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CITY OF IOWA CITY
City Council Information Packet
January 23, 2025
Council Tentative Meeting Schedule
IN. Council Tentative Meeting Schedule
Miscellaneous
IP2. Memo from Assistant Finance Director: Long-term Debt Disclosure Report
IP3. Memo from Budget Management Analyst: Quarterly Financial Summary for
Period Ending December 31, 2024
IP4. Media Release: Primary Election for City Council District C
Draft Minutes
IP5. Library Board of Trustees: December 19
January 23, 2025 City of Iowa City
Item Number: IP1.
CITY OF IOWA CITY
COUNCIL ACTION REPORT
January 23, 2025
Council Tentative Meeting Schedule
Attachments: Council Tentative Meeting Schedule
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City Council Tentative Meeting Schedule
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Subject to change
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CITY OF IOWA CITY
January 23, 2025
Date
Time
Meeting
Location
Tuesday, February 4, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, February 18, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, March 11, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, April 1, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, April 15, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Monday, April 21, 2025
4:30 PM
Joint Entities Meeting
Iowa City CommSchool District
TBD
Tuesday, May 6, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, May 20, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, June 3, 2025
4:00 PM
Work session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, June 17, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, July 8, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Monday, July 21, 2025
4:30 PM
Joint Entities Meeting
City of Coralville
TBD
Tuesday, August 5, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, August 19, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, September 2, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, September 16, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, October 7, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Monday, October 20, 2025
4:30 PM
Joint Entities Meeting
City Hall, Emma J. Harvat Hall
410 E. Washington Street
Tuesday, October 21, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Monday, November 3, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, November 18, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Tuesday, December 9, 2025
4:00 PM
Work Session
City Hall, Emma J. Harvat Hall
6:00 PM
Formal Meeting
410 E. Washington Street
Item Number: IP2.
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CITY OF IOWA CITY
"QF T-4 COUNCIL ACTION REPORT
January 23, 2025
Memo from Assistant Finance Director: Long-term Debt Disclosure Report
Attachments: Memo from Assistant Finance Director: Long-term Debt Disclosure Report
�Ir� CITY OF IOWA CITY
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MEMORANDUM
Date: January 21, 2025
To: Geoff Fruin, City Manager
From: Jacklyn Fleagle, Assistant Finance Director
RE: Long-term Debt Disclosure Report
In accordance with the City Council's Debt Management Policy, an annual debt report is to be
submitted within 210 days after the fiscal year-end to the City Manager and the City Council. The
City's fiscal year 2024 ended on June 30, 2024, and this report is intended to provide information
regarding 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 2024, the City incurred the following significant events regarding its bond obligations
and reported them on the Electronic Municipal Market Place (EMMA):
• 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 other material
January 21, 2025
Page 2
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: None
• Defeasances of the Bonds: 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:
■ 2025 General Obligation Bonds — 2024 CIP Program - $14,290,000
Other potential debt issues include:
• 2025 Revenue Bonds — Sewer Revenue Bonds - $3,000,000
Attached to this memo are summaries that include the additional financial and debt information
mentioned above. This information along with our Fiscal Year 2024 Annual Comprehensive Financial
Report (ACFR) 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, 2025 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, 2024
Relating to
I r ,
CITY OF IOWA CITY
Johnson County, Iowa
CITY OF IOWA CITY
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:
Nicole Davies
Finance Director
City of Iowa City
410 E. Washington Street
Iowa City, IA 52240
Telephone: (319) 356-5085
January 21, 2025
City oflowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page;2
CITY INDEBTEDNESS
DEBT LIMIT/DEBT LIMITATION
The amount of general obligation debt a political subdivision of the State can incur is controlled by the constitutional
debt limit, which is an amount equal to 5% of the actual value of taxable property within the corporate limits, taken from
the last County Tax list. According to and based upon the January 1, 2022 property valuations, for taxes payable in
September 2023 and March 2024, the City's debt limit, based upon said valuation, amounts to the following:
2022 100%Actual Valuation of Property ............................... $7,368,329,010
Constitutional Debt Limit ..............................::....................... $ 368,416,451
Outstanding Bonds/Notes Applicable to Debt Limit:
Total G.O. Debt Subject to Debt Limit .................................... $ 52,980,000
TIF Revenue Debt ....... .................... ................................ ».... 9,925,000
Subscription Liability............................................................. 405,701
Capitlal Loan Note Payable .................... ....... 4............ I ....... .... 788,425
Other Loans................................•........................... 210,784
Other Legal indebtedness (TIF Rebates) .............................. _ 29,620,496"
Total Appitcabie Debt .................. .............. I ............... I............ 93 93Dm06
Remaining Debt Capacity...................................................... $ 274,486,045
**The Iowa Supreme Court has not formally ruled on the question of whether rebate agreements, and also certain lease assets and liabilities previously classified as
operating leases, which pursuant to GASB 87 are now required to be recognised as a lease liability and an intangible right -to -use lease asset, constitute an indebtedness
of a Cityfor constitutional debt purposes. Though the subscription liabilities and rebate agreements noted herein may not constitute legal indebtedness for constitutional
debt limit purposes, amounts reflected above are memorials=ed in the table to conservatively state the City's possible financial exposure.
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 6/30/24
June 2015
$ 7,785,000 Multi -Purpose
6/25
$ 880,000
June 2016
8,795,000 Multi -Purpose
6/26
2,045,000
June 2017
9,765,000 Multi -Purpose
6/27
3,165,000
June 2018
8,895,000 Multi -Purpose
6/28
3,795,000
June 2019
12,535,000 Multi -Purpose
6/29
4,640,000
June 2020
12,145,000 Multi -Purpose
6/30
4,740,000
June 2021
11.325,000 Multi -Purpose
6/31
7,920,000
June 2022
10,255,000 Multi -Purpose
6/32
7,945,000
June 2023
9,105,000 Multi -Purpose
6/33
7,710,000
June 2024
10,140,000 Multi -Purpose
6/34
10,140,000
Total General Obligation Bonds
$52,980,000
Summary of General Obligation and Tax Increment Debt(1)
(Principal Only)
General Obligation:
Series 2015.........................................................
$ 880,000
Series 2016A.......................................................
2,045,000
Series 2017A... .......... ........_.............. ...................
3,165,000
Series 2018A.......................................................
3,795,000
Series 2019.........................................................
4,640,000
Series 2020.........................................................
4,740,000
Series2021....................:....................................
7,920,000
Series 2022.........................................................
7,945,000
Series2023.........................................................
7,710,000
Series 2024.........................................................
1 ❑ ?40 000
Total General Obligation .... ......................
___ $52,980,000
Tax Increment Financing Revenue:
Series 2016E.......................................................
$ 9,925,000
Total Tax Increment .........................................
$ 9,925,000
Note: (1) Source: the City.
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City oflowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 14
INDIRECT GENERAL OBLIGATION DEBT
DEBT RATIOS
STATEMENT OF BONDED INDEBTEDNESS(])
CityActual Value, January 1, 2022............................................................................................................................................................. $7,368,329,010
CityTaxable Value, January 1, 2022..................................:.:..».:....:.,:......................_..._........:........:................._....................:................... $4,360,283,037
Per Capita
ApsNirahl_e_
Ratio to City
Ratio to City
(2020 Pop.
Total
Percent
Amount
Actual Value
Taxable Value
74.828)
Direct Bonded Debt.... .......................... . ......
$ 52,980,000
100.00%
$ 52,980,000
0.72%
1.22%
$ 708.02
TIF Revenue Debt .....................:...................
9,925,000
100.00%
9,925,000
0.13%
0.23%
132.64
Overlapping Debt:
Iowa City Community School District .............
$156,815,000
57.65%
90,403,848
1.23%
2.07%
1,208.16
Clear Creek-Amana Community School Dist.
89,794,000
0.03%
26,938
0.00%
0.00%
0.36
Kirkwood Community College(2) ...................
124,495,000
14.12%
17,578,694
0.24%
0.40%
234.92
Johnson County ............................................
25,502,000
41.87%
10.677.687
0.14%
0.24%
142.70
Total Applicable Overlapping Bonded Debt ........
........ ....... ...
................ __
$118.687-167
1.61 %
2.71 %
51-596.14.
Total Direct and Overlapping Bonded Debt.—__
......................................$181,592,167
2A6%
4,16%,
$2,426.79
PerCapita Actual Value ...------•..................... ............ .............................. .._...... ..... ................................................. ........................ ................. 1.... $98,470.21
PerCapita Taxable Value..............................................................................................................................._........_..._...................................._ $58,270.74
Notes: (1) Source: the City, Audited Financial Statements and Treasurer of the State of Iowa - Outstanding Obligations Report, debt as of June 30,
2024 for the School Districts, Community College and County.
(2) Excludes $43,925,000 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 Pii_ nose Maturity As of f1321Z4
Sept 2016 $12,805,000 Developer Grant 6/36 $%925.000
Total $9,925,000
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 Puroose
Maturity
As of 6/30/24
June 2016
$3,660,000 Water Refunding
7/24
$ 525,000
June 2017
5,910,000 Water Refunding
7/25
1.355.000
Total
$1,880,000
Revenue Debt Payable from Net Revenues of the Municipal Water System:
Series 2016D.................................................................. $ 525,000
Series 2017C.................................................................. 1-355.000
Total(1)(2)..................................................................... $1,880,000
Notes: (1) Source: the City.
(2) After the June 1, 2024 principal payments.
City of Iowa City, Johnson County, loiva
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page15
CITY PROPERTY VALUES
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. Assessed or Taxable Valuation subject to
tax levy is then determined by the application of State determined rollback percentages, principally to residential property
and commercial 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 Assessed or 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)
Building Permits
Multi-
Ag Land
Commercial
Fiscal Year
Residential
Residenliak 2
& Buildings
& Industrial
2016/17................
55.62 999/6
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%
2020/21................
55.0743%
71.2500%
81.4832%
90.0000%
2021/22................
56.4094%
67.5000%
84.0305%
90.0000%
2022/23................
54.1302%
63.7500%
89.0412%
90.0000%
2023/24................
54.6501 %
n/a
91.6430%
90.0000%
2024/25................
46.3428%
n/a
71.8370%
90.0000%
Notes: (1) Source: the Iowa Department of Revenue.
(2) In assessment year 2023 (applicable to fiscal year 2024/25 valuations), the
taxable value rollback rate is 46.3428% of actual value for residential
property; 71.8370% of actual value for agricultural property and 100.0000%
of the actual value of utility property. The residential taxable rollback rate of
46.3428% applies to the value of each property unit of commercial, industrial
and railroad property that exceeds zero dollars ($0), but does not exceed
one hundred fifty thousand dollars ($150,000), with a taxable value rollback
rate of 90.0000% to the value that exceeds one hundred fifty thousand
dollars ($150,000).
City Building Permits(1)
(Excludes the Value of Land)
Calendar
Year: 2020
New Construction
No. of New Permits .................................... 120
Valuation: ....... .......................................... $51,863,761
Remodeling Repair and Additions:
No. of New Permits: ................................... 430
Valuation: ........................ ........ ................ $35.438.412
Total Permits ............................................. 550
Total Valuations ......................................... $87,302,173
Note: (1) Source: the City,
2021 2022 2023 2024
159 122 86 140
$ 96,466,791 $117,011,149 $214,121,385 $ 87,982,355
421 421 407 471
5 39.023-795 $ 35,704,172 61,280189 $. 42,462,451
580 543 493 611
$135,490,586 $152,715,321 $275,401,574 $130,444,806
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 16
PROPERTY VALUATIONS
Property Valuations and Trend of Valuations
Actual (100%) Valuations for the City(1)(2)
Fiscal Year:
2020/21
2021/22
2022/23
2023/24
2024/25
P:Qperty Class Levy Year:
2019
2020
2021
2022
2023
Residential......._ .......... ........................ »....... :....
$4,995,816,750
$5,140,954,110
$5,365,850,652
$6,006,505,164
$7,206,202,564
Agricultural........................................................
1,748,000
1,727,980
1,574,220
1,650.370
1,789,188
Commercial.......................................................
1,104,820,749
1,115,028,021
1,107,017,980
1,116,138,451
1,248,152,812
Industrial .......... ................ ...:.................... .........
80,669,700
80,001,410
79,499,810
79,655,130
87,930,360
Multi-residential(3).............................................
548,053,873
549,444,612
554,767,665
0
0
Railroads...........................................................
4,488,469
4,072,190
4,380,355
4,628,817
5,041,874
Utilities without Gas and Electric ........................
6,152,547
4,339,508
2,779,716
269,478
276,868
Gas and Electric Utility ......................................
118,583,613
126,171,274
134,787,151
161,652,144
173,705,884
Less: Military Exemption ...................................
(2,435,380)
(2392.784)
2( ,261 29?j
(2,170,544)
(1.6,743,6781
Total................................................................
$6,857,898,321
$7,019,346,321
$7,248,396,257
$7,368,329,010
$8,707,355,872
Percent Change+(-) ........................................
11.81%(4)
2.35%
3.26%
1.65%
18.17%
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (fIF)
valuations.
(3) Included in Residential Property Class starting with January 1, 2022 valuations.
(4) Based on 2018 Actual Valuation of $6,133,570,208.
Trend Of Valuations
Property Valuations and Trend of Valuations
Taxable ("Rollback") Valuations for the City(1)(2)
For the January 1, 2023 levy year, the City's Taxable Valuation was comprised of approximately 74% residential,
24% commercial, 2% industrial, 1 % utilities and less than 1 % agriculture, railroad and military exemption.
Fiscal Year:
2020/21
2021/22
2022/23
2023/24
2024/25
Property Class Levy Year:
2019
2020
2021
2022
2023
Residential........................................................
$2,751,410,912
$2,899,981,623
$2,904,545,542
$3,282,561,510
$3,339,555,748
Agricultural............. .......................... ...............
1,424,328
1,452,029
1,401,705
1,512,444
1,285,294
Commercial_ --------- __._ .................................
994,338,692
1,003,525,240
996,316,203
959,563,607
1,067,462.656
Industrial .... ......... ..............................................
72,602,730
72,001,269
71,549,829
70,894,250
78,155,039
Multi-residential(3).............................................
390,488,458
370,875,229
353,664,442
0
0
Railroads.... .... ........ . . ......................................
4,039,622
3,664,971
3,942,320
4,150,574
4,518,715
Utilities without Gas and Electric ........................
6,152,547
4,276,538
2,779,716
269,478
276,868
Gas and Electric Utility ......................................
40,156,239
40,595.608
44,017,962
43,501,718
41,986,461
Less: Military Exemption ............................. :.......
(2,435,380)
(2.392.784)
(2261,292)
(2,170,544)
(15.743.678)
Total ........... ..................................... ..:..............
$4,258,178,148
$4,393,979,723
$4,375,956,427
$4,360,283,037
$4,517,497,103
Percent Change +(-) ........................................
8.54%(4)
3.19%
(0.41 %)
(0.36%)
3.61 %
Notes: (1) Source: Iowa Department of Management.
(2) Includes tax increment finance (TIF)
valuations.
(3) Included in Residential Property Class starting with January
1, 2022 valuations.
(4) Based on 2018 Taxable Valuation of $3,923,114,214.
The remainder of this page was left blank intentionally.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 17
Levies and Tax Collections(])
(Amounts Expressed in Thousands)
The following shows the trend in the City's tax extensions and collections.
Levy
Fiscal
Amount
Amount
Percent
Year
Year
Levied
Coilected 2
Collected
2013.................
2014-15......... .......
$51,609
$51,295
99.39%
2014.................
2015-16................
52,034
52,074
100.08%
2015.........
:.......
2016-17................
55,330
55,331
100.00%
2016.....
............
2017-18....... ---
56,458
56,347
99.80%
2017....
............
2018-19................
59,174
59,254
100.14%
2018 .................
2019-20 ................
60,297
58,972
97.80%
2019.................
2020-21........ ........
65,849
66,714
101.31 %
2020.............
.... 2021-22................
66,912
67,104
100.29%
2021....
.............
2022-23................
66,474
66,262
99.68%
2022 .................
2023-24 ................
66,313
66,083
99.65%
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(])
(amounts expressed in thousands)
Levy Year 2024
Taxoaver Name
Business/Service
Taxable Valuation(2)
Rise at Riverfront Crossings, LLC..........................................Apartments
_...................................
$ 68,695
Tailwind Iowa City, LLC.........................................................
Real Estate Development ....................................
57,607
BBCS-Hawkeye Housing LLC , .............................................
Real Estate Management/Apartments.......,..........
50,041
1201 Gilbert, LLC....... ::............................... ........:............. ....
Residential Property ....
45,412
MidAmerican Energy.............................................................
Utility ........... ..... --- •......................................
32,055
Hollingsworth Capital Partners Iowa LLC...............................Real
Estate Developer.........................................
31,989
Webber- Iowa LLC...............................................................Real
Estate .................... --- ........... ;::..:..............
31,810
Augusta Place LLC......:.........................................................Real
Estate Management.....................................
29,355
Vesper Iowa City LLC...........................................................Real
Estate Management.....................................
28,000
Michael T. McLaughlin...........................................................
Real Estate Management & Development............
25,787
Total...........................................................................................
........................................................
$400,751
Ten Larger Taxpayers as Percent of City's 2023 Taxable Valuation($4,517,497,103)......................................
9.19%
Notes: (1) Source: the City.
(2) Every effort has been made to seek out and report the larger taxpayers. However, many of the taxpayers listed
contain multiple parcels and it is possible that some parcels and their valuations have been overlooked.
The remainder of this page was left blank intentionally.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 18
Levy Limits
Normal municipal operations and maintenance costs are generally funded through the corporate property tax levy.
Iowa State Code does not allow the municipal general fund to be taxed above $8.10 per thousand dollars of taxable value
in any one year. In addition to the General Fund, there are several other tax funds that the City can create and use for
specific purposes.
Tax Rates
Levy Years 2018 - 2022(1)(2)
(Per $1,000 Actual Valuation)
Fiscal Year:
2019/20
2020/21
2021/22
2022/23
2023/24
Levy Year:
2018
2019
2020
2021
2022
City:
General Fund.......... ...........................................
$ 8.10000
$ 8.10000
$ 8,10000
$ 8.10000
$ 8.10000
Emergency Levy .................................................
0.00000
0.24000
0.24000
0.20000
0.20000
Debt Service Fund ..............................................
2.97846
2.57846
2.47846
2.47846
2.47846
Employee Benefits .............................................
3.24415
3.34415
3.34415
3.34415
3.34415
Capital Improvement ..........................................
0.00000
0.00000
0.00000
0.00000
0.00000
Other.... ........................... . ..... . . ... . ...................
1.51044
1.51044
1.51044
1.51044
1.51044
Total City........................... I .............................
$15.83305
$15.77305
$15.67305
$15.63305
$15.63305
Johnson County ...............................................
$ 6.49278
$ 6.34581
$ 6.16774
$ 6.04075
$ 6.06180
Iowa City School District .....................................
14.79097
14.83935
14.85066
14.93382
16.26830
Kirkwood Community College .............................
1.21331
1.25730
1.31195
1.34462
1.39550
Other..................................................................
0.27066
0.33110
0.32744
0.30673
0.30194
Total Tax Rate(3).............................................
$38.60077
$38.54661
$38.33084
$38.25897
$39.66059
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
RECENT PROPERTY TAX LEGISLATION
Legislation
Over time, the Iowa Legislature has modified the process and calculation of taxable valuations for various
classifications of property. For example, in 2013 maximum annual taxable value growth due to revaluation of residential
and agricultural property was reduced from 4% to 3%, rollback calculations were modified, a new multi -residential
classification was created, and an appropriation made to replace some lost tax revenue due to rollbacks. In 2019, the process
for hearings on total maximum property tax dollars under certain levies in the City's budget was modified and a super -
majority vote required to raise taxes above a prescribed formula. In 2021, the multi -residential classification was removed,
and a phase out of the appropriation for rollback initiated. In 2023, SF 181 was signed into law by the Governor on February
20, 2023, effective upon enactment. SF 181 reduced the residential rollback for the 2022 assessment year (affecting Fiscal
Year 2023/24) from 56.4919% to 54.6501 %. This resulted in a reduction in taxable valuation in the residential, commercial,
industrial and railroad property classes upon which the City levies property taxes for Fiscal Year 2023/24.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 19
On May 4, 2023, the Governor signed House File 718 ("HF 718"), a property tax reform law aimed at reducing
property tax growth in Iowa. Among other things, HF 718 permanently consolidates several existing city property tax levies
and creates a new adjusted city general fund levy ("ACGFL"). To control the growth of property taxes, the new ACGFL is
subject to potential limitation or reduction by constraining growth by 2% or 3% each year depending on if certain growth
triggers are met or exceeded during the prior year. The levy limitation is only applicable Fiscal Year 2024/25 through Fiscal
Year 2027/28 and will be specific to each city. For Fiscal Year 2023/24, the City will calculate the new ACGFL as the
baseline rate and the first annual ACGFL adjustment will begin Fiscal Year 2024/25. The ACGFL rates for Fiscal Years
2024/25 through 2027/28 are based on growth in city taxed value and the previous year's city tax rate. Beginning in Fiscal
Year 2028/29, all cities go to a $8.10 ACGFL maximum and the levy limitation calculation ceases. Certain levies like debt
service, pensions, employee benefits and capital improvement reserve fund are not included in the new ACGFL limitation.
The City's recent property valuation growth has, on occasion, exceeded the new legislative caps. Assuming the City exceeds
the legislative caps in the future, the City's general fund levies will lag its relative valuation growth. For Fiscal Year
2024/25, the City's non TIF tax valuation growth was 3.66% causing the City's ACGFL growth to be mitigated to 1.62%.
The City's Budget for Fiscal Year 2024/25 will accommodate this reduced tax revenue relative to its non TIF tax valuation
growth.
CITY FUNDS ON HAND (Cash and Investments as of June 30, 2024, in thousands)
City Operating Funds $240,197
City Restricted Funds 51,565
Total $291,762
The remainder of this page was left blank intentionally.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 110
Statement of Net Position
Governmental Activities(])
(Amounts Expressed in Thousands)
Audited as of June 30
2020
2021
2022
2023
2024
Assets:
Equity in Pooled Cash and Investments ......... ........ .... .............
$113,883
$130,934
$147,916
$149,259
$155,713
Receivables:
Property Tax........................................,.,....,...:....................:...
66,479
67,644
66,659
66,779
69,847
Accounts and Unbilled Usage ..................................................
707
1,002
904
829
595
Interest..... ......................................... ...................... ...._........
547
76
60
560
1,148
Notes ............. .............................. ....... ........,.............................
5,300
5,141
4,793
5,331
5,237
Internal Balances.......................................................................
(22,551)
(24,229)
(25,980)
(27,097)
(28,722)
Lease Receivable,_. .......... .......... _ .... __ .......... _._ ........... _..
0
0
98
56
184
Due from Other Governments.... ................... _ ........... ..........
7,125
5,651
7,486
7,270
5,380
Prepaids and Other Assets........................................................
13
0
0
0
0
Inventories.................................................................................
793
786
935
900
944
Assets Held for Resale..............................................................
480
400
1.820
2,058
6,335
Restricted Assets:
Equity in Pooled Cash and Investments ...................................
19,743
25,056
30.330
32,632
29,706
Capital Assets:
Land and Construction in Progress ..........................................
41,160
38,054
42,344
52,348
58,725
Other Capital Assets (Net of Accumulated Depreciation
and Amortization).................................................................
232,717
240,561
234.48
232,647
231,537
Total Assets ............................................................ ..............
$466.396
49$ 1.0
$511.853
523 572
$536.629
Deferred Outflows of Resources:
Pension Related Deferred Outflows.......:::. ..... .:._::............. I.......
$ 10,119
$ 12,833
$ 6,941
$ 7,164
$ 11,734
OPEB Related Deferred Outflows ..............................................
1,302
1,628
1,381
1,155
1,326
Total Deferred Outflows of Resources ...................................
$ 11,421
$ 14,461
$ 8,322
$ 8,319
$ 13,060
Liabilities:
Accounts Payable .............. :...:....:.............:.....::..._..."**"............
$ 3,494
$ 2,913
$ 3,619
$ 2,933
$ 3,081
Contracts Payable-_ 1.4 ...... .......... .... ....... .... ...............
3,725
2,840
4,131
3,993
3,998
Accrued Liabilities.................................................................4...
5,558
5,958
5,803
3,902
3,521
Interest Payable ....................................... :.......... ........ ........ ......
158
163
172
180
189
Deposits...........................................................................4.4......
1,222
1,124
1,136
1,381
1,421
Advances from Grantors....... ... _ .............. _ ........ . ............ 4 .......
3
9,470
16,830
14,293
3,091
Due to Other Governments....-................................................
38
45
34
35
42
Noncurrent Liabilities:
Due Within One Year:
Employee Vested Benefits .... ....................... ........................._,
1,525
1,546
1,461
1,483
1,487
Subscription Liability...................................................4...........
0
0
0
135
145
Bonds Payable.......................................................................
11,119
11,536
11,463
11,512
12,007
Due in More Than One Year:
Employee Vested Benefits........................................4.............
1,206
1,204
1,127
1,146
1,139
Subscription Liability....... - _ ............... ................................
0
0
0
182
110
Net Pension Liability, ........ ........... 4 ........ 4 .......... _'_ ...............
39,796
47,299
8,291
29,470
34,767
Other Post Employment Benefits Liability ...............................
6,253
7,030
5,796
6,228
6,736
Notes Payable........................................................................
211
211
211
211
211
Bonds Payable... ..... 4 ............................................................
58,653
57,931
57,180
55,587
54,375
Total Liabilities ... ................................................................ .,..
$132,961
$149,270
$117,254
13$ 2,671
11a1329
Deferred Inflows of Resources:
Pension Related Deferred Inflows... ........... ............
$ 3,045
$ 1,253
$ 27,830
$ 2,919
$ 1,036
OPEB Related Deferred Inflows ......... .....:..........:..........:... ......
560
492
1,828
1,696
1,715
Lease Related Deferred Inflows.. . ................ .............
0
0
98
56
184
Succeeding Year Property Taxes .... ............. 4...... 4............ .......
65,850
66,912
66,475
66,312
68,820
Total Deferred Inflows of Resources ......................................
S 69_455
6S 8,657
96,231
75 0,983
71,755
(continued on following page)
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 111
Statement of Net Position
Governmental Activities(1)
(Amounts Expressed in Thousands)
(continued from previous page)
Net Position:
Net Investment in Capital Assets ...............................................
Restricted for or by:
Employee Benefits .................... ............. ...:...............................
Capital Projects:
Expendable(2)........................................................................
Nonexpendable(2)................................. ......... ........................
DebtService............................................................................
Police----- --------.......................................................................
Other Purposes
Expendable............................................................................
Nonexpendable......................................................................
Grant Agreement.........................................................:...........
Unrestricted.. ........................... ........... - ................. .................
Total Net Position ................. ........................ ............ ......... ....
Audited as of June
30
2020
2021
2022
2023
2024
$220,004
$228,418
$230,285
$235,218
$238,351
3,875
3,973
4,446
4,655
3,953
11,464
12,266
13,180
15,019
18,750
278
218
243
269
274
9,590
7,388
7,190
7,246
7,419
294
271
285
260
237
4,552
6,300
8,473
9,217
10,363
69
69
69
69
69
3,456
3,179
3,014
3,313
3,251
21,819
$275,401
25,528
$287,610
39,505
$306,690
52,971
$328,237
68,947
$351.614
Notes: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2020 through 2024.
(2) For fiscal year 2019 amount is classified as expendable.
Statement of Activities
Governmental Activities(1)
(Amounts Expressed in Thousands)
Audited for the Year Ended June 30
2020
2021
2022
2023
2024
Function/Programs:
Governmental Activities:
Public Safety ................................. ................. .......... :..:.:.........
$ (22,728)
$ (25,853)
$ (18,337)
$ (21,081)
$ (23,620)
Public Works...........................................................................
(4,737)
(2,958)
(3,039)
(6,012)
(4,330)
Culture and Recreation............................................................
(15,451)
(15,442)
(15,902)
(16,892)
(17,896)
Community and Economic Development. ................................
(7,760)
(4,792)
(4,275)
(6,551)
420
General Government ........ ........ ........................ ............._.........
(6,137)
(8,757)
(5,677)
(6,907)
(8,641)
Interest on Long -Term Debt ................ ............ .........................
(1.452)
(1,561)
(1,553)
(1,622)
(1.624)
Total Governmental Activities ................................................
5$ { 8.265)
5 159.363]
5 (48.783)
5 (59.065)
5$ ( 5,691)
General Revenues:
Property Taxes, Levied for General Purposes ...............
$ 62,846
$ 69,482
$ 70,678
$ 70,824
$ 70,578
Hotel/Motel Tax......................................................................
1,135
938
1,708
1,885
2,043
Gas and Electric Tax ................ ................ ...............................
677
644
684
784
748
Utility Franchise Tax.... ........ ............... - ------ ...... - ...... - ...
884
994
1,149
1,117
983
Grants and Contributions Not Restricted to Specific Purposes.
1,513
1,587
1,555
1,244
1,675
Earnings (lass) on Investments ................................................
2,585
841
(544)
4,325
8,894
Gain on Disposal of Capital Assets..... .....................................
111
213
257
1,242
418
Miscellaneous..........................................................................
3,331
3,030
3,524
3,984
3,903
Transfers...................................................................................
(6.387)
(6,157)
11148
(4,876)
10174
Total General Revenues and Transfers ..................................
� 66,695
71,572
65 7.863
8$ 0 52g
S 79.06B
Changes in Net Position............................................................
$ 8,430
$ 12,209
$ 19,080
$ 21,464
$ 23,377
Net Position Beginning of Year ............ :.....................................
266,971
275,401
287.610
306,773
328,237
Net Position End of Year............................................................. $275.401 s2"Lm $306,690 $E
Note: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2020 through 2024
The remainder of this page was left blank intentionally.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 112
Balance Sheet
General Fund(])
(Amounts Expressed in Thousands)
_Audited
as of June 30
2020
2021
2022
2023
2024
Assets:
Equity in Pooled Cash and Investments ....................................
$42,371
$51,870
$ 57,398
$ 57,640
$ 64,686
Receivables:
Property Taxes........................................................................
40,081
40,959
40,442
40,444
42,704
Accounts and Unbilled Usage........ ..........................................
355
508
508
534
154
Interest...... - -- ........... ........... ............... -- ............... - ........
163
24
14
183
408
Notes ...... ........ .................... ....... .......... ........ .................. ..........
1,252
1,073
976
1,288
1,330
Due from Other Funds..... ................................... ....................
299
174
0
214
211
Lease Receivable .............. �.......................................................
0
0
39
16
164
Due from Other Governments....................................................
3,661
2,080
2,764
2,716
2,618
Prepaid Item..............................................................................
13
0
0
0
0
Assets Held for Resale..............................................................
480
400
1,820
2,058
6,335
Restricted Assets:
Equity in Pooled Cash and Investments ................... ...-.........
2,209
2,134
2,928
3,348
3,433
Total Assets....................................................................
$90,884
$99,222
$106,889
$108,441
$122.043
Liabilities, Deferred Inflows of Resources and Fund Balance:
Liabilities:
Accounts Payable ...................................... ............... .... ......._..
$ 1.356
$ 1.672
$ 2,217
$ 1.796
$ 1.774
Accrued Liabilities....................................................................
1,673
1.957
2,187
738
997
Due to Other Governments......................................................
38
38
34
35
42
Liabilities Payable from Restricted Assets:
Deposits...............................................................:.................
1,217
1,115
1,126
1,371
1,411
Advances from Grantors .........................................................
0
19
19
19
19
Total Liabilities.......................................................................
$ 4�284
5 4,801
$ 5,583
$ 3.959
4,243
Deferred Inflows of Resources:
Unavailable Revenues:
Succeeding Year Properly Taxes ...........................................
$39,720
$40.568
$ 40.340
$ 40.187
$ 42,127
Lease related deferred inflows ...............:................................
0
0
39
16
164
Grants..........................................................................
1,791
4
328
304
1
Other.. ..................... ... --- ........ ................ ......... ..... .............
1,716
1,628
1,769
1,939
2,063
Total Deferred Inflows of Resources ......................................
$43,227
S42 200
$ 42 476
S 42 446
44,355
Fund Balance:
Nonspendable.................. .......... .............. ....._........................_
$ 549
$ 469
$ 1,889
$ 2,127
$ 6,404
Restricted................................................................................
1,747
1,455
2,015
2,310
2,455
Assigned ........................ :................. .... ....-I ... .........................
5,708
9,883
14,852
19,622
18,437
Unassigned .......................................... ..._..................... ._.........
35,369
40,414
40,074
37,977
46,149
Total Fund Balance ...... .................... . ..... .................. .........
$43,373
5$ 2,221
$ 58 830
65 2.036
73,445
Total Liabilities, Deferred Inflows of Resources
and Fund Balance ---- ---- ................................ ....................
$90_884.
$99 222
$10-6i 882
$108.441
$122 M
Note: (1) Source: Audited financial statements of the City for the fiscal years
ended June 30, 2020 through 2024.
The remainder of this page was left blank intentionally.
City oflowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 113
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund(])
(Amounts Expressed in Thousands)
Audited Fiscal Year Ended June 30
2020
2021
2022
2023
2024
Revenues:
Taxes .................................................... :......:......................... ..
$38,087
$42,635
$43,691
$43,989
$43,649
Licenses and Permits...............................................................
2,352
2,541
2,786
2,854
3,036
Intergovernmental....................................................................
4,009
5,924
4,046
3,918
4,750
Charges for Service..................................................................
1,113
808
1,711
1,352
1,201
Fines and Forfeits ....... .................................. ......... :.................
609
375
434
372
392
Use of Money and Property......................................................
1,102
456
33
1,591
2,997
Miscellaneous...........................................................................
2,031
1,688
1,694
2,163
2,260
Total Revenues.....................................................................
S49.303
$54,427
$54,395
$56,239
5$8,285
Expenditures:
Current:
Public Safety .... :::...:...:.................. .........................................
$24,611
$24,764
$25,783
$26,923
$27,819
Public Works...........................................................................
2,219
2.076
2,527
2,700
2,844
Cultural and Recreation...........................................................
13,146
12.407
14,722
15,317
15,888
Community and Economic Development . .............. ,....,...........
3,678
3.487
3,325
3,556
4,605
General Government...............................................................
6,336
6,676
7,310
7,777
8,921
Debt Service:
Principal..................................................................................
0
0
0
0
95
Interest... .... .......... ......... ....................................... ...............
0
0
0
0
6
Capital Outlay .............. .................. .............................................
2,088
1,828
1,291
1,436
1,835
Total Expenditures....................................................................
$52.078
5$ 1,238
5$4,958
$57,709
6$ 2,013
Excess (Deficiency) of Revenues Over (Under) Expenditures...
2 775
$ 3,189
(563)
(1,470)
(3,728)
Other Financing Sources (Uses):
Issuance of Debt .......................................... .........................
$ 0
$ 0
$ 0
$ 0
$ 90
Sale of Capital Assets..............................................................
ill
233
255
129
211
Transfers In..............................................................................
12,578
12,567
14,167
13,034
23,252
Transfers Out........ ..................... --- ..... ... --.- ...........
7159
(7,141)
7250
7)
-(8416)
Total Other Financing Sources and (Uses).. .................
5,530
$ 5,659
7,172
4,676
1$ 5,137
Net Change in Fund Balance ........... ....... ............. :........... :.........
$ 2,755
$ 8,848
$ 6,609
$ 3,206
$11,409
Fund Balance, Beginning .... .................. ............. _.....................
40,618
43,373
52,221
58,830
62,036
Fund Balance, Ending...............................................................
$43,373
$52,221
$58,830
$62,036
$73.445
Note: (1) Source: Audited financial statements of the City for the fiscal years ended June 30, 2020 through 2024
PENSIONS
Pension and OPEB Benefits
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).
In fiscal year 2024, pursuant to the IPERS' required rate, the City's Regular employees (members) contributed 6.29%
of covered payroll and the City contributed 9.44% of covered payroll, for a total rate of 15.73%. The City's contributions to
IPERS for the year ended June 30, 2024 were $3,497,329. 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.
At June 30, 2024, the City reported a liability of $19,005,162 for its proportionate share of the IPERS net pension
liability. The net pension liability was measured as of June 30, 2023 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. While the City's contributions to IPERS
are controlled by state law, there can be no assurance the City will not be required by changes in State law to increase its
contribution requirement in the future, which may have the effect of negatively impacting the finances of the City.
City of lows City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 114
In fiscal year 2024, pursuant to the MFPRSI's required rate, the City's employees (members) contributed 9.40% of
earnable compensation and the City contributed 22.98% of eamable compensation, for a total rate of 32.38%. The City's
contribution to MFPRSI for year ended June 30, 2024 was $2,958,187. 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 MFPRSI.
At June 30, 2024, the City reported a liability of $22,064,192 for its proportionate share of the MFPRSI net pension
liability. The net pension liability was measured as of June 30, 2023 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 7.5%. 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 MFPRSI participating employers. While the City's contributions to MFPRSI
are controlled by state law, there can be no assurance the City will not be required by changes in State law to increase its
contribution requirement in the future, which may have the effect of negatively impacting the finances of the City.
Other Post -Employment Benefits (OPEB)
The City operates a single -employer 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................:................... ............... $8,730,093
Changes for the year
ServiceCost.......................................................................... 636,191
Interest.................................................................................. 378,025
Difference Between Expected and Actual Experience ........... (418,135)
Changes in Assumptions....................................................... 627,644
Benefit Payments.................................................................. (430,651)
NetChanges .... .................................................................................. :... 793,074
Total OPEB Liability End of Year.........................................:................. $9.523.167
The remainder of this page was left blank intentionally.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 115
FINANCIAL AND OPERATING REPORT
FOR THE FISCAL YEAR JUNE 30, 2024
Relating to
CITY OF IOWA CITY
Johnson County, Iowa
WATER SYSTEM REVENUE
BASE CUSIP NO.462380
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 oflowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page116
WATER SYSTEM
The Water Division is comprised of five parts: Administration, Treatment Plant, Customer Service, Distribution, and Public
Information/Education. There are a total of 32 (FTE) employees who work in the Water Division. This division serves
about 75,000 people and has over 28,000 customer water accounts. The average daily use for fiscal year 2024 was
approximately 6.0 million gallons per day (MGD). A peak daily flow of 9.0 MGD was experienced in 2020.
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 MGD. Additional sources include one Jordan aquifer wells which can provide
0.75 MGD; three Silurian aquifer wells which can provide 0.75 MGD; a sand pit that can provide 0.5 MGD; a river intake
that can provide 3.8 MGD; for a total of approximately 15.3 MGD maximum available production and 16.7 MGD design
maximum.
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 State 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 285 miles of water mains and includes—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 2.0 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 7.0 million
gallons of water. The water system also provides for fire protection with approximately 3,800 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, 2023.
Water Service Charge Minimums(1)
(Includes up to the first 100 cubic feet (c.f.))
Meter Size
Meter Size
Inches
Charge Inches Charge
5/8" ...............:.....
$ 8.52 2..................... $ 29.39
3/4" .....................
9.31 3..................... 54.32
1"_ ....... ............
10.96 4 ..................... 94.73
1 1 /2"....................
21.85 6..................... 190.62
Note: (1)
Source: the City.
Monthly Usage in excess of 100 Cubic Feet (c.f.)(1)
101 c.f. - 3,000 c.f...................$3.97 per 100 c.f.
3,001 c.f. and over..................$2.85 per 100 c.f.
Note: (1) Source: the City
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page117
Single Purpose Meter Charges(])
First 100 c.f. .............. — ...... --- ... ...... Minimum Monthly Charge
Usage in excess of 100 c.f.................. $3.97 per 100 c.f.
Note: (1) Source: the City.
Changes in water rates over the last ten fiscal years:
Water Rate Changes(])
Fiscal
Rate
Year
Change
2015 .................. ..... ......
°
2016..........................
°
2017....................................................
0%
2018...................................................
0%
2019....................................................
0%
2020 ....................................................
5 %
2021....................................................
0%
2022............................................
5%
2023. ...................................................
0%
2024 ..................... ............... .... .......
4%
Note: (1) Source: the City.
SALES HISTORY AND WATER SYSTEM CHARGES(])
Fiscal
Water Sales
Water System
Year
Cubic Feet Sold(2)
Charges
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
2020......:............................
285,102,926 ..............................
10,705,168
2021-
......................_...._..... 237,035,139 ..............................
9,459, 987
2022...................................
237,722,261 ..............................
10,209, 841
2023...................................
249,812,176 ..............................
11,172,513
2024 ..............................
. 246, 654, 877 ..............................
10, 739, 382
Notes: (1) Source: the City.
(2) Beginning in March 2015 the amounts include unbilled usage.
Water System Customers By Classification(])(2)
Classification
FY2021
FY2022
FY2023
FY2024
FY2025
Residential .............................
27,266
28,029
27,521
27,521
25,750
Commercial ...........................
1,489
1,573
1,498
1,498
1,483
Industrial ................................
15
17
15
15
16
Other(3).................................
195
205
203
203
156
Irrigation Meters
..................... 0
0
0
0
2,405
Total Meters....
..................... 28,965
29,824
29,237
29,237
29,810
Notes: (1)
Source: the City.
(2)
Meter information above represents
the number of meters customers billed as of December 31".
(3)
Other meters consist of schools, government, churches, and City meters.
City of Iowa City, Johnson County, Iowa
Fiscal Year 2024 Annual Financial and Operating Disclosure
Page 118
Larger Water System Customers(])
Customer Name
Proctor & Gamble ....................................................
Veterans Administration Medical Center ..................
Tailwind Iowa City LLC............................................
Graduate Hotel ...... :.................................................
MercyHospital.........................................................
Campus Apartments ................................................
Dominium JIT Sry ............................................
Rise at Riverfront Crossing....... ............. ................
Seville Apartments ...................................................
Oaknoll Retirement Residence .................................
Total......................................................................
Total Water System Charges
Note: (1) Source: the City
Fiscal Year 2024
Charges
Rank
Percentage
$ 697,783
1
6.50%
189,497
2
1.76%
88,513
3
0.82%
82,527
4
0.77%
79,859
5
0.74%
78,756
6
0.73%
62,832
7
0.59%
50,735
8
0.47%
46,396
9
0.43%
45,679
10
0.43%
$ 1,422,577
13.24%
$10.739,382
The remainder of this page was left blank intentionally.
Item Number: IP3.
a
CITY OF IOWA CITY
"QR T-4 COUNCIL ACTION REPORT
January 23, 2025
Memo from Budget Management Analyst: Quarterly Financial Summary for Period Ending
December 31, 2024
Attachments: Memo from Budget Management Analyst: Quarterly Financial Summary for
Period Ending December 31, 2024.pdf
CITY OF IOWA CITY
,��� MEMORANDUM
Date: January 21,2025
To: City Manager, City Council
From: Angie Ogden, Budget Management Analyst
Re: Quarterly Financial Summary for Period Ending December 31, 2024
Introduction
Attached to this memorandum are the City's quarterly financial reports as of December 31, 2024.
The quarterly financial reports include combined summaries of all fund balances, revenues, and
expenditures for fiscal year 2025 through the end of the second quarter, which is 50% of the way
through the fiscal year. Below are some of the highlights from this quarter's financial activity.
Revenue Analysis
This revenue analysis pertains to the revenue reports, Revenues by Fund and Revenues by Type,
on pages 4-6. In these two reports, the actual revenues would ideally be near 50% of budget
since we have completed one-half of the fiscal year; however, due to accruals back to the previous
year and quarter, many of these percentages are below 50%.
Funds with budget anomalies on page 4 worth noting:
■ CDBG fund has actual revenues at 35.3% and HOME 7.7% due to timing of grant receipts.
• Other Shared Revenue at 9.7% due timing of grant receipts.
• Transit fund has actual revenues at 17.0% due to the timing of receipt for the federal
operating grant.
• Risk Management fund has actual revenues at 145.2% due to the entries made for loss
reserve payments to intra-city charges.
• Governmental Projects fund has revenues of 8.9% and Enterprise Projects fund has
revenues of 2.5% due to timing of funding for CIP projects through grants and bond sales.
On page 5, an example of revenue that is below the 50% mark due to accruals include Utility
Franchise Taxes at 27.0% under Other City Taxes. This revenue source is received quarterly and
had the first receipt during the fiscal year accrued back to last fiscal year. The report appears as
if this revenue is behind budget projections; however, this revenue source is in line with last year.
Other revenues on page 5 that are either above or below the 50% mark due to the timing of grants,
28E agreements or contributions receipts include Federal Intergovernmental Revenue at 13.2%,
State 28E Agreements at 84.6%, Operating Grants at 121.5%, Other State Grants at 14.5% and
Local 28E Agreements at 65.0%.
Additionally, other revenues above or below 50% of budget include:
• Interest Revenues at 319.8% due to higher interest allocations than expected.
• Transit Fees at 0.0% due to fare free riding.
The combined total actual revenues for all budgetary funds through December are $92,423,864
or 34.5% of budget. Overall, the City's revenues are not substantially different than projected,
and the anomalies and budget variances can be explained.
Expenditure Analysis
This expenditure analysis pertains to the expenditure reports, Expenditures by Fund and
Expenditures by Fund by Department on pages 7-9. The analysis of the City's expenditures for
fiscal year 2025 through December is similar to the analysis for the City's revenues. We generally
expect the actual expenditure levels to be around 50% of budget at this time of year.
Some of the funds have expenditure activity through the second quarter that differs significantly
from the 50% mark. The following funds have a significant expenditure variance above or below
50%:
• Emergency Levy funds are at .1 % due to timing of grant payments.
• Tax Increment Financing funds are at 8.0% due to the timing of rebate payments.
• Debt Service Fund expenditures are at 8.8%, because the general obligation bond
principal payments are not due until June 1.
Housing Authority fund is at 60.6% due to an increase in landlord rents.
• Governmental Projects expenditures are at 14.0% and Enterprise Projects expenditures
are at 6.5% because many of the capital projects are scheduled for construction this
spring.
• Equipment fund is at 35.1 % due to the timing of equipment purchases and replacements.
Overall, the combined total actual expenditures for all budgetary funds through December are
$93,909,480 or 26.1% of budget. Overall, the City's expenditures through the second quarter
have a few major anomalies; however, these can be explained and are not unusual.
Conclusion
Generally, there are no major concerns to report with the City's fund balances at December 31.
There are a few funds presented (on page 3) with a negative fund balance, CDBG fund at
-$156,866 and HOME at-$673,068. These negative fund balances should reverse following the
receipt of grant proceeds. The other fund balances appear healthy. Additional information is
available from the Finance Department upon request.
City of Iowa City
Fund Summary
Fiscal Year 2025 through December 31, 2024
Beginning
Ending
Restricted,
Unassigned
Fund
Year -to -Date
Transfers
Year -to -Date
Transfers
Fund
Committed,
Fund
Balance
Revenues
In
Expenditures
Out
Balance
Assigned
Balance
BudgetarV Funds
General Fund
10** General Fund
$ 66,253,379
$ 33,927,329
$ 6,898,240
$ 35,068,376
$ 3,063,405
$ 68,947,167
$ 25,044,597
$ 43,902,570
Special Revenue Funds
2100 Community Dev Block Grant
332
439,583
-
476,256
120,425
(156,766)
-
(156,766)
2110 HOME
(526)
236,226
-
908,768
-
(673,068)
-
(673,068)
2200 Road Use Tax Fund
6,740,530
4,588,351
348,550
3,707,481
1,607,881
6,362.069
-
6,362,069
2300 Other Shared Revenue
3,545,052
69,441
-
2,757,739
-
856,754
-
856,754
2350 Metro Planning Org of J.C.
633,511
204,694
197,300
525,395
-
510,110
-
510,110
2400 Employee Benefits
3,577,051
8,112,115
-
832,051
7,112,100
3,745,016
-
3,745,016
2450 Emergency Levy Fund
1,192,635
3,852
-
250
-
1,196,237
-
1,196,237
2500 Affordable Housing Fund
7,372,091
186,205
515,000
553,310
-
7,519,986
-
7,519,986
2510 Peninsula Apartments
408,086
140,600
-
76,014
-
472,672
-
472,672
26** Tax Increment Financing
867,240
2.365,188
216,872
1,584,838
1,430,718
-
1,430,718
2820 SSMID-Downtown District
-
363,856
-
321,146
-
42,710
-
42,710
Debt Service Fund
5*** Debt Service
7,487,853
6,419,723
1,542,059
1,208,883
-
14,240,753
-
14,240,753
Enterprise Funds
710* Parking
2,115,697
3,795,968
750,000
2,433,370
1,397,420
2,830,875
703,285
2,127,589
715* Mass Transit
13,531,551
1,350,09E
2,123,600
4,244,567
12,500
12,748,182
12,513,105
235,078
720* Wastewater
22,125,720
6,278,130
750,960
4,226,947
1,000,062
23,927,801
2,405,006
21,522,795
730* Water
15,771,221
5,943,200
1,184,772
5,752,763
1,431,126
15,715,303
6,031,240
9,684,063
7400 Refuse Collection
2,790,929
2,330.756
3,193
2,178,045
-
2,946,833
-
2,946,833
750* Landfill
22,508,794
4,319,197
507,993
2,945,211
263,085
24,127,688
19,728,040
4,399,648
7600 Airport
195,212
201,563
50,000
214,409
(3,536)
235,902
137,162
98,740
7700 Storm Water
1,677,134
858,962
550,431
274,134
670,000
2,142,394
1,023,215
1,119,178
79** Housing Authority
7,129,228
6,749,999
-
7,580,034
15,350
6,283,844
-
6,283,844
Capital Project Funds
Governmental Projects
31,810,109
1,954,122
1,998,734
11,071,275
-
24,691,690
-
24,691,690
Enterprise Projects
21,723,840
1,584.704
853,823
6,336,184
-
17,826,183
-
17,826,183
Total Budgetary Funds
$239,456,669
$ 92,423,863
$18,274,656
$ 93,909,480
$18.274,656
$237,971,053
$ 67,585.651
$170,385,402
Non -Budgetary Funds
Internal Service Funds
810* Equipment
$ 23,192,318
$ 4,379,068
$ -
$ 3,433,884
$ -
$ 24,137,503
$ 21,185,880
$ 2,951,623
8200 Risk Management
4,021,093
1,635,420
-
667,641
-
4,988,872
4,988,872
830* Information Technology
4,070,589
1,101,972
50,000
1,969,644
50,000
3,202,917
1,839,670
1,363,247
8400 Central Services
933,947
91,485
-
76,028
-
949,403
-
949,403
8500 Health Insurance Reserves
19,414,739
7,181,035
-
5,496,125
-
21,099,648
9,523,167
11,576,481
8600 Dental Insurance Reserves
597,941
234,738
-
194,904
-
637,776
-
637,776
Total Non -Budgetary Funds
$ 52,230,627
$ 14,623,717
$ 50,000
$ 11,838,226
$ 50,000
$ 55,016,118
$ 32,548,717
$ 22,467,402
Total All Funds
$291,687,296
$ 107,047,581
$18,324,656
$ 105,747,706
$18,324,656
$292,987,171
$100,134,367
$192,852,804
3
City of Iowa City
Revenues by Fund
Fiscal Year 2025 through December 31, 2024
2024
2025
2025
Actual
Budget
2025 Revised
Actual
Variance
Percent
Budgetary Fund Revenues
General Fund
10** General Fund
$ 63,144,267
$ 62,533,285
$
62,533,285
$ 33,927,329
$ (28,605,956)
54.3%
Special Revenue Funds
2100 Community Dev Block Grant
928,673
886,567
1,244,400
439,583
(804,817)
35.3%
2110 HOME
455,291
721,492
3,061,650
236,226
(2,825,424)
7.7%
2200 Road Use Tax Fund
11,039,422
10,649,900
10,649,900
4,588.351
(6,061,549)
43.1%
2300 Other Shared Revenue
653,948
30,000
715,955
69,441
(646,514)
9.7%
2350 Metro Planning Org of Johnson Co
574,367
468,000
468,000
204,694
(263,306)
43.7%
2400 Employee Benefits
14,864,849
15,335,900
15,335,900
8,112,115
(7,223,785)
52.9%
2450 Emergency Levy Fund
874,504
9,200
9,200
3,852
(5,348)
41.9%
2500 Affordable Housing Fund
372,575
-
-
186,205
186,205
0.0%
2510 Iowa City Property Management
252,224
226,575
226,575
140,600
(85,975)
62.1%
26** Tax Increment Financing
4,417,348
4,388,100
4,388,100
2,365,188
(2,022,912)
53.9%
2820 SSMIDs
661,438
677,000
677,000
363,856
(313,144)
53.7%
Debt Service Fund
5*** Debt Service
11,716,728
11,988,600
11,988,600
6,419,723
(5,568,877)
53.5%
Enterprise Funds
710* Parking
5,601,351
8,963,815
8,963,815
3,795,968
(5,167,847)
42.3%
715* Mass Transit
7,198,324
7,928,300
7,928,300
1,350,098
(6,578,202)
17.0%
720* Wastewater
13,901,646
13,353,500
13,353,500
6,278,130
(7,075,370)
47.0%
730* Water
12,734,762
12,250,200
12,250,200
5,943,200
(6,307,000)
48.5%
7400 Refuse Collection
5,167,200
5,142,300
5,142,300
2,330,756
(2,811,544)
45.3%
750* Landfill
B,795,022
7,964,900
7,964,900
4,319,197
(3,645,703)
54.2%
7600 Airport
450,040
440,500
440,500
201,563
(238,937)
45.8%
7700 Storm Water
1,950,216
1,916,800
1,916,800
858,962
(1,057.838)
44.8%
79** Housing Authority
14,147,197
12,892,728
12,892,728
6,749,999
(6,142,729)
52.4%
Capital Project Funds
Governmental Projects
14,097,960
16,535,200
21,988,990
1,954,122
(20,034,868)
8.9%
Enterprise Projects
2,335,250
28,650,000
63,759.935
1,584,704
(62,175,231)
2.5%
Total Budgetary Revenues
$ 196,334,603
$ 223,952,862
$
267,900,533
$ 92,423,863
$ (175,476,670)
34.5%
Non -Budgetary Fund Revenues
Internal Service Funds
810* Equipment
$ 8,814,965
$ 8,654,600
5
8,654,600
$ 4,379,068
$ (4,275,532)
50.6%
8200 Risk Management
1,803,542
$ 1,126,200
$
1,126,200
$ 1,635,420
509,220
145.2%
830* Information Technology
3,020,650
$ 2,768,201
5
2,768,201
$ 1.101,972
(1,666,229)
39.8%
8400 Central Services
226,162
$ 143,800
$
143,800
$ 91,485
(52,315)
63.6%
8500 Health Insurance Reserves
13,615,421
$ 14,353,600
5
14,353,600
$ 7.181,035
(7,172,565)
50.0%
8600 Dental Insurance Reserves
467,770
$ 463,100
5
463,100
$ 234,738
(228,362)
50.7%
Total Non -Budgetary Revenues $ 27,948,510 $ 27,509,501 $ 27,509,501 $ 14,623,717 $ (12,885,784) 53.2%
Total Revenues - All Funds $224,283,113 $251,462,363 $ 295,410,034 $107,047,581 $(188,362,453) 36.2%
4
City of Iowa City
Revenues by Type
Fiscal Year 2025 through December 31, 2024
2024
2025
2025
Actual
Budget
2025 Revised
Actual
Variance
Percent
Budgetary Fund Revenues
Property Taxes
$ 66,225,551
$ 68,821,500
$ 68,821,500
$ 35,942,141
$ (32,879,359)
52.2%
Other City Taxes:
TIF Revenues
4,304,866
4,388,100
4,388,100
2,325,308
(2,062,792)
53.0%
Gas/Electric Excise Taxes
748,119
656,400
656,400
362,846
(293,554)
55.3%
Mobile Home Taxes
47,992
52,800
52,800
32,080
(20,720)
60.8%
Hotel/Motel Taxes
2,043,186
1,750,400
1,750,400
1,047,177
(703,223)
59.8%
Utility Franchise Tax
982,969
1,116.700
1,116,700
301.989
814,711
27.0%
Subtotal
8,127,132
7,964,400
7,964,400
4,069,400
(3,895,000)
51.1%
Licenses, Permits, & Fees:
General Use Permits
99,282
107,080
107,080
14,783
(92,297)
13.8%
Food & Liquor Licenses
126,923
116,700
116,700
59,510
(57,190)
51.0%
Professional License
2,275
2,000
2,000
1,125
(875)
56.3%
Franchise Fees
593,710
470,000
470,000
108,133
(361,867)
23.0%
Construction Permits & Insp Fees
2,166,574
1,836,100
1,836,100
1,017,531
(818,569)
55.4%
Misc Lic & Permits
55.391
61,000
61,000
27.587
33.413
45.2%
Subtotal
3,044,155
2,592,880
2,592,880
1,228,669
(1,364,211)
47.4%
Intergovernmental:
Fed Intergovernmental Revenue
21,891,003
48,997,706
56,476,157
7,452,275
(49,023,882)
13.2%
Property Tax Credits
1,674,917
1,404,500
1,404,500
310,924
(1,093,576)
22.1%
Road Use Tax
10,560,120
10,500,000
10,500,000
4,563,542
(5,936,458)
43.5%
State 28E Agreements
2,408,480
2,508,500
3,033,500
2,566,419
(467,081)
84.6%
Operating Grants
68,697
54,000
54,000
65,627
11,627
121.5%
Disaster Assistance
71,309
-
-
-
-
0.0%
Other State Grants
1,037,961
685,800
2,586,720
373,931
(2,212,789)
14.5%
Local 28E Agreements
1,428.012
1.418.105
1,418 105
921,720
496,385
65.0%
Subtotal
39,160,500
65,568,611
75.472,982
16,254,438
(59,218,544)
21.5%
Charges For Fees And Services:
Building & Development
663,935
478,850
478,850
205,323
(273,527)
42.9%
Police Services
100,897
80,000
80,000
80,831
831
101.0%
Animal Care Services
10,204
12,800
12,800
7,859
(4,941)
61.4%
Fire Services
13,380
9,100
9,100
4,500
(4,600)
49.5%
Transit Fees
64,504
-
-
-
-
#DIV/01
Culture & Recreation
659,725
644,100
644,100
308,650
(335,450)
47.9%
Misc Charges For Services
75,150
67,500
67,500
29,896
(37,604)
44.3%
Water Charges
11,003,126
11,084,600
11,084,600
5,090,017
(5,994,583)
45,9%
Wastewater Charges
12,794,159
13,207,400
13,207,400
5,739,212
(7,468,188)
43.5%
Refuse Charges
5,563,940
5,759,100
5,759,100
2,545,866
(3,213,234)
44.2%
Landfill Charges
7,144,380
6,900,000
6,900,000
3,537,994
(3,362,006)
51.3%
Storm Water Charges
1,885,926
1,900,000
1.900,000
821,250
(1,078,750)
43.2%
Parking Charges
5,723.759
9,372,135
9,372 135
3 966,572
5,405,563
42.3%
Subtotal
45,703,085
49,515,585
49,515,585
22,337,971
(27,177,614)
45.1%
Miscellaneous:
Code Enforcement
149,237
161,700
161,700
91,254
(70,446)
56.4%
Parking Fines
684,633
817,000
817,000
458,089
(358,911)
56.1%
Library Fines & Fees
780
1,000
1,000
259
(741)
25.9%
Contributions & Donations
582,187
322,800
322,800
186,899
(135,901)
57.9%
Printed Materials
21,173
17,300
17,300
11,803
(5,497)
68.2%
Animal Adoption
61,514
60,500
60,500
34,120
(26,380)
56.4%
Misc Merchandise
22,319
21,400
21,400
5,956
(15,444)
27.8%
Intra-City Charges
6,215,701
6,782,100
6,782,100
3,360,278
(3,421,822)
49.5%
Other Misc Revenue
1,317,856
866,801
2,645,411
727,828
(1,917,583)
27.5%
Special Assessments
753
2,000
2.000
20
(1,980)
1.0%
Subtotal
$ 9,056,152 $
9,052,601
$ 10,831,211
$ 4,876,505
$ (5,954,706)
45.0%
5
City of Iowa City
Revenues by Type
Fiscal Year 2025 through December 31, 2024
2024 2025 2025
Actual Budget 2025 Revised Actual Variance Percent
Use Of Money And Property:
Interest Revenues
$ 10,128,915
$
1,642,310
$ 1,642,310
$
5,251,883
$ 3,609,573
319.8%
Rents
1,603,520
1,529,075
1,529,075
726,395
(802,680)
47.5%
Royalties & Commissions
107.306
121,000
121.000
69.920
51,080
57.8%
Subtotal
11,839,741
3,292,385
3,292,385
6,048,197
2,755,812
183.7%
Other Financial Sources:
Debt Sales
11,616,402
16,350,000
48,614,690
905,087
(47,709,603)
1.9%
Sale Of Assets
1,042,543
420,900
420,900
72,137
(348,763)
17.1%
Loans
519,342
374,000
374,000
689,319
315,319
184.3%
Subtotal
13,178,287
17,144,900
49,409,590
1,666,543
(47,743,047)
3.4%
Total Budgetary Revenues
$196,334,604
$
223,952,862
$267,900,533
$
92,423,864
(175,476,669)
34.5%
Non -Budgetary Fund Revenues
Internal Service Funds
$ 27,948,510
$
27,509,501
$ 27,509,501
$
14,623,717
$ (12,885,784)
53.2%
Total Non -Budgetary Revenues
$ 27,948,510
$
27,509,501
$ 27,509,501
$
14,623,717
$ (12,885,784)
53.2%
Total Revenues - All Funds
$224,283,113
$
251,462,363
$295,410.034
$107,047,581
$(188,362.453)
36.2%
6
City of Iowa City
Expenditures by Fund
Fiscal Year 2025 through December 31, 2024
Budgetary Fund Expenditures
General Fund
10** General Fund
Special Revenue Funds
2100 Community Dev Block Grant
2110 HOME
2200 Road Use Tax Fund
2300 Other Shared Revenue
2350 Metro Planning Org of Johnson Co.
2400 Employee Benefits
2450 Emergency Levy Fund
2500 Affordable Housing Fund
2510 Iowa City Property Management
26- Tax Increment Financing
2820 SSMIDs
Debt Service Fund
5*** Debt Service
Enterprise Funds
710* Parking
715* Mass Transit
720* Wastewater
730* Water
7400 Refuse Collection
750* Landfill
7600 Airport
7700 Storm Water
79** Housing Authority
Capital Project Funds
Governmental Projects
Enterprise Projects
Total Budgetary Expenditures
Non -Budgetary Funds Expenditures
Internal Service Funds
810* Equipment
8200 Risk Management
830* Information Technology
8400 Central Services
8500 Health Insurance Reserves
8600 Dental Insurance Reserves
Total Non -Budgetary Expenditures
Total Expenditures - All Funds
2024 2025 2025 2025
Actual Budget Revised Actual Variance Percent
$ 71,436,486 $ 71,092,899 $ 80,698,298 $ 35,068,376 $ 45,629,922 43.5%
928,736
801,106
1,158,939
476,256
682,683
41.1%
455,862
588,371
2,928,529
908,768
2,019,761
31.0%
7,448,448
7,965,300
7,965,300
3,707,481
4,257,819
46.5%
970,786
123,700
4,288,607
2,757,739
1,530,868
64.3%
902,800
862,600
980,710
525,395
455,315
53.6%
1,739,908
1,146,925
1,146,925
832,051
314,874
72.5%
514,078
125,000
179,773
250
179,523
0.1%
1,400,194
1,030,000
1,030,000
553,310
476,690
53.7%
189,624
172,775
297,775
76,014
221,761
25.5%
2,161,320
2,727,000
2,727,000
216,872
2,510,128
8.0%
661,438
677,000
677,000
321,146
355,854
47.4%
13,189,955
13,787,740
13,787,740
1,208,883
12,578,857
8.8%
4,141,962
5,162,374
5,162,374
2,433,370
2,729,004
47.1%
9,882,655
11,955,550
12,077,550
4,244,567
7,832,983
35.1%
8,271,541
12,714,600
12,814,600
4,226,947
8,587,653
33.0%
10,590,605
10,356,952
10,770,053
5,752,763
5,017,290
53.4%
4,368,350
4,731,500
4,806,500
2,178,045
2,628,455
45.3%
6,085,972
6,079,450
6,134,503
2,945,211
3,189,292
48.0%
489,950
436,550
436,550
214,409
222,141
49.1%
623,916
681,900
681,900
274,134
407,766
40.2%
13,129,901
12,469,766
12,514,766
7,580,034
4,934,732
60.6%
20,533,547 41,047,794 79,353,654 11,071,275 68,282,379 14.0%
14,032,510 34,970,500 97,829,886 6,336,184 91,493,702 6.5%
$194,150,542 $ 241,707,352 $360,448,932 $ 93,909,480 $266,539,452 26.1%
$ 6,700,574
$ 7,894,700
$ 9,780,142 $
3,433,884
$ 6,346,258
35.1%
2,043,847
1,320,700
1,320,700
667,641
653,059
50.6%
3,231,658
3,175,188
3,379,416
1,969,644
1,409,772
58.3%
170,690
218,900
237,452
76,028
161,424
32.0%
10,601,094
12,258,500
12,258,500
5,496,125
6,762.375
44.8%
399,145
410,200
410,200
194,904
215,296
47.5%
$ 23,147,008
$ 25,278,188
$ 27,386,410 $
11,838,226
$ 15,548,184
43.2%
$217,297,550
$ 266,985.540
$387.835,342 $
105,747,706
$ 282,087.636
27.3%
7
City of Iowa City
Expenditures by Fund by Department
Fiscal Year 2025 through December 31, 2024
2024
2025
2025
2025
Actual
Budget
Revised
Actual
Variance
Percent
Budgetary Funds Expenditures
General Fund
10** General Fund
City Council $
181,634
$ 192,500 $
192,500 $
87,924 $
104,576
45.7%
City Clerk
633,423
636,705
636,705
271,013
365,692
42.6%
City Attorney
942,326
965,048
1,015,048
465,710
549,338
45.9%
City Manager
9,910,047
6,156,340
6,988,387
2,729,369
4,259,018
39.1%
Finance
4,577,205
5,529,700
5,529,700
2,894,641
2,645,059
52.2%
Police
16,522,474
17,809,695
18,172,854
8,082,116
10.090,738
44.5%
Fire
9,879,949
11,178,075
11,180,088
5,134,731
6,045,357
45.9%
Parks & Recreation
10,243,118
10,639,040
10,651,410
4,930,337
5,721,073
46.3%
Library
7,561,093
7,887,900
7,887,900
3,782,986
4,104,914
48.0%
Senior Center
1,067,416
1,147,250
1,165,750
505,850
659,900
43.4%
Neighborhood & Development Services
6,013,348
4,868,346
13,172,656
4,408,468
8,764,188
33.5%
Public Works
3,264,174
3,668,600
3,691,600
1,581,914
2,109,686
42.9%
Transportation & Resource Management
6d0.280
413,700
413,700
203,316
210,384
49.1%
Total General Fund
71,436,486
71,092,899
80,698,298
35,068,376
45,629,922
43.5%
Special Revenue Funds
2100 Community Dev Block Grant
Neighborhood & Development Services
928,736
801,106
1,158,939
476,256
682,683
41.1%
2110 HOME
Neighborhood & Development Services
455,862
588,371
2,928,529
908,768
2,019,761
31.0%
2200 Road Use Tax Fund
Public Works
7,448,448
7,965,300
7,965,300
3,707,481
4,257,819
46.5%
2300 Other Shared Revenue
Neighborhood & Development Services
970,786
123,700
4,288,607
2,757,739
1,530,868
64.3%
2350 Metro Planning Org of Johnson Cc
Neighborhood & Development Services
902,800
862,600
980,710
525,395
455.315
53.6%
2400 Employee Benefits
Finance
1,739,908
1,146,925
1,146,925
832,051
314,874
72.5%
2450 Emergency Levy Fund
City Manager
514,078
125,000
179,773
250
179,523
0.1%
2500 Affordable Housing Fund
Neighborhood & Development Services
1,400,194
1,030,000
1,030,000
553,310
476,690
53.7%
2510 Iowa City Property Management
Neighborhood & Development Services
189,624
172,775
297,775
76,014
221,761
25.5%
26** Tax Increment Financing
Finance
2,161,320
2.727,000
2,727,000
216,872
2,510,128
8.0%
2820 SSMIDs
Finance
661,438
677,000
677,000
321,146
355,854
47.4%
Total Special Revenue Funds
17,373,193
16,219,777
23,380,558
10,375,282
13,005,276
44.4%
Debt Service Fund
5*** Debt Service
Finance
13.189.955
13.787.740
13,787,740
1.208.883
12.578,857
8.8%
Total Debt Service Fund
13,189,955
13,787,740
13,787,740
1,208,883
12,578,857
8.8%
8
City of Iowa City
Expenditures by Fund by Department
Fiscal Year 2025 through December 31, 2024
2024
2025
2025
2025
Actual
Budget
Revised
Actual
Variance
Percent
Enterprise Funds
710* Parking
Transportation & Resource Management
$ 4,141,962
$ 5,162,374
$ 5,162,374
$ 2,433,370
$ 2,729,004
47.1%
715* Mass Transit
Transportation & Resource Management
9,882,655
11,955,550
12,077,550
4,244,567
7,832,983
35.1%
720* Wastewater
Public Works
8,271,541
12,714,600
12,814,600
4,226,947
8.587,653
33.0%
730* Water
Public Works
10,590,605
10,356,952
10,770,053
5,752,763
5,017,290
53.4%
7400 Refuse Collection
Transportation & Resource Management
4,368,350
4,731,500
4,806,500
2,178,045
2,628,455
45.3%
750* Landfill
Transportation & Resource Management
6,085,972
6,079,450
6,134,503
2,945,211
3.189,292
48.0%
7600 Airport
Airport Operations
489,950
436,550
436,550
214,409
222,141
49.1%
7700 Storm Water
Public Works
623,916
681,900
681,900
274,134
407,766
40.2%
79** Housing Authority
Neighborhood & Development Services
13,129,901
12,469,766
12,514,766
7.580,034
4,934.732
60.6%
Total Enterprise Funds
57,584,852
64,588,642
65,398,796
29,849,480
35,549,316
45.6%
Capital Project Funds
Governmental Projects
20,533,547
41,047,794
79,353,654
11,071,275
68,282,379
14.0%
Enterprise Projects
14,032,510
34,970,500
97,829,886
6,336,184
91,493,702
6.5%
Total Capital Project Funds
34,566,057
76,018.294
177,183,540
17,407,459
159,776,081
9.8%
Total Budgetary Expenditures
$194,150,542
$241,707,352
$360,448,932
$ 93,909,480
$ 266,539,452
26.1%
Nan -Budgetary Funds Expenditures
Internal Service Funds
810* Equipment
Public Works
$ 6,700,574
S 7,894,700
S 9,780,142
$ 3,433,884
$ 6,346,258
35.1%
8200 Risk Management
Finance
2,043,847
1,320,700
1,320,700
667,641
653,059
50.6%
830* Information Technology
Finance
3,231,658
3,175,188
3,379,416
1,969,644
1.409,772
58.3%
8400 Central Services
Finance
170,690
218,900
237,452
76,028
161,424
32.0%
8500 Health Insurance Reserves
Finance
10,601,094
12,258,500
12,258,500
5,496,125
6,762,375
44.8%
8600 Dental Insurance Reserves
Finance
399,145
410,200
410,200
194,904
215,296
47.5%
Total Internal Service Funds
23,147,008
25,278,188
27,386,410
11,838,226
15.548,184
43.2%
Total Non -Budgetary Expenditures
$ 23,147,008
$ 25,278,188
$ 27,386.410
$ 11,838.226
$ 15.548.184
43.2%
Total Expenditures - All Funds
$217,297,550
$ 266,985,540
$387,835,342
$ 105,747,706
$ 282,087,636
27.3%
9
Item Number: IP4.
a
CITY OF IOWA CITY
"QF T-4 COUNCIL ACTION REPORT
January 23, 2025
Media Release: Primary Election for City Council District C
Attachments: Media Release: Primary Election for City Council District C
Kellie Grace
From: City of Iowa City: Do Not Reply<CityoflowaCity@public.govdelivery.com>
Sent: Wednesday, January 22, 2025 11:02 AM
To: Kellie Grace
Subject: Primary election for City Council District C coming Feb. 4, 2025
SHRRE Having trouble viewing this email? View it as a Web pace .
cty°� 10WACITY
FOR IMMEDIATE RELEASE
Date: 01 /22/2025
Contact: Kellie Grace, City Clerk
Phone: 319-356-5041
Primary election for City Council District C coming Feb. 4,
2025
A primary will be held Tuesday, Feb. 4, 2025, for the District C vacancy on City Council. Only
residents who reside in District C will be able to vote.
Three candidates are seeking to complete the term of former Council Member Andrew Dunn, who
resigned in December 2024. The two candidates receiving the most votes will face each other in a
special election on Tuesday, March 4, 2025. The candidate elected will serve the remainder of
Councilor Dunn's term, through the end of 2027. To learn more about the candidates, visit the
Johnson Cou_nty_Auditor's website.
Only District C residents will be able to vote in the primary. To see a high -resolution map of the
Council District, visit our online rap. Precincts that will be open are: 3, 4, 5, 11, 19, 20, 21, 22, 25.
To enter your address and find your precinct, visit, visit the Auditor's website.
All Iowa City voters will be able to vote in the March 4 special election for the vacant council seat.
For any questions about voting, please contact the Johnson County Auditor's Office at 319-356-
6004.
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Item Number: IP5.
a
CITY OF IOWA CITY
"QR T-4 COUNCIL ACTION REPORT
January 23, 2025
Library Board of Trustees: December 19
Attachments: Library Board of Trustees: December 19
Iowa City Public Library Board of Trustees
Meeting Minutes
December 19, 2024
2nd Floor — Boardroom
Regular Meeting - 5:00 PM
Tom Rocklin - President Bonnie Boothroy Robin Paetzold
DJ Johnk — Vice President Joseph Massa John Raeburn
Hannah Shultz -Secretary Claire Matthews Dan Stevenson
Members Present: Bonnie Boothroy, Joseph Massa, John Raeburn, Tom Rocklin, Hannah Shultz,
Dan Stevenson.
Members Absent: DJ Johnk, Claire Matthews, Robin Paetzold.
Staff Present: Elsworth Carman, Sam Helmick, Anne Mangano, Brent Palmer, Jason Paulios, Angie
Pilkington, Katie Roche, Jen Royer.
Guests Present: None.
Call Meeting to Order. Rocklin called the meeting to order at 5:03 PM. A quorum was present.
Approval of December 19, 2024 Board Meeting Agenda. Shultz made a motion to
approve the December 19, 2024 Board Meeting Agenda. Boothroy seconded. Motion passed 6/0.
Public Discussion. None.
Items to be Discussed.
Policy Review: 501 Authority for Administration of Personnel Policies for Library Employees.
Rocklin said this policy helps explain the relationship between the Library and the City. Massa made a
motion to approve Policy 501: Authority for Administration of Personnel Policies for Library Employees.
Raeburn seconded. Motion passed 6/0.
Policy Review: 103 Membership in Professional Organizations. Carman noted that Rocklin identified
Greater Iowa City should have "Inc.". Shultz noted the library pays for half of memberships and asked if
it was a budget decision. Royer said it was tied to budget and policy history. Carman said depending on
the year staff could outpace the budget. There was discussion about how the University of Iowa pays for
professional memberships. Massa made a motion to approve the proposed changes to Policy 103
Membership in Professional Organizations. Shultz seconded. Motion passed 6/0.
If you will need disability -related accommodations in order to participate in this meeting, please contact Jen Royer, Iowa City
Public Library, at 319-887-6003 or Jennifer-roger@icpLorg. Early requests are strongly encouraged to allow sufficient time to
meet your access needs.
Review: FY25 Holiday Calendar. Rocklin noted the request to close early on February 20, 2025. Carman
said this would be an opportunity for training with other corridor library staff. The training begins with a
keynote presentation in the morning and breakout sessions in the afternoon for staff collaboration that
do similar work. Carman said the Iowa Library Association (ILA) conference is the only time these groups
regularly get together. Carman said there is cross -over in regional library work, and it would be nice to
get the different groups together. All participating libraries will contribute financially to the event and
Cedar Rapids Public Library will provide the facility. Carman said staff who attend the training will be
offsite all day and asked to close the library early at 6 pm so public service point shifts can be
consolidated. Rocklin asked how many staff members would attend. Carman said 20-23. Carman noted
ICPL is the only library in the corridor not closing for the day; Carman felt keeping some service in the
region available was important. Carman polled staff for their interest in attending the optional training
and there were a number who preferred to work at ICPL. Stevenson thought this was great and would
love to have a similar opportunity in his own profession. Carman said depending on how it goes he may
ask again next year. Raeburn asked if other libraries are closed for President's Day and noted ICPL does
not. Mangano said it was an AFSCME change. The library used to have holiday hours on President's Day
and when Juneteenth was adopted, they opted to not have them. Boothroy said regional collaboration
is a great idea and she liked the solution to keep the library open for part of the day. Boothroy shared
she supported it. Stevenson made a motion to approve the FY25 Holiday Calendar. Shultz seconded.
Motion passed 6/0.
Staff Reports.
Director's Report. Carman shared InService Day was a positive and successful event. Carman thanked
the trustees who attended and noted staff did a great job staying engaged. Carman said it is a
meaningful opportunity to learn together.
Carman noted his report highlighted post -holiday tech help and mentioned that the library does tech
support all the time, and library staff are tremendously patient and knowledgeable in the Digital Media
Lab, and all service points.
Carman noted the Public Libraries of Johnson County Legislator Reception went well. The legislators
who came are supporters of libraries and were curious to learn more. Carman said it is always a good
experience to share library work being done and is good practice in engaging with legislators. Carman
shared next year it will be hosted by the Iowa City Public Library. Boothroy asked if legislators identified
any issues they anticipate coming up in regards to library services or libraries. Carman shared this was
discussed and there was assumption that some of the failed legislation from the last session will be
brought back. Carman said that tax reform is on everyone's mind and the impact it will have on
municipal budgets, and then within that to libraries. Carman said the intersection of those dollars going
down and further legislation against library service will create a very different environment for library
services in Iowa.
Departmental Reports: Children's Services. Pilkington thanked Johnk for a tote of trains and tracks,
and shared it was a big hit.
Collection Services. Mangano shared the Adventure Pass program is suspended and the State Library is
searching for an alternative reservation system. Rocklin asked if it is a selection question. Mangano
If you will need disability -related accommodations in order to participate in this meeting, please contact Jen Royer, Iowa City
Public Library, of 319-887-6003 oriennifer-royerCulicptarg Early requests are strongly encouraged to allow sufficient time to
meet your access needs.
agreed.
IT. None.
Development Report. Roche gave a fundraising update. At the time of the January Board report
release $36,000 had been raised, since then $53,000 of the $85,000 had been raised. Roche said the
number of new donors has expanded. Roche said her team has been trying to reactivate donors who
haven't donated since 2017 and many are returning. Rocklin shared he recently heard that about 20% of
new donors give again in the next year and asked what things make donors more likely to give again
the next year. Roche said thanking them and making sure they get their tax letter in a timely way. Roche
said the donor list has been divided into tiers for additional contact with donors.
President's Report. Rocklin shared that he attended InService Day and it was impressive. Rocklin
said staff were highly engaged.
Announcements from Members. None.
Committee Reports.
Advocacy Committee. None.
Finance Committee. None.
Foundation Members. None.
Communications.
News Articles. None.
Consent Agenda. Boothroy made a motion to approve the Consent Agenda. Shultz seconded.
Motion passed 6/0.
Set Agenda Order for January Meeting. Rocklin said the January meeting will review the
strategic plan update, 2"d quarter finances and statistics, and departmental reports. In February the
Library Director evaluation will be held.
Adjournment. Rocklin adjourned the meeting at 5:23 pm.
Respectfully submitted,
Jen Royer
If you will need disability -related accommodations in order to participate in this meeting, please contact Jen Royer, Iowa City
Public Library, at 379-887-6003 or ienniier-ryer@irpLora. Early requests are strongly encouraged to allow sufficient time to
meet your access needs.
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