreases due to commercial and industrial rollback amounts starting in fiscal year 2014-15 and
multi-residential rollback amounts starting in fiscal year 2016-17.
TAX INCREMENT CASH FLOW AND ANTICIPATE DEBT COVERAGE
Taxable
Valuation Taxable Available Certified 2012D TIF 2016E TIF Other Total Annual Ending Available Requested
Assessment Fiscal Available for Valuation TIF Tax Increment Tax Increment Other Total Revenue Revenue TIF TIF Surplus/Cash Debt Debt
Date Year Certification (1)Certified Tax Rate (2)Revenues (3)Revenues Revenues Revenues Bonds Bonds Debt Debt (Deficit)Balance (4)Coverage Coverage
1/1/2010 FY 2012 105,863,210 0 33.01166 3,494,720 0 0 0 0 0 0 0 0 662,510 n.a.n.a.
1/1/2011 FY 2013 109,517,670 3,925,401 31.86088 3,489,329 128,072 31,795 159,867 0 0 159,867 159,867 0 662,510 n.a.n.a.
1/1/2012 FY 2014 110,797,170 9,358,858 30.36918 3,364,819 289,650 148 289,798 75,335 0 214,315 289,650 148 662,658 44.66 1.55
1/1/2013 FY 2015 141,517,510 16,477,686 29.78504 4,215,105 502,339 5,090 507,429 75,335 0 427,004 502,339 5,090 667,748 55.95 1.05
1/1/2014 FY 2016 156,898,400 17,156,898 30.49001 4,783,834 532,776 2,434 535,210 205,335 0 172,256 377,591 157,619 825,367 23.30 1.00
1/1/2015 FY 2017 195,411,197 25,360,541 30.41114 5,942,677 805,965 273,412 1,079,377 204,035 273,173 307,715 784,923 294,454 1,119,821 12.45 1.00
1/1/2016 FY 2018 226,439,290 23,992,851 30.33712 6,869,516 727,874 392,552 1,120,426 207,345 384,150 229,624 821,119 299,307 1,419,128 11.61 1.00
1/1/2017 FY 2019 297,479,027 46,941,691 29.68977 8,832,084 1,393,688 276,767 1,670,455 205,185 384,150 244,454 833,789 836,666 2,255,794 14.99 1.00
1/1/2018 FY 2020 341,736,397 72,764,197 29.93141 10,228,652 2,177,935 117,620 2,295,555 207,485 384,150 1,703,920 2,295,555 0 2,255,794 17.29 1.00
1/1/2019 FY 2021 351,682,799 19,668,135 29.93141 10,526,362 588,695 0 588,695 204,545 384,150 0 588,695 0 2,255,794 17.88 1.00
1/1/2020 FY 2022 365,465,262 51,967,983 29.93141 10,938,891 1,555,475 0 1,555,475 206,325 1,349,150 0 1,555,475 0 2,255,794 7.03 1.00
1/1/2021 FY 2023 365,465,262 50,884,506 29.93141 10,938,891 1,523,045 0 1,523,045 207,845 1,315,200 0 1,523,045 0 2,255,794 7.18 1.00
1/1/2022 FY 2024 365,465,262 49,624,959 29.93141 10,938,891 1,485,345 0 1,485,345 203,945 1,281,400 0 1,485,345 0 2,255,794 7.36 1.00
1/1/2023 FY 2025 309,129,082 48,527,450 29.93141 9,252,669 1,452,495 0 1,452,495 204,745 1,247,750 0 1,452,495 0 2,255,794 6.37 1.00
1/1/2024 FY 2026 309,129,082 47,586,966 29.93141 9,252,669 1,424,345 0 1,424,345 205,095 1,219,250 0 1,424,345 0 2,255,794 6.50 1.00
1/1/2025 FY 2027 309,129,082 42,454,565 29.93141 9,252,669 1,270,725 0 1,270,725 204,975 1,065,750 0 1,270,725 0 2,255,794 7.28 1.00
1/1/2026 FY 2028 309,129,082 38,266,323 29.93141 9,252,669 1,145,365 0 1,145,365 204,365 941,000 0 1,145,365 0 2,255,794 8.08 1.00
1/1/2027 FY 2029 309,129,082 38,003,388 29.93141 9,252,669 1,137,495 0 1,137,495 203,245 934,250 0 1,137,495 0 2,255,794 8.13 1.00
1/1/2028 FY 2030 309,129,082 37,880,608 29.93141 9,252,669 1,133,820 0 1,133,820 206,770 927,050 0 1,133,820 0 2,255,794 8.16 1.00
1/1/2029 FY 2031 309,129,082 37,730,431 29.93141 9,252,669 1,129,325 0 1,129,325 204,925 924,400 0 1,129,325 0 2,255,794 8.19 1.00
1/1/2030 FY 2032 309,129,082 37,717,902 29.93141 9,252,669 1,128,950 0 1,128,950 207,800 921,150 0 1,128,950 0 2,255,794 8.20 1.00
1/1/2031 FY 2033 309,129,082 30,646,735 29.93141 9,252,669 917,300 0 917,300 0 917,300 0 917,300 0 2,255,794 10.09 1.00
1/1/2032 FY 2034 309,129,082 30,665,111 29.93141 9,252,669 917,850 0 917,850 0 917,850 0 917,850 0 2,255,794 10.08 1.00
1/1/2033 FY 2035 309,129,082 30,658,429 29.93141 9,252,669 917,650 0 917,650 0 917,650 0 917,650 0 2,255,794 10.08 1.00
1/1/2034 FY 2036 309,129,082 30,626,689 29.93141 9,252,669 916,700 0 916,700 0 916,700 0 916,700 0 2,255,794 10.09 1.00
(1) Total taxable valuation available for certification will decrease in fiscal year 2024-25 due to the retirement of the tax increment of the 2001 Amended portion of the Urban Renewal Area.
(2) The tax increment rate in fiscal year 2013-14 reflects the loss of the local school district's instruction support levy (ISPL) of $.12405 due to recent legislative changes.
TIF tax rate does not include the SSMID levy rate of $2.00 per $1,000 of value. Starting in fiscal year 2012-13, a portion of the taxable valuation certified will be at the higher rate
due to its location in the SSMID.
(3) The available tax increment revenues do not reflect an estimate for the portion of the available valuation that would be taxed at the higher SSMID rate.
(4) The balance includes TIF reserve fund of $207,845.