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Home My WebLink About2005-01-06 CorrespondenceOVERHEADS 06-07-08 BUDGET ISSUES 06-07-08 1. General Fund Cash Reserves (p.28) 2. 25% Debt/Levy Policy (p.30) 3. Loss of State Financial Aid (p.23) 4. Continued Decline in Residential Rollback $.Operating Expenses- Health Insurance, Employee Pensions, Use of Road Use Tax 6. Maintain Aaa Credit Rating 7. Capital Projects - Debt Policy, Project Selection 8. Wastewater Fund- Debt Limitations, Declining Revenue (p. 105) 9. Parking Fund- Declining Cash Balance (p.113) 10. Stormwater Fund (p.112) 11. Refuse Collection Fund (p.109) PROPERTY VALUES - Includes New Construction (p. 16) 06 $3.296 Up 3.2% 05 $3.194 Residential 06 $2.237 Up 3.8% 05 $2.155 Com. Ind. 06 :$1.059 Up 2% O5 $1.039 06 Tax Base is 67% Residential 33% Commercial Industrial STATE REGULATIONS APPLIED - Rollback, Gas, Electric, etc. 06 $2.053 Up 1.3% 05 $2.027 Residential 06 1.073 Up 2.8% O5 1.044 Com. Ind. 06 1.059 Up 2.6% 05 1.032 06 Tax Base (revised)is 50% Residential 50% Commercial Industrial Iowa City's assessed valuation has steadily increased due to new construction and revaluation. However, assessed valuation taken away by the rollback factor has been increasing at a greater percentage. This trend along with reductions in state funding reduces.the ability of local governments to provide services. In FY2006 only 47.9% of residential valuation (see residential column below) is generating pioperty tax revenue. The rollback is exempting $1.164 billion of $3.296 billion assessed valuation in FY2006. Commercial, Lees: Exemptions Taxable Industrial & MIIItar~ & Ailelaed Description Resldenttal Utilities TIF Values Valuation Fiscal Year 2006 100% Assessment $2,237,134,548 $1,059,648,215 $3,296,782,763 State rollback 0.479624 (1,164,110,858) Less: Exemptions (3,627,327) (3,827,327) Less Gas & Electric (46~296~681) (46,296,881) Taxable A~te~ed Value - for Debt Levy $1,073,023,690 $1,059,648,215 $ (49,924,008) $2,082,747,897 Less TIF Increment - available fo~ debt only (29,439,402) (29~439~402) Taxable A~se~ed Value - Regular Levies $2,053,308,495 Fiscal Year 2005 100% Assessment $2,154,800,557 $1,038,402,453 $3,11k3,203,010 State rollback 0.484558 . - (1,116,652,428) Less: Exemptions (3,627,327) (3,627,327) Less Gas & Electric (45,612~494) (45,612r494) Taxable Assessed Value- for Debt Levy $1,044,125,682 $1,032,424,9OO $ (49,239,821) $2,027,310,761 Less TtF Increment - available for debt only (23,439,402) (23~439~402) Taxable Assessed Value - Regular Levies $2,0~,871,359 **State rolled back Commercial and Railroads to 99.257% for this year, Other Utilities and Industrial are at 1~. Fiscal Year 2004 100% Assessment $1,985,685,748 $974,592,309 $2,960,278,057 State rollback 0.513874 . - (965,293,449) Less: Exemptions (3,701,778) (3,701,778) Less Gas & Electric (45~505~049) (45,505~049) Taxable Assessed Value - for Debt Levy $1,020,392,299 $974,592,309 $ (49,206,827) $1,945,777,781 Less TIF Increment - available for debt only (13,156,396) (13,156~396} Taxable Assessed Value - Regular Levies $1,932,621,385 **Commercial, Industrial and Utilites are at 100% for this year. Fiscal Year :~.3 100% Assessment $1,932,822,466 $974,518,848 $2,907,341,314 State rollback 0.516676 , - (953,312,414) Less: Exemptions (3,750,300) (3,750,300) Less Gas & Electric (45,012,616) (45,012,616) Taxable Assessed Value- for Debt Levy $998,643,120 $955,385,780 $ (48,762,916) $1,905,265,984 Less TIF Increment - available for debt only (5,087,715) (5~087~715) Taxable Assessed Value - Regular Levies $1,900,178,269 **State rolled back Commercial and Railroads to .977701. Other Utilities and Industrial are at 100%. -16- Commercial, L~a: Exemptlona Tm(~ble Induatrlal & Militar~ & A~llmed Description Relldenflal Utllltl~ TIF Valuea Valuation Fiscal Year 2002 100% Assessment $1,719,115,220 $971,071,124 $2,690,188,344 State rollback 0.562651 · - (751,853,372) Less: Exemptions (3,807,712) (3,807,712) Less Gas & Electric (45~363r928) (45r363r928) Taxable Assesaed Value- for Debt Levy $967,261,848 $971,071,124 $ (49,171,640) $1,889,16t,332 Less TIF Increment - available for debt only (11,774,108) (11 ~774~108) Taxable Assessed Value - Regular Levies $1,877,387,224 Fiscal Y~ar 2001 100% Assessment $1,668,069,820 $920,524.896 $2,568,594.716 State rollback 0.548525 . - (762,723,82~) Less: Exemptions - (3,866,050) (3,866,050) Less Gas & Electric (45~404~500) (45,404,50(1) Taxable Assessed Value - for Debt Levy $914,978,054 $910,892,836 $ (49,270,550) $1,776,~,34~ Less TIF Increment - available for debt only (11,604,365) (11 r604~3~) Taxable Assessed Value - Regular Levies $1,764,~,~?1 · State rolled back Railroads and Commercial to .987732; other Utilities and Ihdustrial are at 100%. Fiscal Year 2000 100% Assessment $1,542,400,050 $872,308,484 $2,414,708,534 State rollback 0.564789 . - (671,269,394) Less: Exemptions (3,930,870) (3,930,870) Less Gas & Electric 0 Taxable Assessed Value - for Debt Levy $871,130,656 $872,308,484 $ (3,930,870) $1,739,508,270 Less TIF Increment - available for debt only (13,399,128) (13,399,128) Taxable Assessed Value - Regular Levies $1,726,109,142 Fiscal Year 1999 100% Assessment $1,500,669,280 $868,475,576 $2,369,144,856 State rollback 0.54909 . - (695,304,253) Less: Exemptions (3,986,430) (3,986,430) Less Gas & Electric - 0 Taxable Assessed Value - for Debt Levy $824,002,432 $849,838,171 $ (3,986,430) $t,669,854,173 Less TIF Increment - available for debt only (18,061,137) (18,061,137) Taxable Assessed Value - Regular Levies $1,651,793,036 · State rolled back Railroads and Commercial to .973606; Agland to .964206; Other Utilities and Industrial are at 100%. ..17- Rollback- Recent History 1998 .588284 1999 .549090 down 7.1% 2000 .564789 up 2.85% 2001 .548525 down 2.96% 2002 .562651 up 2.57% 2003 .516676 down 8.89% 2004 .513874 down .5% 2005 .484558 down 6.05% 2006 .479624 down 1.03% average decline 2.64% annually ROLLBACK HISTORY 92 79.5 93 73.1 94 72.7 95 68.1 96 67.5 97 59.3 98 58.8 99 54.9 O0 56.5 01 54.9 02 56.3 03 51.7 04 51.4 05 48.4 06 47.9 The Clty'l property tax requests for FY2006 through FY200~, Including the FY2005 certified tax requ~t., are aa follows: FY2005 LEVIES Tax Rate Tax Dollars per $1,000 Dollars per $1,000 General Fund Tax Levies: General $16,231,358 8.100 $16,631,799 8.100 Transit 1,903,678 0.950 1,950,643 0.950 Tort Liability 696,225 0.347 631,331 0.307 Library 541,045 0.270 554,393 0.270 Subtotal: 19,372~306 9.667 19~768~166 9.627 Special Revenue Levies: Emergency 541,045 0.270 554,393 0.270 Employee Benefits 6,859,031 3.423 7,041,246 3.429 Subtotal: 7,400,076 3.693 7,595,639 3.699 Debt Service 8,015,196 3.954 9,008,114 4.325 Total City Levy Property 34,787,578 17.314 36,371,919 17.652 Taxes: % Change from 2.12% -1.60% 4.55% 1.95% prior year: Agland Levy 5,911 3.004 5,443 3.004 Total Property Taxes 34,793,489 -- 36,377,362 FY2007 FY2008 LEVIES Tax Rate Tax Rate Dollars per $1,000 Dollars per $1,000 General Fund Tax Levies: General $17,107,763 8.100 $17,416,171 8.100 Transit 2,006,466 0.950 2,042,637 0.950 Tort Liability 640,739 0.303 640,786 0.298 Library 570,259 0.270 580,539 0.270 Subtotal: 20,325,227 9.623 20,680,133 9.618 Special Revenue Levle~: Emergency 570,259 0.270 580,539 0.270 Employee Benefits 8,054,799 3.814 8,529,3~~. 3:967 Subtotal: 8,625,058 4.084 9,109,883 4.237 Debt Service 9,849,945 4.590 9,855,274 4.502 total city Levy Property Taxes: 38,80,0,230 18.297 39,545,290 18.357 % Change from 6.68% 3.65% 2~18% 0.33% , prior },ear: Agland Levy 5,911 3.004 5,911 3.004 Total Property Taxes 38,806,141 .... 39,651,201 --- -18- The FY2006 property tax levy rate is $17.6518 per $1,000 of taxable asseased valuation, compared to $17.314 in FY2005. The increase in the levy rate is the debt service levy./_-~_t year the Library Foundption provided $500,000 as promised during the campaign to remodel the Library. That contribution lowered the debt service tax levy for FY2005. The employee benefits levy increases are due to rising health insurance costs and an increase in police and fire pension contribution rates from 24.92% to 28.21%. Estimated Property Tax Levy on $100,000 Residential Valuation (Iowa City portion) City Levy: $ 17.:314 City Levy: $ 17.652 State Rollback: 48.4558% State Rollback: 47.9642% The General property tax levy of $8.10 is used in the General Fund to pay for the support of many services, such as police, fire, library, parks and recreation services. The levy cannot exceed $8.10 per $1000 taxable assessed valuation per State law. The Library tax levy of $.27 was voted in by a majority of the residents in 1991. The initial levy was used to expand Library services and continues to maintain that level of service. The Transit levy of $.95 is a "general" levy for transit purposes. State code requires that it be receipted into the general fund. Therefore, through FY2002, the transit levy was receipted into the general fund and then transferred to the Transit Enterprise Fund. Beginning in FY2003 Transit Operations moved into the general fund. The Tort Liability levy has no maximum levy and is based on estimated insurance premiums and claim losses within the self-insurance retention. The City's self insurance amount has increased in the past two years from $200,000 per occurrence to $500,000. The Emergency levy of $.27 has been utilized since FY2001. The General levy must be at $8.10 before this levy can be used, but is otherwise an unrestricted levy. The Employee Benefits property tax levy is used for General Fund employer costs of social security (FICA - 7.65%), Iowa Public Employees Retirement System costs (IPERS - 5.75%), Municipal Fire and Police Retirement,System of Iowa (MFPRSI-28.21%, up from 24.92%), health insurance, life insurance, disability insurance, worker's compensation insurance premiums and unemployment compensation. The Employee Benefits Fund reflects the use of Police/Fire employees benefits reserve fund monies to fund part of the employer share of the Police/Fire pension contribution. The Debt Service levy provides funds for the payment of the principal and interest on general obligation bonds. The levy can also be utilized to fund the payment of any judgments against the City. The Debt Service levy increases from $8,015,196 in FY2005 to $9,008,114 in FY2006 and is projected to increase to $9,849,945 in FY2007 and to $9,855,274 in FY2008. Future general obligation debt issues include $7.85 - 19 - Revised: l 2/29/04. I:;INPI AN.doc Estimated Property Tax Levy on $100,000 Residential Valuation (City portion) City Levy: $17.662 State Rollback: 47.9~1,2% City Levy: $ i7.314 State Rollback: 48.4558% City Levy: $ t7.596 State Rollback: 51.3874% City Levy: $16.813 State Rollback: 51.6676% City Levy: $14,850 State Rollback: 56.2651% ~ Of IOWA CffY, IOWA 04meral Fund Flnanc~l Plofl for Z00l - 2008 FY04 FYII FYll AoW~d Beginning Bdence t6,_'~_~_t,~1 16,117,263 t~W7,~00 t6,~,~18 Property Taxes 15,647,782 16,237,269 18,137,242 17,113,206 17.421,614 Treneit Levy 1,834,409 1,903,678 1.9~A43 2,006,466 2,042,937 Lilx~/Levy 621,378 541,045 ~4,263 570,259 580,539 Tort Levy 469,926 696,226 ~1'1,33t 640,739 640,786 Monies & Credits Tax 11,452 8,000 tl ,452 11,452 11,452 Military Credits 11,849 12,125 11,849 11,849 11,849 Personal Property Replacement 0 0 0 0 0 Licenses & Permits 146,225 116,175 145,544 145,544 145,544 Building Permits & Inspections 1,273,375 1,033,379 1,035,773 1.035,773 1.035,773 Housing Permits & Inspections 300,319 309,337 300,3t9 300,319 300,319 Cemete~ Fees & Charges 75,230 65,000 75,2~0 75,080 75,080 Magistrates Court Fines & Fees 427,450 379,500 380,763 380,763 380,763 Parking Fines 628,495 700,000 628,498 628,495 628,495 Charges For Services 24,407 20,065 26,6t2 26,512 26,512 Recreation Fees 774,623 761,132 772,627 772,627 772,627 Senior Center Fees 33,367 44,375 59,7~4 59,689 5~,689 Police Services 77,524 119,050 60,291 55,291 55,291 University Fire Contract 1,126,726 1,257,799 1,253,00~ 1,253,000 1,253,000 Animal Control Services 166,994 200,723 192,270 192,270 192,270 Bldg & Development Fees 48,796 48,500 48,796 48,796 48,796 Sdwlk/Str Rep/maint 56,376 27,500 68,376 56,376 56,376 Library Services 475.362 470,002 472,402 472,402 472,402 Admin Expense Chargeback 1,333,247 1,394,589 t,493,249 1,493,249 1,493,249 County - Senior Center Support 75,000 75,000 75,000 75,000 75,000 Court Street Transportation Center 0 260,000 470,554 470,554 470,554 Bus Fares 751.732 730,300 751,733 751,733 751.733 Local Govemments 1.097 5,720 1,220 1,220 1,220 Univ. Heights Transit 28E 28,014 28,069 28,014 28,014 28,014 Univ. Heights Dispatch '10,569 42,275 43,975 43,975 43,975 Gas / Elec. Use Tax 426,603 440,964 445,723 452,209 45~,732 State Population Allocation 0 0 0 0 0 Bank Franchise Tax 200,916 0 0 0 0 Other State Grants 103.100 93,855 99,682 102,836 103.849 Hotel/Motel Tax 562.971 550,000 562,268 562,268 562,26~ Federal C-,ran~ 14,352 31,781 0 0 0 Federal Transil Assist. 439,025 ~.~.~.,955 420,000 420,000 420,000 State Transit Assist. 274,~7 326,430 280,000 280,000 280,000 Interest Income 295,046 260,500 525,000 525,000 525,000 Commemial Sp Rent - Library 0 70,000 70,000 70,000 70,000 Miscellaneous Revenue 303,204 336,425 193,473 191,473 192,473 Sale of Land 90,598 285,000 0 250,000 0 Loan Repayments 170,836 100,000 0 0 0 City Attorney Chargeback 116,441 75,000 116,441 116,441 116,441 Transfer from Road Use Tax 3,016,837 3,429,867 3,965,002 4,010,941 4,101,373 Transfer from Employee Benefits 6,569,285 7,424,619 7,521,224 7,804,349 8,225,148 Transfer from Emergency Law 533,419 553,361 568,513 584,809 595,559 Transfer from Parking Fund 227,200 200,000 200,000 200,000 20~,000 Transfer from Broadband Fund 151,284 152,823 162,701 152,821 152,821 Miscellaneous Transfer 79,892 83,807 85,142 85,142 85,142 Transfer From Parkland Acquis. 100,000 100,000 100,000 0 0 G.O. Bonds for Capital Outlay 0 317,400 281,000 250,000 250,000 Total Receipts 40,007~724 42,763,619 43~765,016 44,778,942 45~414~365 Personnel 27,766,460 29,804,875 31,160,403 32;285,535 33,392,604 Services 7,337,408 7,948,958 8,t61,452 8,241,599 8,323,332 Supplies 1,584,439 1,812,035 1,948,852 1,986,982 2,025,845 Capital Outlay 1,574,932 1,590,395 1,336,127 1,074,739 1,064,9~0 Other Financial Uses (Transfers) 911,143 1,179,631 1,159,004 932,084 832,064 Contingency 0 307,408 350,000 350~000 350~000 Total Expenditures . 39,174,382 42,643,312 44,116,698 44,870~939 45,988,845 Ending Balance 16,187,293 16~307,600 15~955,918 15~863~921 15~289~441 - 23- CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 1000 General 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 15,353,951 16,187,293 16,307,600 15,955,918 15,863,921 Current Taxes 18,460,707 19,378,217 19,773,609 20,330,670 20,685,576 Delq Prop Taxes 12,788 Other City Taxes 989,574 990,964 1,007,991 1,014,477 1,021,000 General Use Permits 36,440 27,500 35,760 35,760 35,760 Food & Liquor Licens 93,478 89,200 93,478 93,478 93,478 Professional Licenses 50,853 50,500 50,853 50,853 50,853 Misc Permits & Licen 2,260 7,000 2,260 2,260 2,260 Construction Permit & Inspec Fees 1,151,102 981,526 994,625 994,625 994,625 Misc. Lic.& Permits 18,155 30,275 33,715 33,715 33,715 Fed. Intergov. Rev. 453,377 476,736 420,000 420,000 420,000 Property Tax Credits 23,301 20,125 23,301 23,301 23,301 Bank Franchise Tax 200,918 Other State Grants 378,087 420,285 379,682 382,836 383,849 Local Govt 28e Agreements 584,883 591,589 610,787 610,787 610,787 Bldg & Development 488,348 377,690 407,223 407,223 407,223 Police Services 14,873 39,300 14,873 14,873 14,873 Animal Care Servs 6,943 6,000 8,000 8,000 8,000 Fire Services 1,135,893 1,286,299 1,253,000 1,253,000 1,253,000 Transit Fees 751,733 730,300 751,733 751,733 751,733 Culture And Recreation 553,679 586,448 581,906 581,906 581,906 Library Chgs For Servs 9,617 9,0~0 9,617 9,617 9,617 Misc. Chg. For Ser. 59,081 62,350 62,045 62,045 62,045 Water Charges For Services 3,912 4,000 3,912 3,912 3,912 Code Enforcement 434,511 394,500 387,823 387,823 387,823 Parking Fines 628,495 700,000 628,495 628,495 628,495 Library Fines & Fees 160,465 160,000 160,465 160,465 160,465 Contrib & Donations 67,070 232,500 35,105 35,000 35,000 Printed Materials 27,780 26,115 27,880 27,880 27,880 Sale Of Forfeited Property 46,567 40,000 35,000 30,000 30,000 Animal Adoption 11,260 25,000 15,000 15,000 15,000 Misc Merchandise 16,873 14,420 23,151 23,151 23,151 Intra-city Charges 1,501,181 1,500,089 1,662,662 1,662,662 1,6~2,662 Other Misc Revenue 178,632 89,350 130,000 128,000 129,0~0 Special Assessments 11,149 Interest Revenues 295,045 260,500 525,000 525,000 525,000 Rents 125,187 178,814 302,214 302,214 302,214 Parking Lot Revenue 13,725 9,000 10,000 10,000 10,000 Pkg Ramp Revenue 260,000 355,704 355,704 355,704 Royalties & Commissions 28,346 20,100 24,415 24,415 24,415 Sale Of Assets 132,683 326,000 40,150 290,000 40,000 Transfers From Governmental Funds 10,165,529 11,464,594 12,111,486 12,456,846 12,978,827 Transfers From Business-type Funds 378,484 352,823 362,701 352,821 352,821 Transfers From Go Bonds 317,400 281,000 250,000 250,000 Interfund Loans 27,060 27,060 27,060 27,060 27,060 Misc Transfers In 106,844 100,000 101,335 1,335 1,335 Loans 170,836 100,000 Total Receipts 40,007,724 42,763,619 43,765,016 44,778,942 45,414,365 Personnel 27,766,460 29,804,875 31,160,463 32,285,535 33,392,604 Services 7,337,408 7,948,968 8,161,452 8,241,599 8,323,332 Supplies 1,584,439 1,812,035 1,948,852 1,986,982 2,025,845 Library Materials 447,392 464,030 477,006 499,557 523,234 Capital Outlay 1,127,540 1,126,365 859,121 575,182 541,746 Other Financial Uses 911,143 1,487,039 1,509,804 1,282,084 1,182,084 Total Expenditures 39,174,382 42,643,312 44,116,698 44,870,939 45,988,845 Ending Balance 16,187,293 16,307,600 15,955,918 15,863,921 15,289,441 Reserved 1,663,732 1,786,539 1,965,721 2,266,249 2,659,887 Unreserved Balance 14,523~561 14,521,061 13,990,197 13,597,672 12,629,554 - 24 - D. GENERAL~UND YF_J~R~ND CA~HB&LN*JCE The City Council established guidelines starting in FY99 to maintain cash balances at a five-year average of 20% of expenditures, but not less than 15%. That policy ensures that operating ~ash balances will be maintained at a level to ensure sufficient cash flow throughout the fiscal year. The following table depicts the General Fund Operating cash position for fiscal years 2003 through 2007. FY04 FY05 FY06 FY07 FY08 A~tusl Amended Proposed Estimated Estimated Beginning Balance $15,353,951 $16,187,293 $ 16,307,600 $ 15,955,918 $15,863,921 Receipts 40,007,724 42,763,619 43,765,016 44,778,942 45,414,365 Expenditures -39,174,382 -42,643,312 -44,116,698 -44,870,939 -45,988,845 Ending Balance $16~1871293 $16f307r600 $15~955~918 $ 15r863~921 $1512891441 Balance as a % of 41.32% 38.24% 36.17% 35.35% 33.25% Expenditures: The Operating Cash Fund Balance is used to provide for cash flow in the first quarter of the next fiscal year because the majority of property taxes are not received until October/November and cash balances are drawn down. The following chart shows cash flow needs or how expenditures have exceeded receipts in the first three months for the past five years. 3 Months (~ Receip~ Expenditures Shortfall in Sept. 30 Receipts FY05 6,040,943 10,889,278 (4,848,334) FY04 4,595,488 11,049,590 (6,454,102) FY03 4,806,797 9,410,440 (4,603,643) FY02 4,387,107 8,818,510 (4,431,403) FY01 4,449,250 9,233,286 (4,784,036) FY00 4,321,697 8,730,848 (4,409,151 ) E. DEBTSERVICEFUND This fund provides for payment of the principal and interest due on general obligation debt of the City. The Debt Service Property Tax levy and transfers from Parking, Wastewater, and Water Enterprise funds, and the 64-1a Tax Increment fund. Debt Service issuance in FY2005 includes $7.85 million in general purpose bonds which includes projects scheduled in FY2004 and FY2005. FY2006 through 2008 issues are estimated at $8.3 million, $5.85 million and $5.42 million, respectively. - 28 - Revised: 12/2't~'04. FINP1 AN.&~c As stated in the Ctty's Fiscal Policy, "Debt incurred as a general obligation of the City of Iowa City shall not exceed statutory limits: presently 5% of the ~ assessed value of property within ~e corporate limits as established by the City Assesmx.' The following schedule and graph show current and estimated future debt margins fo~ the City. Total property valuation amounts are actual propmty valuations for FY98 -FY2005, but are estimates for FY2006 through FY2008. Allowable Debt Margin Outstanding Debt aa % of Fiscal Total Property (5% of Total Property Debt Allowable Year Valuation Val.) at July 1 Debt Margin FY98 2,185,166,884 109,258,344 31,390,000 29% FY99 2,371,395,259 118,569,763 41,675,000 35% FYO0 2,416,782,699 120,839,135 46,165,000 38% FY01 2,591,030,038 129,551,502 41,190,000 32% FY02 2,692,448,464 134,622,423 61,565,000 46% FY03 2,909,644,383 145,452,219 85,260,000 59% FY04 2,962,505,107 1,18,12S,255 79,100,000 53% FY05 3,195,170,779 159,75~,539 85,085,000 53% *FY06 3,298,594,897 164,929,745 86,120,000 52% *FY07 3,397,552,744 169,877,637 86,710,000 51% *FY08 3,465,503,799 173,275,190 : 83,990,000 48% * Estimate ] 160180~.-~ ,.,, ~a ~ O.O. Debt Outstanding ~14o~ "~ ~ ~ - by Fiscal Year- 12o Margin ,~ 100 ~--~~~ g~AIIowable Debt' =~ 8o __o · Outstanding Debt ~ 60 at July'l 40 20 * Estimate 0 Fiscal Year (FY) - 29 - Revised: 12/20/04. FINI}I AN,doc The Fiscal Policy also includes the guideline that "the debt service levy shall not exceed 25% o~ the city levy in any one fiscal year." The following chad shows the debt service levy as a perc~nt- age of the city levy for FY98 through FY2008. The levies for FY98-FY05 are certified; the'levies for FY2006-FY2008 are projected. Debt Service Levy As a Percentage of Total Property Tax Levy 30% (25% Recommended Maximum) ~ 25% 20% / 23% 20% 15% ~ 14% 13% 10% 5% 0% * Estimated F. INTERNAL SERVICE FUNDS Internal Service funds include the Equipment Maintenance Fund, Equipment Replacement Fund, the Central Services Fund, the Risk Management Loss Reserve Fund, the Health Insurance Reserve Fund and Information Technology Services Fund. The Equipment Maintenance Fund provides maintenance for all City vehicles and equipment and · rents vehicles to other City departments from a central vehicle pool. Funding is provided from a chargebacks to all departments for the maintenance services and the rentals of vehicles. The Equipment Replacement Fund is used to replace most rolling stock. Funding is provided from an annual chargebacks to all departments based on the estimated replacement value at the time of replacement. - 30 - Revised: 12/'29/04. ['~I N Iq AN,doc CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7200 Wastewater Treatment 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 3,902,397 5,055,483 3,862,043 3,421,585 3,330,886 Bldg & Development 250 Wastewater Charges For Services 12,909,792 11,850,000 12,395,516 12,395,516 12,395,516 Misc Merchandise. 1,213 1,213 1,213 1,213 Intra-city Charges 504 504 504 504 Other Misc Revenue 46,562 35,000 Interest Revenues 328,072 300,000 328,072 328,072 328,072 Rents 1,944 1,944 1,944 1,944 Misc Transfers In 1,815,576 Total Receipts 15,103,913 12,185,000 12,727,249 12,727,249 12,727,249 Person/%el 1,596,884 1,702,015 1,673,336 1,728,800 1,784,141 Services 2,351,754 2,270,683 2,537,356 2,577,201 2,617,844 432,465 481,672 460,116 469,294 478,660 Supplies Capital Outlay 113,576 670,794 432,000 310,000 310,000 Other Financial Uses 9,450,106 8,133,276 8,064,899 7,732,653 7,S47,438 Total Expenditures 13,944,785 13,258,440 13,167,707 12,817,948 Ending Balance 5,061,525 3,982,043 3,421,585 3,330,88~ 3,~20,052 .... FTE .... Personnel Services 2005 2006 Capital Outlay 2006 Asst Supt - Wastewater Trmt 1.00 1.00 Building Improvements 65,000 Chemist 1.00 1.00 Chi~ Seal 10,000 Electronics Tach - Wastewater 1.00 1.00 Facility Ec~.ipment Repairs 100,000 Laboratory Technician 2 00 2.00 Inflow/Infiltration Repair 50,000 7,500 M.W. I -.Wastewater Trtmnt 1 00 1.00 Lab Equipment M.W. II - Wastewater Trtmnt P 2 80 2.80 Landscaping 5,000 M.W. III - Wastewater 90 .90 Process Instruments 55,000 M.W. III - Wastewater Collect 90 .90 Safety Equipment 12,000 MW II - Wastewater Trt~uat Pln 1 00 1.00 Sampling Equipment 7,500 Maint Operator - Wastewater 4 00 4.00 Sewer Inspection Video System 120,000 Sr Clerk/Typist - Wastewater .50 .50 Sr M.W. - Wastewater Collect .90 .90 Sr M.W. - Wastewater Plant 1.00 1.00 Sr TPO - Wastewater 1.00 1.00 TPO - Wastewater Treatment 6.00 6.00 Wastewater Treatment Supt .50 .50 25.50 25.50 432,000 Transfers In Transfers Out So Sycamore Swr 50,000 Dodge St Reconstrn 320,000 Wastewater CIP Proj. 300,000 2002 Refund 93 Sewer 3,167,293 2001 Sewer 478,815 2000 Sewer 873,405 1999 Sewer 541,030 1997 Sewer 766,100 1996 Sewer 1,391,063 2002 GO Refunding 177,193 8,064,899 - 105- CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 o 2008 Fund: 7201 Wastewater Treatment Debt Service 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 14,811,144 14,035,626 14,150,195 14,163,111 14,254,093 Bond Ordinance Trans 7,237,738 7,281,875 7,217,706 7,259,669 7,247,438 Misc Transfers In 754,176 Total Receipts 7,991,914 7,281,875 7,217,706 7,259,669 7,247,431 Debt Service 6,951,856 7,167,306 7,204,790 7,138,687 7,176,052 Other Financial Uses 1,815,576 Tot&l Expenditures 8,767,432 7,167,306 7,204,790 7,138,687 7,176,052 Ending B&lance 14,035,626 14,150,195 14,163,111 14,284,093 14,355,479 .... FTE .... Personnel Services 2005 2006 Capital Outlay 2006 1996 Interest 830 1996 Principal 550 1997 Interest 473 1997 Principal ]00 1999 Interest 2~6 1999 Principal 280 ~ 2000 Interest 570 2000 Principal 295 000 2001 Interest 478 815 2002 Sewer Refunding - Interest 779 118 2002 Sewer Refunding - Principal 2,390 000 7,204,790 Transfers In Transfers Out Debt Service 1,391 063 Debt Service 766 100 Debt Service 541 030 Debt Service 873 405 Debt Service 478 815 Debt Service 3,167 293 7,217,706 - 106 - CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7600 Airport 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balsnce 7,099 33,291 51,490 55,422 59,936 Other Misc Revenue 100 Interest Revenues -209 Rents 202,704 217,155 202,704 202,704 202,704 Royalties & Commissions 10,422 18,000 10,422 10,422 10,422 Transfers From Governmental Activit 183,000 112,000 112,000 112,000 112,000 Total Receipts 396,017 347,155 325,126 325,126 325,126 Personnel 122,539 128,493 109,034 116,964 123,526 Services 145,862 101,244 109,825 111,175 112,550 Supplies 6,598 6,779 6,895 7,033 7,172 Capital Outlay 7,000 10,000 Other Financial Uses 94,826 85,440 85,440 85,440 85,440 Total Expenditures 369,825 328,956 321,194 320,612 328,688 Ending Balance 33,291 51,490 55,422 59,936 56,374 .... FTE .... Persorinel Services 2005 2006 Capital Outlay 2006 Airport Manager 1.00 1.00 Park Equipment 10,000 M.W. I - Airport 1.00 1.00 2.00 2.00 10,000 Transfers In Transfers Out GF Prop Tax Support 112,000 SW T-Hangar Loan Pmt 17,160 Corp Hangar Loan Pmt 36,000 SE T-Hangar Loan Rep 15,960 S T-Hangar Loan Repy 16,320 112,000 85,440 - 107- CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7400 Refuse Collection 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 882,695 748,966 611,936 456,569 260,S10 Refuse Charges For Services 2,192,740 2,172,600 2,259,866 2,275,626 2,291,544 Other Misc Revenue 219 Interest Revenues 6,542 20,000 6,542 6,542 6,542 Total Receipts 2,199,501 2,192,600 2,266,408 2,282,168 2,29S,01~ Personnel 1,049,837 1,103,886 1,199,982 1,245,713 1,288,722 Services 1,231,341 1,143,338 1,118,645 1,128,303 1,138,158 Supplies 44,100 32,406 53,148 54,211 55,294 Capital Outlay 7,952 50,000 50,000 50,000 50,000 Total Ex~and~tures 2,333,230 2,329,630 2,421,775 2,478,227 2,532,174 Ending Balance 748,966 611,936 456,569 260,510 26,422 .... FTE Personnel Services 2005 2006 Capital Outlay 2006 Assr Supt Streets/Solid Waste 1.00 1.00 Refuse Carts, 1,000 per year 50,000 Clerk/Typist - Solid Waste 1.00 1.00 M.W. I - Refuse 7.00 7.00 M.W. II - Refuse 11.00 11.00 MW II Refuse -1.00 MW III - Refuse 1.00 Supt Streets/Solid Waste .35 .35 20.35 20.35 50,000 - 109 - Minimum ~, Monthly Total ~;;~iii[; ~ I~creas~ Recycling Increase Billing Increase July 1990 6.25 0.75 6,25 0.75 July 1991 7.50 1.25 7.50 1.25 July 1992 8.75 1.25 2.25 2.25 11.00 3,50 March 1996 8.75 2.80 0.55 11.55 0.55 August 1999 8.20 (0.55) 2.80 11.00 (0.55) May 2002 9.00 0.80 3.10 0.30 12.10 1.10 July 2005 9.40 0.40 3.10 12.50 0.40 06 budget proposed analysis.xls / Refuse 1 113/2005 CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7100 Parking 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 884,161 1,403,645 1,071,978 977,978 655,839 Parking Fines 531,940 493,000 550,000 550,000 550,000 Other Misc Revenue 7,846 Interest Revenues 44,544 50,000 44,544 44,544 44,544 Rents 83,720 80,000 68,120 68,120 68,120 Parking Meter Revenue 634,021 600,000 647,000 647,000 647,000 Parking Lot Revenue 225,250 283,300 213,633 213,633 213,633 Pkg Ramp Revenue 2,538,824 2,463,150 2,470,186 2,470,186 2,470,186 Misc. Pkg Revenue 79,571 20,000 20,000 20,000 20,000 Sale Of Assets 100,000 175,000 Misc Transfers In 250,000 Loans 14,949 14,950 14,950 14,950 14,950 Total Receipts 4,410,665 4,104,400 4,203,433 4,028,433 4,028,433 Personnel 1,442,693 1,622,412 1,673,761 1,735,563 1,799,933 Services 655,570 833,404 836,348 848,145 860,176 35,630 68,050 70,115 71,516 72,940 Supplies Capital Outlay 50,985 87,003 105,600 75,800 76,100 Debt Service -15 Other Financial Uses 1,706,318 1,825,198 1,611,609 1,619,548 1,295,166 Total Expenditures 3,891,181 4,436,0~7 4,297,433 4,350,572 4,104,315 Ending Balance 1,403,645 1,071,978 977,978 655,839 579,9S7 .... FTE Personnel Services 2005 2006 Capital Outlay 2006 Cashier - Parking 14.25 14.25 Chairs (4) 1,600 Customer Serv Rep - Parking 1.00 1.00 Parking Access Control 25,000 M.W. I - Parking Systems 4.50 4.50 Parking Access Control Equipment 20,000 M.W. I - Towing .50 .50 Parking Booths (3) 23,000 M.W. II - Parking Systems 1.00 1.00 Parking Meters 25,000 M.W. II - Ramp/Meter Repair 2.00 2.00 Power Washer 4,500 Parking And Transit Director .50 .50 Printer 5,100 Parking Enforcement Attendant 5.50 5.50 Radios (2) 1,400 Parking Manager 1.00 1.00 Parking Operations Supervisor 2.00 2.00 Sr M.W. - Parking & Transit .50 .50 32.75 32.75 105,600 Transfers In Transfers Out Fines - General Fund 200,000 Improvement Reserve 130,000 1999 Parking 970,709 Abated G.O. Bonds 310,900 1,611,609 -113- CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7101 Parking Debt Service 2004 2005 2006 2007 2001 Actual Estimate Budget Projection Projectiom Be~inning Balance 2,997,105 1,745,739 1,621,780 1,757,385 1,$~7,~45 Transfers From Business-type Funds 130,000 200,000 130,000 130,000 130,000 Bond Ordinance Trane 738,968 974,504 970,709 971,023 965,166 Tote1 Receipts 868,968 1,174,504 1,100,709 1,101,023 1,095,1~ Debt Service 1,082,038 968,463 965,104 960,863 960,594 Other Financial Uses 1,038,296 330,000 330,000 Tote1 Expenditures 2,120,334 1,298,463 965,104 1,290,863 960,594 Ending Balance 1,745,739 1,621,780 1,757,385 1,567,545 1,702,117 .... FTE .... Personnel Services 2005 2006 Capital Outlay 2006 1999 Interest 645,104 1999 Principal 320,000 965,104 Transfers In Transfers Out From Parking Ope 130,000 From Parking Ope 970,709 1,100,709 -114- CITY OF IOWA CITY, IOWA FINANCIAL PLAN FOR 2006 - 2008 Fund: 7700 Stormwater Management 2004 2005 2006 2007 2008 Actual Estimate Budget Projection Projection Beginning Balance 75 21,036 266,351 410,839 781,446 Stormwater Charges For Services 26,569 420,000 625,000 625,000 625,000 Interest Revenues -14 Total Receipts 26,555 420,000 625,000 625,000 $25,000 Personnel 12,696 30,799 31,900 32,841 Services 1,768 31,989 221,213 221,473 221,738 Supplies 1,000 1,020 1,040 Capital Outlay 3,826 115,500 Other Financial Uses 130,000 112,000 Total Expenditures 5,594 174,685 480,512 254,393 2S5,~19 Ending Balance 21,036 266,351 410,839 781,44& 1,~,827 .... FTE .... Personnel Services 2005 2006 Capital Outlay 2006 M.W. II - Wastewater Trtmnt P .20 .20 Community Clean-Up 7,500 M.W. III - Wastewater .10 .10 Creek Maintenance Program 25,000 M.W. III - Wastewater Collect .10 .10 Lift Station Maintenance 5,500 Sr MoW. - Wastewater Collect .10 .10 Storm Sewer Maint & Claning 27,500 Stormwater Mgmt Basin Maintenance 50,000 · 50 .50 115,500 Transfers In Transfers Out Meadow St Bridge 112,000 112,000 -112- CAPITAL IMPROVEMENT PROGRAM SUMMARY FY 2005-2009 Benton Hill Park $ 200,000 Camp Cardinal Road 4,430,500 Court Street Transportation Center 7,950,065 Dodge Street Reconstruction 7,229,000 Dubuque St & Foster Road Intersection 2,500,000 Economic Development 500,000 Emergency Communication Radio System 500,000 Fire Apparatus 2,550,000 Fire Station #4 267,952 Gilbert St/Hwy 6: Dual Left Turn Lanes 3,500,000 Grant Wood Gymnasium 460,000 Greater Iowa City Housing Fellowship (GICHF) 657,000 Hwy 6 Improvement-Lakeside to 420th 2,015,000 Landfill Cell 2,300,000 Lower West Branch Road 3,800,000 McCollister Blvd 6,200,000 Meadow St Bridge and Trail Connection 689,500 Melrose-Grand Road Improvements 390,000 Mercer Park-Ball Diamond Improvements 300,000 Missing Link Trail 200,000 Mormon Trek-Hwy 1 to Hwy 921 5,490,000 Mormon Trek-Walden Square Signalization 100,000 Old Bus Depot Land Acquisition 400,000 Parking Garage Maintenance 990,000 Park Shelters 140,000 Peninsula Parkland Entry Road and Lot 70,000 Riverbank Stabilization-City Park 770,000 Runway Extension 1,470,270 Sand Road (Gilbert St. South) 885,000 Sand Lake Recreational Area 600,000 Scott Blvd/Court St Signalization 250,000 Soccer Park Improvements 100,000 South Grand Avenue Intersection 400,000 South Sycamore Trunk Sewer Extension 100,000 Stormwater Permitting 130,000 Sycamore St Improvements-Burns St to City Limits 2,000,000 Targeted Area Housing Rehab Projects 1,000,000 Transit-Bus Replacements 2,012,000 Transit Capital Outlay - 21 Cameras 138,600 Water Distribution Building 1,000,000 Waterworks Prairie Park Development 200,000 City of Iowa City Capital Improvement Program FY 2005 - 2009 These projects represent annual improvements and maintenance of municipal infrastructure including public streets, bridges, sewer and water systems, and park facilities. Project Type Primary Funding Source FY05 FY06 FY07 FY08 FY09 Asphalt / Chip Seal Road Use Tax 394,118 250,000 250,000 250,000 250,000 Brick Streets Road Use Tax 20,000 20,000 20,000 20,000 20,000 Bridge Maintenance Road Use Tax 60,000 60,000 60,000 60,000 60,000 City Hall - Other Projects General Fund 25,000 25,000 25,000 25,000 25,000 Concrete Streets Road Use Tax 287,263 100,000 100,000 100,000 100,000 Creek Maintenance Road Use Tax 25,000 25,000 25,000 25,000 25,000 Curb Ramps Road Use Tax 100,000 100,000 100,000 General Fund Equipment GO Debt 317,400 281,000 250,000 250,000 250,000 Intra City Bike Trails Road Use Tax 30,000 30,000 30,000 30,000 30,000 Open Space Land Acquisition GO Debt 50,000 50,000 50,000 50,000 50,000 Overwidth Paving Road Use Tax 30,000 30,000 30,000 30,000 30,000 Parks Maintenance/Improv. GO Debt 200,000 200,000 200,000 200,000 200,000 Public Art GO Debt 129,904 50,000 50,000 50,000 50,000 Railroad Crossing Road Use Tax 25,000 25,000 25,000 25,000 25,000 Street Pavement Marking Road Use Tax 60,000 60,000 60,000 60,000 60,000 Sump Pump Discharge Tiles Road Use Tax 25,000 25,000 25,000 25,000 25,000 Traffic Calming Road Use Tax 30,000 30,000 30,000 30,000 30,000 Traffic Signal Road Use Tax 70,000 70,000 70,000 70,000 70,000 Wastewater Wastewater Revenues 300,000 300,000 300,000 300,000 300,000 Water Water Revenues 300,000 500,000 500,000 500,000 500,000 Total: Annual Projects 2,478,685 2,131,000 2,200,000 2,100,000 2,200,000 City of Iowa City Capital Improvement Program FY 2005 - 2009 The following projects are slated for completion in FY2005. Project Name FY05 1200 Block Davenport Water Main 40,000 Airport Obstruction Removal 241,069 Brookland Park Storm Sewer 1201000 Building B/C - Roof & Floor Replacement 66,691 Burlington St. Bridge / Ralston Creek 529,000 Bus Shelters 26,694 Bus Washers & Vac 3,092 Butler House Trailhead Park 104,200 Clear Creek Trail 70,000 College St. Water Main 125,000 Entrance to City Beautification 5,698 Finance / Human Resources Computer System 53,693 Hummingbird Lane Sanitary Sewer 40,000 Hwy 6 / Iowa Avenue Ped Bridge 210,000 Hwy 6 Sidewalk - Hawkins to Elliot 120,000 Iowa River Power Dam Improvement 1,603,755 Library Expansion 2,687,933 Mercer Ball Diamond School 200,000 Northgate/Dodge St. Signal 105,522 Pearl St. Water Main 25,000 South Sycamore Trail 112,372 Taft/Court Ground Storage Reservoir 130,000 Telephone System Upgrade 26,477 Tennis Court Relighting (City Park & Mercer) 25,318 Transit Reseal Floors 60,000 Transit Roof Replacement 34,720 Water Treatment Plant 845,183 Total Projects Completed in FY2005: $ 7,611,417 CAPITAL IMPROVEMENT PROJECT MAPS/LOCATIONS 05-06-07-08-09 I ~~// School i '- I ~EN' ~£NTON ST, ' -- r -- ~---- / DOUGLASS ST .~ .---"m ~ ~ ~ F '~ ..... 0 t L -. %~' ~ _ ~,.-- STATE HIGHWAY 1 Benton Hill PaA I Camp Cardinal Road }RPORATE LIMITS p~.,~ Dodge St. Reconstruction - 1-80 to Govemor Dubuque Street and Foster Road Intersection DUBUQUE RD ] ~ , // Fourth Fire Station ~ \ '~ 2ND ST ~ - I I i ",ii] - ..... ,]RD ST PUBLIC WORKS / & TRANSIL ~ , ,F I , Sturgis ~' Ferry Park~ ,,~,z' 'J , S~NS DR "~, ~ / , , Gil~ Strut & Highway 8: Dual Turn Lanes Loparex Proctor &~ Gomble Warehouse Weflond ACT Highway 6: Lakeside Ddve to 420th Street ~KS CO~PLE'X CITY OF iOWA CITY McCollister Boulevard -- ~ Rober~ ' QMoadow Street Bfld~e and Dovor Street Storm Sewer Improvements "Missing Link" Trail · _?,cho0/ ~ RD ~'~---'"' ROBERTS ', Pork / ~ ~ ' j. ~ ~ ,,, ~/~%% ' m ~S~TO~ ST ~ ~ MO~Y GLEN C~, ~ _~ k LEN CT "x W/// ~ ' OW / Mormon Trek Boulevard and Walden Square Intersection ~~ Peninsula I Park/and Pen Parkland ~//~ Peninsula Access Road glVE~ lOW,~ Terrell Mill Pork C/ty Pcrk City Pork O R)vorbank Stab(I)zation - Corps of £nginoers - Oity Park \1 ,, Sand Road (South Gilbert Street) Sand Lake Recreation Area Pork Hte t h e rb y Pork 'ORATE LIMITS Sycamore Street IOWA CITY CORi'ORATE LIMITS South Sycamore Trunk Sewer Extension