gnp4

First outline of paper. The structure of the paper(not a part of the 750-900 words).

Then,
• Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
• Read the management discussion and analysis (MD&A) section on page 18 and describe 2 or more significant areas that were addressed by management.
• From the notes of the financial statements starting on page 46, describe which accounting policies are being utilized by the city.

• What did you discover in the statistical section?
o How is the city doing?
o Provide an analysis.
o Examine the funds listed under the budget on page 37 and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.

o By looking at the budget starting on page 81, choose 2 different funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.

• Define and give examples of the infrastructure assets that are held by Cedar Falls.
• Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund.
o For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.

Provide sources
750-900 words

TY OF CEDAR FALLS, IOWA

Comprehensive Annual
Financial Repo

For the Fiscal Year Ended
June

0,20 1

Prepared by:

Finance/Public Records Division
of

Department of Administrative

Service

Jennifer Rodenbeck, CPA, CPFO
Finance Manage/City Clerk

City of Cedar Falls, Iow

Gomprehensive Annual Financial Report
For the Fiscal Year Ended June 30,

2013

Table of Contents

INTRODUCTORY SECTION
Letter of Transmittal. .
GFOA Certificate of Achievement .
Organizational Charts . . . .
Principal Officials.

FINANCIAL SECTION
I ndependent Auditor’s Report
Management’s Discussion and Analysis
Basic Financial Statements:

Government-wide Financíal Statements:
Statement of Net Position
Statement of Activities. . . .

Fund Financial Statements:
Balance Sheet- Governmental Funds . . . .
Statement of Revenues, Expenditures, and Changes ín

Fund

Balances – Governmental Funds. . . . . . .
Reconciliation of the Statement of Revenues, Expenditures,

and Changes in Fund Balances of Governmental Funds

the Statement of Activities

Statement of Net Position – Proprietary Funds.
Statement of Revenues, Expenses, and Changes in Fund Net

Assets – Proprietary Funds.
Statement of Cash Flows – Proprietary Funds.

Notes to Financial Statements. . . .
Required Supplementary lnformation :

Budgetary Comparison Schedule – Function Budget
Notes to Required Supplementary lnformation
Schedule of Funding Progress

Other Supplem entary I nformation :
Combining Fund Statements and Schedules:

Combining Balance Sheet – Nonmajor Governmental Funds .
Combining Statement of Revenues, Expenditures, and

Changes in Fund Balances – Nonmajor Governmental

Funds

Paqe

Combining Statement of Net Position – lnternal Service Funds.
Combining Statement of Revenues, Expenses, and Changes

in Fund Net Position –

lnternal Service Funds

Combining Statement of Cash Flows – lnternal Service Funds.
Capital Assets Used in the Operation of Governmental Funds:

Comparative Schedules by Source.
Schedule by Function and Activity
Schedule of Changes by Function and Activity.

STATISTICAL SECTION
Financial Trends:

Net Position by Component
Changes in Net Position.
Fund Balances, Governmental Funds
Changes in Fund Balances, Governmental Funds

Revenue Capacity:
Assessed and Taxable Value of Property. . . .
Property Tax Rates – Direct and Overlapping Governments. . .
Principal Property Taxpayers
Property Tax Levies and Collections.

Debt Capacity:

Ratios of Outstanding Debt by Type.
Ratios of General Bonded Debt

Outstanding

Direct and Overlapping Debt.
Legal Debt Margin lnformation. . .
Revenue Bond Coverage – Sewer Authority.
Sales History and Total Sewer Charges.
Water Meters by Rate Class.
Largest Sewer Customers

Demographics on Economic lnformation:
Demographic and Economic Statistics
Principal Employers . . . .
Full-Time Equivalent City Government Employees by

Function/Department
Operating I nformation :

Operating lndicators by Function. . . .
Capital Asset Statistics by Function . . . .

101

102
104

106

108

114

118

120

124

126

128

129

131

133

141

143

DEPARTMENT OF ADMINISTRATIVE SERVICES
CITY OF CEDAR FALLS, IOWA
220 CLAY STREET
CEDAR FALLS, IOIVA 50613
PHONE: 319-

3-8

600

FAX: 319-268-

26
www.cedarfalls,comw

October 1,2013

To Mayor Crews, Members of the City Council and citizens of the City of Cedar Falls:

I am pleased to submit to you the comprehensíve Annual Financial Report (CAFR) of the city of cedar Falls, lowa,for the year ended June 30, 2013. This is the eleventh CAFR completed in compliance with the Governmental
Accountíng standards Board Statement No. 34 (GASB 34). Responsibility for both the accuracy of the data andthe completeness and fairness of the presentation, including all disclosures, rests with the city. To the best of ourknowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designedto present fairly the financíal position and results of operations of the city. All disclosures necessary to enable thereader to gain an understanding of the city’s financial activities have been included.

GAAP require that management provide a narrative introduction, overview, and analysis to accompany the basicfinancial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal isdesigned to complement MD&A and should be read in conjunction with it. The city of cedar Falls, MD&A can befound immediately following the report of the independent auditors.

The city is required to undergo an annual single audit in conformity with the provisions of the u.s. office ofManagement and Budget (oMB) circular A-133, “Audits of states, Local Governments, and Nonprofitorganizations'” lnformation to comply with oMB circular A-133, “Audits of states, Local Governments, andNonprofit organizations,” and “Government Auditing standards” is included in another report under a separate
cover.

The city of cedar Falls provides many municipal services including fire and police protection, streets, garbage
collection, parks, recreation, cultural arts, planning, zonihg, g”n”r”i a¿m¡n¡stråtion, and sewer and storm waterservices’ For financial reportíng purposes, all funds, agencies, boards, commissions, trusts and authoritiesinvolved in the provision of these services are included íf the city is financially accountable. Financial
accountability is determined by several different factors, including fiscal dàpendence, ability to impose will upon theentity’s governlng body, provision of specific financial burdens or benefits and separate legal entity status. Aftercareful evaluation of these factors, the city has included in this financíal report the cedar Falls Electric utílity, Gasutility, water utility, and communícations utility, as well as all funds of the cíty. The utilities are each reported asdiscretely presented component units.

“OUR CITZENS ARE OUR BUSINESS”

GOVERNMENTAL STRUCTUR

The City has operated under the mayor-council form of government since incorporation. Policy-making and
legislative authority are vested in the governing council, which consists of seven members. The City Council is
responsible, among other things, for passing ordinances, adopting the budget, setting goals, and approving mayor-
appointed committees. The full-time mayor is responsible for carrying out the policies and ordinances of the City
Council, for overseeing the day{o-day operations of the City, and for appointing department directors. The mayor
and Council are elected on a nonpartisan basis. The Council consists of two council members elected at large and
one council member elected from each of the five wards as established by ordinance, elected for terms of four
years. The mayor is elected at large and to a two-year term.

ECONOM¡C CONDITION AND OUTLOOK

The City, incorporated in 1854, is located in the northeastern part of the state, has a land area of 28.9 square miles
and a population of 39,260. The City is empowered to levy a property tax on both real and personal

property

located within its boundaries, and has the power by state statute to extend its corporate limits by annexation, which
is seldom done, but will be done when deemed appropriate by the City Council.

The economic condition and outlook of Cedar Falls continues to be strong. The Cedar Falls economy was insulated
from many of the impacts created by the recent recession due to the growth and stability of the University of
Northern lowa and a diverse service business sector.

The Greater Cedar Valley Alliance was formed in the metro area to organize the human resources and generate
needed development capital to attract new business and industry to the area and to encourage expansion of
businesses already in the area. As a result, many new businesses have located offices and plants in the metro
area. Target Corporation constructed a distribution center with an assessed value of approximately

¿S million in
FY02 and in FY08 completed a second refrigeration center. The Cedar Falls lndustrial and Technology

Park

continues to show tremendous expansion.

The increase in new businesses and expansion of established firms has had a positive effect on employment and
the City’s tax base. Historically, Cedar Falls’ unemployment rate has closely followed the State trends, which are
significantly lower than the nation’s unemployment rate (See Attachment A). This is due to the strong service
employment base supported by the state university located in Cedar Falls. Since the devaluation of property in
l9B6-19

, Cedar Falls has had steady growth in property values. Assessed values increased in FY14 by $gZ
million, and taxable values increased by $229 million (See Attachment B) due to the increase in assessed
valuations and the residential rollback.

The City of Cedar Falls maintains a comparatively low tax rate. Cedar Falls has the fifth lowest tax rate per capita
of the twenty largest cities in the state of lowa (See Attachment C). Thís low rate can be attributed to the efforts of
the City to streamline operations over the past twenty years. This has been accomplished by maintaining the
approximate same number of employees, even when demand for service has increased. Cedar Falls had one of
the lowest number of full{ime employees per 1,000 residents in FY12. (See Attachment D).

Over the past ten years Cedar Falls’ residential housíng sales prices have significantly increased. ln 2002, the
average sales price reported was $153,312. ln2012, the average sales pricewas $206,773, which is a thirty-five
(35) percent increase in the past ten years (See Attachment E). These statistics indicate that Cedar Falls’ local
economy is sound and there is a strong market for Cedar Falls homes.

Housing values have surged from the recession and devaluation of the mid-1980’s to values that once again place
the homeowners living in Cedar Falls in an advantageous market position. This market growth is a credit to
businesses, the school system, utilities, and quality of City services in Cedar Falls. Each entity has worked
together to strengthen the local economy, create jobs, and improve Cedar Falls’ quality of life.

MAJOR INITIATIVES

Disinfection Project: ln August 2009, the Public Works department presented to council information on an
Ultraviolet Light (UV) Alternatives Evaluation Workshop. This is a process to treat bacteria at the Water
Reclamation Facility. The Environmental Protection Agency (EPA) has directed a new standard of treatment. The
advantage of UV over other disinfectants is it can inactivate hard to control organisms, such as E.coli, without
chemical additions to the final product and without producing a harmful disinfection by-product. Using UV is a
better and safer way to disinfect and there are no residuals.

ln FY11, the Public Works department solicited bids for the construction of the Water Reclamation Facility UV
Disinfection and Biosolids Handling Facilities lmprovements Project (Disinfection Project). Construction of the
project began in FY12 and a majority of the construction has occurred during FY13. Completion is expected in
FY14. The total project cost will be approximately 921.8 million.

This project will have a significant impact on the City’s sewer fund. The City Council did approve a So/o increase on
sewer rates each year for five years beginning in FY12. The council also decided not to finance the project in a
traditional way of selling sewer bonds. lnstead the City has opted to self-finance the project. Cash reserves from
the City’s Capital lmprovements Fund and Hospital Fund havefinanced the project. Through June 30,2013, these
funds have foaned the sewer fund $15.9 million. Self-financing has allowed these funds to earn interest at a rate
greater than earnings on traditional investments and the sewer fund benefits by paying interest costs lower than
bond rates.

Bluff Street Lift Station: ln 1962, the Bluff Street Lift Station was constructed below the 1Oo-year flood elevation.
During the Flood of 2008, the entire basement (pump room) filled with water and the control room had five feet of
standing water in it. Due to its location, the station was not accessible for several days and out of service for about
two weeks because of the significant damage to the mechanical equipment in the station as well as to the backup
generator. Because of the dry well/wet well configuration of the station, conventional flood protection was not
practical, therefore the City applied for a Community Development Grant (CDBG) Disaster Recovery Grant to
construct the new station at a higher elevation and that is not subject to flooding and is completely accessible in a
high water event.

ln FY10, design on the new lift station started and the Public Works Department solicited bids for the New Bluff
Street Lift Station project. Construction began in FY12 and continued in FY13. Completion will occur in FY14. The
total project cost will be approximately $Z.g million. The CDBG grant will fund $3.g million of the cost. The
remaining cost will be financed with sewer bonds and self-financing options. Sewer rates increases described
above also were needed to help finance this project as well.

ACCOUNTING SYSTEMS AND BUDGETARY CONTROL

ln developing and evaluating the City’s accounting control system, consideration is given to the adequacy of
internal accounting controls. Accounting control comprises the plan of organization and the procedures and
records that are concerned with the safeguarding of assets and the reliability of financial records and consequen¡y
are designed to provide reasonable assurance that:

¡ Transactions are executed in accordance with management’s general or specific authorizations.
‘ Transactions are recorded as necessary(1)to permit preparation of financial statements in conformitywith

generally accepted accounting principles or any other criteria, such as finance-related legal and contractual
compliance requirements applicable to such statements, and (2) to maintain accountability for assets.

. Access to assets is permitted only in accordance to management’s authorization.

‘ The recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.

The definition of accounting control comprehends reasonable, but not absolute, assurance that the objectives
expressed in it will be accomplished by the system. The concept of reasonable assurance recognizes that the cost
of internal controls should not exceed the benefits. The benefit consists of reductions in the risk of failing to
achieve the objectives implicit in the definition of accounting control.

All internal controf evaluations occur within the above framework. We believe that the City’s internal accounting
controls adequately safeguard assets and provide reasonable assurance of proper recording of financial
transactions.

ln accordance with the State of lowa, the City has formally established budgetary accounting control for its
operating funds. Budgetary control is maintained at the function level (Public Safety, Public Works, Health and
Social Services, Culture and Recreation, Community and Economic Development, General Government,

Debt

Service, Capital Projects, and Business-Type activities). The City has adhered to these budgetary laws.

INDEPENDENT AUDIT

Eide Bailly, LLP, a firm of independent public accountants has audíted the financial records, books of account and
transactions of the City for the fiscal year ended June 30, 2013, and their opinion is included in the Financial
Section of this report. The financial statements are the responsibility of the City. The responsibility of the
independent public accountants is to express an opinion on the City’s fínancial statements based on their audit. An
audit is conducted in accordance with U.S. generally accepted auditing standards. Those standards require that
the audit be planned and performed in a manner to obtain a reasonable assurance as to whether the financial
statements are free of material misstatement.

AWARDS

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Cedar Falls for its comprehensive annual financial
report (CAFR) for the year ended June 30, 2012. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local government financial reports.

ln order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and
efficiently organized comprehensive annual financial report, whose contents conform to program standards. The
CAFR must satisfy both accounting principles generally accepted in the United States of America and applicable
legal requirements.

A Certificate of Achievement is valid for a period of one year only. The City of Cedar Falls has received a
Certificate of Achievement for the last twenty-three consecutive years (fiscal years ended 1990-2012). We believe
our current report continues to conform to the Certificate of Achievement program requirements, and we are
submitting it to GFO

ACKNOWLEDGMENTS

The preparation of this report could not be accomplished without the efficient and dedicated service of the entire
staff of the Finance/Public Records Division, particularly Lisa Roeding, Deputy Finance Manager and Cathy
Niebergall, Financial Technician. Each member of the division has my sincere appreciation for the contributions
made in the preparation of this report. I would also like to thank the members of the City Council for their continued
interest and support in planning and conducting the financial operations of the City in a responsible and prudent
manner.

Sincerely,

enbeck, CPA, CPFO
nce Manager/City Clerk

Unempl
ATTACHMENT A

Unemployment Rates
Cedar Falls, Waterloo, lowa & U.S.

Unemployment Rates
Gedar Falls, Waterloo, lowa & U.S.

.00

8.00

7.00

)

o)
o

c)o
L
o
fL

6.00

5.00

4.00

3.00

2.00
July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

tCedarFalls +Waterloo +lowa +U.S.

Month
12-13

Cedar Falls
(ln %)

Waterloo
(ln %)

lowa
(ln %)

U.S.
(ln o/o)

July
Aug
sep
Oct
Nov
Dec
Jan
Fe

Mar
Apr
May
June

4.O
4.4

3.2

3.5

3.1
3.5

3.8

3.3
3.1
3.0
3.1
3.9

6.6
6.8
5.7
5_8

5.8
6.8
7.6
6.6
5.8
5.4
5.4
5.7

5.3
5.5
5.2
5.1
4.9
4.9
5.0
5.0
4.9
4.7
4.6
4.6

8.3
8.1
7.8
7.9
7.7
7.8
7.9
7.7
7.6
7.5
7.6
7.6

Average 3.5 6.2 5.0 7.8

Cedar Falls has consistently
remained below Waterloo and
the nation’s unemployment
rates.

Historically Cedar Falls’
unemployment rate has closely
followed the State trends.
Cedar Falls is insulated from
many of the economic problems
in the Metro area due to a strong
service employment base
supported by UNI.

ATTACHMENT B
taxvaluel4

Taxable Valuations FY04-FY 14

City of Cedar Falls

3,000,000,000

500,000,000

2,000,000,000

1,500,000,000

1,000,000,000

500,000,000
0

FYO4 FYOs FYO6 FYOT FYOS FYO9 FYIO FY11 FY12 FY13 FY14

rTaxable Value trAssessed

Value

Year

Taxable

Value

Assessed

Value

FYO4

FYOs

FYO6

FYOT

FYOS

FYO9

FYlO
FY11

FY12

FY13

FY14

817,99

6,990

903,439,479
920,739,030
985,250,969

1 ,018,530,694
1,098,295,277
1 ,150,079,051
1 ,1 85,969,

161

1,254,921,347
1,393,51 1,204
1,622,962,335

1,427,127,146
1,673,902,007
1,737 ,456,552
1,931 ,759,494
2,013,912,356
2,252,42

1,925

2,336,

6,915
2,402,107,961
2,459,320,459
2,618,319,943
2,650,433,900

The last ten years have provided a
steady growth trend ín assessed
valuations. ln addition, FY08 was the first
year that assessed values exceeded
$2 billion and taxable values exceeded
$1 billion.

For FY14, assessed values increased
by $32,t 14,057. However, taxable
values increased by $229,35 1 ,191
due to the change in the residential
rollback factor to 52.82% for Fy14 and the
release of the TIF increment.

Citytaxr

900.00

800.00

700.00

600.00

500.00

400.00

300.00

200.00

Property Tax Per Capita (FY13)
20 Largest lowa Cities

ATTACHMENT C

Property Tax Per Gapita (FY13)
20 Largest Gities

WDM IC CR BE CB DA WA CL UR AN DI\4 FD MC MA SC CF AM MA DU BU

C¡ty
2010 Abbre-

Population viation

FYI3
Tax

Per

Person

West Des Moines
lowa City
Cedar Rapids
Bettendorf
Council Bluffs
Davenport
Waterloo
Clinton
Urbandale

keny
Des Moines
Fort Dodge
Mason City
Marion
Sioux City
Cedar Falls
Ames
Marshalltown
Dubuque
Burlington

0.53

749.90
685.03
675.82
673.97
664

.56

609.53
57

0.61

0.35

548.16
535.64
493.31
486.57
48

0.96

448.28
435.53
407.26
402.19
394.58
385.09

56,609
67,862

126,326
33,

217

62,

0
99,685
68,406
26,885
39,463
45,582

203,433
25,206
28,079
34,768
82,684

39,260

58,965
27,552
57,637
25,663

WDM
tc

CR
BE
CB
DA
WA
CL
UR
AN
DM

MC
MA
SC
C

AM
MA
DU
BU

Averaqe 549.89

For over two decades Cedar Falls’ local
government has operated at one of the lowest per
capita property tax rates among the 20 largest
cities in lowa.

At a cost of $435.53 per person, the City is sub-
stantially below the average rate of $549.89. This
rate can be attributed to the City’s concerted efforts
to streamline operations over the past 20 years.

lf the City of Cedar Falls operated at the state
average property tax per capita, an additional 4.S
million dollars would be devoted to operations.
This would be an increase of 26% of taxes levied
in FY13.

lncluded in Cedar Falls’ population are university
students who live in campus housing and do not
pay property taxes. Thís results in an even greater
property tax burden on the citizens.

ATTACHMENT D

Full-Time Employees Per 1,000 Residents
Comparison of 20 Largest Cities

I
6
4

oe 9ù \o
“so

a\s
“$

Eo gù 9h .$Þ oQ (a & ow $*.$o$ o( È¡Þùe

City
FY12

Employees

2010

Population
Employees
Per 1,000

Cedar Rapids
Dubuque
lowa City
Mason City
Des Moines
Ames
Sioux City
Burlington
Davenport
Waterloo
Council Bluffs
Fort Dodge
Bettendorf
Clinton
Marshalltown
W. Des Moines
Gedar Falls
Ankeny
Marion
Urbandale

1293.0
550.0
6

26.0

250.0

1750.0
503.0
68

4.0

205.0
773.0
516.0
441.O

177.0
230.0
184.0
174.0
337.0
215.0
212.0
160.0
180.0

126,326
57,637
67,862
28,079

203,433
58,965
82,694
25,663
99,695
68,406
62,230
25,206
33,217
26,895
27,552
56,609
39,260
45,592
34,769
39,463

10.24
9.54
9.22
8.90
8.60
8.53
8

.27

7.99
7.75
7.54
7.09
7.O2

6.92
6.84
6.31
5.95
5.48
4.65
4.60
4.56

Average 7.30

Among the top twenty largest cities in the State of lowa, the City of Cedar Falls
continues to have one of the lowest number of employees per capita. The
pressures of new construction growth, road development, and societal values
have placed greater demands on existing staff. ln the near future, the City
Council wíll need to prioritize services or focus on key services to address thé
over extension of City staff.

Cedar Falls city government
continued to have one of the
lowest number of employees
per 1,000 capita comparing
the top 20 largest cities.

Cedar Falls has 1.82
employees per 1,000 capita
less than the state average,
which is equivalent to 71
fewer fu ll{ime employees.

Employment reductions have
been implemented over the
last 10 years, which has
streamlined Cedar Falls’
employment.

Resalel2
ATTACHMENT E

The average sale price of residential properties in
Cedar Falls has grown by 35% between 2OO2-

2012

from $153,31 2 to $206,773.

However, in2O11 the average sale price declined slighfly

Average Residential Sales Price (Annual)
Cedar Falls, lowa

220,000

210,000

200,000

90,000

180,000

170,000

160,000

50,000

140,000

130,000

120,000

110,000

100,000

90,000

80,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Year

Average
Sales
Price

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

153,312
163,637
168,599
181,310
190,929
195,090
192,154
207,754
199,318
197,576
206,773

Average 186,g3g

– 10 –

Government Finance Officers Association

Certificate of
Achievement
for Excellence
in Financial
Reporting

Presented to

City of Cedar FaIIs
fowa

For its Comprehensive Annual
Financial Report

for the Fiscal Year Ended

June 30,2012

ØrtrÊtu-
Executive Director/CEO

-11 –

City of Cedar Falls, lowa

Organizational Chart

Operations and
Maintenance

Water
Reclamation

Public
Works

lnvestigat¡ons

School

Reserve

Officer & Crossing

Guard Program

Police

Department

Patrol

Code Enforcement

lnspections

Suppression

Prevent¡on

Fire

Department

City Council

Mayor

Citizens of
Cedar Falls

Cultural Services

Library

Parks

Recreation

Visitor & Tourism
Services

Community Ctr&
Senior Services

Human & Leisure
Services

Community
Services

Engineering
&

Storm Water

lnspect¡on
Services

Planning and
Zoning

Developmental
Services

Legal Services

Finance/Public
Records & Parking

lnformation
Systems

Cable W

Administrative
Services

A
I\)
t

city division org
January 29,2013

Financial Services

*The Library is governed by the Library Board of Trustees’ which are appointed by the Mayor & City Council. The Library is shown under the Human & Leisure Services Department
since that department is the Board’s liaison.

City of Cedar Falls, lowa
Boards and Commissions

J
(¡)
I

Board of Electrical
Examiners

Comm Ctr & Senior
Services Board

Park & Recreation
Commission

Historic Preservation
Commission

Board of
Appeals

Civil Service
Commission

Library Board
of Trustees

Visitors & Tourism
Board

City
Council

Jon Crews
Mayor

Board of
Adjustment

Cedar Falls Health
Trust Board

Human Rights
Commission

Utilities Board
of Trustees

Art & Culture
Board

Board of Plumbing
Examiners

Housing
Commission

Planning & Zoning
Commission

Finance Division
January 25,2011City boards & commissions

CITY OF CEDAR FALLS, ¡OWA

PRINCIPAL OFFICIALS

June 30,2013

Title
Mayor
Council Member- 1’t Ward
Council Member – 2nd Ward
Council Member – 3’d Ward
Council Member – 4th Ward
Council Member- Sth Ward
Council Member – At Large
Council Member – At Large
Administrative Services Director
Developmental Services Director
Human & Leisure Services Director
Fire Chief
Police Chief
Public Works Director
City Attorney
Finance Manager/City Clerk
lnformation Systems Manager
Cable TV Manager
City Engineer
City Planner
Community Services Manager
lnspection Services Manager
Acting Cultural Services Manager
Recreation Division Manager
Visitors & Tourism Manager
Cedar Falls Public Library Director
Operations and Maintenance Manager
Water Reclamation Manager
Cedar Falls Utilities General Manager

Name
Jon Crews
Tom Hagarty
Susan deBuhr
John Runchey
Mare Madsen Schmidt
Frank Darrah
Nick Taíber
Dave Wieland
Richard L. McAlister
Ron Gaines
Mark Ripplinger
John Schilling
Jeff Olson
Bruce Sorensen
Steve Moore
Jennifer Rodenbeck
Laurene Saathoff
Denny Bowman
Randy Lorenzen
Marty Ryan
Robert Seymour
Craig Witry
Emily Drennen
Bruce Verink
Kimberly Manning
Sheryl McGovern
Brian Heath
Lyle Krueger
Jim Krieg

-14-

dar Falls
Visitor 8. Tourism Center

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CPAs & BUSINESS ADVISORS

Independent Auditor’s Report

To the Honorable Mayor and
Members of the City Council

City of Cedar Falls, Iowa

Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remainingfundinformationoftheCityofCedarFalls,Iowaasofandfortheyearended Jine30,2013,
and the related notes to the financial statements, which collectively comprise the City’s basic financial
statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America;this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
e1Tor.

Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We did not
audit the financial statements of the Cedar Falls Utilities, which represent the entire assets, net position,
and revenues of the aggregate discretely presented component units. Those financial statements were
audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it
relates to the amounts included for the Cedar Falls Utilities, is based on the report of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free from mateiial
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fiaud or error.
In making those risk assessments, the auditor considers intemal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that ur” upprop.iate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of thè-entìty,s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.

Opinions
In our opinion, based on our audit and the report of other auditors, the financial statements referred to
above present fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activities, the aggregate discretely presented component units, each major
fund, and the aggregate remaining fund information of the City of Cedar Falls, Iowa, as of June 30,2013,
and the respective changes in financial position and, where, applicable, cash flows thereof for the year
then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Re quir e d Supp le me ntary Informat ion

Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and the other required supplementary information listed in the table of contents be
presented to supplement the basic financial statements. Such information, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board, who considers it to be
an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquires of management about the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquires, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Inþrmation

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
compromise the City of Cedar Falls, Iowa’s financial statements. The introductory section, combining
nonmajor fund financial statements, capital asset schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the financial statements.

The combining nonmajor fund financial statements and capital asset schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United States
of America. In our opinion, the combining nonmajor fund financial statements and capital asset schedules
are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.

Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report, under separate cover,
dated September 27,2013, on our consideration of the City of Cedar Falls, Iowa’s internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our
testing of intemal control over financial reporting and compliance and the results of that testing, and not
to provide an opinion on the intemal control over financial reporting or on compliance.

õ*,4 z¿/
Dubuque, Iowa
September 27,2013

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of the City of Cedar Falls’ financial performance provides an overview of the City’s
financial activities for the fiscal year ended June 30, 2013. Please read it in conjunction with the transmittal letter
found on pages 1 – 10 of this report.

2013 FINANCIAL H¡GHLIGHTS

year 2013. Property taxes increased $893,816 for all activities.

from fiscal year 2012. Public Safety expenses increased by $t,029,534 and Public Works expenses
decreased by $1,061,71 0.

amount, the net position of the governmental activities increased by $8,113,574 and the net position of the
business-type activities increased by $3,804,534.

USING THIS ANNUAL REPORT

The annual report consists of a series of financial statements and other information as follows:

o Management’s Discussion and Analysis introduces the basic financial statements and provides an analytical
overview of the City’s fínancial activities.

o Government-wide Financial Statements consist of a Statement of Net Position and a Statement of Activities.
These provide ínformation about the activities of the City as a whole and present an overall view of the City’s
finances.

The Fund Financial Statements tell how governmental activities were financed in the short term as well as
what remains for future spending. Fund fínancial statements report the City’s operations in more detail than
the government-wíde statements by providing information about the City’s most significant funds.

Notes to Financial Statements provide additional information essential to a full understanding of the data
provided in the basic financial statements.

Required Supplementary lnformation further explains and supports the financial statements with a comparison
of the City’s budget for the year.

Other Supplementary lnformation provides detailed information about the nonmajor Special Revenue and
Capital Projects Funds and the lnternal Service Funds.

REPORTING THE CITY’S FINANCIAL ACTIV¡TIES

Government-wide Financial Statements

One of the most important questions asked about the City’s finances is, “ls the City of Cedar Falls in a better financial
position at the end of the fiscal year, compared to last year?” The Statement of Net Position and the Statement of
Activities report information about the City as a whole and about its activities in a way that helps answer this question.
These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the

a
a
a
a

-18-

accounting used by most private-sector companies. All of the current year’s revenues and expenses are taken into
account regardless of when cash is received or paid.

The Statement of Net Position presents all of the City’s assets and liabilities, with the difference between the two
reported as “net position”. Over time, increases or decreases in the City’s net position are one indicator of whether its
financial health is improving or deteriorating. A person will need to consider other non-financial factors, however, such
as changes in the City’s property tax base and the condition of the City’s infrastructure, to assess the overall health of
the City.

The Statement of Activities presents information showing how the City’s net position changed during the most recent
fiscal year. All changes in net position are reported as soon as the change occurs, regardless of the timing of related
cash flows. Thus, revenues and expenses are reported in this statement for some items that will not result in cash
flows untilfuture fiscal periods.

The Statement of Net Position and the Statement of Activities report two kinds of activities:

. Governmental activities – Most of the City’s basic services are reported here, including the general
administration, streets, fire, police, parks, recreation, library, and housing and block grant assistance. Property
taxes, local option sales taxes, road use taxes, and federal and state grants finance most of these activities.

¡ Business-type activities – The City of Cedar Falls charges a fee to customers to help it cover all or most of the
cost of certain services it provides. The City’s sewer, refuse, and storm water are reported in this section.

The Government-wide financial statements can be found on pages 31 – 34 of this report.

Fund Financial Statements

The Fund financial statements provide detailed information about the most significant funds, not the City as a whole.
Some funds are required to be established by State law or by bond requirements. The City has two kinds of funds:

. Governmental Funds – Most of the City’s basic services are reported in governmental funds, which focus on
how money flows into and out of these funds and the balances left at year-end that are available for spendin

These funds are reported using an accounting method called the “modified accrual basis” of accounting, which
measures cash and all other financial assets that can readily be converted to cash. The governmental fund
statements provide a detailed short-term view of the City’s general government operations and the basic
services it provides. Governmental fund information helps you determine whether there are more or fewer
financial resources that can be spent in the near future to finance City programs.

The required financial statements for governmental funds include a balance sheet and a statement of
revenues, expenditures, and changes in fund balances. We describe the relationship between governmental
activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds in
a reconciliation at the bottom of the fund financial statements.

The City maintains 21 individual governmentalfunds. lnformation is presented separately in the governmental
fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund
balance for the General Fund, Hospital Fund, TIF Fund, Street Repair Fund, Street Construction Fund, Debt
Service Fund, FEMA Fund, and Bond Fund, all of which are considered to be major funds. Data from the

. other twelve governmentalfunds are combined into a single, aggregated presentation. lndividual fund data for
each of these non-major governmental funds is provided in the form of combining statements located in the
supplementary information section of this report.

Ïhe basic Governmental Fund Financial Statements can be found on pages 35 – 39 of this report.

-19-

a Proprietary Funds – When the City charges customers for the service it provides, these services are generally
reported in proprietary funds. The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as businessìype activities in the government-wide financial
statements. The City uses enterprise funds to account for its sewer, refuse and storm water activities.

lnternal Service Funds are used to accumulate and allocate costs internally. The City uses internal service
funds for its information systems, vehicle maintenance, and various risk management activities. Because
these services predominantly benefit governmental rather than business-type functions, they have been
included within governmental activities in the government-wide financial statements.

Proprietary funds provide the same information as the government-wide financial statements, only in more
detail. The proprietary fund financial statements provide separate information for the Sewer Fund,

Refuse

Fund, and Storm Water Fund, all of which are considered major funds. lnternal Service Funds are combined
into a single, aggregated presentation in the proprietary fund financial statements. lndividual fund data for
internal service funds is provided in the form of combining statements located in the supplementary
information section of this report.

The basic Proprietary Fund Financial Statements can be found on pages 40 – 45 of this report.

-20 –

GOVERNMENT.WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of financial position. The analysis that follows
focuses on the change in the net position for governmental and business-type activities.

Governmental activities Business-type activities

Total

2013 2012

2013 2012 2013 2012

g 107,527,954

163,936,827

106,608,386 $

162,574,422

(4,381,386) $

83,715,207

1,255,950 $

74,092,070

103,146,568

247,652,034

$ 107,864,336
236,666,492

Current and

other assets

Capital assets

Total assets

Long-term debt

Other liabilities

Total liabilities

271,464,781

8,622,236 $

28,488,990

269,182,808

11,345,500 $

31,597,327

79,333,821

3,152,973 $

2,114,941

75,348,020

3,763,871 $

1,322,776

350,798,602

11,775,209 $

30,603,931

344,530,828

15,109,371

32,920,103

$ sz,r 11,226 g 42,942,827 $ 5,267,914 $ 5,086,647 $ 42,379,140 $ 48,029,474

Net assets:

Net investment

in capital assets $

Restricted

restricted

155,314,591 $

24,150,307

54,888,657

151,130,097 $

24,405,828

50,704,056

79,677,940 $

9,500

(5,621,533)

70,328,202 $

9,500

(76,32s)

234,992.531

24,159,807

49,267,124

s 221,458,299
24,415,328

50,627,727

Total net position

$ 234,353,555

$ 226,235,981 $ 74,065,907 $ 70,261,373 $ 308,419,462 $ 296,s01,3S4

Net position of governmental activities increased from FY12 by approximately $A.t million, or 3.59%. This increase
was due primarily to the continued strength of the property tax base and the small amount of general obligation debt
outstanding by the City. Net position of business-type activities increased from FY12by approximately $g.g million, or
5.41%. This increase was due to new assets constructed or being constructed. These assets include the new Public
Works complex, the disinfection project and the Bluff Street liftstation. ln addition, this was the seventh year that storm
water fees were collected. The largest portion of the City’s net position is the net investment in capital assets (e.g.,
land, infrastructure, buildings, and equipment). The debt related to the investment in capital assets is liquidated with
sources other than capital assets. Restricted net position represent resources that are subject to external restrictions,
bond covenants, constitutional provisions or enabling legislation on how they can be used. Unrestricted net position,
the part of net position that can be used to finance day{o-day operations are approximately $49 million at the end of
the year.

-21 –

For the year ended June 30, 2013, net position changed as follows

Governmental Activities Business e Activities Total

2013 2012 2013 2012 2013 2012

Revenues

Program Revenues

Charges for

servrces

Operating grants

and contributions

Capital grants and

contributío ns

General Revenues

Property taxes

Local Option Sales

Tax

Hotel/Motel Tax &

Other

Use of money and

property

lntergovernm ental

Miscellaneous

Gain on Sale of assets

Utility contribution

Total revenues

Expenses

Public safety

Public works

Health and social

servrces

Culture and

recreation

Community and

economrc

development

General government

Debt service

Sewer

Refuse
Storm Water

Total expenses

$ 4,911,766 $ 5,099,756$ 8,461,470$ 8,469,215$ 13,373,236$ 13,568,971

2,098,639 1 ,695,1 1 7 2,098,639 1,695,117

6,479,932 1 1,529,905 577,411 140,450 7,O57,343 1 1 ,670,355

24,695,940

4,79

3,027

7 51,577

1,268,202

4,405,345

1,375,437

23,802,124

5,062,220

692,486

1,275,402

4,296,073

1,014,

890

6,606

1,625,000

24,695,940
4,793,027

751,577

1,307,088

4,405,345
1,375,437
23,802,124
5,062,220
692,486

38,886 36,1 37 1 ,311,539

4,296,073

‘1,014,890

6,606

1,625,0001,637,000

1,637,000

$ 52,416,865 $ 56,099,579 $ S,OZZ,767 g 8,645,802 $ 61,494,632 $ 64,745,381

9,491,677 $

11,909,568

$ $

320,864

7,262,’t 10

8,357,058

4,890,409

228,

173

8,462,143 $

12,971,278

316,339

7,098,908

7,815,848

4,333,403

452,378

9,491,677 $
11,909,568
320,864

7,262,110

8,462,143

12,971,278

31 6,339

7,098,908

3,617,688

2,770,264

728,713

3,336,990

2,492,305

722,

991

8,357,058
4,890,409

228,173

3,617,688
2,770,264
728,713
7,815,848
4,333,403
452,378
3,336,990
2,492,305
722,991

$ 42,459,85s $ 41,450,297 $ 7,1 16,665 $ 6,552,286 $ 49,576,524 $ 48,002,s83

$ 9,957,006

(1,843,432)

8 14,64s,282 $ 1,961,102 $
1,843,4

2,093,516 $

8, 91 9,1 54

11,918,108 $ 16,742,758
9,154)

lncrease in net position

before transfers

ïransfers

lncrease in net position

Net position, beginning

Net position, ending

8,113,574 $

226,239,981

5,730J28 $
220,509,853

3,804,534 $
70,261,373

11,012,670 $

59,248,703

11,91 8,108 $

296,501,354

16,742,798

279,758,556

$ 74,065,907 $ 70,261,373$ 234,353,555 $ 226,239,981

$ 308,419,462 $ 296,501,354

Property taxes increased by approximately $893,000 from FY12 due to increased taxable valuations. FEMA grants for
property buyouts related to the 2008 Flood received in FY12, caused capital grants and contributions to decreasefor
FY1 3.

INDIVIDUAL MAJOR FUND ANALYSIS

Governmental Fund Highlights

As of the end of the current fiscal year, the City’s governmental funds reported combined ending fund balances of
$64,696,852. $548,225 is nonspendable for inventory. $25,435,109 is restricted for TlF, debt service, road use tax
funds, local option sales tax, employee retirement systems, bond proceeds and various grants. $16,551,115 is
committed for the City’s health trust fund and parking fund. $16,376,887 is assigned for recreational capital funds,
police forfeiture funds, economic development and capital improvements. Thís leaves $5,785,516 for unassigned fund
balances in the governmental funds.

The Governmental fund balances increased by $4,880,073, or 8.160/0. This increase was due in part to the increase in
the FEMA Fund.

The General Fund is the chief operating fund of the City of Cedar Falls. At the end of the current fiscal year,
unassigned fund balance of the General Fund was $6,978,807, while the total fund balance totaled $9,037,503. As a
measure of the General Funds liquidity, it may be useful to compare both unreserved fund balances and total fund
balances to total fund expenditures. Unassigned fund balance represents 33.51% of the total General Fund
expenditures, while the total fund balance represents 43.39% of that same amount.

The following fund balances in the other major funds, which comprise the Total Governmental Funds are listed below:
FY13 FY12

lncrease

Amount Amount

(Decrease)

Hospital Fund

TIF Fund

Street Repair Fund

Street Construction Fund

Debt Service Fund

FEMA Fund

Bond Fund

Other Governmental Funds

15,718,951 $
15,435

12,609,671

6,012,776

318,846

(529,170)

(644,688)

22,157,628

$ 443,930
(3,767)

(1,061,578)

891,363

56,970

3,749,701

(595,880)

1,311,285

15,274,921

19,202

13,671,249

5,121,413

261,976

(4,278,871)

(48,808)

20,846,343

The FEMA Fund had the largest increase in fund balance due to the reimbursements received for projects related to
the 2008 Flood.

The Street Repair Fund had a decrease in fund balance due to many projects being able to be completed during FY13

The Hospital Fund had an increase in fund balance due to the fewer projects being funded by the Health Trust Board

The Street Construction Fund had an increase in fund balance due to the increase in road use taxes received. Road
use tax funds have increased due to the population increase in Cedar Falls which causes the formula to be revised.

The Bond Fund had a decrease in fund balance due to bond proceeds received in prior years being spent out on
various projects.

The Other Governmental Funds had an increase in fund balance due to the increase in the Capital lmprovements
Fund. This increase was the result of the Fund being paid back for cashflowing various Capital Projects.

-24 –

The following schedule presents a summary of the governmental fund revenues for the fiscal year ended

June 30,

2013 and June 30, 2012.

Revenues
FY13

Amount

Percent

of Total

FY12
Amount

lncrease
(Decrease)

from FY12

Percent of
lncrease

(Decrease)

Property taxes and

assessments

Other city taxes
Licenses and permits

Use of money and property

lntergovernm ental

Charges for services

Fines and forfeitures
Miscellaneous

Utility contribution in lieu of
taxes

$ 24,696,783
5,519,022

1 ,076 ,1 86

1,268,202

12,599,

954

3,386,415

449j65
1 ,358,192

$ 23,766,846
5,755,920

1 ,162,401

1,275,402

18,920,930

3,507,339

430,016

1,052,265

$ 929,937
(236,8e8)

(86,215)

(7,200)
(6,320,976)

(120,s24)

19,149

305,927

12,000

47.50 o/o

10.62

2.07

2.44

24.23

6.51

0.86

2.61

16.89 %
(4.30)

(1.57)

(0.13)

(114.82)

(2.20)

0.35

5.56

0.221,637,000 3.16 1,625,000

$ 51,990,919 100.00 % 57,496,119 _q_(5,50529q_ j_qo.oo %_
The most significant decrease in revenues was in intergovernmental. The decrease was due to the receipt of FEMA
disaster assistance payments and IJOBS grant revenues for the new Public Works Complex in FY12. The most
significant increase was in property taxes. The increase was due to increased property tax valuation due to the
change in the residential rollback factor.

Governmental Revenues
FY13

Other City

Taxes

10.620/o

Licenses & Permits
2.07%

Use of Money &
Property
2.44o/o

Property Taxes
47.50%

Utility

Contributions

3j6%

Fines & Forfeitures
0.86%

lntergovernmental
24.23%

Charges for Services
6.51%

Miscellaneous
2.61o/o

-25 –

The following schedule presents a summary of governmental expenditures for the fiscal years ended

June 30, 2013

and June 30,2012.

Public Safety

Public Works

Health & Social Services

Culture & Recreation

Cummunity and

Economic
Development

General

Government

Debt Service

Capital Projects

8,999,942
10,089,252

172,284

6,449,626

2,64

6,490

4,684,063

2,956,009

9,544,629

Expenditures

FY13
Amount
Percent

of
Total

19.76 %

22.15

14.16

5.81

10.29

6.49

20.96

FY12
Amount
lncrease
(Decrease)
from FY12
Percent of
lncrease
(Decrease)

$ 8,375,158
10,810,336

167,759

6,410,049

2,447,212

4,775,981

3,918,383

11,390,660

624,784
(721,084)

4,525

39,577

199,278

(e1,e18)

(962,374\
( 1 ,846,031 )

22.69 %
(26.1e)

0.16

1.44

7.24

(3.34)

(34.e5)

(67.05)

$ 45,542,295 100.00 % $ 48,295,538 $ (2,753,243) 100.00 %

The most significant decrease in expenditures occurred in the capital projects function. This was due to several
projects occurring during FY12, including disaster recovery expenditures.

The most significant increase in expenditures occurred in Public Safety. This was due to increased pension costs as
set by the State of lowa.

Governrnental Expend itures
FY13

Capital Projects
20.960/o

Debt Service
6.49o/o

General Govemment
10.29o/o

Community and
Economic

Development
5.81o/o

Public Safety
19.760/o

Public Works
2

2.15o/o

Culture and
Recreation

14.160/o

Health & Social
Services
0.38%

-26 –

Proprietary Funds

City of Cedar Falls proprietary funds provide the same type of information found in the government-wide financial
statements, but in more detail.

Net position of the Sewer, Refuse and Storm Water funds at the end of the year amounted to $74,065,907. There are
net position in the Governmental Activities lnternal Service fund of $15,126,691 .

These funds were established for the City operations that are financed and operated in a manner similar to private
business enterprises. The cost of providing the services to the general public is recovered, in whole or in part, through
user charges.

The City’s enterprise operations are comprised of three separate and distinct activities: Sewer, Refuse and Storm
Water. Results of operations for these funds for the years ended June 30, 2013 and June 30, 2012 are as follows:

Sewer Refuse Storm Water

2013 2012 2013 2012 2013 2012

Operating Revenues
Operating Expenses

Non-Operating Rev (Exp)

CapitalContributions
O perating Transfers, net

Change in Net Position

4,574,181 $
3,208,

163

(387,334)

178,978

1,633,090

2,790,752

2,996,396

2,770,264

9,712

$ 3,328,306 $
2,488,868

6,079

$ 4,313,923

2,856,740
(460,314)

77,480

5,028,445

6,102,794

210,342

446,186

4,143,060

4,988,577

890,893 $
728,713

983

398,433

567,596

826,986

722,991

6,68 5

62,970

(252,351)

(78,701)

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

Proprietary Fund Operating Revenues & Expenses
FYI3

I
Sewer Refuse Storm Water

I Operating Revenue ü Operating Expenses

BUDGETARY HIGHLIGHTS

Over the course of the year, the City Council revised the budget two times. These amendments were done in January
and May 2013. The amendments were needed due to the City’s participation in the Jumpstart, Buyout, Demolition,
and Public Assistance Federal & State Programs. At the end of the year, the City did not exceed the amended
budgeted amounts in any of its functions.

CAP¡TAL ASSET AND DEBT ADMINISTRATION

Capital

Assets

At the end of June 30, 2013, the City had approximately $Z¿g million invested in capital assets including police and fire
equipment, public buildings, park facilities, roads, bike trails, bridges, water treatment facilities, sanitary sewer lines,
and storm water improvements. (See Table following.) This represents a net increase of approximately 911 million or
4.64% over last year.

City of Cedar Falts Capital Assets
(net of depreciation)

Gove rnm enta I activities Business activities Total

2013 2012 2013 2012 2013 2012

Land

Buildings

lmprovements
other than

buildings

Machinery and

equipment

lnfrastructure

Construction

in progress

$ 28,867,975
18,419,051

$ 30,480,556
36,407,

208

$ 30,316,450
37,498,908

$ 28,703,869 $ 1,612,581 $ 1,612,581
19,077 ,238 17,988,157 18,42

1,670

8,195,797 8,666,142 8,195,797 8,666,142

6,674,726

90,353,811

6,954,815

86,908,

330

5,324,374

30,831,125

5,457,929

30,874,644

11,999,100

121,184,

936

12,412,744

117,78

2,974

11,425,467 12,264,028 27,958,970 17,725,246 39,384,437 29,989,274
Total $ 163,936,S27 $ 162,574,422 $ 83,715,207 ç 74,092,070 $ 247,652,034 $ 236,666,492

Major capital asset events during the current fiscal year included the following:

. Hwy 58 Pedestrian Bridge.

. Bluff Street Liftstation.
o Northern lndustrial Park.
. Ridgeway Avenue.
o TreatmentFacilityDisinfection.

More detailed information about the city’s capital assets is presented
statements.

tn Note 3 to the financial

Capital Assets Net of Depreciation
Land

12.310/o

Construction ln Progress
15.90%

Buildings
14.70Yo

lmprovements
3.31Yo

Machinery &

Equipment

4.85%lnfrastructure

48.93Yo

-28 –

Debt

Atyear-end,theCityhad$11,610,000ínoutstandingbondscomparedto$14,910,000¡astyear. Thatisadecreaseof
$3,300,000 or 22.13%.

Gity of Cedar Falls Outstanding Debt
General Obligation Debt

Govem rnental activities Total

2013 2012 2013 2012

Business-type activities

2013 2012
General obligation

bonds $
Tax increment

financing

Capital loan notes

1,125,000

10,210,000

$ $ 2,335,000 $ 2,755,000 $ 2,æ5,000 $ 2,755,000

575,000

8,075,000 625,000 920,000
575,000

8,700,000

1,125,000

11,030,000

Total $ 8,650,000 $ 11,335,000 $ 2,960,000 $ 3,575,000 $ 11,610,000 $ 14,910,000

The City of Cedar Falls was upgraded to a Aa1 rating from Moody’s lnvestor Services for all general obligation
issuances. This was a result of Moody’s recalibrating their U.S. municipal rating scale.

State statutes limit the amount of general obligation debt a government entity may issue to 5% of its total assessed
valuation. As of June 30, 2013, the City’s legal debt margin was $1 19,762,511 .

More detailed information about the City’s long-term debt is presented in Note 3 to the financial statements.

Gity of Cedar Falls Outstanding Debt
FY13

CapitalLoan Notes

75o/o

Bonds

20To

TIF Bonds
5%

-29-

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES

During the state legislative session in 2004, the legislature permanently eliminated certain state funding to local
governments starting with FY2005 and will continue in all future years. This along with the continuation of the state
rollback on residential properties greatly affects the City’s general operating fund.

Even with the State reductions, the City Council did establish a balanced budget in the General Fund for Fyj4. The
tax levy rate per $1,000 of taxable valuation for FY14 is provided below:

$ 8

.10

2.76

.56

.21

.27
.10
.00

.02

$ 12.02

REQUESTS FOR INFORMATION

This financial report is designed to provide our citizens, taxpayers, customers and creditors with a general overview of
the City’s finances and to show the City’s accountability for the money it receives. The City’s discretely presented
component units, Cedar Falls Utilities, have separately issued financial statements. lf you have questions about this
report or need additional information, contact the Department of Administrative Services, 220 Clay Street, Cedar Falls,
lowa 50613.

General levy

Trust and Agency levy

Debt Service levy

Transit levy

Library levy

Liability lnsurance levy

Emergency Management levy

Municipal Band levy

Total levy

30-

dar Falls
The Falls Aquatic Center

dar Falls
Veteran’s Memorial

Park

CiÇ of Gedar Falls, lowa
Statement of Net Position

June 30, 2013

Primarv Government

ASSETS

Cash

Certificates of Deposit
Receivables, net of allowance for uncollectible amounts:

Property taxes
Other city taxes
Accrued interest
Special assessments
Notes from associated company
Customers
Human & Leisure services contributions
Other

Due from component unit
lnternal balances
Due from other governments
lnventories
Prepaids and other assets
Restricted assets:

Cash

Certificates of deposit

US government and agency securities

Capital assets:
Land

Land improvements

Buildings

Machinery and equipment

lnfrastructure

Construction in progress

Accum ulated depreciation

Total assets

LIABILITIES
Accounts payable
Accrued liabilities
Due to primary government
Note payable to associated company
Unearned revenue
Long-term liabilities:

Portion due or payable within one year:
Bonds payable
Compensated absences

Portion due or payable after one year:
Bonds payable
Compensated absences
Net OPEB liability
Total liabilities

NET POSITION
Net investment in capital assets
Restricted:

Streets

Debt service
Em ployee retirement system
TIF
Post closure costs

Unrestricted

Total net position

$ 61 ,017,101 S 9,732,421

21,855J75
979,860

64,720
44,163

11,977

3,925,645
959,

113

850,000

15,340,000

1,615,165

877.012

28,867,975
13,155,356
27,818,640
I 7,1 53,865

163,497,944

11,425,467

(97,982,420\
$ 271,464,781

1,145,520

(15,340,000)

68,69ô

23,933,783
7,964,022

45,857,843

27,958,970

(23,611,9921
$ 79,333,821

Governmental
Activities

Business-type
Activities Total

$ 70,749,522

21,855,175
979,860

76,697
44,163

3,925,645
2,104,633

850,000

1 ,61 5,1 65
945,708

30,480,556
13,155,356
51,752,423
25,117,887

209,355,787
39,38

4,437

(121,594,412\
$ 350,798,602

1612,581

$ 2,624,404
‘t,028,432

21,789,027

2,775,O00
841,889

5,847,236
1,862,099

343, I 39
s 37,111,

226

18,531,342
318,846

5,284,684
15,435

‘t,546,705
76,962

635,000
138,633

2,517,973
352,641

$ 4,171,109
1 ,’t 05,394

21,789,027

3,410,000
980,522

8,365,209
2,214,740

18,531,342
318,846

5,284,684
15,435
9,500

49.267.124
T–m6;413262-

343 139
$ 5.267 ,914 $ 42,379,140

$ 1s5,314,591 g 79,677,940 $ 234,ss2,531

54,888,657
$ 234,353,555

See notes to financial statements

-31 –

Component Units

Electric
Utility

Gas
Ut¡litv

Water
Utility

Communications
Utititv

$ 25,140,464

4,863,620

50,292

738,090
4J25,

443

7,088,038
8,165,964

883,693

3,416,O21
6,719,

750

2,743,250

1,326,855
4,683

25,745.

195

20,862,151

145,179,355
19,422,336

(78,980,669)
$ 201,304,895

4,501

136,449
36,307

39,835

2,029,561
652,815

18,388,514

1,146,341

(9,824,603)
2 950 811

548,845-

72,035
1 10,378
24,687

63,

466

838,873
376,977

28,285,949

572,606

(8,981,686)
$ 26,107,994

1 ,005,1 81

502,746
‘t,183,414

216,366

259,544

340,000

1,321,858

18,042,

813

17,205,059

1,4’10,409
(7,431,0s8)

$ 38,11 1,68s

s 7,782,233 $ 3,704,010 $ 2,341 ,894

5,006 13

3,000,000
1,562,201 419,347 1,709,0

1 1

4 448

4456883641038

4947263,206

$ 5,973,191
5,210,181
1,430,000

2,590,000

48,361,300
738,286

$ 1,267,263
567,454

685,821
‘165,403

$ 2,685,941

624,408
115,

210

2,217,831
584,733

3,738,090

1,595,000

14,119,021
1,047,349

154,492
145,026

526
484

86 664
4 $ 1.039.136 S

$ 87,762,796 S 12,432,463 $ 2t,156,185 $ 9,775,113

I 20852,

3 912 673

32-

City of Cedar Falls, lowa
Statement of Activities

For the Year Ended June 30, 2013

Proqram Revenues

Functions/Programs

Primary government:

Governmental activities:

Public safety
Public works

Health and social services

Culture and recreation

Community and economic development

General government

lnterest on long{erm debt and related fees

Total governmental activities

Business-Çpe activities:

Sewer
Refuse
Storm Water

Total business-type activities

Total primary government

Component units

Electric Utility

Gas Utility

Water Utility

Communications Utility

Total component units

Expenses
Charges for

Services

Operating
Grants and

Contributions

Capital

Grants and

Contributions

6,479,932

9,491,677
11,909,568

320,864
7,262,110
8,357,058
4,890,409

673,860

204,592

2,400,747

1,632,567

$ 172,475 $

346,880

1,579,284

173
$

3,617,688
2,770,264

728,713

$ 4,911,766 $ 2,098,639

4,574,181

2,996,396

890.893

ö$

$ 6,479,932

$ 178,978

398,433

$ 7,116,665 s 8.461.470 $ 577,411
s 49. 76.524 $ 13,373,235 $ 2,098,639 $7. ,343

$ 44,734,893
9,421,934

3,003,090

13,669,240

$ 70,829,157

52,331,653

10,318,526

3,91 8,126

14,574,001

$ $ $ 4,528,905
570,

795

877,513

482,690
$ 81.142.306 $ $ 6,459,903

General revenues:

Property taxes and assessments

Local option sales tax

Hotel/motel taxes

Other c¡ty taxes

Use of money and property

lntergovernmental, not restricted to specific programs

Miscellaneous

Utility contribution in lieu of taxes

Transfers

Total general revenues and kansfers

Change in net position

Net position – beginning

Net position – ending

See notes to financial statements

-33-

Net (Exoense) Revenue and Chanqes in net oosition
Units

Governmental
Activities Activities

Electric
Total Utit¡ty

Gas Water Communications
Ut¡lityU

$ (8,645,342) $
(5,225,044)

(320,864)

(4,514,483)

(6,777,774)

(3,257,8421

e28.173\

$ (8,645,342)
(5,225,044)

(320,864)
(4,514,483)
(6,777,774)

(3,257,842)

(228,173\

$ (28,969,s22)$ (28,96e,522) $

$ $ $

s $ s

$ ‘lj35,471

226,132

560,613

$ $ $ $ $

s1 ,216 s s $
$ (28,969,522) s___1p22216 ß (27. 047.306) $ $ s $

$ $ $ $ 12,125,665 $ $ $
1,467,387

1,792,549

$ $ $ s 12 125.665 S I $ 1,792,549
1,387,451

$ 1,387,451,387

$ 24,695,940
4,793,027

64’t,404

110,173

1,268,202
4,405,345
1,375,437
1,637,000
(1,843,432)

$ 37,08s,096
$ 8,1 1 3,574

226
$

38,886

24,695,940
4,793,027

641,404

110,173
1,307,088
4,405,345
1,375,437
1,637,000

$ $ $ $

14 060100 790 243 6 006

$ 38,965,414 S ‘100,790 s 14.060 g 243
$ 1,792

,792

23,276,066

$ 25,068,858

$ 6,006
$ 11,918,108

296,501,354

$ 308,419,462

$ 12,226,455
124,053,

956

$ 1,481,447
21.7 83,423

$ 136,280,41 1s 234.353.555 $ ,907

-34 –

Gity of Cedar Falls, lowa

Balance Sheet
Governmental Funds

June 30, 2013

Special

Revenue

General

Fund

Hospital

Fund

TIF
Fund

Street
Repair
Fund

ASSETS
Cash

Receivables, net of allowance
for uncollectible amounts:

Property taxes
Other city taxes
Accrued interest
Special assessments
Human & Leisure services contributions
Other

Due from component unit

Due from other funds
Advance to other funds
Due from other governments
lnventories

Total assets

LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued liabilities
Unavailable revenue
Due to other funds

Total liabilities

FUND BALANCES
Nonspendable
Restricted

Committed

Assigned

Unassigned

Total fund balances

Total liabilities and fund balances

$ 8,387,522 g 4,449,430 $

17,500,966

89,494

20,376

3,925,645
203,097
850,000

1 1,255,000
36,436

241,612

2,045,522

$ 12,357,526

800,872

14,811

192,967543 459

$et 148 $ 16.247 ,889 $ 2,045,522 $ 13,366,176

$ 386,168 $
368,260

21,463,217 529,03; 2,030,087

$ 707,862

48,643

$ 22,217,645 $ 529,038 $ 2,030,087 $ 7s6,505

12,609,671

$ 9,037,503 $ 15.718 ,851 $ 15,435 $ 12,609,671
$sl 148 $ r6,247,889 $ 2.045.522

Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Other long-term assets are not available to pay for current-period expenditures and, therefore, are deferred in the funds.
lnternal service funds are used by management to charge the costs of fleet management, management information

systems and risk management activities to individual funds. The assets and liabilities of the internal service funds
are included in governmental activities in the statement of net position.

Accrued interest payable is not due and payable in the current period and, therefore, is not
reported in the funds.

Accrued compensated absences and other postemployment benefits, are not due and payable in the current period and,
therefore, are not reported in the funds.

Bonds payable are not due and payable in the current period and, therefore, are not reported in the funds.
Net position of governmental activities

241,612

1,817,084
6,978,807

15,718,851
15,435

$l 176

See notes to financial statements

-35-

Special Revenue
Street

Construction
Fund

Capital Projects
Debt

Service
Fund

FEMA
Fund

Bond
Fund

Other
Governmental

Funds

Total
Governmental

Funds

$ 5,524,030 $ 315,949 $

960,463

321,513
283,206

$ $ 16,714,455 $

1,348,224
89,494
13,380
44,163

8,987

47,748,912

310,544 843,’t45

1,413,731
4,085,000

103,527

23,407

21,855,175
979,860
48,567
44,163

3,925,645
948,510
850,000

1,413,731
1s,340,000

1,615,165
548,225

$ 6,128 ,749 $ 1 ,276,412 $ 310,544 $ 843,145 $ $ 95,317,953

$ $81,671
34,302

957,566 49,042

392,035

93,

162

1,000,904

167,28s $
10,016

1,488,647

20,792

2,135,390
412,578

26,659,402
1,413,731

$ 398,637 $ 393,767 $

$ r 15,973 S 957,566 $ 839,714 $ 1,487,833 $t 740 $ 30,621,101
283,206

5,729,570 318,846
23,407

6,761,587

832,264

14,559,803
(1e,433)

548,225
25,435,109
16,551 ,1 15
16,376,887
5,785,516(529,170) (644,688)

$ 6,012J76 $ 318,846 529 170 $
$ 6,128 ,749 $ I ,276,412 $ 310,544

$ 15722 628 $ 64,696,852
$ 843,145 $

161,247,257
4,870,375

15J26,691

(18,017)

(2,s47,367)
(8,622,236)

36
$ 234,353,555

City of Gedar Falls, lowa

statement of Revenues, Expenditures, and changes in Fund Balances

Governmental Funds
For the Year Ended June 30, 2013

Special Revenue
General
Fund
Hospital
Fund
TIF
Fund
Street
Repair
Fund

Revenues:
Property taxes and assessments
Other city taxes
Licenses and permits

Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Utility contribution in lieu of taxes

Total revenues

Expenditures:
Current:

Public safety
Public works
Health and social services
Culture and recreation
Community and economic

development
General government

Debt service

Capital projects

Total expenditures

Excess (deficiency) of revenues over
(under) expenditures

Other financing sources (uses):
Transfers:
Transfers in

Transfers out

Total other financing sources (uses)

Net change ín fund balances

Fund balances, beginning

lncrease (decrease) in reserve for inventories

Fund balances, ending

$ 22,802,718 $ 601,464 $ 7.6 79,979 $ 5.455

$ 15,121 ,936
414,348

I ,076,186
79,054

829,802
3,337,424

283,084
23,884

1,637,000

$ 7,679,979 $

600,922

542

4,793,027

46,875

615,890

,792

$$ 7,665,379 $
1,464,790

14,750
6,094,248

903,259
4,684,063

5,702,990
157,

534

$ 20, 826,489 $ r sz 534 S

$ 1,976,229 $ 443,930 $ 2.679,979 $

$ 633,942 $
(2,583,045)

$ 766,990 $
(8,450,736)

$ s,702,990

7,1 98)

(814,380)

949 103 $1 $ (7,683,746) $ 814,380)
$ 27,126 $

8,949,454
60,923

443,930 $

15,274,921

(3,767) $
19,202

(1,061,578)
13,671,249

$ 9,037,503

See notes to financial statements

-37 –

$ r 5,718,351 s 15,435 $ 12. 609,671

Special Revenue
Street
Construction
Fund

Capital Proiects
Debt

Service
Fund
FEMA
Fund
Bond
Fund
Other
Governmental
Funds
Total
Governmental
Funds

$ $ $ $845,493 $
3,736

1,049,375 $
307,911

538,132
1,643,577

48,991

166,081

637,

588

24,696,783
5,519,022
1,076,186

1,268,202

12,599,954
3,386,415

449,165
1,358,192

1,637,000

3,804,757

3,346

4,464,326
3,219

1,857,492

76,942

$
$

103

$ $ 1,334,563 $
233,078

8,999,942
10,089,252

172,284
6,449,626

2,646,490
4,684,063
2,956,009
9,544,629

2,688,394

2,956,009

355,378
1,743,231

1,764,779 3,382,280 4,397,570
$ 2,688,394 $ 2,956,009 $ 1,764,779

$ 1,119,709 $ (2,106.780) $ 2,699,547

$ 3,382,280 $ 8, 063,820 $ 45,542,295

$ (1,444,627\ $ (3,672,165) $ 6.448,624

$ 5,495 $ 2,16

3,750

(280,8e0)

$ 3,574,665 $
(2,524,511)

1,060,704 $
(211,957)

5,092,148 $
(111,350)

13,297,694
(14,976,86s)

$ (275,3e5) $ 2,1 63,750 $ 1 ,050,1s4 $ 848,747 $ 4,980,798 $ (1,679,175)
$ 844,314 $

5,121,413
47,049

$ 3,749,701 $
(4,278,871)

(5es,880) $

(48,808) 20,846,343
2,652

59,816,779
110,624

56,970

1,876

1,308,633 g 4,769,449

318,846 $ (529,170) $ 6,012/76 $

-38

688) $ 22,t57,628 $ ,852

Net change in fund balances – total governmental funds

Amounts reported for governmental activities in the statement of activities are
different because:

Government funds report capital outlays as expenditures while
governmental activities report depreciation expense to allocate those
expenditures overthe life of the assets. capital ouflay expenditures
exceeded depreciation expense in the current year, as follows:

Net acquisition of capital assets
Depreciation expense

Because some revenues will not be collected for several months after the
City’s year end, they are not considered available revenues and are
deferred in the governmentalfunds, as follows:

Other

Proceeds from issuing long-term liabilities provide current financial
resources to governmental funds, but issuing debt increases long-term
liabilities in the Statement of net posítion. Repayment of long-term
liabilities is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the Statement of net position. current year
repayments exceeded issues, as follows:

Discount on general obligation bonds
Repaid
Accrued interest

some expenses reported in the statement of Activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds, as follows:

Compensated absences
Other postemployment benefìts
Change in inventory

lnternal service funds are used by management to charge the costs of
fleet management, management information systems and risk
management activities to individual funds. The net revenue of certaín
activities of internal service funds is reported with governmental activities

Change in net position of governmental activities

City of Gedar Falls, lowa
Reconciliation of the Statement of Revenues, Expenditures, and

Changes in Fund Balances –
Governmental Funds to the Statement of Activities

For the Year Ended June 30, 2013

8,392,833
16. 795,933)

1 926

38,262
2,685,000

572

1,194
(67,810)
110,623

$ +,t69,449

1,596,900

(183,926)

2,727,834

44,007

(840,6e0)

See notes to financial statements

-39-

$ 8,113.574

City of Gedar Falls, lowa
Statement of Net Position

Proprietary Funds
June 30, 2013

ASSETS
Current assets:

Cash
Receivables, net of allowance
for uncollectible amounts:

Accrued interest
Other

lnventories
Total current assets

Noncurrent assets:
Capital assets:

Land
Buildings

Machinery and equipment
lnfrastructure

Construction in progress
Accu mulated depreciation

Total noncurrent assets

Totalassets

LIABILITIES
Current liabilities:

Accounts payable
Accrued liabilities
Bonds payable – due within one year
Compensated absences – due within one year

Total current liabilities
Noncurrent liabilities:

Bonds payable- after one year
Advance from other funds
Compensated absences – after one year

Total noncurrent liabilities
Total liabilities

NET POSITION
Net investment in capital assets
Restricted for post closure costs
Unrestricted

Total net position

B usiness-type Activities –
Enterprise Fund

Sewer Fund

Refuse Fund

$ 4,943,465

$ 2,740,373

6,921
741,598
40 937

5 73 921$g

2,916
366,850

27 759
137 898

$ zzs,aza
11,595,276
5,506,598

29,629,206
27,921,795

(16,716,752\
$ 58,715,981
$ 64,448,902

$ 1,487,753
53,530

635,000
76,255

$ 2o4,B4s
12,338,507
2,457,434

14,666
(1,969 ,065)

$ 13.046 ,387
184 85

$ 46,596
19,291

55,451
2 252 538 $ ‘t21,338

$ 2,517,973
15,340,000

119,479

217,041
$ 17,977 ,452 $ 217,041
$ 20,229,990 $ 338,329

$ 54,678,714 $ 13,046,397
9,500

1 459 802 790 019
fi 44,218,912

See notes to financial statements

-40-

$ 15,845,906

Business-type Activities –
Governmental

Activities –
lnternal

Service Funds
Enterorise Fund

Storm Water Fund Total

fi 2,048,583 $ 9]32,qZt $ 13,268,189

2,140
37,072

I’1,977
1,145,520

68,696

16,153
10,603

328,787
$ 2,087,79s $ to, 958,614 $ 13,623,732

$ 627,858 $
90,302

7,649,361
16,229,637

22,519
(4,926,175\

$ 11,952,839

$ 14,040,634

$ 12,356
4,141

$ 1,612,581
23,933,793
7,964,022

45,857,843
27,95

9,970

(23,611,992\
$ 83,715,207
$ 94,673,821

(5,050,093)

$ 2,689,570

$ 16,313,302

1,546,705
76,962

635,000
138,633

489,014
597,837

$ 55,154
55 154

$ t,186,611

6,927

$ 23,424 397 300

$ 2,517,973
15,340,000

352,641
8 18,210,614
$ 20,607,914

16 12

‘l

$ 16,121
$ s9,s4s

$ 11,952,839

2,048,250
$ 14,001,089

$ 2,689,570

1 437 121
$ 15,126,691

-41 –

City of Cedar Falls, lowa
statement of Revenues, Expenses, and changes in Fund Net position

Proprietary Funds
Forthe Year Ended June 30,2013

Business-type Activities –
Enterprise Funds

Sewer Fund Refuse Fund

Operating revenues:
Charges for services
Other

Total operating revenues

Operating expenses:
Personal services
Contractual services
Supplies and equipment
Depreciation

Total operating expenses

Operating income

Nonoperating revenues (expenses):
lnterest revenue
lnterest expense
Gain (loss) on disposal of equipment

Nonoperating revenues (expenses), net

lncome before contributions and transfers

Capital contributions
Transfers in
Transfers out

Contributions and transfers, net

Change in net position
Net position, beginning
Net position, ending

$ 4,572,082
2,099

$ 2,4s0,482
545,914

181 $ 2,996,3964 574

$ 1,192,506
782,117
279,469

954,072

$ 1,128,444
1,140,222

84,352

417,246

,264$ 3,208,163 $ 2]70
1 366 018 $ 226,132

$ 22,191
(409,525)

$ 9,712

$ (387 ,334) $ 9,712

$ 978,684 $ 235,844

$ 178,979
2,431,073
(797,983)

$
343,792

(133,450)

$ 1.812,068 $ 210,342

$ 2,790,752 $ 446,

196

41,429,160 15,399,720

See notes to financial statements

-42-

_$ 44218,912 _qj_5,845,906

Storm Water Fund

Business-type Activities –
Enterprise Funds

Governmental
Activities-
lnternal

Service FundsTotal

$ 823,

814

67,079

7,846,379
615,092

$ 6,311,468
204,351

$ 890,893 $ 8,461 ,470 $ 6,51s

,819

$ 223,050
97,573
17,607

390,483

2,544,000
2,019,912

381,427
1,761,9O1

$ 1,413,994
4,235,561
1,147 ,335

41g,Og2

$ 728,713 $ 6,70r,140 $ 7,214,872
$ 162j80 $ 1 754 330 $ (699,053)

$ 6,993 $ 3g,gg6
(409,525)

$ s2,7s7
(30,137)

$ 6,983 $ (370,639) 22 620

$ 169,163 $ 1.383 $ (676,433),691

$ 398,433 $ 577,411 $
2,774,965
(931,433) (164

,257)

$ 398,433 $ 2,420,943 164 257

$74

567,596$3,904,534$(940,690)

13,433,493 70,261,373

15,967,391

$ 15,126,691$ 14,001,099 065

-43-

City of Cedar Falls, lowa
Statement of Cash Flows

Proprietary Funds
For the Year Ended June 30,2019

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Receipts from interfund services
Payments to suppliers
Payments to employees

Net cash provided by operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers from other funds
Transfers to other funds

Net cash provided by (used for) noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES

Net acquisition of property and equipment
Capital contributions
Advance from other funds
Principal paid on debt maturities
Payments on advance from other funds
lnterest paid

Net cash (used for) capital and related financíng activities
CASH FLOWS FROM INVESTING ACTIVITIES

Interest received on investments

Net increase (decrease) in cash

CASH BALANCES,

Beginning

CASH BALANCES,

Ending

Reconciliation of operating income to net cash provided by
operating activities:

Operating income (loss)

Adjustments to reconcile operating income

to net cash provided by operating activities:
Depreciation
Change in assets and liabilities:
(lncrease) decrease in:

Customer and other receivables
lnventories

lncrease (decrease) in accounts payable, accrued and other liabilities
Net cash provided by operating activities

See notes to financial statements

Business-type
Activities –

Enterprise Funds
Sewer
Fund

$ 4,490,696

(323,299)
(.173.442 )
2 I 945

$ 2,431,013 .
(797,993)

$ 1.633 ,090

$ (10,622,149)
17g,g7B

7,700,000
(615,000)
(560,000)
(383 ,166)

$ (4,301.336

21 479$

$ 1,366,01g

954,072

(83,079)
3,406

753.527

-44-

$2 945

Busíness-type Activities –
Enterprise Funds

Governmental
Activities –

lnternal
Service Funds

6,290,399
(5,029,794)
(1.0 04,492\

113

(164,257\

Refuse
Fund

Storm Water
Fund Total

$ 2,957,493 $ 985,277 $ 8,333,456 $
(1,256,072) (1,697,960)
(1.107 ,889) 2 500 888

$ 210 342 $ $ 1,843,432 $ (164,257)

$ (243,002) $

(108,589)
(219,557\

$ 593,532 $ 557,131 $ 4.144,608 $ 257

$ 343,792
(133,450)

$ $ 2,774,865 $
(931 ,433)

(519,789)
398,433

243,002) $ (121,356)

I ‘156 $ 6,T04
$ 442,479

$ (11,384,939)
577,411

7,700,000
(615,000)
(560,000)
(383,166)

$ (4,665,694)

$ (213,717)

$eß ,717\
$

$ s7o,o2g
2,170,345

$ 2,740,373
$
$

37,339 $ 52,608

606 1041

1,359,685

8,372,736
$ 9,732,421

$ (68,253)
13,336,442

$ 13,268,189$ 2,048,s83

$ 226,132 $ 162,180 $ 1,754,330 $ (699,053)

417,246 390,483 1,761,901

419,092

(52,442)
(3,702)

(5,616)

6 298 10 084

(141,136)
(2e6)

769,

909

233,249
(92,015)

396 851

$ $ 4,144,609 $593 532 $ 557,131

-45-

257,113

dar Falls
Oveffnan Park

NOTE I

NOTE 2

CITY OF CEDAR FALLS, ¡OWA
NOTES TO FINANCIAL STATEMENTS

INDEX

SUMMARY OF SIGN¡FICANT ACCOUNTING POLICIES

Reporting Entity

B. Government-wideand Fund FinancialStatements
C.

Measurement Focus, Basis of Accounting, and Financial Statement Presentation

D. Assets, Liabilities, and Net position or Equity

STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY

A. Budgetarylnformation
B. Deficit Fund Balances

NOTE 3. DETA¡L NOTES ON ALL FUNDS

A. Deposits and lnvestments
B. Receivable
C. CapitalAssets
D. Leases
E. Long{erm Debt
F. Long-termLiabilities

G. lnterfund Balances

H. lnterfundTransactions

NOTE 4. OTHER NOTES

A. Retirement Systems

B. Due To/From Component Unit
C.

Related Party Transactions

Risk Management

E. Commitments and Contingencies
F. New GovernmentalAccounting Standards Board (GASB) Standards

-46-

Note 1 Summary of Significant Accounting Policies

Reporting Entity

The City of Cedar Falls is a municipal corporation governed by an elected mayor and seven-member
council. As required by accounting principles generally accepted in the United States of America,
these financial statements present the City and its component units, entities for which the City is
considered to be financially accountable. The discretely presented component units are reported in a
separate column in the combined financial statements to emphasize that they are legally separate
from the City. The discretely presented electric, gas, water, and communications utilities each have a
December 31 year end.

Discretely Presented Component Unls. The electric, gas, water, and communications utilities serve
all the citizens of the City and are governed by a five-member board appointed by the mayor of the
City of Cedar Falls. The rates for user charges and bond issuance authorizations are approved by the
City Council, and the legal liability for the general obligation portion of the Utilities’ debt remains with
the City.

Complete financial statements for the Utilities may be obtained at the administrative offices
Cedar Falls Utilities
Utility Parkway
Cedar Falls, lowa 50613

Jointly Governed Organizations. The City also participates in several jointly governed organizations
for which the City is not financially accountable or that the nature and significance of the relationship
with the City are such that exclusion does not cause the City’s financial statements to be misleading or
incomplete. City officials are members of the following boards and commissions:

Black Hawk County

Consolidated Public Safety Communications Center, Black Hawk County Solid Waste Management
Commission, Black Hawk County Criminal Justice lnformation Systems and Metropolitan Transit
Authority.

Government-wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the activities of the primary government and its component uníts.
For the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business{ype activities, which rely to a significant extent on fees and
charges for support. Likewise, the primary government is reported separately from certain legally
separate component units for which the primary government is financially accountable.

The statement of net position presents the assets and liabilities, with the difference reported as net
position. Net position are reported in three categories.

Net investment in capital assefs consists of capital assets, net of accumulated depreciation and
reduced by outstanding balances for bonds, notes, and other debt that are attributed to the
acquisition, construction, or improvement of those assets.

Restricted net position result when constraints placed on net asset use are either externally
imposed or imposed by law through constitutional provisions or enabling legislation.

-47 –

Unrestricted net position consist of net position that do not meet the definition of the two preceding
categories. Unrestricted net position often have constraints on resources that are imposed by
management, but can be removed or modified.

The statement of activities demonstrates the degree to which the direct expenses of a given function
or segment are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. Program revenues include 1) charges to customers or applicants
who purchase, use, or directly benefit from goods, services, or privileges provided by a given function
or segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual proprietary funds are reported as separate
columns in the fund financial statements. All remaining governmental funds are aggregated and
reported as other governmental funds.

Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The government-wide financíal statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of the related cash flows. Property taxes are recognized as revenues in the year for which they
are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and avaílable. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within 60
days of the end of the current fiscal períod. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures
related to compensated absences and claims and judgments, are recorded only when payment is
due.

Property taxes, franchíse taxes, licenses, interest, fines and forfeitures, and special assessments are
susceptible to accrual. Sales taxes collected and held by the state at year-end on behalf of the City
are also recognized as revenue. Other receipts and taxes become measurable and available when
cash is received by the City and are recognized as revenue at that time.

Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to
accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying
expenditures have been incurred, all other grant requirements have been met, and the criteria for
accrual has been met.

The City reports the following major governmental funds:

The general fund is the City’s primary operating fund. lt accounts for all financial resources of the
general government, except those required to be accounted for in another fund.

48-

The hospiúal fund accounts for the lease income derived from Sartori Memorial Hospital.

The TIF fund accounts for property taxes received through tax increment financing.

The sfreef repair fund accounts for local option sales tax received from the state to be used to
repair streets.

The sfreef construction fund accounts for state revenues allocated to the City to be used to
maintain and improve the City’s streets.

The debf service fund accounts for the servicing of general long-term debt not being financed by
proprietary funds.

The FEMA fund accounts for the proceeds and expenditures related to disaster assistance and
recovery.

Ihe bond fund accounts for all bond proceeds not related to proprietary funds and all the related
capital projects associated with the bond sales.

The City reports the following major proprietary funds:

The setøer fund accounts for the operations and maintenance of the City’s sanitary sewer system.

The refuse fund accounts for the operations and maintenance of the City’s garbage collection.

The sform water fund accounts for the operations and maintenance of the city’s storm water
system.

Additionally, the City reports the following fund type:

lnternal service funds account for operations that provide services to other departments or
agencies of the City, or to other governments, on a cost-reimbursement basis. These include
data processing, vehicle maintenance, health insurance, health insurance severance, payroll, and
risk management activities.

As a general rule the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are payments between the government’s refuse
and sewer functions and various other functions of the government. Elimination of the charges would
distort the direct costs and program revenues reported for the various functions concerned.

Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions. lnternally dedicated resources are reported as general revenues rather than as
program revenues. Likewise, general revenues include all taxes.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues
of the refuse fund, sewer fund, and the government’s internal service funds are charges to customers
for services. Operating expenses for enterprise funds and internal service funds include the cost of
services, administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.

When both restricted and unrestricted resources are available for use, it is the government’s policy to
use restricted resources first, then unrestricted resources as they are needed.

-49-

D. Assets, Liabilities, and Net position or Equity

1. Deposr’fs and lnvestments
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and
short-term investments with original maturities of three months or less from the date of
acquisition.

State statutes authorize the City and the Utility to invest publíc funds in obligations of the United
States government, its agencies and instrumentalities; certificates of deposit or other evidences of
deposit at federally insured depository institutions approved by the City Council; prime eligible
bankers acceptances; certain high-rated commercial paper; perfected repurchase agreements;
certain registered open-end management investment companies; certain joint investment trusts;
and warrants or improvement certificates of a drainage district. lnvestments of the City and the
Utility are reported at fair value. Due to legal and budgetary reasons, the General Fund is
assigned a portion of the investment earnings associated with the other funds. These funds are
Street Construction, Debt Service, and the Cemetery Perpetual Care Funds.

2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current
portion of interfund loans).

All trade and property tax receivables are shown net of an allowance for uncollectibles.

The County Treasurer bills and collects taxes for the City. Taxes for the year ended June 30,
2013, were certified with the County during the preceding fiscal year and were due in two equal
installments by September 30, 2012 and March 31,2013. Property tax receivable is recognized
on the levy or lien date, which is the date the tax asking is certified by the City to the County Board
of Supervisors. Any County collections on the 2012-2013 tax levy remitted to the City within sixty
days subsequentto June 30,2013, are recorded as propertytax revenues. Taxes notcollected
and remitted to the City within sixty days subsequent to June 30, 2013, are delinquent and have
been recorded as receivables and deferred revenue.

By statute, the City is required to certify its budget in March of each year for the subsequent fiscal
year. However, by statute, the tax asking and budget certification for the following fiscal year
becomes effective on the first day of that year. Although the succeeding year property tax
receivable has been recorded, the related revenue is deferred and will not be recognized as
revenue until the year for which it is levied.

3. Inventories and Prepaíd ltems
lnventories in the governmental fund types are valued at cost using the first-in/first-out method.
The costs of governmental fund type inventories are recognized as expenditures when purchased.
lnventories in the proprietary fund types and component unit are valued at the lower of first-in/first-
out cost or market, except for fuel inventories of the Electric Utility, which are valued at the lower
of last-in/first-out method cost or market. The cost of proprietary fund type and component unit
inventories are recognized as expenses when consumed.

-50-

Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government-wide and fund financial statements.

4. Restricted Assefs

Certain assets of the component units are restricted because of applicable bond provisions

5. Capital Assefs
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-
type activities columns in the government-wide statement of net position. Capital assets are
defined by the government as equipment with initial, individual cost of $2,500 or greater or a
purchase of land, land improvements, building, or infrastructure with a value of $5,000 or greater
and an estimated useful life of greater than one year. Such assets are recorded at historical cost
or estimated historical cost if purchased or constructed. Donated capital assets are recorded as
estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.
lnterest incurred during the construction phase of capital assets of business{ype activities is
included as part of the capitalized value of the assets constructed.

Capital assets are depreciated using the straight-line method over the following estimated useful
lives:

Computer Equipment 5 years Streets 30 years
Equipment 10-30 years Buildings 40-50 years
Office Equipment 10-30 years Land lmprovements 20-40 years
Vehicles 10-20 years Storm Water 40 years
Parking Lots 15 years Bridges 45 years
Furniture 20 years Lift Stations 50 years
Large Vehicles 20-40 years Sewer 50 years
Traffic Signals 20 years Historic Buildings 100 years

6. Compensated Absences
City employees accumulate vacation, sick leave, and comp-time hours for subsequent use or for
payment upon termination, death, or retirement. Earned vacation pay and a maximum of one-half
of all unused sick leave may be paid upon termination of employment.

All severance is accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental fund financial statements

only for employees that have resigned or retired. The compensated absence liability has been
computed based on rates of pay in effect on June 30, 2013.

7. Long-term Obligations
ln the government-wide financial statements and proprietary fund financiaf statements, long{erm
debt and other long{erm obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund type statement of net position. Bond
premiums and discounts are deferred and amortized over the life of the bonds using the straight-
line method. Bonds payable are reported net of the applicable bond premium or discount.

ln the fund financial statements, governmentalfund types recognize bond premium and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. lssuance costs,
whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures.

8. Fund Balance Policies
Beginning with fiscal year 2011, the City implemented GASB Statement No. 54, “Fund

Balance

Reporting and Governmental Fund Type Definitions.” This Statement provides more clearly
defined fund balance categories to make the nature and extent of the constraints placed on a
government’s fund balances more transparent. The following classifications describe the relatíve
strength of the spending constraints:
¡ Nonspendable fund balance – amounts that are not in spendable form (such as inventory) or

are required to be maintained intact.

Restrícted fund balance – amounts constrained to specific purposes by their providers (such
as grantors, bondholders, and higher levels of government), through constitutional provisions,
or by enabling legislation.

Committed fund balance – amounts constrained to specific purposes by the City itself, using
its highest level of decision-making authority (i.e., City Council by adoption of an ordinance
prior to the end of the fiscal year). To be reported as commítted, amounts cannot be used for
any other purpose unless the City takes the same highest level action to remove or change
the constraint.

Assigned fund balance – amounts the City intends to use for a specific purpose. lntent can
be expressed by the City Council or by an official or body to which the City Council delegates
the authority. The City Council has by resolution authorized the Finance Manager to asiign
fund balance.

a
a
a

o Unassigned fund balance – amounts not included in other spendable classifications reported.
The City would typically use Restricted fund balances first, followed by Committed resources, and
then Assigned resources, as appropriate opportunities arise, but reseryes the right to selectively
spend Unassigned resources first to defer the use of these other classified funds.

As of June 30,2013, fund balances are composed of the following:

-52-

Fund Balance
Classification

Non spen dable lnventory

Restricted

Puroose

TIF Debt
Street Repair
Road Use Tax
Debt Service
Community Block Gmnt
Housing Assistance
Employee Retireme nt S ystems
Visitors & Tourism
Cemetery Perpetual

Care

Health Services
Parking

Cultural Services
Recreational Services
Capital Projects

Fund

General
Street Construction
Non-major Governmenta I Funds

TIF
Street Repair
Street Construction
Debt Service

Non-major Governmental Funds

Non-major Governmental Funds
Non-major Governmenta I Fu nds
Non-major Governmental Funds
Non-major Governmental Funds

Hospital
Non-major Governmental Funds

General
General
Non-major Governmental Funds

Amount

241,612
283,206

23,407

$ sqa,zzs
$ ts,+es

12,609,671
5,729,570

318,846
103,007

567,201
5,284,684

450,

481

356,214

$ 25,435,109
$ t 5,71 8,8s 1

832,264
$ t6,s51,11s
$ 140,093

1,676,991
14,559,803

$ 16,376,887

The City Council has adopted a mínimum cash reserve policy. Those amounts are as follows
General Fund: 15-25% and preferably at the 2l-25o/olevel
Refund Fund: 20-30%, but no less than $500,000.
Sewer Fund: 65-75%, but no less than $1,500,000.
Street Fund: 20-30%, but no less than $1,000,000.
Storm Water Fund: 10-20%, but no less than $200,000

Note 2. Stewardship, Gompliance, and Accountability

Budgetary information

The City prepares and adopts an annual budget on a function basis for the City as a whole, rather
than at the fund level, as prescribed by lowa statutes. The state of lowa mandates that annual
budgets for the fiscal year beginning July 1 be certified to the County Auditor no later than March 15
preceding the beginning of the fiscal year. The review and adoption of the budget for the City is in
accordance with state laws and City budget procedures as stated in City Code, recodified November
1971, and amended by ordinance adoption thereafter. Budget proposals for all operating department
requests are conducted by the Department of Administrative Services who prepares, for the Mayor’s
consideration, a preliminary budget by January 1 of each year for the coming fiscal year. The budget
proposal presented to the City Council by the Mayor and Director of Administrative Services is a
complete financial plan for the upcoming fiscal year. The proposal is submitted on or before the first
Monday of February. The City Council holds various budget meetings with the Mayor, Director of
Administrative Services, department heads, and boards and commissions, as well as holding a public
hearing prior to adopting the budget. The Council adopts the budget by resolution and certifies it to

Committed
Assigned
A.

-53-

the County Auditor by the 1Sth of March preceding the beginning of the fiscal year. This budget
becomes the appropriation for operations of the City.

The adopted budget presents expenditures in nine functions- Public Safety, Public Works, Health and
Social Services, Culture and Recreation, Community and Economic Development, General
Government, Debt Service, Capital Projects, and Business-type Activities. The legal level of control
(the level on which expenditures may not legally exceed appropriations) is the function level.
Appropriations as adopted lapse at the end of the fiscal year.

Amendments to the City budget are considered annually as funding sources are availabfe.
Management is not authorized to amend the budget or to make budgetary transfers between functions
without the approval of the City Council. An additional levy of property taxes is not allowed by state
law. The City budget for the current year may be amended for any of the following purposes:

. To permit the appropriation and expenditure of unexpended, unencumbered fund
balances on hand at the end of the preceding fiscal year.

. To permit the appropriation and expenditure of amounts anticipated being available from
sources other than property taxation.

To permit transfers between funds as prescribed by state law

To permít transfers between functions.

The Council adopts the amended budget by resolution and certifies it to the County Auditor by May 31
of the budget year. The amended budget becomes the appropriation for operations of the City. The
City Council adopted two budget amendment resolutions during the year ended June 30, 2013.

Encumbrance accounting is employed in governmentalfunds. Encumbrances (e.g., purchase orders,
contracts) outstanding at year-end are reported as reservations of fund balance and do not constitute
expenditures or liabilities because the commitments will be reappropriated and honored during the
subsequent year.

Due to the emphasis placed on monitoring budgets, as a result of limited resources to provide City
services, major classifications such as personal services, capital outlays, contractual services, and
commodities are monitored throughout the year by the Department of Administrative Services.

Monthly reports are prepared by department and activity. Any major deviations must be approved by
the Department of Administrative Services and the Mayor. While the legal level of control is the
program level of expenditure, departments are responsible for not expending more than the amount of
the appropriation for each activity within their area of responsibility, unless approved by the
Department of Administrative Services and the Mayor.

The City budgets all receipts, disbursements, and interfund and intrafund transfers on the cash basis
plus recorded accounts payable. The budget amounts included in this report are the final cash basis
budget for the year for all funds excluding the trust and agency funds, which are not budgeted for by
the City. Budgeted interfund transfers and intrafund transfers have been eliminated in the following
statement of program disbursements – budget and actual.

lndividual fund budgets are, in all cases where appropriations are required, the same as the
appropriation amounts. ln the case of the General Fund and most of the special revenue funds,
unexpended budgeted amounts lapse at the end ofthe budget year.

-54-

Note 3. Detailed Notes On All Funds

Deposits and Investments

The City’s deposits in banks and credit unions at June 30, 2013 were entirely covered by federal
depository insurance, collateralized with securities or letters of credít held by the City or the City’s
agent in the City’s name or by the State Sinking Fund in accordance with Chapter 12C of the Code of
lowa. This chapter provides for additional assessments against the depositories to insure there will be
no loss of public funds.

The City is authorized by statute to invest public funds in obligations of the United States government,
its agencies and instrumentalities; certificates of deposit or other evídences of deposit at federally
insured depository institutions approved by the City Council; prime eligible bankers acceptances;
certain high rated commercial paper; perfected repurchase agreements; certain registered open-end
management investment companies; certain joint investment trusts; and warrants or improvement
certificates of a drainage district.

Cash balances as of June 30, 2013, consist of the following:

Cash – unrestricted $ 70,749,522

The City had no investments meeting the disclosure requirements of Governmental Accounting
Standards Board Statement No. 3, as amended by Statement No. 40.

A reconciliation of cash as shown on the combined balance sheet for the primary government follows:

Carrying amount of deposits $ 70,749,522

Cash – Governmental Activities
Cash – Business-type Activities

Total

$ 61,017,101
9,732,421

$ 70,749,522

lnterest Rafe Rrsk: The City’s investment policy limits the investments of operating funds (funds
expected to be expended in the current budget year or within fifteen months of receipt) in instruments
that mature within 397 days. Funds not identified as operating funds may be invested in instruments
with maturities longer than 397 days, but the maturities shall be consistent with the needs and use of
the City.

-55-

Concentration of credit risk: The City’s investment policy does not allow for a prime bankers’
acceptance or commercial paper and other corporate debt balances to be greater than ten percent of
its total deposits and investments. The policy also limits the amount that can be invested in a single
issue to five percent of its total deposits and investments. The City held no such investments during
the year.

Custodial credit risk – deposifs: ln the case of deposits, this is the risk that in the event of a bank
failure, the government’s deposits may not be returned to it. The City’s deposits are entirely covered
by federal depository insurance or by the State Sinking Fund in accordance with Chapter 12C of the
Code of lowa. This chapter provides for additional assessments against the depositories to insure
there will be no loss of public funds.

Custodial credit risk – investmenfs: For an investment, this is the risk that, in the event of the failure of
the counterparty, the government will not be able to recover the value of its investments or collateral
securities that are in the possession of an outsíde party. The City did not hold any investments during
the year.

The component units’ deposits were entirely covered by Federal depository insurance, collateralized
with securities or letters of credit held by the entity or its agent in the entity’s name, or by a multiple
financial institution collateral pool in accordance with Chapter 12C of the Code of lowa. This chapter
provides for additional assessments against the depositories to insure there will be no loss of public
funds.

Cash balances as of December 31,2012, consist of the following:

Cash – unrestricted
Cash – restricted

$ 25,140,464 $
3,416,021

7,782,233

163,206

Communications
Utility

2,341,894

259,544
Electric
Utility

Gas
Utility

$ 28,556,485 $ 7,945,439 $ 3,776,504 $ 2,601,439

A reconciliation of cash and investments as shown on the statement for net position for the
com ponent units follows:

-56-

Carrying amount of deposits

Carrying amount of certificates

Carrying amount of investments
Total

Electric
Utilitv

$ 28,556,485
1 1,583,370

2,743,250

Gas
Utilitv

$ 7,945,439 $

Water
Utilitv

3,776,504

Communications
Utilitv

$ 2,601,438
340,000

1 ,321,858
$ 42,883,105 $ 7,945,439 $ 3,776,504 $ 4,263,296

Cash

Cash – Restricted

lnvestments:

Certificates of deposit

Certificates of deposit –

restricted

U.S. government and agency

securitie s – restricted
Total

$ 25,140,464 $
3,416,021

7,782,233 $
163,206

3,704,010 $
72,494

2,341,894
259,544
4,863,620

6,719,750 340,000

2,743,250 I ,321,858
$ 42,883,105 $ 7,945,439 $ 3,776,504 $ 4,263,296

B. Receivable
On June 30, 2013, the City has recorded a $3,925,645 receivable for library, recreation, and cultural
contributions held by the Cedar Falls Civic Foundation. The funds will be used to support library
services, recreation services, and the cultural center, therefore is reported as an asset to the General
Fund.

-57 –

c. CapitalAssets

Capital asset activity for the year ended June 30, 2013 was as follows

Primary Government

Beginning

Balance lncreases Decreases

Ending
Balance
Governmental activities:

Capital assets, not being

depreciated:

Land
Construction in progress

Total capital assets, not

being

depreciated

Capitalassets, being

depreciated:
Buildings
Land improvements
Machinery and equipment
lnfrastructure

Total capital assets, being

depreciated

$ 28,703,869 $
12,264,028

164,106 $
3,917,060

$ 28,867,975
11,425,4674,755,621

$ 40,967,897 $ 4,081,166 $ 4,755,621 g 40,293,42

$ 27,802,237 $
13,116,321

16,799,232

154,932,742

16,403 $
39,035

713,847

8,565,202

$ 27,818,640
13,155,356

17,153,865

163,497,944

359,214

I 212,650.532 $e 3U,487 $ 359,214 $ 221,625,805
Less accumulated depreciation for:

Buildings $
Land improvements

Machinery and equipment
lnfrastructure

8,724,999 $
4,450,179

9,844,417

68,024,412

674,590 $
509,380

910,322

5,119,721

$ 9,399,589
4,959,559

10,479,138

73,14ø’,133

275,600

Totalaccumulateddepreciation $ 91,044,007 $7 013 $ 275,600 $ 97,982,420
Total capital assets, being

depreciated, net $ 121,606,52s $ 2,120,474 $ gg,Or+ $ 123,643,

385

Governmental activities cap ital

asset, net $ 162,574,422 $ 6,201,640 $ 4,839,235 $ 163,936,827

-58-

B usiness-type activities:
Capital assets, not being

depreciated:
Land
Construction in progress

Total capital assets, not being

depreciated

Capital assets,

being depreciated

Buildings
Machinery and equipment
lnfrastructure

Total capital assets, being
depreciated

Less accumulated depreciation for
Buildings

Machinery and equipment
lnfrastructure

Total accum ulated depreciation

Beginning
Balance lncreases Decreases

$ t ,612,581 $ $ $ t ,612,581
27,958,97017, 725,246 10,332,560 98,836

$ 1s,337,827 $ 10,332,560 $ ge,ss6 $ 29,571,s51

Ending
Balance

$ 23,873,450 $
7,784,472

44,949,632

60,333 $
18

2,670

908,

211

$ 23,933,783
7,964,022

45,857,843

3,120

$ 76,607,554 $ 1,151 ,214 $ 3,120 $ 77,755,648

3,120

$ 21,853,311 $ 1,761,801 $ 3,120 $ 23,611,992
Total capital assets, being

depreciated, net 54 754,243 $ (610,587) $ $ s4,143,656
B usiness-type activities capital

assets, net $ 74,092,070 $ 9,721,973 $ 98,836 $ 83,715,207

Depreciation expense was charged to functions/programs of the primary government as follows:

G overnmental a ctivities:
Public safety $ 103,320
Public works 5,202,

955

Health and social services 148,578
Culture and recreation 1,102,432
Community and economic development 79,678
General government 158,969
Capital assets held by government’s internal service funds are charged to

the various functions based on their usage of the assets 418,081
Total depreciation expense – governmental activities $ 7,214,013

$ 5,451,780 $
2,326,543

14,074,988

493,846 $
316,225

951,730

$ 5,945,626
2,639,648

15,026,718

B usine ss-type activ ities

Sewer
Refuse

Storm Water
Total depreciation expense – business-type activities

$ 954,O72

417,246
390,483

-59-

$ t ,761 ,801

Construction Com m itments

The City has active construction projects as of June 30,2013. At year-end the City’s commitments
with contractors are as follows:

Project Expended Remaining
Authorization to Date Commitment

Big Woods Campground
Bluff St. Liftstation
Center St. Bridge
Disinfection

Downtown Levee lmprovements
Dry Run Creek Watershed
E. Seerly Bridge

Hwy 58 Pedestrian Bridge
Leversee Rd. & Lonetree Rd.
Northern lndustrial Park
Prairie Parkway Extension
Sewer Rehab

Street Reconstruction
Street Restoration

Traffic Signal
Traffíc Study
Union Rd. Trail

UNlWetlands
West Viking Road

$ zg,88z
7,229,500

800,661

22,345,155
256,000

112,478
112,959

2,812,546
1,064,388

1,205,000

104,009

329,539

2,287,375
1,599,965

254,763
52,500

328,971

6s,000

302,300

$ l+,381
6,928,358

114,444

19,920,951

224,391

4,434
76,451

1,585,773

442,299

1,131,023
94,038

764,762
791,182
216,025
36,678

24,906
260,210

$ 5,500
301,142

686,217

2,424,204

31,

619

108,044

36,508

1,226,773

622,099

73,977

9,970
329,539

1,522,613

808,683

38,738

15,822

328,971

40,094

42,090

$ 41,341,894 $ 32,690,302 $ 8,651,592

-60-

Discretelv Presented Comoonent Units

Activity for the Electric Utility for the year ended December 31, 2012, was as follows

Beginning
Bala nce lncreases Decreases

Ending
Balance

Capital assets, not being
depreciated:

Land

Construction in progress
Total capital assets, not

being depreciated

Capital assets, being depreciated:

Buildings
Land improvements
Machinery and equipment
lnfrastructure
Total capital assets, being

depreciated

Less accumulated depreciation for:
Buildings
Land improvements
Machinery and equipment
I nfrastru cture

Total capital assets, being

depreciated, net

Electric Utility capital assets, net

$ t ,326,855
I,787 ,180

$ 11,114,035

$ $ t ,326,855
19,422,33616,439,850 6,804,694

$ 16,439,850 $ 6,804,694 $ 20J49,191

$ 24,821,423 $
4,683

21 ,031,550
141 ,291,960

1,043,433

1,384,816
4,918,137

$ r19,661 $ 25,745,195
4,683

1,554,215 20,862,151
1,030,742 145,179,355

$ 187,149,616 $ 7,346,386 $ 2,704,618 $ 191,791 384

$ $ 232,380 $
21

1,760,562

9,844,430
4,550

11,342,420
55,226,371 2,891 647

117,235

I ,554,166
650,311

$ 9,959,575
4,571

11,548,816
57 ,467,707

$ 76,417,771 $+, 884,610 $ 2,321,712 $ 78,980,669

$ I 10,731 ,845
g 121,845,880

ç 2,461,776 $ 382,906 * $ 112.81 0,715
$ 18,901,626 $ 7,187,600 $ 133 906

*Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straight-line method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.

-61 –

Activity for the Gas Utility for the year ended December 31,2012 was as follows:

Beginning

Balance lncreases Decreases
Capital assets, not being

depreciated:
Land
Construction in progress

Total capital assets, not
being depreciated

Capital assets, being depreciated:
Buildings

Machinery and equipment

lnfrastru cture

Total capital assets, being
depreciated

Less accumulated depreciation

Buildings
Machinery and equipment
lnfrastru cture
Ending
Balance

$ 39,835

397,

197

1 ,313,761 564,

617

$ 437,032 $ 1,313,761 $ SO+,0r7 $ 1,186,176

$ $ gg,egs
1 ,146,341

$ 1,968,345 $
733,725

18,034,690

61,216 $
8,234

495,

168

$ 2,029,561
652,81 5

18,388,514

89,144

141,344

$ 20,736,760 $ 564,618 $ 230,48S $ 21,070,890

$ 317,608 $
326,980

8,655,529

47,685 $
40,

854

673,310

$ 365,294
278,690

9,180,620

89,144

148,219

$ 9,300,117 $ 761 ,849 $ 237,363 $ 9,824 ,603
Total capital assets, being

depreciated, net

Gas Utility capital assets, net

$ 11,436,643 $ (197,231 ) $ (6,875) .$ 11,246,287

$ 11,873,675 $ 1,116,530 ç 557,742 $ 12,432,463

*Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straighlline method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.

-62-

Activity for the Water Utility for the year ended December 31,2012 was as follows

Begin ning

Balance lncreases Decreases
Ending

Balance
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not
being depreciated
Capital assets, being depreciated:
Buildings
Machinery and equipment
lnfrastru cture
Total capital assets, being
depreciated

Less accumu lated depreciation
Buildings

Machinery and equipment
lnfrastructure
Total accum ulated depreciation

63,466 $ —
193,142 1,765,502

$ $ $ 63,466

572,6061,386 ,038

$ 256,608 $ 1,765,502 $ 1,386,038 $ 636,072

$ 807,702 $
430,338

27,042,778

31,171 $
24,803

1,342,270

$ 838,873
376,977

28,285,949

78,164

99,099

$ 28,280,818 $ 1,398,244 $ 177,263 $ 29,501,799

$ 128,684 $
236,496

8,179,228

18,501 $
21,942

570,384

78,164

95,385

147,185

180,274

8,654,227

$ 8,544,408 $ 610,827 $ 173,549 $ g,g8 r ,686
Total capital assets, being

depreciated, net $ 19,736,410 $ 787,417 $ 3,714*$20,520,113
Water Utility capital assets, net $ 19,993,018 $ 2,552,919 $ 1,389,752 $ 21,156,185

-63-

Activity for the Communications Utility for the year ended December 31,2012 was as follows:

Beginning Ending
Balance lncreases Decreases Balance

Capital assets, not being
depreciated:
Construction in progress
Total capital assets, not
being depreciated

$ 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409

s 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409
Capital assets, being depreciated

Machinery and equipment
lnfrastructure
Total capital assets, being
depreciated
Less accumulated depreciation
Machinery and equipment
lnfrastructure

Total accumulated depreciation

$ 18,861,591 $ 1,204,555
3,026,616 17,906,062

$ 385,777
32,084,505

$ 18,042,81 3
17,205,059

$ 32,470,282 $ 21,888,207 $ 19,110,617 $ 35,247,872

$ 259,923 $
I,394,732

21,333 $
2,269,939

78,575 $
4,436,295

202,681

7,228,376

$ 9,654,655 $ 2,291,272 $ 4,514,870 $ 7,431,058
Total capital assets, being

depreciated, net $ 22,815,627 $ 19,596,935 $ 14,595, 747 * S 27.816,814
Com m unications U tility capital

assets, net $ 24,089,337 $ 26,979,104 $ 21,841,217 $ 29,227,223

“Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straight-line method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.

D. Leases
Sartori Memorial Hospital

On January 1, 1997, the operations of Sartori Memorial Hospital (Hospital) were sold to Covenant
Health Systems, lnc. As part of this sale, the City entered into a lease agreement with Sartori
Memorial Hospital, lnc. (SMH), whereas the City will lease to SMH the land and buildings owned by
the City and used in the Hospital’s operations. The initial term of the lease shall be for a period of 25
years, with variable lease payments each year. The lease may be extended for up to three additional
terms, with each additional term being for a period of five years. At the termination of this lease,
Covenant Health Systems, lnc. will also pay to the City an amount of $660,378, which represents the
liability arising from accrued vacation of Hospital personnel as of December 31, 1996. The present
value of this liability as of June 30, 2013, is recorded as a receivable and deferred revenue in the
Hospital Fund in the amount of $543,459.

Crystal Distribution Services

On November 12, 2001, the City entered into a lease agreement with Crystal Distribution Services,
lnc. for the former Top Air building constructed in the City’s industrial and technology park. The lease
was amended on November 24,2003. The lease agreement is for a period of twelve years with
various monthly payments ranging from $10,000 to $20,000 payable to the City. Crystal Distribution
Services will have the option to purchase the building upon expiration of the lease.

The leases for the Hospital and with Crystal Distribution Services are both being treated as operating
leases by the City. The future minimum lease payments for these leases are as follows:

Year Ending

June 30 H ospita I Build ing

2014

2015

2016

2017

2018

2019-2021

Total

31,796

31,796
31,796

31,796
95,385

$ $ t 31,175

$ 254,365 $ 131,175

The capital assets being leased through the operating leases are as follows

G overnm ental Activities

Hospital Building

Land

B uilding

Less:

Accumu lated depreciation
Total

151,494

5,873,537
$

2,153,925

(2,210,765\ 892,981)
$ 3,814,266 $ 1,260,944

-65-

E. Long-term Debt
General Obligation Bonds

Unmatured general obligation bonds totaling $2,320,626, net of unamortized discount of $14,374, are
outstanding as of June 30, 2013. These bonds bear interest with rates ranging from 2.30o/o to 3.70%;
mature in varying annual amounts through June 30,2018; and were originally issued for $4,310,000.
Annual debt service requirements to maturity for general obligation bonds are as follows:

Year Ending
June 30,

Busine Activities

Principal lnterest

2014
2015
2016
2017

2018
Total

435,000

450,000

465,000

485,000

s00,000
$ 2,335,000

$ 80,

972

66,835

1,760

35,718

18,500
$ 253,785

Tax lncrement Financing Bonds

Unmatured tax increment financing bonds totaling $597,880 net of unamortized deferred amount on
refunding of $22,880, are outstanding as of June 30, 2013. These bonds bear an interest rate of
3.00%; mature June 30, 2014; and were originally issued for 92,865,000. Annual debt service
requirements to maturity for tax increment financing bonds are as follows:

Year E nding Governm ental Activities

June 30 P rincip al lnte rest

2014
Total

$ 5 75,000 $ 17,250

$ 575,00 0 $ 17,250

State Revolving Loan

ln July 2011, the City entered into a loan and disbursement agreement with the lowa Finance Authority
for the issuance of $21 million in sewer revenue capital loan notes under the State Revolving Fund
Program. These notes will finance the major renovation project at the City’s water treatment facility
related to disinfection compliance. As of June 30, 2013, only $2f 0,640 has been issued relating to the
loan’s administrative fees.

-66-

CapitalLoan Notes

Unmatured capital loan notes totaling $8,646,063, net of unamortized discount and unamortized
deferred amount on refunding of $53,937 are outstanding as of June 30,2013. These notes bear
interest at rates of 1 .40% to 3.80%; mature in varying annual amounts through June 30, 2024; and
were originally issued for $14,670,000. Annual debt service requirements to maturing for capital loan
notes are as follows:

Year Ending
June 30,

Govenm ental Activities Bu siness{ype Activities

Principal lnterest Principal lnterest

2014
2015
2016
2017
2018

2019-2023

2024

Total

$ 2,200,000 $
1,040,000

1,070,000

1 ,145,000

1,175,000

1,260,000

185,000

198,958 $
156,875

4,515

109,555

81,278

147,407

7,030

200,000

215,000

210,000

$ 4,290

3,290

1,785

$ 8,075,000 $ 835,618 $ 62s,000 $ 9,365

As of June 30, 2013, the outstanding general obligation debt of the City did not exceed its legal debt
margin computed as follows:

Estimated actual valuation of taxable property within the City $ 2,659,350,229

Debt limit – 5% of total actual valuation

Debt applicable to debt limit:

General obligation bonds

General obligation bonds – component unit

Legal debt margin

$ 132,967,511

I 1 ,610,000

1,595,000

$ t 19,762,511

All tax-exempt debt issued by the City is subject to IRS arbitrage rebate unless the City meets the $5
million small issuers exemption in a given year. As of June 30, 2013, the City had no arbitrage
liability.

-67 –

Debt Summary

Following is a summary of the City’s debt transactions for the year ended June 30,2013, and the total bonded
indebtedness of the City as of that date.

D ate of
lss ue

Bala nce

Beginning

of Year

lss u ed/

lncu rred

During Year

R edee med/

Paid

D uring Year

Ba lance

End of
Year

Amount
Due W ithin

One Year

G overnm enta I Activities:
Tax increment financing bonds

Tax increm ent finan cin g 2010 $ r,r25,000 $ $ 550,000 $ szs,ooo $ 575,000

Less una mortized deferred
amount on refunding (51 ,7 81\ (28,901 ) (22,880\

$ 1 ,176 ,781 $ $ sze 901 $ SgZ 880 $ 5 75,00 0
CapitalLoan Notes:

Corporate Purpose
Corporate Purpose
Refunding
Refunding

2008
2009
2010
2012

$ 3,04 5,000 $
3,10 5,000

740,000
3 320 000

$ 10,21 0,000 $

$ 665,000 $
20 5,000
36 5,000

2,380,000
2,900,000

375,000

2,420,000

$ 685,000
2 05,00 0
3 75,00 0

900 000 935 000
$ 2,t 35,000 $ 8,075,000 $ 2,200,000

4,043 31,166Less una mortized discou nt
Less unamortized deferred

amount on refunding

Governmental activity total
long-term debt

3 5,209

6,072 (3 ,406) 19,47 8
$ 10,168 719 $ $ 2.144 ,363 $ 8,024,356 $ 2,200,000

$ 2,723,264 $ 8,622,236 $ 2,775,000$ 11,345,500 $

-68-

Date of

lssue

Balance
Beginning
of Year

lssued/

lncurred

During Year

Redeemed/

Paid
During Year
Balance
End of
Year
Amount

Due Wihin

One Year

Bus iness-t¡rye activities

General obligation bonds:

Seuær

Less u namortized d íscount

Capital Loan Notes:

Ser¡¡er Refunding

Less u namortized d efened

amount on refunding
State Revolving Loan

Business{ype activity total

long{erm debt

$ 2,755,000 $
17,U8

2008 $ 420,OOO $

2,974

2,335,000 $

14,374

435,000

$ 2,737,652 $ $ 417,026 $ 2,320,626 $ 435,000

2012 $ 820,000 $

4,421

$ 195,000 $ 625,000 $ 200,000

1,128 3,293

$ 815,579 $ 193,872 $ 621 707 $ 200,000

$ 210,64 $ $ $ 210,640 $

$ 3,763,871 $ 610,898 $ 3,152,973 $ 635,000

Revenue Bonds and lnstallment Agreements – Electric Utility
The Series 2005 and 2007 revenue bonds require annual principal payments, due December 1, and
semiannual interest payments, due June 1 and December 1. lnterest rates throughout the term of the
bonds are in a range between 3.75o/o and 4.375%. The bonds are secured by the future net revenues
of the Utility. Long-term debt matures and bears interest as follows:

Component Unit –

Revenue Bonds

Year Ending Principal lnterest

2013
2014
2015
2016
2017

2018-2022

2023-2026

2,135,000

2,225,000

2,320,000

2,420,000

2,525,000

14,350,000

9,450,000

1,461,318

1,379,344

1,290,343

1,197,544

1,100,744

3,877,969

861,125

$ $

$ 35,425,000 $ rr 387

The bond resolution provides certain covenants relating to the collection, segregation, and distribution
of revenues from customers; places certain restrictions on the future of borrowing and leasing or
disposition of assets; and requires that minimum insurance coverage be maintained.

-69-

Component Unit –

Capital Loan Notes

Year Princioal lnterest

2013
2014
2015
2016
2017
2018-2022

2023-2027

2028-2030

455,000 $

460,000

1,070,000

1,100,000

1,120,000

6,160,000

3,640,000

1,960,000

563,068

549,667

536,1 18

507,

267

477,618

1,868,932

865,303

187,250

$ t 5,965,000 $ 5,555,223

Debt Summary – Electric Utility
Long-term debt activity for the year ended December 31,2012 was as follows:

Beginning

Balance Addilions Reductions
Ending

Balance

Amounts

Due Wihin
One Year

Revenue Bonds:

Series 2003
Series 2005

Series 2007

CapitalLoan Notes:
Series 2010A

Series 20108
Totalbonds

Less: Unamortized

discount

Add: Unamortized

premium

Totallong-term debt

$ 1,430,000 $
21,2Q,000
15,610,000

9,590,000

6,820,000

$ 1,430,000 $
690,000

735,000

$
20,550,000

14,875,000

1,370,000

765,000

395,000

50,000

3,300,000

9,195,000 405,000

50,0006,770,000
51,390,000 2,590,00054,690,000

8ß,751

374,586

47,539 799,212

14,074 360,512

$ 54,217,835 $ $ 3,266,535 $ 50,951,300 $ 2,590,000

-70-

Component Unit – G.O. Capital Loan Notes

Year Ending Principal lnterest
2013
2014
2015
2016
2017
2018-2022

2023-2024

$ 155,000

165,000

105,000

110,000

I 15,000

650,000

295,000

$ 47,878

45,242

41,860

39,340

36,370

4,600

16,765

$ t,595,000 $ 3s2,055

Revenue Capital Loan Notes – Gommunications Utility
The Series 2009 and 2010 revenue capital loan notes require annual principal payments, due
December 1, and semiannual interest payments, due June 1 and December 1. lnterest rates
throughout the term of the notes are in a range between 3.0% and 4.3o/o. The notes are secured by
the future net revenues of the Utility. The bonds mature and bear interest as follows:

Component Unit – Revenue Ca pital Loan Notes

Year Ending Principal lnterest
2013

201 4

2015
2016
2017
2018-2022
2023-2024

$ 1,440,000

1,475,000

1,525,000

1,570,000

1,630,000

5,700,000

460,000

$ 434,310

391,110

346,860

301,110

252,310

51 1,500

29,773

$ t 3,800,000 $ 2,266,973
The bond resolution provides certain covenants relating to the collection, segregation, and distribution
of revenues from customers; places certain restrictions on the future of borrowing and leasing or
disposition of assets; and requires that minimum insurance coverage be maintained.

The Board of Trustees of the Municipal Electric Utility authorized a loan to be extended to the Utility
under Resolution No. 2759, 2840, 2939, 2994, and 3086. The December 31 , 2012 outstanding
balance on this loan was $738,090, bearing interest as 3.1%. The Board of Trustees of the Municipal
Gas Utility approved a loan to be extended to the Utility under Resolution No. 5077. The December
31,2012 outstanding balance on this loan was $3,000,000, bearing interest a|2.0%.

-71 –

Debt Summary – Gommunications Utility
Long-term debt activity for the year ended December 31,2012 was as follows

Beginning
Balance

Ending
Balance

Amounts
Due Within
One YearAdditions Reductions

Capital loan notes

Series 2009

Revenue capital loan notes

Series 2009

Revenue capital loan notes
Series 2010

$ 1,7s0,000 $ $ 155,000 $ 1,595,000 $ 155,000

2,990,000 335,000 2,655,000 345,000

12,210,000 1 ,065,000 11,145,000 1,095,000
$ 16,950,000 $ $ 1,ss5,000 $ 1s,395,000 $ 1,s9s,000

Less: unamortized
discount on debt

Add: unamortized
premium on debt

145,009 13,714 131,295

494,381

$ 17,299,372
44,065 450,316

$ $ 1,585,351 $ 15,714,021 $ 1,595,000

F. Long-term Liabilities
Accrued Compensated Absences

Following is a summary of the City’s activity for accrued compensated absences for the year-ended
June 30, 2013, and the total liability of the City as of that date as reported on the government-wide
statement of net position:

Balance
Beginning

of Year lncreases Decreases

Balance
End of
Year

Amount
Payable Within

One Year

Governmental
activities $ 2,685,552 $ 270,448 $ 252,012 $ 2,703,988 $ 841 ,88e

Business-type
activities $ 454,212 $ ¡a,soo $ 1,738 $ 491,274 $ 13s,633

The majority of compensated absences expenditures are paid for out of the General Fund

-72-

Other Postemployment Benefits (OPEB)

The City implemented GASB Statement No. 45, Accountinq and Financial Reoortinq bv Emolovers for
Postemplvolment Benefits other Than Pensions during the year ended June 30, 2009.

Plan Description – The City operates a single-employer health benefit plan, which provides self-
insured medical/prescription drug benefits for all full{ime active and retired employees and their
eligible dependents. Eligible retirees receive health care coverage through the same plan that is
available to active employees. To be eligible for these benefits, participants must be receiving a
pension benefit from the lowa Public Employee Retirement System (IPERS), receiving a Social
Security Disability Benefit, or retired under Code Chapter 411 of the lowa Code. There were twenty
retirees participating in the plan as of June 30th. Retirees pay the same premium for the health
benefit plan as active employees, which results in an implicit subsidy and an OPEB liability. The Plan
does not issue a stand-alone financial report.

Fundinq Policv – The contribution requirements of plan members are established and may be
amended by the City. The City currently finances the benefit plan on a pay-as-you-go basis. The
majority of expenditures are paid for out of the General Fund.

Annual OPEB Cost and Net OPEB Oblioation – The City’s annual OPEB cost ís calculated based on
the annual require contribution (ARC) of the City, an amount actuarially determined in accordance with
GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
projected to cover normal costs each year and amortize any unfunded actuarial liabilities over a period
not to exceed 30 years.

The following table shows the components of the City’s annual OPEB cost for the year ended June
30,2013, the amount actually contributed to the plan and changes in the City’s net OPEB obligation:

Annual required contribution
lnterest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB Cost
Net contributions – retirees
lncrease in net OPEB obligation
Net OPEB obligation beginning of year
Net OPEB obligation end of year

$ 47,124
14,945

(13,239)

48,830
18.980
67,810

275.329

$343,139

For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2011 . The
end of year net OPEB obligation was calculated by the actuary as the cumulative difference between
the actuarially determined funding requirements and the actual contributions for the year ended June
30,2013.

For the year ended June 30, 2013, the City paid $93,141 for retiree health claims. Plan members
eligible for benefits contributed $112,121 or 100% of the premium costs. The net resulted in a
$18,980 contribution for retirees

-73-

The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net
OPEB obligation as of June 30, 2013 are summ arized as follows:

Year Ended
Annual

OPEB Cost
Percentage of Annual

OPEB Cost
Contributed from City

Net OPEB

Obligation

June 30,2013 $48,830 (38.87%) $343,139
June 30, 2012 $ 48,830 148.3o/o $275,329

June 30, 201 1 $ 52,149 4.60/0 $298,903

Funded Status and Fundino Prooress – As of July 1, 2011,ïhe most recent actuarial valuation date for
the period July 1 , 2012 through June 30, 2013, the actuarial accrued liability was $525,162, with no
actuarial value of assets, resulting in an unfunded actuarial accrued liability (UAAL) of $525,162. The
covered payroll (annual payroll of active employees covered by the plan) was $1 1,619,949 and the
ratio of the UAAL to covered payroll was 4.5%. As of June 30, 2013, there were no trust fund assets.

Actuarial Methods and Assumptions – Actuarial valuations of an ongoing plan involve estimates of the
value of reported amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumption about future employments, mortality and the health care cost
trend. Actuarially determined amounts are subject to continual review as actual results are compared
with past expectations and new estimates are made about the future. The schedule of funding
progress, presented as required supplementary information in the section following the Notes to
Financial Statements, will present multiyear trend information about whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for
benefits.

Projections of benefits for financial reporting purposes are based on the plan as understood by the
employer and the plan members and include the types of benefits provided at the time of each
valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial
value of assets, consistent with the long-term perspective of the calculations.

As of the July 1, 2011 actuarial valuation date, the projected unit credit actuarial cost method was
used. The actuarial assumption includes a 5% discount rate based on the City’s funding policy. The
projected annual medical trend rate is 9%. The ultimate medical trend rate is 6%. The medical trend
rate is reduced 0.5% each year until reaching the 6% ultimate trend rate. An inflation rate of 0% is
assumed for purposes of this computation.

Mortality rates are from the RP2000 Group Annuity Mortality Table, applied on a gender-specific basis
Annual retirement and termination probabilities were developed from a combination of the retirement
probabilities from MFPRS|Actuarial Report, the IPERS Actuarial Report, and the City’s experience.

Projected claim costs of the health plan are $675.42 per month for retirees less than age 65 and
$443.17 per month for retirees who have attained age 65. The salary increase rate was assumed to
be 3% per year. The UAAL is being amortized as a level percentage of projected payroll expense on
an open basis over 30 years.

-74-

G. lnterfund Balances

lndividual interfund receivable and payable balances by fund type as of June 30,2013, were stated in
the fund financial statements as follows:

Due to/from other funds: Total

Fund
lnterfund

Receivables
lnterfund
Payables

FEMA Fund
Bond Fund

N onm ajo r Governm ental Funds
Total

The balances are due to the elimination of reporting negatíve cash

Advances from/to other funds:

$ 1,413,731 $ r,413,731

Total
$ $

1.413 ,731

392,035
1,000,904
20,792

Advance to

Other Funds

Advance from

Other FundsFund

HospitalFund

Nonmajor Govemmental Funds

Sewer Fund

Total

$ 11,255,000
4,085,000

$
15,340,000

$ 15,340,000 $ 15,340,000

The amount payable from the Sewer Fund to the Hospital Fund and the Capital lmprovements Fund
relates to internal financing for the large disinfection project at the City’s water treatment facility.

-75-

H. lnterfund Transactions
The following transfers represent individual fund interfund transfers as stated in the Fund Financial
Statements.
General Fund Street Construction Fund

Non-m ajor Governm enta I Fund s
Sewer Fund
Refuse Fund
lnternal Service Funds

$ 633,942
TIF Fund

1 39,

160

1 01,350
101,220
1 33,4s0
158,762

Street Construction F und

Debt Service Fund
FEMA Fund
Bond Fund

N on-m ajor G overn me ntal Fu nds

Sewer Fund
Refuse Fund

Bond Fund
Sewer Fund

lnternal Service Funds

General Fund
TIF Fund

TIF Fu nd
Street Repair Fund

General Fund
TIF Fund
Street Repair Fund
FEMA Fund
Non-m ajor Gove rnm enta I Fund s

FEMA Fund

Street Construction Fund
FEMA Fund
Sewer Fund

$ 2

11,957

555,033

$ 766,990
$ 5,49 5

$ 1,580,000
s83,750

$ 2,163,750
$ 75,881

3,498,784
3 74,665

$ 488,283
572,421

$ 1,060,704
$ 927,164

3,879,919
241,959

33,106
10 00

5,092,148

$ 2,431,073
$ 141,730

60,332
141 ,730

$ s+sJsz
Total -s–lEF.72F5E-

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them
to the fund that statute or budget requires to expend them, (2) move debt service payments from
proprietary or special revenue funds to the debt service fund as debt service payments come due and,
(3) to move receipts from user fee generated funds to the general fund for certain administrative and
custodial costs in the generalfund.

-76-

Note 4. Other Notes

B.
A. Retirement Systems

IPERS

The City contributes to the lowa Public Employees Retirement System (IPERS) which is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of lowa. IPERS
provides retirement and death benefits, which are established by State statute to plan members and
beneficiaries. IPERS issues a publicly available financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117,
Des Moines, lowa, 50306-91 17.

Plan members are required to contribute 5.78% of their annual covered salary and the City is required
to contribute 8.67% of annual covered payroll. Contribution requirements are established by State
statute. The City’s contributions to IPERS for the years ended June 30, 2013, 2012 and 2011 were
$822,374, $771,437 and $619,003 respectively, equal to the required contributions for each year.

Municipal Fire and Police Retirement System of lowa

The City contributes to the Municipal Fire and Police Retirement System of lowa (the Plan), which is a
cost-sharing, multiple-employer defined benefit pension plan administered by a Board of Trustees.
The Plan provides retirement, disability and death benefits, which are established by State statute to
plan members and beneficiaries. The Plan issues a publicly available financial report that includes
financial statements and required supplementary information. The report may be obtained by writing
to Municipal Fire and Police Retirement System of lowa, 7155 Lake Dr., West Des Moines, lowa
50266.

Plan members are required to contribute 9.40Yo of earnable compensation and the Gity’s contribution
rate may not be less than 26J2% of earnable compensation. Contribution requirements are
established by State statute. The City’s contributions to the Plan for the years ended June 30, 2013,
2012, and 2011 were $1,144,556, $1,080,516 and $798,970 respectively, which met the required
minimum contribution for each year.

Due To/From Gomponent Unit

Amounts due from the component unit to the general fund at June 30, 2013, were as follows

Due from

Component Unit:
Electric utility
Gas utility
Total

$ 750,000
100.000

$ 850J00

This amount differs from the amount reported as due to primary government since the Electric Utility
and Gas utility component units have a calendar year end of December 31,2012.

Related Party Transactions

During the fiscal year ended June 30, 2003, the Black Hawk County Solid Waste Management
Commission, which is a jointly governed organization, passed a resolution for annual distributions of
its excess funds. The prorated share for the City of Cedar Falls was at.$564,721to be received each
year. However, in 2012,the commission decided to reduce the payments to $29g,534for FY2O13 &

-77 –

FY2O14. The payments received in fiscalyears ended June 30, 2003,2004,2005, 2006, 2OO7,2OOB,
2009,2010,2011,2012 and 2013 have been recorded in the Refuse Fund as other operating
revenue.

Risk Management

The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters for which the government
has established various funds to account for and finance its uninsured risks of loss.

The City has established a Health lnsurance Reserve Fund for insuring benefits provided to City
employees and covered dependents, which is included in the internal service fund type. Health
benefits were self-insured up to a specific stop loss amount of $85,000 and an aggregate stop loss of
approximately $3,344,144for 2013. Coverage from a private insurance company is maintained for
losses in excess of the stop loss amounts. All claims handling procedures are performed by a third-
party claims administrator. lncurred but not reported claims have been accrued as a liability based
upon the claims administrator’s estimate.

All funds of the City participate in the program and make payments to the Health lnsurance Reserve
Fund based on actuarial estimates of the amounts needed to pay prior-year and current-year claims.
The City has also established reserve funds for insuring workers’ compensation, liability, and long-
term disability claims which are included in the general fund type. Liability benefits were self-insured
up to a specific stop loss amount of $100,000 and an aggregate stop loss amount of $260,000. Long-
term disability benefits are self funded for the first six months, and the maximum benefit per individual
is $18,000. Workers’compensation benefits were self-insured up to an aggregate stop loss amount
of $350,000 with no specific stop loss amount. Coverage from private insurers is maintained for
losses in excess of the stop loss amounts. An independent claims administrator performs all claims
handling procedures. Settled claims for the above funds have not exceeded commercial coverage in
any of the last three fiscal years.

Liabilities of the fund are reported when it is probable that a loss has occurred and the amount of the
loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred
but not reported (lBNRs). The result of the process to estimate the claims liability is not an exact
amount as it depends on many complex factors, such as inflation, changes in legal doctrines, and
damage awards. Accordingly, claims are reevaluated periodically to consider the effects of inflation,
recent claim settlement trends (including frequency and amount of pay-outs), and other economic and
social factors. The estimate of the claims liability also includes amounts for incremental claim
adjustment expenses related to specific claims and other claim adjustment expenses regardless of
whether allocated to specific claims.

78-

Changes in reported liabilities for the fiscal year ended June 30, 2013, are summarized as
follows:

Risk Manaqement Fund

Claim liabilities

June 30, 201 1

Claims and changes

in estimates during

fiscal year 2012

Claim payments

Claim liabilities

June 30, 2012

Claims and changes
in estimates during

fiscal year 2013

Claim payments

Claim liabilities
June 30, 2013

$ 404,998 $ 301 ,881 $

Health
ln sura nce

Reserve Fund

Workers’
Compensation

Reserve
Liability

Reserve

Long-Term
Disability

Reserve
$
Total

$ 706,879

2,681 ,146
(2,830,757)

2,596,371

(2,60e,886)
84,775

(220,871)

$ 39r,483 $ 165,785 $ $ $ ssz,zoa

2,741,637

(2,719,041)

2,541,207

(2,550,165)

200,430

(168,876)

$ 382,525 $ 197,33e $ 579,864

Gommitments and Contingencies

Legal counsel has reported that as of June 30, 2013, there were claims and losses that are on file
against the City. The City has the authority to levy additional taxes outside the regular limit to fund any
uninsured judgment against the City. However, it is estimated that all of these claims and losses will
be covered by insurance when exceeding stop loss limits, and the amounts prior to reaching these
limits would not materially affect future financial statements of the City.

New Governmental Accounting Standards Board (GASB) Standards

The Governmental Accounting Standards Board (GASB) has issued six statements not yet
implemented by the City. The statements which might impact the City are as follows:

Statement No. 65, ltems Previously Reported as Assefs and Liabilities, issued March 2012, will be
effective for the fiscal year ending June 30, 2014. The objective of this Statement is to establish
accounting and financial reporting standards that reclassify, as deferred outflows of resources or
deferred inflows of resources, certain items that were previously reported as assets and liabilities and
recognizes, as outflows of resources or inflows of resources, certain items that were previously
reported as assets and liabilities.

StatementNo.66, Technical Corrections-anamendmentof G,ASBSfafemenfs No. 10andNo.62,
issued March 2O12, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve accounting and financial reporting for a governmentalfinancial reporting entity
by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements
No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of
Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and
AICPA Pronouncements.

$
E
F

-79 –

Statement No. 68, Accounting and Financial Reporting for Pensions; an amendment of GASB
Statement 27, issued June 2012, will be effective for the fiscal year ending June 30, 2015. The
objectíve of this Statement is to improve information provided by state and local governmental
employers about financial support for pensions that is provided by other entities.

Statement No. 69, Government Combinations and Disposa/s of Government Operationg issued
January 2013, will be effective for the fiscal year ending June 30,2015. The objective of this
statement is to improve financial reporting by addressing accounting and financial reporting for
government combinations and disposals of government operations. The term government
combinations is used in this Statement to refer to a variety of arrangements including mergers and
acquisitions.

Statement No. 70, Accounting and Financiat Reporting for Nonexchange Financial Guarantees,
issued April 2013, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve the recognition, measurement, and disclosure guidance for state and local
governments that have extended or received financial guarantees that are nonexchange transactions.

The City’s management has not yet determined the effect these statements will have on the Cíty’s
financial statements.

-80-

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City of Cedar Falls
IJniversity of Northern lowa

Gity of Cedar Falls, lowa

Budgetary Comparison Schedule – Function Budget
For the Year Ended June 30,2013

Revenues:
Property taxes and assessments
Other City taxes
Licenses and permits
Use of money and property
lntergovernmental
Charges for services
Miscellaneous

Total revenues
Expenditures:
Current:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic development
General government

Debt service
Capital projects
Business-type

Total expenditures

Excess (defíciency) of revenues over (under) expenditures

Other financing sources (uses):
Proceeds from long-term debt
Transfers in
Transfers out

Total other financing sources (uses)

Excess (deficiency) of revenue and other financing sources
over (under) expenditures and other financing uses

Fund balances, beginning
Fund balances, ending

Budgeted Amounts

Original Final

$ 24,909,307
5,504,911

990,450
1,155,130

17,001,000
11,732,015
4,957,372

$ 56,463,620 $ 66 140 085

$ 24,909,307
5,499,911

971,950
1,154,130

11,524,950
11,526,300

877,272

$ 9,125,770
11,496,110

203,250
7,067,140
2,524,330
4,837,030
3,221,690
5,570,090

17,874,290

$ 9,368,320
12,559,960
3,203,250
7,239,277
2,677,390
4,937,030
3,221,690

14,970,090
17,900,290

$61

$ 11,027,000

19,951,490

(19,951,490)

$ 11,027,000
19,951,490
(19,951,490)

919,680 $ 75,877 ,267
5,456 060 $(e ,737,192\

$ 11,027,000

$ 5,570,940
48,971,939

11 7 000

$ 1,2ïg,g1g
48,971,939

See notes to the required supplementary information

-81 –

$ 54,542,778 $ 50,261,656

Actual
Amounts

Variance with
Final Budget –

Positive
(Neoative )

$ (200,621)
32,170
94,091

(11,546)
(2,763,197)

(593,814)
(2,507,669)

$60 189,509 $ (5,950 ,576)

$ 399,262
2,461,977
3,030,965

959,769
34,171

156,549
265,671

2,019,904
4,266,716

$ 62,282,394 $ 13,594,993
$ ,875) $ 7 644 307

$ $ (11,027,000)
5,415,207

(5,415,207)
25,366,697

(25,366,697)

$ n1.027 ,000)

24,709,696
5,536,991
1,074,541
1,143,594

14,237,913
11,138,201
2,349,703

$ 8,g6g,os8
10,097,993

172,295
6,279,509
2,643,209
4,690,491
2,956,009

12,850,296
13,633,564

$ (2,092,875)
57,552,947

$ (3,382,693)
8,591,109

$ 55,460,012 $ 5,19g,416

-82-

City of Gedar Falls, lowa

Notes to Required supplementary lnformation – Budgetary Reporting
For the Year ended June 30, 2013

Note A – Budgetary Reporting

The budgetary comparison is presented as Required Supplementary lnformation in
accordance with Government Accounting Statement No. 41 for governments with signíficant
budgetary perspective differences resulting from not being able to present budgetary
comparisons for the General Fund and each major Special Revenue Fund.

ln accordance with the Code of lowa, the City Council annually adopts a budget on the cash
basis plus recorded accounts payable following required public notíce and hearing for all
funds. The annual budget may be amended during the year utilizing similar stãtutorily
prescribed procedures. Encumbrances are not recognized on the cash basis budget and
appropriations lapse at year end.

Formal and legal budgetary control is based upon 9 major classes of disbursements known
as functions, not by fund or fund type. These g functions are: public safety, public works,
health and social services, culture and recreation, community and economic development,
general government, debt seryice, capital projects, and business-type activities. Function
disbursements required to be budgeted include disbursements for the General Fund, Special
Revenue Funds, Debt Service Fund, Capital Project Funds, and Enterprise Funds. Although
the budget document presents function disbursements by fund, the legal level of control is at
the aggregated function level, not by fund. During the year, two budget amendments
increased budgeted disbursements by $13,957,587. These budget amendments are
reflected in the final budget amounts.

-83-

City of Gedar Falls, lowa

Budgetary Comparison Schedule –
Program Budget

Notes to RSI

Note B – Explanation of Differences between Budgetary Sources and Uses of
funds and GAAP Revenues and Expenditures for the GAAP General
Fund and Major Special Revenue Funds

Sources

Actual amounts (budgetary basis) “total revenues” from the budgetary
comparison schedule – function budget

Adjustments:
The city budgets for all receipts on the cash basis, rather than
the modified accrual or accrual basis

Total revenues for the function budget on a GAAp basis of
accounting

Reclassifications:
The City reports sources of funds in the function budget as

revenues in other major and nonmajor funds for GAAp reporting
Debt Service Fund
FEMA Fund
Bond capital projects Fund
Nonmajor governmental GAAP funds
Business-type enterprise funds

Total revenues for general fund and major speciar revenue funds

Total revenues as reported on the statement of revenues,
expenditures, and changes in fund balances – governmental funds:

General Fund
Hospital Fund
TIF Fund
Street Repair Fund
Street Construction Fund

Total revenues for general fund and major special revenue funds

Function
Budget

$ 60,189,509

262,gg}

$ 60,452,399

(849,229)
(4,464,326)
(1,937,653)
(4,391,655)
(8,461 ,470)

$ 40,349,056

$ 22,902,719
60

1,464

7,679,979
5,455,792
3,809,103

-84-

$ 40,349,056

Uses

Actual amounts (budgetary basis) “total expenditures” from the budgetary
comparison schedule – function budget

Adjustments
The City budgets for expenditures on the cash basis, rather than on the

modified accrual or accrual basis on all items except payments to suppliers

The City does not budget for depreciation

Total uses for the function budget on a GAAp basis of accountÍng

Reclassifications:
The City reports uses of funds in the function budget as expenditures in

other major and nonmajor funds for GAAp reporting:
Debt Service Fund
FEMA Fund
Bond capital projects Fund
Nonmajor governmental GAAp funds
B usiness-type enterprise funds

Total expenditures for general fund and major special revenue funds

Total expenditures as reported on the statement of revenues, expenditures,
and changes in fund balances – governmental funds:

General Fund
Hospital Fund
TIF Fund
Street Repair Fund
Street Construction Fund
Total expenditures for general fund and major special revenue funds
Function
Budget

$ 62,282,394

(10,032,949)

$ 52,249,435

(2,956,009)
(1,764,779)
(3,392,290)
(8,063,920)
(6,707,140)

$ 29,375,407

$ 20,826,499
157,534

5,702,990
2,699,394

$ 29,375,407

-85-

City of Cedar Falls, lowa

Schedule of Funding Progress for the
Gedar Falls Health plan

June 30,2013

Fiscal

Year

Actuarial

Valuation

Date

Actuarial
Value of
Assets

Actuarial
Accrued

Liability (AAL)

Unfunded
AAL Funded

Ratio
Govered
Payroll

UAAL As a

Percentage

of Covered

Payroll(UAAL )
2011 July 1 ,2009

2012 July 1 ,2011
2013 July 1 ,2011

671,926 671,926 0.0% 10,976,7g5 6.1%
525,162 525,162 0.0% 11,327,306 4.6%
525,162 525,162 0.0o/o 11,019,949 4.5%

-86-

dar Falls
Hearst Center for

the Arts Garden

Gity of Gedar Falls, lowa
Combining Balance Sheet

Nonmajor Governmental Funds
June 30, 2013
(Page 1 oÍ 2l

Community
Development

Fund

Housing
Assistance

Fund

ASSETS
Cash
Receivables, net of allowance
for uncollectible amounts:

Property taxes
Other city taxes
Accrued interest
Special assessment
Other

Due from other funds
Advance to other funds
Due from other governments
lnventories
Totalassets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued liabilities
Unavailable revenue
Due to other funds
Total liabilities

FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned

Totalfund balances

$ 13,451 $ s70,133

98,443

111 894 $ 570,133

6,301
2,596

$ 8,887 $ 2,932

$ $ 738
2,194

103,007 567,201

$ 103,007 $ 567,201
Total liabilities and fund balances $ 1111,gg4 $ 570,133

-87 –

Special Revenue

Parking
Fund

Police
Retirement

Fire
Retirement

Visitor &
Tourism

$ 836,804 $ 2,868,772 $ 2,478,404 $ 4g2,761

763,843 584,381

1,075 866
89,494

517

2 860 _ — , __ 20,547
_$_3,633,s6e _$_3,063,65- -$—503319

954
$

$ 840,739

3,988
1,627

$ 65,884 $ 2,227 $
761,797 582,629

$ 5,615 $ 82l.6all $ 584,8s5 122 291

2,860 20,547
450,4912,805,999 2,479,796

832,264

$ 835 124 $ 2.80s $ 2,478,796 471 028,888
_$_a40,r39 _$__a,ffi,569_ 063,651 $ 593,319$3.

(continued)

29,199
3,609

89,494
88

City of Cedar Falls, lowa
Combining Balance Sheet

Nonmajor Governmental Funds
June 30, 2013

(Page 2 of 2)

Special Revenue
ASSETS
Cash
Receivables, net of allowance
for uncollectible amounts:
Property taxes
Other city taxes
Accrued interest
Special assessment
Other
Due from other funds
Advance to other funds
Due from other governments
lnventories
Totalassets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued liabilities
Unavailable revenue
Due to other funds
Total liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Totalfund balances

Total liabílities and fund balances

$ 202,668 $ 116,328 $ 27,218

$ 202,668 $ 116,328 $ 37,219

Hillside
Perpetual

Care
$ $ $
$ $

202,669 116,329 37,219

$ 202,668 $ 116,328 $ 37 218
$ 202,668 $ 116,329 $ 37,218

Greenwood
Perpetual

Care

Fairview
Perpetual

Care

-89

(continued)

Gaoital Proiects
Washington

Park
Renovation lmorovem ents

Sidewalk
Assessment

Economic
Development
Capital
Capital
Total

$ 30,624 $ 3,961,ss6 $

3,760
‘18,971

8,997

$ 5,11s,736 $ 16,21 4,4ss

1,349,224
gg,4g4

13,390
44,163

g,gg7

1,413,731
4,095,000

103,527
23,407

$ 23,844,368

37 6,171
25,192

1,413,731
4,095,000

5,094

_$__gqgql_ $ 8,083,358 $ 25,192 $ 6,535.63;

$ 58,959 $ $
18,970 23,933 11,925

20 792

$ $ 167,295
10,016

1,499,647
20 792

$ $ 77,929 $ 44,625 $ 11,925 $ I 686 740

30,661 8,005,429 6,523,713

23,407
6,761,597

932,264
14,559,903

(19.433)(19 ,433)
$ 30,661 $ 8,005,429 (19 ,433) $ 6.523 ,713 $ 22157 ,628

25,192 $ 6,535,639 $ 23.944.368$ 30,661 $ 8,083,358

-90

City of Gedar Falls, lowa
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances

Nonmajor Governmental Funds
For the Year Ended June 90,2019

(Page 1 of 2l

Revenues:
Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous

Total revenues
Expenditures:
Current:

Public safety
Public works
Culture and recreation
Community and economic development

Capital projects
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures

Other financing sources (uses):
Transfers in
Transfers out

Total other financing sources (uses)

Net change in fund balances

Fund balances, beginning
lncrease (decrease) in reserve for inventories

Fund balances, ending

Community
Devefopment

Fund
Housing
Assistance
Fund
$

376,306
4,315

1,210,129

7,674

$ 376 306 $r 117

369,492 1,373,739

$ 369.492 $ 1.373,739

b 814 $ (151 ,622\

$
$
$
$
$

$ 6,814
96,1 93

$ (151,622)
719,923

$ 103,007 _$_56r,201

-91 –

Special Revenue
Visitor &
Tourism
$

3,457
307,911

5,729

38,511
166,091

14,544

$ 208,049 $ 621 150 $ 540.525 $ 328,

183

$ 783,910 $ 550,653 $
233,079

355,379

$233,078 $ 783,910 $ 550,653 $ 355,378

0,128) $ (27 ,195)

$ $ $ $ 55,424
(14,040)(13,320)

$ $ 41,394

$ $
Parking
Fund
Police
Retirement
Fire
Retirement

$ 559,891 $ 476,405 $

59,301 63,866

1,959 254

$ (25,029) $ (162,760) $ (1

$ (162,760)
2,969,649

(10,128)
2,499,924

14,189
454,549

2,291

$ 835,124 $ 2,805,888 $ 2,478,796 $ 4l1,O2g

-92 –

(continued)

Gity of Cedar Falls, lowa
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances

Nonmajor Governmental Funds
For the Year Ended June 90,2019

(Page 2 oÍ 2)

S I Revenue
Gree

Revenues:
Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Public works
Culture and recreation
Community and economic development
Capital projects
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances, beginning
lncrease (decrease) in reserve for inventories
Fund balances, ending

Perpetual
Care

5,870 3,630 980

r$ 5,870 $ 3,630 $ e8o

$
$ $ $

$ 5,870 $ 3,630 980

$ $ $
$ $ $

$ ego
36,239

Fairview
Perpetual
Care
Hillside
Perpetual
Care

$ s,BZo $
196,799

3,630
112,699

_$ 2o¿qgg_ $_1_1_q.gæ_ $ 37,218

-93-

(continued)

Capital Proiects
Washington

Park
Renovation

Capital Sidewalk
Assessment

Economic
Development

Capitallm Total

$ $ 5,409 $ 7,671 $
121 204,360

57,143

246,157

196,994

$ 1,049,375
307,911
539,132

1,643,577
48,991

166,091
637,59911,622 355,379

$121$ 513,068 $ 19,293 $ 552,363 $ 4.3e1 ,655

$$ $

22,516 4,108,165

$ t,334,s63
233,079
355,379

1,743,231
4,397,57026

6,ggg

$ $ 266,889 $ 22,516 4 108 165 $ 8,063,920

$ 121 $ 246,179 $ (3,223) 555,802)$ (3.

$ $ 1,096,905
(83,990)

$ 3,949,919

$ (3,672,165)

$ $ s,og2,i4g
(111,350)

$ $ 1,002.815 $ $ 3.949 ,919
$ $121

30,

540

1,249,994
6,756,435

$ (3,223)
(16,21Q)

394,117
6,129,596

$ 30,661 $ 8,005,429

-94 –

City of Cedar Falls, lowa

Combining Statement of Net Position
lnternal Service Funds

June 30,2013
ASSETS
Current assets:
Cash
Receivables, net of allowance
for uncollectible amounts:
Accrued interest
Other
lnventories
Total current assets
Noncurrent assets:
Capital assets:

Buildings
Machinery and equipment
Accumulated depreciation

Total noncurrent assets
Total assets

LIABILITIES
Current liabilitíes:

Accounts payable
Accrued liabilities
Compensated absences due
within one year

Noncurrent liabilities:
Compensated absences after

one year
Total liabilities

NET POSITION
Investment in capital assets
Unrestricted

Total net position

$ 6,050,286 $ 17,457 $ 2,2OO,B77

7,395
6,807

2,695

$6. 064,479 $ 17,457 $ 2.203,564

$ $ $

$ $
$ 6,064,478 $ 17,457 $ 2,203,564

$ 5,162
382,525

$ 17,457 $ 388,642

Health
lnsurance

$ sB7

$
5 676 791

$ s,676,791

Health lnsurance
Severance

687 $ 17,457 $ 388.642

$ $
1,914,922

$ 1,814,922

-95-

Risk
Management

Data
Processing

Vehicle
Maintenance Total

$ 3,269,890 $ 902,450 $ 827,227 $ 13,268,1g9

3,791
3,690

1,O41 1,251
106

16,153
10,603

328,7973 833 324 954
3 7 371 $ 907 324$1 538 $ 13.623153 ,732

$ $
1,25

3,735

90,302
6,395,626

90,302
7,649,361

$ $

$ $ 299,489 $ 2.390 ,081
$ 3,277 ,371 $ 1,206,913 3 543 619

$ 13,230
197,339

$ 3,402
8,042

$ 61,121
9,931

(4.095 ,847\ (5.050 ,0e3)
2 689 570

16 313 2

489,O14
597,837

(954,246)

$
$

26,359 18,247 44,606

25 710 29,444 55 154
210 56e $ 63,513 $ 118,743 $1 186 611

$ $ 299,489 $ 2,390,081 $ 2,699,570
066 802 843 811 1 034 795 12 7 121

$ 3,066,902 $ 1,143,300 $ 3,424,876 _$_1_5,126,691

-96-

City of Cedar Falls, lowa
Gombining Statement of Revenues, Expenses,

and Changes in Fund Net position
lnternal Service Funds

For the Year Ended June 30, 2013
Operating revenues:
Charges for services
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Supplies and equipment
Depreciation
Total operating expenses
Operating income (loss)

Nonoperating revenues (expenses):
Use of money and property
Loss on disposal of equipment

Nonoperating revenues (expenses)

lncome (loss) before transfers

Transfers out
Change in net position
Net position, beginning
Net position, ending

$ 2,783,954 $2r 750 $ 286

$ $ 697,819
2,814,529 27,750

2 814 528 $ 27,750 $ 697,819
$ (30,574) $ $ ø10,965)

$ 23,98s $ $ 8,869

$ 2,771,556
12,399

$ 27,Tso

Health
lnsurance

Health lnsurance
Severance Pa il

$ 278,170
9,694

854
$

$ 23,985 $ $ 8,869
$ (6,589) $ $ (402,096)

$ (6,s89) $
5,683,390

$ (402,096)
2,217,019

$ 5,676,T91 $ $ 1.814,922

-97 –

Risk
Management

Data
Processinq

Vehicle
Maintenance Total

$ 561,450 $
129,413

$ 1,749,640
54,696

$ 6,311,469
204,351

922,902
160

$ 689,863 $ e23 062 $1 336 $ 6,515804

$ $ 352,739
264,592
63,569

105,509

,819

$ 363,336
269,732

1,093,767
312,574

$ 1,413,994
4,235,561
1,147,335

419,092

859,959

$ 859
$ n70 ,096) $ 136,655 $ Q2 4,0731

$ 7.21 4,872
699 053

959 $ 786,407 $ 2,029,409

$ 12,267 $ 3,502 $
(9,783)

4,134 $
(20,354)

52,757
(30,137)

$ 12,267 $ (6,281)

$ (157,829) $

130,374

(5,495)

$ 22,620

$ (676,433)
(164,257)

$ (163,324) $
3,230,126

130,374

1,012,926

$ (399,055) $
3,923,931

(840,690)

15,967,391

$3, 066,802 $ 1.143,300 $ 3.424 ,876 $ 15,126,691

-98-

City of Cedar Falls, lowa
Combining Statement of Gash Flows

lnternal Service Funds
Forthe Year Ended June 30,2013

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services
Payments to suppliers
Payments to employees

Net cash províded by (used for) operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers to other funds

CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Net acquisition of property and equípment

CASH FLOWS FROM INVESTING ACTIVITIES
lnterest received on investments

Net increase (decrease) in cash

CASH BALANCES, Beginning
CASH BALANCES, Ending

Reconciliation of operating income (loss) to net cash provided
by (used for) operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to net cash

provided by (used for) operating activities:
Depreciation
Change in assets and liabilities:
(lncrease) decrease in:

Other receivables
lnventories

lncrease (decrease) in accounts payable, accrued and
other liabilities
Net cash provided by (used for) operating activities

$ 2,771,556 $
(2,914,120′)

6,671

(9,603)
$ (42,564) $ (2,e32\

$ $
$ $

$ 23.994 $

$ (18,570) $ (2,932)
20,3896,069,956

$ 6,oso,286 $ 17,4s7

$ (30,574) $

(3,032)

(8,958) e.%2\
$ 42,564\ $ (2,932)

Health
lnsurance
Health lnsurance
Severance

-99-

Risk Data
Processinq

Vehicle
MaintenancePayroll M ment ïotal

$e4

$ 278,170 $
302

561,450 $
(494,643)

922,902 $
(331,225)

1,749$40
(1,399,796)

,257)

ß41 ,0421 351 475
,20Ð $ 66,807 $ 250 635 $ 9,369

$ $ (s,49s )$ $ (158,762) $ n64

071 $eß$ $ $ Í07 ,646) 1 ,7171
$ 82e $ 12,199 $ 3,320 S 4.267 $I 52,608
$ (15,373)

565
$66 807

$ 146,309 $ (2s1,197)
756 141 1 078 424

$ (68,253)
13,336,4422,216,252$ 2,200,979

386,763
$ (24,202\

$ 902,450 $ 827,227 $13 189

$ (410,965) $ (1 70,096)$136,655$(224,073)$(699,053)

105,509 312,574 418,092

236,339
(1,083)

I 555
$ 250,635

(58)
(90,932)

11 858

233,249
(92,015)

396 851
I 369 $ 257.113

– 100 –

City of Gedar Falls, lowa
GapitalAssets used in the operation of Governmental Funds

Gomparative Schedules by Source*
June 30,2013 and 2012

2013

Governmental fund capital assets:
Land

Land improvements

Buíldings

Machinery and equipment
lnfrastructure
Construction in progress

Total governmental funds capital assets

2012

$ 28,703,969
13,116,321

27,711,935

9,120,292

154,932,742

12,264,029

8 254,179,594 245,949 187

$ 23þ15,754
45,791,071

145,667,441

225,195

30,659,726

$ 28,867,975
13,155,356

27,729,339

9,504,504

163,497,944
11,425,467

lnvestments in governmental funds capital assets by source:
General fund $ 23,T07,691
Special revenue funds 49,456,210
Capital projects funds 14g,S2},gg1
lnternal service 22í,1gs
Donations 31,269,597

Total governmental funds capital assets $ 254,179,594 $ 245

This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the
above amounts. Generally, the capital assets of internal service funds are included as
governmental actívíties in the statement of net assets.

-101-

City of Gedar Falls, lowa
Gapital Assets used in the operation of Governmental Funds

Schedule by Function and Activity ”
June 30,2013

Function and Activitv Land

1,842,041

69,599

10,883,674

360,042

Buildings
Public Safety
Public Works
Health & Social Services

Culture and Recreation

Community and

Economic Development

General Government

$ 12,500
290,326

151,494

2,906,049

25,553,706

53,901

$ $ 1,024,831
1,513,123

5,973,537

12,992,115

2,165,425

4,169,307

$ 28,867,975 $ 13,155,356 $ 27,72g,399

-102-

Machinery
and

Equipment

Construction
tn

lnfrastructure Progress Total

$ 1,143,269
3,717,204

3,289,069

130,907

1,224,061

$ $ 2,1go,sg4
169,953,163

6,094,630

36,519,522

34,995,406

5,447,269

157,511,134 4,079,335

5,986,910 570,906

6,775,326

$e, 504,504 $ 163,497,944 $ 11,425,467 $ 254.179.594

-103-

Gity of Gedar Falls, lowa
capital Assets used in the operation of Governmental Funds

Schedule of Changes by Function and Activity ”
For the Fiscal Year Ended June 30, 2013

Governmental
Funds Capital

Assets
July 1 ,2012 Additions Deletions June 30 2013

Public Safety
Public Works
Health & Social Services
Culture and Recreation
Community and
Economic Development
General Government

$ 2,184,644
161,493,409

6,094,630

36,165,632

34,54

1,937

5,379,035

$ 90,094
12,144,993

369,293

476,065

148,175

$ 94,744

4,675,229

16,403

32,496

79,941

Governmental
Funds Capital
Assets

$ 2,180,594
168,953,163

6,094,630
36,519,522
34,995,406
5,447,269

$ 245,849,187 $ 13,229,210 $ 4,g98,g13 $ 254,179,5g4:

This schedule presents only the capital asset balances related to governmentalfunds.
Accordingly, the capital assets reported in internal service funds are excluded from the
above amounts. Generally, the capital assets of internal servíce funds are íncluded as
governmental activities in the statement of net assets.

-104-

City of Cedar Falls, lowa
Statistical Section

This part of the City’s comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the city’s overall financial health.

Gontents Paqe

Debt Gapacity
These schedules present information to help the reader assess the affordability of the city’s
current levels of outstanding debt and the city’s ability to issue additional debt in the future 124

Demographic and Economic lnformation
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the city’s financial activities take place. 136

Financial Trends
These schedules contain trend information to help the reader understand how the city’s
financial performance and well-being have changed over tíme.

Revenue Capacity
These schedules contain information to help the reader assess the city’s most significant
local revenue source, the property tax.

Operating lnformation
These schedules contain service and infrastructure data to help the reader understand
how the information in the city’s financial report relates to the services the city provides
and the activities it performs.

Sources: Unless othen¿vise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The city implemented GASB
Statement 34 in 2003; therefore the first four tables include information beginning in that year.

106
116
141

– 10s –

City of Cedar Falls, lowa
Net Position by Gomponent

Last Ten Fiscal Years

(Accrual basis of accounting)

FiscalYear

2004 2005 2006 2007

Governmental activities
Net investment in capitalassets
Restricted
Unrestricted

Total governmental activities net position

Business-type activities
Net investment in capitalassets
Restricted
Unrestricted

Total business{ype activities net position

Primary government
Net investment in capitalassets
Restricted
Unrestricted

ïotal primary government net position

s 144,878,688 $ 1

$ 94,619,419
15,944,416
34,315,853

$ 100,950,333
16,699,109
36,569,953

$ 108,3s9,511
17,167,913
37,686,372

$ 1 13,859,357
18,571,430
42,994,411

54,107,394

$ 26,644,501 $
809,500

6,340,472

28,566,202 $
809,500

6,179,451

30,991,450 $
808,500

6,285,467

36,487,952
808,500

5,569,366

$ 33,793,473 $ 35,554,153 $ 38,085,417 $ 42,865,718

$ t2t,262,920
16,752,916
40,656,325

$ 129,416,535 $ 139,350,961
17,496,609 17,976,413
42,749,404 43,971,939

$ 150,347,209
19,379,930
49,563,777

$ 178,672,161 $ 189,661,547 g 201,299,213 $ 21g,290,916

– 106 –

Fiscal Year

2008

2009 2010 2011 2012 2013

$ 118,688,310 $ 123,367,386 $ 131 ,237,132 g 145,480,365 $ tSt,13O,O97 $ t
20,491 ,013 21,421,340 22,341 ,338 24,OgO,2oO 24,405,g2g
45,657,412 49,697,913 52,747,529 50,939,2g9 50,704,056

55,314,591
24,150,307
54,889,657

_q_1_e4,æA, ?35 _q_1_93,486,539 _q 206,325,99S _$ 220,509,853 Å 226,239, 981 $ 234 555

$ ¿t,521,531 $
449,500

4,019,315

44,414,522 $
449,500

4,522,039

46,273,076 $
9,500

4,897,575

52,510,319 $
9,500

6,729,994

70,328,202 $
9,500

(76,329)

79,677,940
9,500

(5,621,533)

$ 45,989,346 $ 49,386,060 $ St ,17O,151 $ 59,248,703 $ 70,261 ,373 $ 74,065,907

$ 167,781,909 ç 177,510,209 g 197,990,684 $ 221,458,2gg g 234,992,531
21,870,840 22,350,838 24,099,700 24,415,328 24,159,807

$ 160,209,941
20,940,513
49,675,727 53,219,951 57,635,103 57,668,172 50,627,727 49,267,124

$ 230,826,081 $ 242,8?2,599 S_25r,496,149 _q_2r9,r5S,556 _q 296501,354 _$_A08,41 9,462

-107-

City of Cedar Falls, lowa
Ghanges in Net Position

Last Ten Fiscal Years
(Accrual basis of accounting)

(Page I of2)

Fiscal Year

2004 2005 2006

Expenses

Governmental activities:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic development
General government
Debt service
Capital projects

Total governmental activities expenses

Business-type activities:

Sewer
Refuse
Storm Water

Total business-type activities expenses

Total primary government expenses

Program Revenues
Governmental activities:

Charges for services:
Public Safety
Public Works
Culture and Recreation
General Government

Operating grants and contributions
Capital grants and contributions

Total governmental activities program revenues

Business-type activities:
Charges for services:

Sewer
Refuse
Storm Water

Capital grants and contributions: sewer and storm water
Tota I busi ness-type activities prog ram revenues

Total primary government program revenues

Net (Expense)/Reven ues
Governmental activities
Business-type activities

Total primary government net expense

26,544,816 28.5 76,734

$ 6,378,906
8,083,107

177,236
4,788,464
2,641,914
3,309,062
1,046,548

119,579

$ 6,786,083 $
8,121,486

261,476
5,350,058
3,345,487
3,751 ,183

960,961

6,920,986
9,291,307

325,479
5,911,073
4,353,658
3,972,891

968,298

31,743,

692

2,656,015
1,699,546

2,777,820
2,176,174

3,212,254
1,797,655

4,3s5,561 4,953,994 909
$ 30,e00,377 $ 33.530 ,728 $ 36. 753,601

$ sot,zsa
311,932

1,356,978
1,147,836
2,207,574
4,210,176

602,800
209,424

1,550,008
1,242,703
3,143,285

$ 715,066
344,195

1,841,570
I ,323,816
2,533,024
3,622,803

10,380,478

2.759,

995

9,796 ,284 9,508,

215

3,747,185
2,471,886

3,777,236
2,460,525

3,86

2,562

2,576,395

11,687 820,264 1,553,151

$ 16,027,042 $ 16.s66 ,240
758 7.058 ,025 7,992,108

$ 18,37

2,586

(16,748,532) (19,068,519) (2’t,363,214)
_ 1,875,197 2,104,031
$ (14,873,335ì $ (16,964,488I

2 982 199

– 108 –

Fiscal Year
2007 2008 2009 2010 2011 2012 2013

$ 6,602,108 $
9,390,405

147,O07
5,894,494
4,341,611
3,918,s50

930,278

8,065,013 $
9,696,327

234,124
6,736,108
4,346,385
4,244,545

831 ,315

7,192,846 $
13,938,703

10,365

6,836,437
5,677,705
4,619,221

754,989

7,725,740 $
10,699,831

164,836
6,864,804
7,019,195
4,797,762

741,933

8,62s,520 $
10,949,

200

326,666
7,104,212
7,291,549
4,493,885

551,543

8,462,143 $
12,971,278

316,339
7,098,908
7,815,848
4,333,403

452,378
9,491,677
11,909,568

320,864
7,262,110
8,357,058
4,890,409

228,173

31,224,453 34,153,817 39,330 ,266 38,014,101 39.342 ,575 41,450,297 42,459,859

3,359,111
2,011,573

61 192
5, 989,876

$ 37,214,325

3,009,639
2,142,679

652,999

3,178,3s4
2,355,999

620 460

3,187,378
2,410,813

732,218

3,223,476
2,537,735

3,336,990
2,492,305

722,991
3,617,688
2,770,264

075 728 713
5,805,317

$ 39,959,134
6,1 54,813 6,330,409

$ 44,344,510
6,454,286

$ 4s,796,861
6,552 ,286 7,116,665

$ 49,576,524$ 45, 485,079 $ 48.002 ,583

$ 534,722
249,903

2,028,869
1,466,523
2,365,608
4,395,714

11.422 ,844 11,041,339

567,948 $
282,146

2,024,082
1 ,1 65,048
2,461,032
4,922,588

$ 538,3e8
259,569

2,184,620
1,’19’1,151

2,153,921
7,183,972

13,51 1,631

$ s97,348
240,997

2,170,036
1,587,244
1,606,798
8,928,178

661,784
217,172

2,206,722
1,588,066
2,360,697

$ 748,246
199,648

2,469,465
1,682,397
1,695,117

11,s29,905
18,324,778

$ 673,860
204,592

2,400,747
1,632,567
2,098,639
6,479,932

337

15,0 73,637
1 5,1 30 ,601 22,108,078

3,794,631
2,746,393

731,844

3,775,

728

2,833,449

780,666

3,999,239
3,148,295

780,837
983,243

4,015,527
3,186,384

787,942
128.795

4,138,346
3,318,008

806,364
460,559

4,313,923
3,328,306

826,986
140,450

4,574,181
2,996,396

890,893
577.4113.221 ,140 950

10,494,008

$ 21 ,916,8s2
7,723,793 8,911 ,614 8,118,648

$ 23,249,249
8,609,66s

$ 26,934,443
9. 038,881

$ 30,831 ,355 $ 22,529,218

(22,883,s00) (17,234,497) (23,125,s19) (28,969,522)
788 239

8, 723,277

$ 18. 765j32 $ 22,423,245

(19,801,609)
4,504,132

@
(23,112,478)

918 76
(25,818,635)

2,756,801
S?3F61€-34-i-

2,268,991 2,057,379
F-Jî4Fdsso-6l5-J21^0-68-140I

– 109 –

(continued)

City of Gedar Falls, lowa
Changes in Net Position

Last Ten Fiscal Years
(Accrual basis of accounting)
(Page 2 of 2)
Fiscal Year

2004 2005 2006
General Revenues and Other Changes in Net position

Governmental activities:
General revenues:

Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Miscellaneous
Gain on sale of assets
UtiliÇ contribution in lieu of taxes

Transfers
Total governmental activities

Business-type activities:
General revenues:

Property taxes and assessments
Use of money and property

Transfers
Total business-type activities

Total primary government

Ghange in Net Position
Governmental activities
Business-type activities

Total primary government

190,965 (343,351) 1450 ,93s)

$ 27,273,439 g 27,953,874 $ 30.01 8,681

$ 10,333,942 $ 9,228,706 $ 9,106,402
1,760,680 2,531,264

ElõF8e¡-silT-f TF–?,666-

$ 14,110,761
4,169,362
2,618,556
3,785,710

946,12′,1

72,034

1,400,000

(2O,070′,)

$ 16,034,121
4,349,790
1,874,497
3,809,479

207,661
65,215

1,400,000
556,462

28,297,225

$ 17,163,242
4,709,758
2,425,140
3,527,541

491,847

1,400,000

30,469,616

301 ,153

27.082 ,474

54,475
116,420
20,070

149
212,962

4621 (752,088)

2 162

-110-

(continued)
Fiscal Year
2007 2008 2009 2010 2011 2012 2013

$ 18,931 ,378 $
4,582,479
2,924,080
3,5s1,69s

474,249

19,468,413
5,060,324
2,868,337
3,728,669

850,716

$ 20,994,332 $
5,308,296
2,421,181
3,693,255

965,194

1,500,000
(413,819)

34,468,439

22,066,237
5,022,500
1,640,456
4,2s8,253
1,127,964

1,524,990
82,s59

$ 23,373,676
5,291,546
1,344,936
4,269,554
1,324,189

5,668
1,57s,010

(5,771,627\

g 23,802,’t24
5,754,706
1,275,402
4,256,073
1,014,890

6,606
1,625,000

(8,91 9,1 54)

$ 24,695,940
5,544,604
1,268,202
4,40s,345
1,375,437

1,637,000
(1,843,4321
37,083,096

1,400,000
1 49,1 30

1,400,000
ß52,444\

32.01 3,011 32,524,015 35,722,959 31.41 8,352 28,85s ,647

1,287
424,012

(149,130)

1,609
35

1,099

852,444

1,961
224,133
413.819

36,137 38,886
8,91 9,154

169

$ 32,289,180
‘t,205,152

$ 33,729,

167

639,913 8,955,291 1 ,882,318

$ 38,965,414$ 3s.108 ,3s2 $ 35.71 8,811 $ 37.227 ,913 $ 37,810 ,938

$ 12,211,402 $ 9,411,s37 $ 8,649,304 $ 12,83s,45s $ 14,183,855 $ s,730,1284,780,301 Wry __Æ:4! _ 1,784,0s1 8,078,552 11,012,670F]6-B%?-?0r FlæEf5_ 5læ46m- Fl4sr3s–sl @ ffi
$ 8,1 13,574

534

-111-

City of Gedar Falls, lowa
Fund Balances, Governmental Funds,

Last Ten Fiscal years

(modified accrual basis of accounting)

Fiscal Year
2004 2005 2006 2007

General Fund
Nonspendable
Assigned
Unassigned

ïotal general fund

All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned

ïotal all other governmental funds

$5. 808,422 $ 6.375,134 $ 7 342 $ 7. 565,592

$ $ $ $78,299
896,147

4,833,976

86,234
841,776

5,447,124

119,589
695,321

6,251,432

147,220
1,196,550
6,221,822

$ 143,013 $
21,379,781
12,179,838

7,984,681
(2,458)

140,490
22,7’12,063
12,689,217
8,982,080
(50e,6e0)

$ 133,443
24,404,192
13,199,514
7,020,781
(se8,e88)

$ lsr,sro
24,333,854
13,069,761
9,382,350
(701,s32)

$41 s 44.014,160 $ 44.1 63,942 $ 46,23s,s43

-112-

Fiscal Year
2008 2009 2010 2011 2012 2013

$ $ $ $131,466
1,122,010
6,29

1,771

132,803
1,246,712
6,473,074

178,147
1,620,436
6,489,104

181,341
1,445,007
6,498,932

$ 180,689
1,722,948
7,045,817

241,612
1,817,084
6,978,807

$ 7,545,247 $ 7,8s2,589 $ 8.287 ,687 $ 8.12 5,280 $ 8.949 ,454 $ 9.037 ,503

$ 83,341
27,182,248
13,723,684
9,700,146
(358,297)

$ e¿,zgt
25,967,407
14,395,783
9,526,406
(186,530)

$ 126,2ss
26,841,011
15,163,647
11,201,701
(1,740,555)

$ 201,20s $
27,037,209
15,697,718
10,758,664
(2,840,288)

256,912
25,892,197
16,145,534
12,916,571
(4,343,889)

$ 306,613
25,435,109
1ô,551 ,1 1 5
14,559,803
(1 ,193,291)

$ 50,331,122 $ 49,787,857 $ 51.592 ,ose $ $ s0,867 ,325 $ 55.659 ,349

-113-

City of Gedar Falls, lowa
Changes in Fund Balances, Governmental Funds,

Last Ten Fiscal years
(modified accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007

Revenues:
Property taxes and assessments
Other city taxes
Licenses and permits
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Utility contribution in lieu of taxes

Total revenues
Expenditures:
Current:

Public safety
Public works
Health and social services
Culture and recreation
Community and economic

development
General government

Debt service
Principal
lnterest

Capital projects
Total expenditures

Excess (deficiency) of revenues
over (under) expenditures

Other financing sources (uses):
lssuance of long-term debt
Premium on long-term debt
lssuance of refunding debt
Discount on long-term debt
Land contract
Payments on refunding bonds
Transfers in
ïransfers out

Total other financing sources
(uses)

Net change in fund balances

Debt service as a percentage of
noncapital expenditures

1 400,000 ‘1,400 000 000
$ 34,436 ,522 34,556 ,421 $ 37.221 ,187 $ 39,554,090

$ 14,085,403 $
4,169,362

947,159
2,619,556
6,324,293
1,994,119

547,257
2,460,394

16,033,559 $
4,210,659

923,727
1,874,497
6,457,295
2,244,467

436,741
975,479

17,186,164
4,712,426

982,954
2,425,140
6,834,940
2,599,376

652,321
437,966

1,400,000

$ 18,931,049
4,564,009

785,116
2,924,090
7,047,600
2,797,909

466,199
649,1 1g

$ 6,288,812 $
6,997,749

50,921
4,246,929

2,600,174
3,075,636

4,025,954
1,067,520
6,656,971

6,692,529 $
7,364,214

135,160
4,756,551

2,523,565
3,455,372

3,409,713
1,029,414

7,173,967 $
7,595,353

I gg,1 64
5,277,697

2,394,359
3,814,373

2,920,000
937,274

7,373,926
7,929,949

838,195
5,330,492

2,345,966
3,929,549

3,040,000
916,414

5,392,9998,257 ,673 I 612 287
$3s 6$ 37,623j90 $ 39,914,464 $ 37,096,269

$ (564 ,044\ ,066 769 $ (2,693,277) $ 2,457,a12

$ 2,355,000 $ 5,45o,ooo $ 2,g3s,ooo $

(14,130)
1,200,000

3,777,372
(3,822,938)

(17,594)

7,349,961
(6,924,992)

5,650,000
(43,274)

(5,650,000)
5,999,757

(5,289,524)
5,914,949

(5,942,507)

$ 3,495,304 $ 5 957,375 $ 3 5e$ 72,341
2,890,606 $ 809,682 $ 2,s30,1s3$ 2,931,260 $

18.0o/o

-114-

16.9o/o 13.8% 14.60/o

Fiscal Year
2008 2009 2010 2011 2012 2013

$ 19,459,594 $
5,032,799
1,031,667
2,969,337
9,1 53,1 04
2,927,076

421,274
803,161

20,994,332 $
5,339,099

767,939
2,421,181

10,199,992
2,969,223

436,578
994,537

22,066,237 $
5,029,677
1,106,716
1,640,456

12,351,723
3,115,157

373,752
1,057,446
1,524,990

23,379,676
5,292,406
1,093,024
1,344,936

21,764,416
3,179,755

400,965
1,370,497
1 ,575,010

$ 23,766,946 $
5,755,920
1,162,401
1,275,402

19,920,930
3,507,339

430,016
1,052,265

24,696,793
5,519,022
1 ,076,196
1,268,202

12,599,954
3,386,415

449,165
1 ,359,1921,400 000 1,500 ,000

$+z 997,0’11 $
1,625,000 1 637,000

45,611,979 $ ¿e, 266j54 $ 59 389,695 $ 57,496,119 $51 990 919

$ 7,996,188 $
7,292,523

97,296
5,536,493

7,551,507 $
7,793,997

163,528
6,065,699

2,253,049
4,381,790

2,910,000
739,841
486,565

7,922,903 $
8,816,279

87,304
6,076,259

8,155,206 $
9,027,992

17g,Og4
6,557,554

8,375,159 $
10,910,336

167,759
6,410,049

8,ggg,g42
10,099,252

172,284
6,449,626

2,646,490
4,694,063

2,529,313
4,1 69,1 61

2,850,000
806,181

9,857 ,325 13

2,291,961
4,613,694

2,930,000
728,057

16,357,596

2,602,604
4,316,949

3,235,000
596,048

2 00 053

2,447,212
4,775,991

3,415,000
503,383

11,390,660

2,685,000
271,009

9,544,629
$ 41,113,460 45,335 ,875 $ 49,823,931 $ 54,669 ,490 $ 48,295,538 $ 45,542,295

$ 1,883,551 $ 276,004 $ (1.557 ,777\ $ 4 720,195 $ g,2oo,sg1 $ 6,449,624
$ 4,B2o,ooo $

(1,645,000)
(30,1 25)

8,359,264
(9,227,533)

10,291,922
(10,906,635)

$ 3,44o,ooo $
227,162

5,135,000
(28,724)

(5,325,000)
11 ,017,106

(10,755,275)
9,806,376

(15,504,674)

3,320,000
(8,300)

(3,295,000)
11,275,219

(19,720,563)
13,297,694

(14,976,969)

$ $

$ 2,275,606 $ (51 4,713t $ 3,710,269 $ (5,699,299 $ (8,41S ,644′)
$_l,1sg z_ _q__(238,r0Ð. S__2,ß2,4e2_ $_ (er8,l_q!l

11.4% 10.1o/o 10.3o/o 10.7%

$ zer,ggz

-115-

10.2% 8.0%

City of Gedar Falls, lowa
Assessed and Taxable Value of property

Last Ten Fiscal Years

(Unaudited)

Real and Personal Pro perty
Reqular Aqricultural Land

Levy

Year

For Fiscal

Year

Endíng
June 30,

Taxable
Value
Assessed
Value
Taxable
Value
Assessed
Value

2003 2004$g17,g96,gg0$1,420,200,646$6,926,500$6,926,500

2004 2005 903,439,479 1,669,493,277 5,419,730 5,418,730
2005 2006 920,739,030 1,732,109,902 5,347,650 5,347,650
2006 2007 985,250,969 1,925,997,344 5,771,140 5,771,140
2007 2008 1,019,530,694 2,00g,35g,g26 5,453,530 5,453,530
2008 2009 1,099,295,277 2,246,395,915 5,439,677 6,036,1 10
2009 2010 1 ,150,079,051 2,330,760,1 55 5,525,129 5,886,760
2010 2011 1,195,969,161 2,393,911,221 5,3g1,329 8,196,740
2011 2012 1,254,921,347 2,450,027,999 5,572,605 8,292,560
2012 2013 1,393,51 1,204

Source: Black Hawk County Auditor’s Office

2,609,407,333 5,671,067 9,912,510

Note: Property in the city is reassessed every other year. Tax rates are per $1,000 of assessed
value.

-116-

Taxable
Value
Assessed
Value

Total Taxable
Value as a

Percentage of
Assessed

Value

Total
Total
Direct
Tax

Rate

$ 824,823,480 $ 1,427,127,146 57.g0 % $ 14.10410
908,959,209 1,673,902,007 54.30 13.65325
926,096,690 1,737,456,552 53.30 14.05084
991,022,009 1,931 ,759,494 51.30 13.84420

1,023,994,214 2,013,912,356 50.g5 13.60793

1,103,733,954 2,252,421,925 49.00 13.26327

1 ,155,603,179 2,336,646,915 49.46 13.O2110
1,191,350,490 2,402,107,961 49.60 12.99252

1,260,393,952 2,459,320,459 51.27 12.86369

1,399,192,271 2,619,319,g43 53.44 12.20300

-117 –

City of Gedar Falls, lowa
Property Tax Rates

Direct and Overlapping Governments
Last Ten Fiscal Years

(Unaudited)
City of Cedar Falls

Overlappinq Rates

Black Hawk County

Fiscal
Year

Operating
Millaqe

Debt
Service

Total City
Millage

Operating
Millage

Debt
Service

Total
County
Millage

2004 $ 11.93225 $ 2.17185 $ 14.10410 $ 7.15152 $ 0.59469 $ 7.74621
2005 11 .85492 1 .79833 13.65325 6.90953 0.58284 7.49237
2006 12.39156 1.65928 14.05084 7.04780 0.56052 7.60832
2007 12.51746 L32674 13.84420 6.83182 0.55784 7.38966
2008 12.41427 1 .19366 13.60793 6.82613 0.58407 7.41020
2009 1 1 .94886 1 .31441 13.26327 6.35616 0.57975 6.93591
2010 11 .82625 1 .19485 13.02110 6.12831 0.57689 6.70520
2011 11.81700 1.17552 12.99252 6.22972 0.44212 6.67184
2012 11.79924 1.06445 12.86369 5.92415 0.67322 6.59737
2013 11.68479 0.51821 12.20300

Source: Department of Management website
5.59849 0.64144 6.23993

Note: The city’s general fund maximum property tax rate may only be $g.1o per $1 ,000 of
valuation. The remaining portion of the operating rate and the rate for debt service are
set based on each year’s requirements.

-118-

Overlapp ing Rates

Schools

Operating
Millaqe
Debt
Service

Total

School

Millage Other

$ 13.91234 $
13.00577

13.02846

13.02447

13.13283

13.73251

13.73228

14.15215

13.78651

1337802

Total

$ 13.91234 $ 1.13876 $ 36.90141

13.OO577 1.36743 35.51882

13.02846 1.42197 36.1 0959

13.02447 1.34392 35.60225

13.13283 1.18405 35.33501

13.73251 1.36422 35_29591

13.73228 1.33721 34.79579

14.15215 1.38794 35.20445

13.78651 1.28109 34.52866

13.37802 1.3377 33.15865

-119-

City of Cedar Falls, lowa
Pri ncipal Property Taxpayers

Current Year and Nine Years Ago

2004

Taxpaver

Assessed

Valuation for
Fiscal Year

2003 -2004 Rank

Percentage
of Total
Assessed
Valuation

Target Corporation

College Square Mall Assoc. LLC

R and N lnvestments

Walmart Re Business Trust

WB CF Assoc LTD Partners

Twenty Seventh Street Assoc, LLC

Cedar Falls lnvestments, LLC

Gold Falls Villa Apart LLC

Standard Distribution Co.

Harvest Mallard Point Retirement

Quest Corporation (US West, lnc)

Davenport Farm & Fleet, lnc.

Cedar Falls Retirement Residence

Christopherson, Jerry

Lockard Blackhawk LC

SUH Northern lowa, LLC

$ 29,994,090

5,140,960

6,818,405

5,833,160

6,855,470

5,322,420

6,134,500

5,269,390

2.10 %

0.36

0.49

0.48

0.41

0.48

0.37

0.43

0.37

5″49 o/o

1
I

6,987,210 2

4
6
3
7
5

I
$ 78,354,595

Source: Black Hawk County Auditor’s Office

Note: There was only data available for the top nine taxpayers for 2004.

-120-

2013
Assessed
Valuation for
Fiscal Year

2012 – 2013 Rank

Percentage
of Total
Assessed
Valuation

$ 85,871,200

30,224,620

13,909,090

13,574,740

12,739,950

11,533,470

9,243,740

8,964,160

8,326,900

8,164,470

3.28 o/o

1.15

0.53

0.52

0.49

0.44

0.35

0.34

0.32

0.31

1
2
3
4
5
6
7

I
I

$ 202,550,240 7.73 %

-121-

City of Gedar Falls, lowa
Property Tax Levies and Gollections

Last Ten Fiscal Years
(Unaudited)

Levy
Year
For Fiscal

Year
Endíng

June 30,
Total

Tax Lew

Current

Tax

Collection

Percentage

of Current

Taxes

Collected

Delinquent

Tax

Collectíons

2003
2004
2005
2006
2007
2008
2009
2010
2011

2012 2013 17,297,169
Source: Black Hawk County Auditor’s Office.

2OO4 $ 11,796,749 $ 11,924,764 100.24% $ 1O4
2005 12,646,619

12,643,423 gg.g7

2006 13,267,496 13,396,021 100.97 1,479
2007 13,963,307 14,007,952 100.32 108
2008 14,161,591 14,114,301 99.67 6,972

2009 14,989,920 14,915,373 99.50 1,464
2010 15,398,267 15,370,354 gg.g2 2,009

2011 15,871,931 15,850,623 gg.g7 7,350

2012 16,552,935 16,576,996 100.1 5 15,223

17,091,764 gg.g7 3,967

-122-

Total Tax

Collections

Total Tax
Collections as
a Percentage

of Total
Tax Lew
Outstanding
Delinquent
Taxes
Delinquent

Taxes as a
Percentage

of Total

Tax Levy

$ 11,924,969 100.24 % $ g4,733

12,643,423 gg.g7

13,397,500 100.99

14,007,960 100.32

14,121,273 99.72

14,916,937 99.51

15,372,363 gg.g3

15,857,973 gg.g1

16,592,219 100.24

17,095,731 98.89

0.72 o/o

84,230 0.67

56,511 0.43

49,550 0.35

47,296 0.33

45,039 0.30

39,266 0.26

38,390 0.24

22,693 0.14

25,924 0.15

-123-

City of Cedar Falls, lowa
Ratios of Outstanding Debt by Type

Last Ten Fiscal Years

Governmental Activities Business-Type Activities

Fiscal
Year
General
Obligation
Bonds

Tax lncrement
Financing

Bonds

General Obligation

Capital Loan

Note

General
Obligation
Bonds
Revenue
Debt

2004 $ 19,210,000 $ 3,115,000 $ 2,850,000 $ 4,705,000
2005 16,115,000 7,225,000 2,160,000 4,075,000
2006 16,960,000 6,395,000 2,980,000 3,420,000
2007 14,670,000 5,545,000 2,270,000 2,740,000
2008 11,055,000 4,665,000 4,820,000 5,925,000 1,005,000
2009 9,435,000 3,760,000 4,435,000 5,295,000 765,000
2010 5,360,000 2,865,000 9,725,000 4,735,000
2011 4,340,000 2,015,000 8,360,000 4,160,000
2012 1,125,000 10,210,000 2,755,000 210,640
2013 575,000 g,075,000 2,335,000 210,640

Note: Details regarding the city’s outstanding debt can be found in the notes to the financÍal
statements.

1 Population and personal income data can be found on page 136

-124-

Busine SS- Activities

Capital

Loans

Total

Primary

Government
Percentage

of Personal
lncomel

Per
Capital
795
813
814
692
728
619
588
481
385

$ 28,890,000 2.96 o/o

29,575,000 2.95

29,655,000 2.60

25,225,000 2.15

27,370,O00 2.15

23,690,000 1.89

22,695,000

1.66

18,875,000 1.32

820,000 15,120,640 1.O4

625,000 11,920,640 0.77 301

-125-

City of Cedar Falls, Iowa
Ratios of General Bonded Debt Outstanding

Last Ten Fiscal Years
Fiscal
Year
General
Obligation
Debt
Taxable

Value of
Percentage

Taxable Value

of Property

Assessed

Value of
P

2004 $ 24,175,000 $ 924,923,490 2.93 % $ 1,427,127,146
2005 25,500,000 908,859,209 2.81 1,673,902,007

2006 26,235,O00 926,096,690 2.83 1,737,456,552

2007 22,485,O00 991,022,009 2.27 1,931 ,759,494

2008 26,365,000 1,023,994,214 2.57 2,013,912,356

2009 22,915,000 1,103,733,954 2.08 2,252,421,925

2010 22,685,000 1 ,155,603,179 1.96 2,336,646,915

2011 18,875,000 1,191,350,490 1.58 2,402,107,961

2012 14,090,000 1,260,393,952 1.12 2,458,320,459

2013 10,995,000 1 ,399,1 92,271 0.79 2,619,319,g43
Note: Detaíls regarding the city’s outstanding debt can be found in the notes to the
financial statements.

1 lncludes only general obligation debt supported by property tax dollars.

-126-

Percentage
Assessed
Value
of Property

1.69 %

1.52

1.51

1.16

1.31

1.02

0.97

0.79

0.57

0.42

665.19

700.93

720.41

617.23

701.51

599.01

588.33

480.77

358.89

279.80

Per

-127 –

City of Cedar Falls, lowa
Direct and Overlapping Debt

As ofJune 30,2013

Jurisdiction

Net General
Obligation

Bonded Debt

Outstanding

Percentage
Applicable

to City 1

Amount
Applicable

to
Government

Direct, City of Cedar Falls, lowa $ 8,650,000 100.00 % $ 9,650,000

Overlapping:

Black Hawk County $ 39,020,000 32.01 g 12,490,302
Cedar Falls Public School District

Area Vll Hawkeye Community College 4,770,O00 19.04 908,208

Total Overlapping $ 43,790,000 $ 13,398,510

Total $ 52,440,000 $ 22,048,510

Source: Black Hawk County Audítor

Note: Overlapping governments are those that coincide, at least in part, with the geographic
boundaries of the city. This schedule estimates the portion of the outstanding debt of those
overlapping governments that is borne by the residents and businesses of Cedar Falls. This
process recognizes that, when considering the city’s ability to issue and repay long-term debt,
the entire debt burden borne by the residents and businesses should be taken into account.
However, this does not imply that every taxpayer is a resident, and therefore responsible for
repaying the debt, of each overlapping government.

t’ The percentage of overlapping debt applicable is estimated using net taxable property values.
Applicable percentages were estimated by determining the portion of the County’s net value that
is within the government’s boundaries and dividing it by the county’s total value.

-128-

City of Cedar Falls, lowa
Legal Debt Margin lnformation

Last Ten FiscalYears

FiscalYear

Debt Limit

Total net debt
applicable to limit

Legal debt margin

Total net debt
applicable to
the limit as a
percentage of
of debt limit

2004 2005 2006 2007 2008

$ 71,356,357 $ 83,695,100 $ 86,872,828 $ 96,5A7,924 $ 100,g07,511

27,265,000 29,260,000 29,660,000 24,555,000 2g,070,000
$ 44,091,3s7 $ 55,435,100 $ 58,212,929 g ?2,032,9% $ ?2,13?,511

38.21% 33.77o/o 32.99% 25.42o/o 27.85o/o

Note: Under lowa code, the cíty’s outstanding general obligation debt should not exceed
5 percent of total assessed property value.

-129-

2009 2010 2011 2012 2013

$ 114,324,931 $ 118,846,750 $ 122,094,381 $ 125,016,901 g 132,967,511

24,235,000 25,005,000 20,770,000 16,660,000 13,205,000

$ 90,089,931 $ 93,841,750 $ 101,324,381 $ 108,356,901_ S__119J62þ11

21.20o/o 21.04o/o 17.01o/o 13.33% 9.93%

Legal Debt Margin Galculation for Fiscal year 2013
Estimated actualvaluation $ 2,659,g50,229

Debt limit – 5o/o of total actual valuation
Debt applicable to debt limit:
General obligation bonds
General obligation bonds – component unit

Legal debt margin
$ 132,967,511

1 1,610,000
1,595,000

$ 119,762,511

– 130 –

City of Gedar Falls, lowa
Revenue Bond Coverage

Sewer Authority
Last Ten Fiscal Years

Fiscal
Year

Gross
Revenues

Less:
Operating

Expenses 1

Net Revenue
Available
for Debt
Servíce

Debt Service Requirements 2

Principal lnterest

2004 $3,935,712 $1,533,995 92,301,927 $ 395,000 $ 172,735
2005 3,943,396 1,622,996 2,320,510 630,000 212,069
2006 4,118,235 2,021,641 2,096,594 655,000 175,227

2007 4,157,339 2,350,397 1,906,941 680,000 146,799

2008 4,070,619 1 ,977 ,204 2,093,415 1 ,735,000 1 16,36g

2009 4,169,965 2,077,597 2,092,379 240,000 28,583

2010 4,066,1 10 2,076,699 1,999,421 765,000 22,103

2011 4,162,150 2,113,293 2,049,967

2012 4,333,859 1,902,799 2,431,060 5,108

2013 4,596,372 2,254,091 2,342,291 6,319
Note: Details regarding the city’s outstanding debt can be found in the notes to the financial
statements.

t Net of depreciation, interest, and debt service transfers.
2 tncludes principal and interest of revenue bonds only.

-131 –

Debt Service
Requirements2

Total Coverage

$ 567,735 4.05

842,069 2.76

830,227 2.53

826,798 2.19

1,851,369 1.13

268,583 7.79

787,103 2.53

5,109 475.93

6,319 370.67

-132-

Fiscal
Year

2003 – 04

2004 – 05

2005 – 06

2006 – 07

2007 – 08

2008 – 09

2009 – 10

2010 – 11

2011 – 12

2012 – 13

City of Cedar Falls, lowa
Sales History and Total Sewer Gharges

Last Ten Fiscal years

Water
Sales (CCF)

1,969,675

1,700,179

1,737,946

1,695,516

1,765,541

1,873,290

1,523,693

1,664,699

1 ,750,015

1,826,799

Source: Cedar Falls Utilities

Sewer
Charqes

$ 3,686,991
3,603,779

3,644,514

3,694,725

4,492,230

4,666,695

4,665,753

4,735,793

4,953,594

5,239,056

– 133 –

Gity of Cedar Falls, lowa
Water Meter by Rate Glass

Last Ten Fiscal Years

Fiscal
Year Residential Commercial lndustrial Government Other Total

2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
10,365

10,764

11,057

11,237

11,445

11,259

11,529

11,914

11,957

12,329

890
909
936
955
983
972

984

991
995

1,002

173

177

183

190

195
197
196
200
208
211

11,470

11,890

12,214

12,420

12,664

12,465

12,746

13,041

13,196

13,576

39
37
35
35
38
35
34
33
33
32
3
3
3
3
3
3
3
3
3
3
Source: Cedar Falls Utilities

-134-

City of Gedar Falls, lowa
Largest Sewer Customers

Fiscal Yea¡ 2O13

Water
Sales

Percent of
TotalWater

Sales
Sewer

Charges

Percent of
TotalSewer

ChargesCustomer

Uníversity of Northern lowa

Nazareth Lutheran Church

Western Home Communities

Country Terrace MHP LLC-700 W Ridgeway

Target Corporation

Metokote Corporation

College Park Mills

CF Schools

Newaldaya Lifescapes

Sartori Memorial Hospital, lnc.

Gold Falls Villa Apts.

Clark Enterprises LLC

ïotal2013 CCF
Total 2013 Sewer Billings

‘l
2
3
4
5
6
7
I
I
10
11
12

95,943

30,323

24,686

20,230

17,471

16,495

10,569

9,736

9,311

8,714

8,353

6,193

1,826,799
$5,238,056

5.25 %

1.66

1.35

1.11

0.96

0.90

0.58

0.53

0.51

0.48

0.46

0.34

251,099

65,136

97,795

85,340

57,012

35,986

36,

271

29,406

31,739

‘18,874

49,251

38,364

4.79 %

1.24

1.87

1.63

1.09

0.69

0.56

0.61
0.36

0.94

0.73

Source: Cedar Falls Utilities, Finance Dept. special lS report

– 135 –

City of Cedar Falls, lowa
Demographic and Economic Statistics

Last Ten Galendar Years

Year Population
Personal

lncome

Per Capita
Personal

tncomel
Median

Age

School

Enrollment

Unemployment

Rate
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

36,343

36,390

36,417

36,429

37,593

38,255

38,559

39,260
39,260
39,260

26,846

27,531

31,331

32,239

33,839

2,705

35,409

36,376

36,903

39,195

26.0

25.7

25.7
25.7
25.7
25.7

25.4

26.8

26.8
26.8
4,437

4,393

4,435

4,502

4,501
4,515

4,679

4,645

5,069

5,121

$ 975,664,179 $
1,001 ,577,790

1,140,991,027

1,174,399,102

1,271,771,137

1,251,129,775

1,365,261,664

1,428,121,760

1,449,911,790

1,539,795,700

4.0

3.7

2.9

2.3

2.6

3.2

4.2

5.9

3.8
3.5

Sources: Population provided by the US Census Bureau. School enrollment is supplied by the
Cedar Falls Board of Education. Unemployment data provided by the lowa Workforce.

Note: Population and median age information are based on surveys conducted during the
last quarter of the calendar year. Personal income information is a total for the year.
Unemployment rate information is an adjusted yearly average. School enrollment is based on
the census at the start of the school year.

1 Per Capita lncome is based on Metropolitan Waterloo/Cedar Falls and based on figures from
Bureau of Economic Analysis

– 136 –

City of Cedar Falls, lowa
Principal Employers

Gurrent Year and Nine Years Ago

2004

Employees Empl

Number of

Percentage
of Total City

20.660/0

10.53o/o

2.99o/o

2.91%

1.94%

2.15o/o

1.600/0

1.31o/o

131%

1.29o/o

oyees’l Rank Empl oyment
John Deere Product Engineer Center 2

Wheaton Franciscan Healthcare 2

University of Northern lowa

Hy-Vee Food Stores 2

Area Education Agency 267

Wal-Mart Super Center 2

Cedar Falls Communíty School District

Target Distribution

City of Cedar Falls/Municipal Utilities

Viking Pump lnc, Unit of lndex Corp.

Martin Brothers Distributing Co., lnc

The Western Home

Principal Financial Group

Cedar Falls Lutheran Home

Total

4,265

2,173

617
600

400

443
330
271
271
267
1
2
3
4
6
5
7
8

I
10

9,637 46.69%

source: official Bond statements from public Financial Management, lnc.

1
Number of employees includes all full{ime, part-time and seasonal employees.

2
Number of employees includes multiple locations in both Cedar Falls and Waterloo.

-137 –

2013

Number of
Emp loyeesl Rank Em

6,739

3,027
2,586

1 ,155

1 ,150

750
750
572
540
466
1
2
3
4
5
6
7

I
I
10

Percentage
of Total City

28.43o/o

12.77o/o

10.91%

4.87%

4.85%

3.16%

2.41o/o

2.28o/o

1.s7%

17,735 74.81%

– 138 –

City of Gedar Falls, lowa
Full-Time Equivalent Gity Government Employees by Function/Department

Last Ten Fiscal Years

Full-Time Equivalent Employees as of June 30
2004 2005 2006 2007 2008

Public Safety
Police
Fire
lnspection Services

Public Works
Streets
Parking Meter
Engineering

Culture and Recreation
Human & Leisure Administration
Cultural Services
Library
Cemetery

Golf

Parks
Recreation
Visitor & Tourism
Senior Services

Community & Economic Development
Developmental Services Admin.
Economic Development
Planning Services
Block Grant
Housing Vouchers
Section I Housing

General Government
Mayor’s Office
Administrative Services Admin.
Financial Services
Legal Services
Personnel
Public Records
Cable TV
Print Shop
Public Buildings

lnternal Service
lnformation Systems
Vehicle Maintenance

Sewer
Refuse
Storm Water

Total 305.75 307 .62 313.50 317.65 320.20

49.89
34.60
6.00

24.82
3.10

13.60

2.00
9.05

14.80
4.40
6.40

16.20
31.05
2.40

‘1.50

1.85
3.43
2.20
2.50

1.50
1.50
4.95
3.00
2.00
3.50
4.00
1.00

11.31

3.00
6.40

17.30
16.50

49.89
34.60
6.00

24.35
3.10

11.60

50.89
35.60
6.50

25.35
3.10

11.60

2.25
8.81

16.20
4.60
7.15

18.68
31.05
2.60

1.50
1.85
3.43
2.20
2.50

1.50
1.50
4.95
2.00
2.00
3.50
4.00
1.00

14.1″1

4.00
6.40

16.88
15.80

5’t.49
35.65
6.50

24.37
3.66

11.57

2.25
8.00

17.53
4.60
5.s0

18.48
3O.BB

2.90
0.50

1.50
1.77
3.68
2.17
1.79

1.50
1.50
5.95
3.00

3.45

4.30

1.00

14.71

4.00
6.10

16.30
17.80
3.25

51.69
35.65
6.40

24.37
3.61

11.42

2.25
8.00

17.25
4.60
4.70

18.90
32.23
2.90
0.50

1.50
2.10
3.68
1.84
1.79

1.50
1.50
6.45
3.00

3.70
4.50
1.00

15.25

4.00
6.10

16.72
17.80
3.30

2.00
8.81

16.20
4.60
7.15
18.68
31.05
2.60
1.50
1.85
3.43
2.20
2.50

1.50
1.50
4.95
3.00
2.00
3.50
3.00
1.00

12.11

3.00
6.40

16.75
16.80

Source: City’s Financial Plans

– 139 –

Full-Time Equivalent Employees as of June 30
2009 2010 ry1 2012 2013

53.44
35.65
6.40

20.56
3.61

11.42

52.69
35.65

7.40

20.56
3.61
11.42

51.74
33.80

7.40

21.56
3.61

11.42

2.25
8.48

17.73
4.60
5.00

20.65
35.26

3.20
0.78

1.50
2.00
3.68
1.67
1.87

1.50
1.50
6.45
3.00

50.87
33.80

7.40

22.26
3.61

11.42

50.77
35.20
9.s0

22.06
3.81

11.52

1.50
2.02
3.68
1.79
1.93

1.50
1.50
5.95
3.00
2.25
8.00

17.25
4.60
4.90

20.10
33.50

3.20
1.23

2.25
8.20

17.55
4.60
5.30

20.10
34.26
3.20
1.23

1.50
2.00
3.68
1.69
1.84

2.25
8.50

18.56
4.60
5.00

20.65
35.26
3.20
0.78

1.50
2.12
3.68
1.69
1.92

2.25
8.52

19.84
4.60
5.00

21.45
35.26

3.20
0.78

1.50
2.26
3.68
1.68
1.79

1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.25
4.00
6.10

18.38
19.30
3.30

1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.25
1.50
1.50
6.45
3.00
3.70
4.50
1.00

15.84

4.00
6.10

18.38
21.35

4.30

4.10
4.50
1.00

‘t5.84

4.00
6.10

18.38
21.35
4.30

3.70
4.50
1.00
15.84
4.00
6.10

18.38
22.35
4.30

4.00
6.10
18.38
19.30
3.30

325.00 326.71 3s0.82 330.69 335.98

-140-

Gity of Gedar Falls, lowa
Operating lndicators by Function

Last Ten Fiscal Years
Fiscal Year
2004 2005 2006
Public Safety
Police

Physical arrests

Traffic violations

Parking violations

Fire

Number of calls answered

lnspections conducted

Sewer

Sewage System

Daily average treatment in gallons

Maximum daily capacity of treatment plant in gallons

Water System

Daily average consumption in gallons

Maximum daily capacity of plant in gallons

Refusel

Solid Waste

32 Gallon Containers

68 Gallon Containers

95 Gallon Containers

Yard Waste

95 Gallon Containers

Sources: Various city departments

1,672

5,453

37,260

1,511

2,166

4,120,000

21,600,000

1,616

6,007

34,056

1,452

1,807

4,600,000

21,600,000
1,670

4,705

29,952

1,599

2,517

4,550,000

21,600,000

3,900,209

21,600,000

3,439,943

21,600,000

3,636,259

21,600,000

3,155

5,679

1,093

3,299

5,903

1,294

3,344

5,997

1,464

5,2904,499 4,924

‘ Statistícs begin in Fy04

-141 –

Fiscal Year
2007 2008 2009 2010 2011 2012 2013

1,421

2,562

25,575

1,925

2,331

5,730,000

21,600,000

1,353

7,267

26,354

1,936

2,470

6,510,000

21,600,000

1,501

3,544

25,267

2,016

2,076

5,130,000

21,600,000

1,403

3,237

21,726

1,937
3,750

5,726,000

21,600,000

1,199

2,966

18,646

1,924

1,854

5,210,000

21,600,000
1,099

2,939

18,619

2,166

1,929

4,100,000

21,600,000

1,179

5,554

20,ggg

2,190

2,943

4,100,000
21,600,000

3,379,709

21,600,000

3,660,000

21,600,000

4,110,000

21,600,000

4,135,000

22,913,0OO

3,400,000

23,400,000

3,400,000
23,400,000
3,400,000
23,400,000

3,392

6,169

1,652

3,529

6,273

1,760
3,735

6,337

1,876

4,047

6,490

1,999

4,343

6,790

2,163

4,572

6,990

2,301

4,600
6,ggg

2,307

5,575 5,769 5,ggg 6,281 6,554 6,741 6,916

-142-

City of Cedar Falls, lowa
Gapital Asset Statistics by Function

Last Ten Fiscal Years
FiscalYear
Public safety
Police

Stations

Patrol Units
Fire

Stations

Fire apparatus
Public works

Streets

Miles

Street lights
Health and social services

Hospital

Number of patient beds
Cultural and Recreation

Hearst Center for the Arts
Library

Cemeteries

Acreage

Golf

Miniature golf course
Parks

Acreage
Recreation

Recreation Center
Swimming pools

Softballfields
Baseballfields
Tennis courts

Sewer
Sewage System

Miles of sanitary sewer
Miles of storm sewers
Number of treatment plants

Number of service connectors
Water Systems

Miles of water mains
Number of service connectors
Number of city owned fire hydrants

2004 2005 2006 2007 2oO8

2
8
2
I

569
3

56.9

3
1
12
200
2,670
1
101
1
12

203

2,695
1
101
1
1
3
56.9
3
1
34

1,116

162
161
1

11,039

175.30

11,407

1,593

205

2,705
1
101
3
1
34
1,116
163
162
1

11,649

184.70

11,682

1,717

1
10
210

2,856

101
34
1,116
169
167
1

1 1,966

181.80

12,041

1,771
1
10
215

2,998

101
34

1,136

177
168
1

11,975

192.90

12,212

1,951

I
2

8
10
2
I
1
1
3
56.9
3
1
34
1,116
56.9
1

I
3

1
1
3
‘l
1
3
1
3
I
2
6
1
3
I
2
6
1
3
I
2
6
1
3
8
2
6
1
3
8
2
b
160
160
1
11,039

169.00

10,967

1,503

Sources: Various city departments

-143-

FiscalYear
2009 2010 2011

1 1

20’t2

217

3,088

1
101
33

1,131

180.47

172.33

12,544

199.00

12,544

2,067

2013
10
217

3,025

101
34
1,136

178.62

171.2

12,145

195.70

12,169

1,892

217

3,048

101
34

1j36

178.99

171.4

12,187

198.24

12,328

1,923

217

3,080

101
34
1,136

180.11

172.13

1
12,544
199.00
12,544
2,067
2
I
10
3
8
10
3
I
10
2
8
10
2
I
1
3
I
2
6
1
1
3
1
1
3
1
1
3
1
1
3
1
1
3
956
2
56.9
2

56.9 569
22

I56.
2

217

3,”t04

101
34

1,132

185.94

176.18

1
12,544

201.50

11,996

2,011

1
3
I
2
o
1
3
9
2
6
1
3
9
2
6
1
3
9
2
b

-144-

I’

€

\
E

)

‘¡

ì
-I

ì
¡_

-?{-

–
€

‘æ”
T*dq

rfr
&
ñ.

:- ;.* \r
t,r
;’ ‘l

1 i I’

thr
\t*’l
.Þ=

6-:
ll ì
Ii
I

t
ï

a.
FDr
Fi
sD
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f-l
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(t)
(+
Eoo

849,22994,464 ,326 $ 1,937,65s $ 4,391 ,655 $ st,990,919

$ $ 1,334,563 $
233,078
8,999,942
10,089,252
172,284
6,449,626
2,646,490
4,684,063
2,956,009
9,544,629
2,688,394
2,956,009
355,378
1,743,231
1,764,779 3,382,280 4,397,570
$ 2,688,394 $ 2,956,009 $ 1,764,779
$ 1,119,709 $ (2,106.780) $ 2,699,547
$ 3,382,280 $ 8, 063,820 $ 45,542,295
$ (1,444,627\ $ (3,672,165) $ 6.448,624
$ 5,495 $ 2,163,750
(280,8e0)
$ 3,574,665 $
(2,524,511)
1,060,704 $
(211,957)
5,092,148 $
(111,350)
13,297,694
(14,976,86s)
$ (275,3e5) $ 2,1 63,750 $ 1 ,050,1s4 $ 848,747 $ 4,980,798 $ (1,679,175)
$ 844,314 $
5,121,413
47,049
$ 3,749,701 $
(4,278,871)
(5es,880) $
(48,808) 20,846,343
2,652
59,816,779
110,624
56,970
261,876
1,308,633 g 4,769,449
318,846 $ (529,170) $$ 6,012/76 $
-38
688) $ 22,t57,628 $ ,852

Net change in fund balances – total governmental funds
Amounts reported for governmental activities in the statement of activities are
different because:
Government funds report capital outlays as expenditures while
governmental activities report depreciation expense to allocate those
expenditures overthe life of the assets. capital ouflay expenditures
exceeded depreciation expense in the current year, as follows:
Net acquisition of capital assets
Depreciation expense
Because some revenues will not be collected for several months after the
City’s year end, they are not considered available revenues and are
deferred in the governmentalfunds, as follows:
Other
Proceeds from issuing long-term liabilities provide current financial
resources to governmental funds, but issuing debt increases long-term
liabilities in the Statement of net posítion. Repayment of long-term
liabilities is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the Statement of net position. current year
repayments exceeded issues, as follows:
Discount on general obligation bonds
Repaid
Accrued interest
some expenses reported in the statement of Activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds, as follows:
Compensated absences
Other postemployment benefìts
Change in inventory
lnternal service funds are used by management to charge the costs of
fleet management, management information systems and risk
management activities to individual funds. The net revenue of certaín
activities of internal service funds is reported with governmental activities
Change in net position of governmental activities
City of Gedar Falls, lowa
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances –
Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2013
8,392,833
16. 795,933)
1 926
38,262
2,685,000
4 572
1,194
(67,810)
110,623
$ +,t69,449
1,596,900
(183,926)
2,727,834
44,007
(840,6e0)
See notes to financial statements
-39-
$ 8,113.574

City of Gedar Falls, lowa
Statement of Net Position
Proprietary Funds
June 30, 2013
ASSETS
Current assets:
Cash
Receivables, net of allowance
for uncollectible amounts:
Accrued interest
Other
lnventories
Total current assets
Noncurrent assets:
Capital assets:
Land
Buildings
Machinery and equipment
lnfrastructure
Construction in progress
Accu mulated depreciation
Total noncurrent assets
Totalassets
LIABILITIES
Current liabilities:
Accounts payable
Accrued liabilities
Bonds payable – due within one year
Compensated absences – due within one year
Total current liabilities
Noncurrent liabilities:
Bonds payable- after one year
Advance from other funds
Compensated absences – after one year
Total noncurrent liabilities
Total liabilities
NET POSITION
Net investment in capital assets
Restricted for post closure costs
Unrestricted
Total net position
B usiness-type Activities –
Enterprise Fund
Sewer Fund Refuse Fund
$ 4,943,465 $ 2,740,373
6,921
741,598
40 937
5 73 921$g
2,916
366,850
27 759
137 898
$ zzs,aza
11,595,276
5,506,598
29,629,206
27,921,795
(16,716,752\
$ 58,715,981
$ 64,448,902
$ 1,487,753
53,530
635,000
76,255
$ 2o4,B4s
12,338,507
2,457,434
14,666
(1,969 ,065)
$ 13.046 ,387
184 85
$ 46,596
19,291
1
55,451
2 252 538 $ ‘t21,338
$ 2,517,973
15,340,000
119,479
$
217,041
$ 17,977 ,452 $ 217,041
$ 20,229,990 $ 338,329
$ 54,678,714 $ 13,046,397
9,500
1 459 802 790 019
fi 44,218,912
See notes to financial statements
-40-
$ 15,845,906

Business-type Activities –
Governmental
Activities –
lnternal
Service Funds
Enterorise Fund
Storm Water Fund Total
fi 2,048,583 $ 9]32,qZt $ 13,268,189
2,140
37,072
I’1,977
1,145,520
68,696
16,153
10,603
328,787
$ 2,087,79s $ to, 958,614 $ 13,623,732
$ 627,858 $
90,302
7,649,361
16,229,637
22,519
(4,926,175\
$ 11,952,839
$ 14,040,634
$ 12,356
4,141
$
$ 1,612,581
23,933,793
7,964,022
45,857,843
27,959,970
(23,611,992\
$ 83,715,207
$ 94,673,821
(5,050,093)
$ 2,689,570
$ 16,313,302
1,546,705
76,962
635,000
138,633
489,014
597,837
$
$ 55,154
55 154
$ t,186,611
$
6,927
$
$ 23,424 397 300
$ 2,517,973
15,340,000
352,641
8 18,210,614
$ 20,607,914
16 12’l
$ 16,121
$ s9,s4s
$ 11,952,839
2,048,250
$ 14,001,089
$ 2,689,570
1 437 121
$ 15,126,691
-41 –

City of Cedar Falls, lowa
statement of Revenues, Expenses, and changes in Fund Net position
Proprietary Funds
Forthe Year Ended June 30,2013
Business-type Activities –
Enterprise Funds
Sewer Fund Refuse Fund
Operating revenues:
Charges for services
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Supplies and equipment
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
lnterest revenue
lnterest expense
Gain (loss) on disposal of equipment
Nonoperating revenues (expenses), net
lncome before contributions and transfers
Capital contributions
Transfers in
Transfers out
Contributions and transfers, net
Change in net position
Net position, beginning
Net position, ending
$ 4,572,082
2,099
$ 2,4s0,482
545,914
181 $ 2,996,3964 574
$ 1,192,506
782,117
279,469
954,072
$ 1,128,444
1,140,222
84,352
417,246
,264$ 3,208,163 $ 2]70
1 366 018 $ 226,132
$ 22,191
(409,525)
$ 9,712
$ (387 ,334) $ 9,712
$ 978,684 $ 235,844
$ 178,979
2,431,073
(797,983)
$
343,792
(133,450)
$ 1.812,068 $ 210,342
$ 2,790,752 $ 446,196
41,429,160 15,399,720
See notes to financial statements
-42-
_$ 44218,912 _qj_5,845,906

Storm Water Fund
Business-type Activities –
Enterprise Funds
Governmental
Activities-
lnternal
Service FundsTotal
$ 823,814
67,079
7,846,379
615,092
$ 6,311,468
204,351
$
$ 890,893 $ 8,461 ,470 $ 6,51s,819
$ 223,050
97,573
17,607
390,483
2,544,000
2,019,912
381,427
1,761,9O1
$ 1,413,994
4,235,561
1,147 ,335
41g,Og2
$
$ 728,713 $ 6,70r,140 $ 7,214,872
$ 162j80 $ 1 754 330 $ (699,053)
$ 6,993 $ 3g,gg6
(409,525)
$ s2,7s7
(30,137)
$ 6,983 $ (370,639) 22 620
$ 169,163 $ 1.383 $ (676,433),691
$ 398,433 $ 577,411 $
2,774,965
(931,433) (164,257)
$ 398,433 $ 2,420,943 164 257
$
$74
567,596$3,904,534$(940,690)
13,433,493 70,261,373 15,967,391
$ 15,126,691$ 14,001,099 065
-43-

City of Cedar Falls, lowa
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30,2019
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Receipts from interfund services
Payments to suppliers
Payments to employees
Net cash provided by operating activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers from other funds
Transfers to other funds
Net cash provided by (used for) noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Net acquisition of property and equipment
Capital contributions
Advance from other funds
Principal paid on debt maturities
Payments on advance from other funds
lnterest paid
Net cash (used for) capital and related financíng activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received on investments
Net increase (decrease) in cash
CASH BALANCES, Beginning
CASH BALANCES, Ending
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss)
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation
Change in assets and liabilities:
(lncrease) decrease in:
Customer and other receivables
lnventories
lncrease (decrease) in accounts payable, accrued and other liabilities
Net cash provided by operating activities
See notes to financial statements
Business-type
Activities –
Enterprise Funds
Sewer
Fund
$ 4,490,696
(323,299)
(.173.442 )
2 I 945
$ 2,431,013 .
(797,993)
$ 1.633 ,090
$ (10,622,149)
17g,g7B
7,700,000
(615,000)
(560,000)
(383 ,166)
$ (4,301.336
21 479$
$ 1,366,01g
954,072
(83,079)
3,406
753.527
-44-
$2 945

Busíness-type Activities –
Enterprise Funds
Governmental
Activities –
lnternal
Service Funds
6,290,399
(5,029,794)
(1.0 04,492\
113
(164,257\
Refuse
Fund
Storm Water
Fund Total
$ 2,957,493 $ 985,277 $ 8,333,456 $
(1,256,072) (1,697,960)
(1.107 ,889) 2 500 888
$ 210 342 $ $ 1,843,432 $ (164,257)
$ (243,002) $
(108,589)
(219,557\
$ 593,532 $ 557,131 $ 4.144,608 $ 257
$ 343,792
(133,450)
$ $ 2,774,865 $
(931 ,433)
$(
(519,789)
398,433
243,002) $ (121,356)
I ‘156 $ 6,T04
$ 442,479
$ (11,384,939)
577,411
7,700,000
(615,000)
(560,000)
(383,166)
$ (4,665,694)
$ (213,717)
$eß ,717\
$
$ s7o,o2g
2,170,345
$ 2,740,373
$
$
37,339 $ 52,608
606 1041
1,359,685
8,372,736
$ 9,732,421
$ (68,253)
13,336,442
$ 13,268,189$ 2,048,s83
$ 226,132 $ 162,180 $ 1,754,330 $ (699,053)
417,246 390,483 1,761,901 419,092
(52,442)
(3,702)
(5,616)
6 298 10 084
(141,136)
(2e6)
769,909
233,249
(92,015)
396 851
$ $ 4,144,609 $593 532 $ 557,131
-45-
257,113

dar Falls
Oveffnan Park

NOTE I
NOTE 2
CITY OF CEDAR FALLS, ¡OWA
NOTES TO FINANCIAL STATEMENTS
INDEX
SUMMARY OF SIGN¡FICANT ACCOUNTING POLICIES
A. Reporting Entity
B. Government-wideand Fund FinancialStatements
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
D. Assets, Liabilities, and Net position or Equity
STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Budgetarylnformation
B. Deficit Fund Balances
NOTE 3. DETA¡L NOTES ON ALL FUNDS
A. Deposits and lnvestments
B. Receivable
C. CapitalAssets
D. Leases
E. Long{erm Debt
F. Long-termLiabilities
G. lnterfund Balances
H. lnterfundTransactions
NOTE 4. OTHER NOTES
A. Retirement Systems
B. Due To/From Component Unit
C. Related Party Transactions
D. Risk Management
E. Commitments and Contingencies
F. New GovernmentalAccounting Standards Board (GASB) Standards
-46-

Note 1 Summary of Significant Accounting Policies
Reporting Entity
The City of Cedar Falls is a municipal corporation governed by an elected mayor and seven-member
council. As required by accounting principles generally accepted in the United States of America,
these financial statements present the City and its component units, entities for which the City is
considered to be financially accountable. The discretely presented component units are reported in a
separate column in the combined financial statements to emphasize that they are legally separate
from the City. The discretely presented electric, gas, water, and communications utilities each have a
December 31 year end.
Discretely Presented Component Unls. The electric, gas, water, and communications utilities serve
all the citizens of the City and are governed by a five-member board appointed by the mayor of the
City of Cedar Falls. The rates for user charges and bond issuance authorizations are approved by the
City Council, and the legal liability for the general obligation portion of the Utilities’ debt remains with
the City.
Complete financial statements for the Utilities may be obtained at the administrative offices
Cedar Falls Utilities
Utility Parkway
Cedar Falls, lowa 50613
Jointly Governed Organizations. The City also participates in several jointly governed organizations
for which the City is not financially accountable or that the nature and significance of the relationship
with the City are such that exclusion does not cause the City’s financial statements to be misleading or
incomplete. City officials are members of the following boards and commissions: Black Hawk County
Consolidated Public Safety Communications Center, Black Hawk County Solid Waste Management
Commission, Black Hawk County Criminal Justice lnformation Systems and Metropolitan Transit
Authority.
Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the activities of the primary government and its component uníts.
For the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business{ype activities, which rely to a significant extent on fees and
charges for support. Likewise, the primary government is reported separately from certain legally
separate component units for which the primary government is financially accountable.
The statement of net position presents the assets and liabilities, with the difference reported as net
position. Net position are reported in three categories.
Net investment in capital assefs consists of capital assets, net of accumulated depreciation and
reduced by outstanding balances for bonds, notes, and other debt that are attributed to the
acquisition, construction, or improvement of those assets.
Restricted net position result when constraints placed on net asset use are either externally
imposed or imposed by law through constitutional provisions or enabling legislation.
A.
B.
-47 –

c.
Unrestricted net position consist of net position that do not meet the definition of the two preceding
categories. Unrestricted net position often have constraints on resources that are imposed by
management, but can be removed or modified.
The statement of activities demonstrates the degree to which the direct expenses of a given function
or segment are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. Program revenues include 1) charges to customers or applicants
who purchase, use, or directly benefit from goods, services, or privileges provided by a given function
or segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual proprietary funds are reported as separate
columns in the fund financial statements. All remaining governmental funds are aggregated and
reported as other governmental funds.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financíal statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of the related cash flows. Property taxes are recognized as revenues in the year for which they
are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and avaílable. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within 60
days of the end of the current fiscal períod. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures
related to compensated absences and claims and judgments, are recorded only when payment is
due.
Property taxes, franchíse taxes, licenses, interest, fines and forfeitures, and special assessments are
susceptible to accrual. Sales taxes collected and held by the state at year-end on behalf of the City
are also recognized as revenue. Other receipts and taxes become measurable and available when
cash is received by the City and are recognized as revenue at that time.
Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to
accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying
expenditures have been incurred, all other grant requirements have been met, and the criteria for
accrual has been met.
The City reports the following major governmental funds:
The general fund is the City’s primary operating fund. lt accounts for all financial resources of the
general government, except those required to be accounted for in another fund.
48-

The hospiúal fund accounts for the lease income derived from Sartori Memorial Hospital.
The TIF fund accounts for property taxes received through tax increment financing.
The sfreef repair fund accounts for local option sales tax received from the state to be used to
repair streets.
The sfreef construction fund accounts for state revenues allocated to the City to be used to
maintain and improve the City’s streets.
The debf service fund accounts for the servicing of general long-term debt not being financed by
proprietary funds.
The FEMA fund accounts for the proceeds and expenditures related to disaster assistance and
recovery.
Ihe bond fund accounts for all bond proceeds not related to proprietary funds and all the related
capital projects associated with the bond sales.
The City reports the following major proprietary funds:
The setøer fund accounts for the operations and maintenance of the City’s sanitary sewer system.
The refuse fund accounts for the operations and maintenance of the City’s garbage collection.
The sform water fund accounts for the operations and maintenance of the city’s storm water
system.
Additionally, the City reports the following fund type:
lnternal service funds account for operations that provide services to other departments or
agencies of the City, or to other governments, on a cost-reimbursement basis. These include
data processing, vehicle maintenance, health insurance, health insurance severance, payroll, and
risk management activities.
As a general rule the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are payments between the government’s refuse
and sewer functions and various other functions of the government. Elimination of the charges would
distort the direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions. lnternally dedicated resources are reported as general revenues rather than as
program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues
of the refuse fund, sewer fund, and the government’s internal service funds are charges to customers
for services. Operating expenses for enterprise funds and internal service funds include the cost of
services, administrative expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government’s policy to
use restricted resources first, then unrestricted resources as they are needed.
-49-

D. Assets, Liabilities, and Net position or Equity
1. Deposr’fs and lnvestments
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and
short-term investments with original maturities of three months or less from the date of
acquisition.
State statutes authorize the City and the Utility to invest publíc funds in obligations of the United
States government, its agencies and instrumentalities; certificates of deposit or other evidences of
deposit at federally insured depository institutions approved by the City Council; prime eligible
bankers acceptances; certain high-rated commercial paper; perfected repurchase agreements;
certain registered open-end management investment companies; certain joint investment trusts;
and warrants or improvement certificates of a drainage district. lnvestments of the City and the
Utility are reported at fair value. Due to legal and budgetary reasons, the General Fund is
assigned a portion of the investment earnings associated with the other funds. These funds are
Street Construction, Debt Service, and the Cemetery Perpetual Care Funds.
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current
portion of interfund loans).
All trade and property tax receivables are shown net of an allowance for uncollectibles.
The County Treasurer bills and collects taxes for the City. Taxes for the year ended June 30,
2013, were certified with the County during the preceding fiscal year and were due in two equal
installments by September 30, 2012 and March 31,2013. Property tax receivable is recognized
on the levy or lien date, which is the date the tax asking is certified by the City to the County Board
of Supervisors. Any County collections on the 2012-2013 tax levy remitted to the City within sixty
days subsequentto June 30,2013, are recorded as propertytax revenues. Taxes notcollected
and remitted to the City within sixty days subsequent to June 30, 2013, are delinquent and have
been recorded as receivables and deferred revenue.
By statute, the City is required to certify its budget in March of each year for the subsequent fiscal
year. However, by statute, the tax asking and budget certification for the following fiscal year
becomes effective on the first day of that year. Although the succeeding year property tax
receivable has been recorded, the related revenue is deferred and will not be recognized as
revenue until the year for which it is levied.
3. Inventories and Prepaíd ltems
lnventories in the governmental fund types are valued at cost using the first-in/first-out method.
The costs of governmental fund type inventories are recognized as expenditures when purchased.
lnventories in the proprietary fund types and component unit are valued at the lower of first-in/first-
out cost or market, except for fuel inventories of the Electric Utility, which are valued at the lower
of last-in/first-out method cost or market. The cost of proprietary fund type and component unit
inventories are recognized as expenses when consumed.
-50-

Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government-wide and fund financial statements.
4. Restricted Assefs
Certain assets of the component units are restricted because of applicable bond provisions
5. Capital Assefs
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-
type activities columns in the government-wide statement of net position. Capital assets are
defined by the government as equipment with initial, individual cost of $2,500 or greater or a
purchase of land, land improvements, building, or infrastructure with a value of $5,000 or greater
and an estimated useful life of greater than one year. Such assets are recorded at historical cost
or estimated historical cost if purchased or constructed. Donated capital assets are recorded as
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
lnterest incurred during the construction phase of capital assets of business{ype activities is
included as part of the capitalized value of the assets constructed.
Capital assets are depreciated using the straight-line method over the following estimated useful
lives:
Computer Equipment 5 years Streets 30 years
Equipment 10-30 years Buildings 40-50 years
Office Equipment 10-30 years Land lmprovements 20-40 years
Vehicles 10-20 years Storm Water 40 years
Parking Lots 15 years Bridges 45 years
Furniture 20 years Lift Stations 50 years
Large Vehicles 20-40 years Sewer 50 years
Traffic Signals 20 years Historic Buildings 100 years
6. Compensated Absences
City employees accumulate vacation, sick leave, and comp-time hours for subsequent use or for
payment upon termination, death, or retirement. Earned vacation pay and a maximum of one-half
of all unused sick leave may be paid upon termination of employment.
All severance is accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental fund financial statements
51

only for employees that have resigned or retired. The compensated absence liability has been
computed based on rates of pay in effect on June 30, 2013.
7. Long-term Obligations
ln the government-wide financial statements and proprietary fund financiaf statements, long{erm
debt and other long{erm obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund type statement of net position. Bond
premiums and discounts are deferred and amortized over the life of the bonds using the straight-
line method. Bonds payable are reported net of the applicable bond premium or discount.
ln the fund financial statements, governmentalfund types recognize bond premium and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. lssuance costs,
whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures.
8. Fund Balance Policies
Beginning with fiscal year 2011, the City implemented GASB Statement No. 54, “Fund Balance
Reporting and Governmental Fund Type Definitions.” This Statement provides more clearly
defined fund balance categories to make the nature and extent of the constraints placed on a
government’s fund balances more transparent. The following classifications describe the relatíve
strength of the spending constraints:
¡ Nonspendable fund balance – amounts that are not in spendable form (such as inventory) or
are required to be maintained intact.
Restrícted fund balance – amounts constrained to specific purposes by their providers (such
as grantors, bondholders, and higher levels of government), through constitutional provisions,
or by enabling legislation.
Committed fund balance – amounts constrained to specific purposes by the City itself, using
its highest level of decision-making authority (i.e., City Council by adoption of an ordinance
prior to the end of the fiscal year). To be reported as commítted, amounts cannot be used for
any other purpose unless the City takes the same highest level action to remove or change
the constraint.
Assigned fund balance – amounts the City intends to use for a specific purpose. lntent can
be expressed by the City Council or by an official or body to which the City Council delegates
the authority. The City Council has by resolution authorized the Finance Manager to asiign
fund balance.
a
a
a
o Unassigned fund balance – amounts not included in other spendable classifications reported.
The City would typically use Restricted fund balances first, followed by Committed resources, and
then Assigned resources, as appropriate opportunities arise, but reseryes the right to selectively
spend Unassigned resources first to defer the use of these other classified funds.
As of June 30,2013, fund balances are composed of the following:
-52-

Fund Balance
Classification
Non spen dable lnventory
Restricted
Puroose
TIF Debt
Street Repair
Road Use Tax
Debt Service
Community Block Gmnt
Housing Assistance
Employee Retireme nt S ystems
Visitors & Tourism
Cemetery Perpetual Care
Health Services
Parking
Cultural Services
Recreational Services
Capital Projects
Fund
General
Street Construction
Non-major Governmenta I Funds
TIF
Street Repair
Street Construction
Debt Service
Non-major Governmental Funds
Non-major Governmental Funds
Non-major Governmenta I Fu nds
Non-major Governmental Funds
Non-major Governmental Funds
Hospital
Non-major Governmental Funds
General
General
Non-major Governmental Funds
Amount
241,612
283,206
23,407
$ sqa,zzs
$ ts,+es
12,609,671
5,729,570
318,846
103,007
567,201
5,284,684
450,481
356,214
$ 25,435,109
$ t 5,71 8,8s 1
832,264
$ t6,s51,11s
$ 140,093
1,676,991
14,559,803
$
$ 16,376,887
The City Council has adopted a mínimum cash reserve policy. Those amounts are as follows
General Fund: 15-25% and preferably at the 2l-25o/olevel
Refund Fund: 20-30%, but no less than $500,000.
Sewer Fund: 65-75%, but no less than $1,500,000.
Street Fund: 20-30%, but no less than $1,000,000.
Storm Water Fund: 10-20%, but no less than $200,000
Note 2. Stewardship, Gompliance, and Accountability
Budgetary information
The City prepares and adopts an annual budget on a function basis for the City as a whole, rather
than at the fund level, as prescribed by lowa statutes. The state of lowa mandates that annual
budgets for the fiscal year beginning July 1 be certified to the County Auditor no later than March 15
preceding the beginning of the fiscal year. The review and adoption of the budget for the City is in
accordance with state laws and City budget procedures as stated in City Code, recodified November
1971, and amended by ordinance adoption thereafter. Budget proposals for all operating department
requests are conducted by the Department of Administrative Services who prepares, for the Mayor’s
consideration, a preliminary budget by January 1 of each year for the coming fiscal year. The budget
proposal presented to the City Council by the Mayor and Director of Administrative Services is a
complete financial plan for the upcoming fiscal year. The proposal is submitted on or before the first
Monday of February. The City Council holds various budget meetings with the Mayor, Director of
Administrative Services, department heads, and boards and commissions, as well as holding a public
hearing prior to adopting the budget. The Council adopts the budget by resolution and certifies it to
Committed
Assigned
A.
-53-

the County Auditor by the 1Sth of March preceding the beginning of the fiscal year. This budget
becomes the appropriation for operations of the City.
The adopted budget presents expenditures in nine functions- Public Safety, Public Works, Health and
Social Services, Culture and Recreation, Community and Economic Development, General
Government, Debt Service, Capital Projects, and Business-type Activities. The legal level of control
(the level on which expenditures may not legally exceed appropriations) is the function level.
Appropriations as adopted lapse at the end of the fiscal year.
Amendments to the City budget are considered annually as funding sources are availabfe.
Management is not authorized to amend the budget or to make budgetary transfers between functions
without the approval of the City Council. An additional levy of property taxes is not allowed by state
law. The City budget for the current year may be amended for any of the following purposes:
. To permit the appropriation and expenditure of unexpended, unencumbered fund
balances on hand at the end of the preceding fiscal year.
. To permit the appropriation and expenditure of amounts anticipated being available from
sources other than property taxation.
To permit transfers between funds as prescribed by state law
To permít transfers between functions.
The Council adopts the amended budget by resolution and certifies it to the County Auditor by May 31
of the budget year. The amended budget becomes the appropriation for operations of the City. The
City Council adopted two budget amendment resolutions during the year ended June 30, 2013.
Encumbrance accounting is employed in governmentalfunds. Encumbrances (e.g., purchase orders,
contracts) outstanding at year-end are reported as reservations of fund balance and do not constitute
expenditures or liabilities because the commitments will be reappropriated and honored during the
subsequent year.
Due to the emphasis placed on monitoring budgets, as a result of limited resources to provide City
services, major classifications such as personal services, capital outlays, contractual services, and
commodities are monitored throughout the year by the Department of Administrative Services.
Monthly reports are prepared by department and activity. Any major deviations must be approved by
the Department of Administrative Services and the Mayor. While the legal level of control is the
program level of expenditure, departments are responsible for not expending more than the amount of
the appropriation for each activity within their area of responsibility, unless approved by the
Department of Administrative Services and the Mayor.
The City budgets all receipts, disbursements, and interfund and intrafund transfers on the cash basis
plus recorded accounts payable. The budget amounts included in this report are the final cash basis
budget for the year for all funds excluding the trust and agency funds, which are not budgeted for by
the City. Budgeted interfund transfers and intrafund transfers have been eliminated in the following
statement of program disbursements – budget and actual.
lndividual fund budgets are, in all cases where appropriations are required, the same as the
appropriation amounts. ln the case of the General Fund and most of the special revenue funds,
unexpended budgeted amounts lapse at the end ofthe budget year.
a
-54-

B. Deficit Fund Balances
The FEMA fund, a major capital projects fund, has a deficit fund balance of $529,170. The deficit
fund balance is expected to be recovered through future federal and state reimbursements. The Bond
fund, a major capital projects fund, has a deficit fund balance of $644,688. This deficit fund balance is
expected to be recovered through future bond sales. The Sidewalk Assessment fund, a non-major
capital projects fund, has a deficit fund balance of $19,433. The deficit fund balance is expected to be
recovered through future property tax special assessments.
Note 3. Detailed Notes On All Funds
Deposits and Investments
The City’s deposits in banks and credit unions at June 30, 2013 were entirely covered by federal
depository insurance, collateralized with securities or letters of credít held by the City or the City’s
agent in the City’s name or by the State Sinking Fund in accordance with Chapter 12C of the Code of
lowa. This chapter provides for additional assessments against the depositories to insure there will be
no loss of public funds.
The City is authorized by statute to invest public funds in obligations of the United States government,
its agencies and instrumentalities; certificates of deposit or other evídences of deposit at federally
insured depository institutions approved by the City Council; prime eligible bankers acceptances;
certain high rated commercial paper; perfected repurchase agreements; certain registered open-end
management investment companies; certain joint investment trusts; and warrants or improvement
certificates of a drainage district.
Cash balances as of June 30, 2013, consist of the following:
Cash – unrestricted $ 70,749,522
The City had no investments meeting the disclosure requirements of Governmental Accounting
Standards Board Statement No. 3, as amended by Statement No. 40.
A reconciliation of cash as shown on the combined balance sheet for the primary government follows:
Carrying amount of deposits $ 70,749,522
A.
Cash – Governmental Activities
Cash – Business-type Activities
Total
$ 61,017,101
9,732,421
$ 70,749,522
lnterest Rafe Rrsk: The City’s investment policy limits the investments of operating funds (funds
expected to be expended in the current budget year or within fifteen months of receipt) in instruments
that mature within 397 days. Funds not identified as operating funds may be invested in instruments
with maturities longer than 397 days, but the maturities shall be consistent with the needs and use of
the City.
-55-

Credit Rrsk: The City’s investment policy limits investments in commercial paper and other corporate
debt to the top two highest classifications. The City did not invest in any commercial paper or other
corporate debt during the year.
Concentration of credit risk: The City’s investment policy does not allow for a prime bankers’
acceptance or commercial paper and other corporate debt balances to be greater than ten percent of
its total deposits and investments. The policy also limits the amount that can be invested in a single
issue to five percent of its total deposits and investments. The City held no such investments during
the year.
Custodial credit risk – deposifs: ln the case of deposits, this is the risk that in the event of a bank
failure, the government’s deposits may not be returned to it. The City’s deposits are entirely covered
by federal depository insurance or by the State Sinking Fund in accordance with Chapter 12C of the
Code of lowa. This chapter provides for additional assessments against the depositories to insure
there will be no loss of public funds.
Custodial credit risk – investmenfs: For an investment, this is the risk that, in the event of the failure of
the counterparty, the government will not be able to recover the value of its investments or collateral
securities that are in the possession of an outsíde party. The City did not hold any investments during
the year.
The component units’ deposits were entirely covered by Federal depository insurance, collateralized
with securities or letters of credit held by the entity or its agent in the entity’s name, or by a multiple
financial institution collateral pool in accordance with Chapter 12C of the Code of lowa. This chapter
provides for additional assessments against the depositories to insure there will be no loss of public
funds.
Cash balances as of December 31,2012, consist of the following:
Cash – unrestricted
Cash – restricted
$ 25,140,464 $
3,416,021
7,782,233
163,206
Communications
Utility
$ 2,341,894
259,544
Electric
Utility
Gas
Utility
$ 28,556,485 $ 7,945,439 $ 3,776,504 $ 2,601,439
A reconciliation of cash and investments as shown on the statement for net position for the
com ponent units follows:
-56-

Carrying amount of deposits
Carrying amount of certificates
Carrying amount of investments
Total
Electric
Utilitv
$ 28,556,485
1 1,583,370
2,743,250
Gas
Utilitv
$ 7,945,439 $
Water
Utilitv
3,776,504
Communications
Utilitv
$ 2,601,438
340,000
1 ,321,858
$ 42,883,105 $ 7,945,439 $ 3,776,504 $ 4,263,296
Cash
Cash – Restricted
lnvestments:
Certificates of deposit
Certificates of deposit –
restricted
U.S. government and agency
securitie s – restricted
Total
$ 25,140,464 $
3,416,021
7,782,233 $
163,206
3,704,010 $
72,494
2,341,894
259,544
4,863,620
6,719,750 340,000
2,743,250 I ,321,858
$ 42,883,105 $ 7,945,439 $ 3,776,504 $ 4,263,296
B. Receivable
On June 30, 2013, the City has recorded a $3,925,645 receivable for library, recreation, and cultural
contributions held by the Cedar Falls Civic Foundation. The funds will be used to support library
services, recreation services, and the cultural center, therefore is reported as an asset to the General
Fund.
-57 –

c. CapitalAssets
Capital asset activity for the year ended June 30, 2013 was as follows
Primary Government
Beginning
Balance lncreases Decreases
Ending
Balance
Governmental activities:
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not
being depreciated
Capitalassets, being
depreciated:
Buildings
Land improvements
Machinery and equipment
lnfrastructure
Total capital assets, being
depreciated
$ 28,703,869 $
12,264,028
164,106 $
3,917,060
$ 28,867,975
11,425,4674,755,621
$ 40,967,897 $ 4,081,166 $ 4,755,621 g 40,293,42
$ 27,802,237 $
13,116,321
16,799,232
154,932,742
16,403 $
39,035
713,847
8,565,202
$ 27,818,640
13,155,356
17,153,865
163,497,944
359,214
I 212,650.532 $e 3U,487 $ 359,214 $ 221,625,805
Less accumulated depreciation for:
Buildings $
Land improvements
Machinery and equipment
lnfrastructure
8,724,999 $
4,450,179
9,844,417
68,024,412
674,590 $
509,380
910,322
5,119,721
$ 9,399,589
4,959,559
10,479,138
73,14ø’,133
275,600
Totalaccumulateddepreciation $ 91,044,007 $7 013 $ 275,600 $ 97,982,420
Total capital assets, being
depreciated, net $ 121,606,52s $ 2,120,474 $ gg,Or+ $ 123,643,385
Governmental activities cap ital
asset, net $ 162,574,422 $ 6,201,640 $ 4,839,235 $ 163,936,827
-58-

B usiness-type activities:
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not being
depreciated
Capital assets, being depreciated
Buildings
Machinery and equipment
lnfrastructure
Total capital assets, being
depreciated
Less accumulated depreciation for
Buildings
Machinery and equipment
lnfrastructure
Total accum ulated depreciation
Beginning
Balance lncreases Decreases
$ t ,612,581 $ $ $ t ,612,581
27,958,97017, 725,246 10,332,560 98,836
$ 1s,337,827 $ 10,332,560 $ ge,ss6 $ 29,571,s51
Ending
Balance
$ 23,873,450 $
7,784,472
44,949,632
60,333 $
182,670
908,211
$ 23,933,783
7,964,022
45,857,843
3,120
$ 76,607,554 $ 1,151 ,214 $ 3,120 $ 77,755,648
3,120
$ 21,853,311 $ 1,761,801 $ 3,120 $ 23,611,992
Total capital assets, being
depreciated, net 54 754,243 $ (610,587) $ $ s4,143,656
B usiness-type activities capital
assets, net $ 74,092,070 $ 9,721,973 $ 98,836 $ 83,715,207
Depreciation expense was charged to functions/programs of the primary government as follows:
G overnmental a ctivities:
Public safety $ 103,320
Public works 5,202,955
Health and social services 148,578
Culture and recreation 1,102,432
Community and economic development 79,678
General government 158,969
Capital assets held by government’s internal service funds are charged to
the various functions based on their usage of the assets 418,081
Total depreciation expense – governmental activities $ 7,214,013
$ 5,451,780 $
2,326,543
14,074,988
493,846 $
316,225
951,730
$ 5,945,626
2,639,648
15,026,718
B usine ss-type activ ities
Sewer
Refuse
Storm Water
Total depreciation expense – business-type activities
$ 954,O72
417,246
390,483
-59-
$ t ,761 ,801

Construction Com m itments
The City has active construction projects as of June 30,2013. At year-end the City’s commitments
with contractors are as follows:
Project Expended Remaining
Authorization to Date Commitment
Big Woods Campground
Bluff St. Liftstation
Center St. Bridge
Disinfection
Downtown Levee lmprovements
Dry Run Creek Watershed
E. Seerly Bridge
Hwy 58 Pedestrian Bridge
Leversee Rd. & Lonetree Rd.
Northern lndustrial Park
Prairie Parkway Extension
Sewer Rehab
Street Reconstruction
Street Restoration
Traffic Signal
Traffíc Study
Union Rd. Trail
UNlWetlands
West Viking Road
$ zg,88z
7,229,500
800,661
22,345,155
256,000
112,478
112,959
2,812,546
1,064,388
1,205,000
104,009
329,539
2,287,375
1,599,965
254,763
52,500
328,971
6s,000
302,300
$ l+,381
6,928,358
114,444
19,920,951
224,391
4,434
76,451
1,585,773
442,299
1,131,023
94,038
764,762
791,182
216,025
36,678
24,906
260,210
$ 5,500
301,142
686,217
2,424,204
31,619
108,044
36,508
1,226,773
622,099
73,977
9,970
329,539
1,522,613
808,683
38,738
15,822
328,971
40,094
42,090
$ 41,341,894 $ 32,690,302 $ 8,651,592
-60-

Discretelv Presented Comoonent Units
Activity for the Electric Utility for the year ended December 31, 2012, was as follows
Beginning
Bala nce lncreases Decreases
Ending
Balance
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not
being depreciated
Capital assets, being depreciated:
Buildings
Land improvements
Machinery and equipment
lnfrastructure
Total capital assets, being
depreciated
Less accumulated depreciation for:
Buildings
Land improvements
Machinery and equipment
I nfrastru cture
Total capital assets, being
depreciated, net
Electric Utility capital assets, net
$ t ,326,855
I,787 ,180
$ 11,114,035
$ $ t ,326,855
19,422,33616,439,850 6,804,694
$ 16,439,850 $ 6,804,694 $ 20J49,191
$ 24,821,423 $
4,683
21 ,031,550
141 ,291,960
1,043,433
1,384,816
4,918,137
$ r19,661 $ 25,745,195
4,683
1,554,215 20,862,151
1,030,742 145,179,355
$ 187,149,616 $ 7,346,386 $ 2,704,618 $ 191,791 384
$ $ 232,380 $
21
1,760,562
9,844,430
4,550
11,342,420
55,226,371 2,891 647
117,235
I ,554,166
650,311
$ 9,959,575
4,571
11,548,816
57 ,467,707
$ 76,417,771 $+, 884,610 $ 2,321,712 $ 78,980,669
$ I 10,731 ,845
g 121,845,880
ç 2,461,776 $ 382,906 * $ 112.81 0,715
$ 18,901,626 $ 7,187,600 $ 133 906
*Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straight-line method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.
-61 –

Activity for the Gas Utility for the year ended December 31,2012 was as follows:
Beginning
Balance lncreases Decreases
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not
being depreciated
Capital assets, being depreciated:
Buildings
Machinery and equipment
lnfrastru cture
Total capital assets, being
depreciated
Less accumulated depreciation
Buildings
Machinery and equipment
lnfrastru cture
Ending
Balance
$ 39,835
397,197
$
1 ,313,761 564,617
$ 437,032 $ 1,313,761 $ SO+,0r7 $ 1,186,176
$ $ gg,egs
1 ,146,341
$ 1,968,345 $
733,725
18,034,690
61,216 $
8,234
495,168
$ 2,029,561
652,81 5
18,388,514
89,144
141,344
$ 20,736,760 $ 564,618 $ 230,48S $ 21,070,890
$ 317,608 $
326,980
8,655,529
47,685 $
40,854
673,310
$ 365,294
278,690
9,180,620
89,144
148,219
$ 9,300,117 $ 761 ,849 $ 237,363 $ 9,824 ,603
Total capital assets, being
depreciated, net
Gas Utility capital assets, net
$ 11,436,643 $ (197,231 ) $ (6,875) .$ 11,246,287
$ 11,873,675 $ 1,116,530 ç 557,742 $ 12,432,463
*Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straighlline method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.
-62-

Activity for the Water Utility for the year ended December 31,2012 was as follows
Begin ning
Balance lncreases Decreases
Ending
Balance
Capital assets, not being
depreciated:
Land
Construction in progress
Total capital assets, not
being depreciated
Capital assets, being depreciated:
Buildings
Machinery and equipment
lnfrastru cture
Total capital assets, being
depreciated
Less accumu lated depreciation
Buildings
Machinery and equipment
lnfrastructure
Total accum ulated depreciation
63,466 $ —
193,142 1,765,502
$ $ $ 63,466
572,6061,386 ,038
$ 256,608 $ 1,765,502 $ 1,386,038 $ 636,072
$ 807,702 $
430,338
27,042,778
31,171 $
24,803
1,342,270
$ 838,873
376,977
28,285,949
78,164
99,099
$ 28,280,818 $ 1,398,244 $ 177,263 $ 29,501,799
$ 128,684 $
236,496
8,179,228
18,501 $
21,942
570,384
78,164
95,385
147,185
180,274
8,654,227
$
$ 8,544,408 $ 610,827 $ 173,549 $ g,g8 r ,686
Total capital assets, being
depreciated, net $ 19,736,410 $ 787,417 $ 3,714*$20,520,113
Water Utility capital assets, net $ 19,993,018 $ 2,552,919 $ 1,389,752 $ 21,156,185
*Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straight-line method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.
-63-

Activity for the Communications Utility for the year ended December 31,2012 was as follows:
Beginning Ending
Balance lncreases Decreases Balance
Capital assets, not being
depreciated:
Construction in progress
Total capital assets, not
being depreciated
$ 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409
s 1,273,710 $ 7,382,169 $ 7,245,470 $ 1,410,409
Capital assets, being depreciated
Machinery and equipment
lnfrastructure
Total capital assets, being
depreciated
Less accumulated depreciation
Machinery and equipment
lnfrastructure
Total accumulated depreciation
$ 18,861,591 $ 1,204,555
3,026,616 17,906,062
$ 385,777
32,084,505
$ 18,042,81 3
17,205,059
$ 32,470,282 $ 21,888,207 $ 19,110,617 $ 35,247,872
$ 259,923 $
I,394,732
21,333 $
2,269,939
78,575 $
4,436,295
202,681
7,228,376
$ 9,654,655 $ 2,291,272 $ 4,514,870 $ 7,431,058
Total capital assets, being
depreciated, net $ 22,815,627 $ 19,596,935 $ 14,595, 747 * S 27.816,814
Com m unications U tility capital
assets, net $ 24,089,337 $ 26,979,104 $ 21,841,217 $ 29,227,223
“Cedar Falls Utilities uses FERC utility accounting which allows for depreciation calculated using the
composite straight-line method. Under this method it is common for accumulated depreciation
deletions to exceed the cost removed.
D. Leases
Sartori Memorial Hospital
On January 1, 1997, the operations of Sartori Memorial Hospital (Hospital) were sold to Covenant
Health Systems, lnc. As part of this sale, the City entered into a lease agreement with Sartori
Memorial Hospital, lnc. (SMH), whereas the City will lease to SMH the land and buildings owned by
the City and used in the Hospital’s operations. The initial term of the lease shall be for a period of 25
years, with variable lease payments each year. The lease may be extended for up to three additional
terms, with each additional term being for a period of five years. At the termination of this lease,
Covenant Health Systems, lnc. will also pay to the City an amount of $660,378, which represents the
liability arising from accrued vacation of Hospital personnel as of December 31, 1996. The present
value of this liability as of June 30, 2013, is recorded as a receivable and deferred revenue in the
Hospital Fund in the amount of $543,459.
64

Crystal Distribution Services
On November 12, 2001, the City entered into a lease agreement with Crystal Distribution Services,
lnc. for the former Top Air building constructed in the City’s industrial and technology park. The lease
was amended on November 24,2003. The lease agreement is for a period of twelve years with
various monthly payments ranging from $10,000 to $20,000 payable to the City. Crystal Distribution
Services will have the option to purchase the building upon expiration of the lease.
The leases for the Hospital and with Crystal Distribution Services are both being treated as operating
leases by the City. The future minimum lease payments for these leases are as follows:
Year Ending
June 30 H ospita I Build ing
2014
2015
2016
2017
2018
2019-2021
Total
31,796
31,796
31,796
31,796
31,796
95,385
$ $ t 31,175
$ 254,365 $ 131,175
The capital assets being leased through the operating leases are as follows
G overnm ental Activities
Hospital Building
Land
B uilding
Less:
Accumu lated depreciation
Total
$ 151,494
5,873,537
$
2,153,925
(2,210,765\ 892,981)
$ 3,814,266 $ 1,260,944
-65-

E. Long-term Debt
General Obligation Bonds
Unmatured general obligation bonds totaling $2,320,626, net of unamortized discount of $14,374, are
outstanding as of June 30, 2013. These bonds bear interest with rates ranging from 2.30o/o to 3.70%;
mature in varying annual amounts through June 30,2018; and were originally issued for $4,310,000.
Annual debt service requirements to maturity for general obligation bonds are as follows:
Year Ending
June 30,
Busine Activities
Principal lnterest
2014
2015
2016
2017
2018
Total
$ 435,000
450,000
465,000
485,000
s00,000
$ 2,335,000
$ 80,972
66,835
51,760
35,718
18,500
$ 253,785
Tax lncrement Financing Bonds
Unmatured tax increment financing bonds totaling $597,880 net of unamortized deferred amount on
refunding of $22,880, are outstanding as of June 30, 2013. These bonds bear an interest rate of
3.00%; mature June 30, 2014; and were originally issued for 92,865,000. Annual debt service
requirements to maturity for tax increment financing bonds are as follows:
Year E nding Governm ental Activities
June 30 P rincip al lnte rest
2014
Total
$ 5 75,000 $ 17,250
$ 575,00 0 $ 17,250
State Revolving Loan
ln July 2011, the City entered into a loan and disbursement agreement with the lowa Finance Authority
for the issuance of $21 million in sewer revenue capital loan notes under the State Revolving Fund
Program. These notes will finance the major renovation project at the City’s water treatment facility
related to disinfection compliance. As of June 30, 2013, only $2f 0,640 has been issued relating to the
loan’s administrative fees.
-66-

CapitalLoan Notes
Unmatured capital loan notes totaling $8,646,063, net of unamortized discount and unamortized
deferred amount on refunding of $53,937 are outstanding as of June 30,2013. These notes bear
interest at rates of 1 .40% to 3.80%; mature in varying annual amounts through June 30, 2024; and
were originally issued for $14,670,000. Annual debt service requirements to maturing for capital loan
notes are as follows:
Year Ending
June 30,
Govenm ental Activities Bu siness{ype Activities
Principal lnterest Principal lnterest
2014
2015
2016
2017
2018
2019-2023
2024
Total
$ 2,200,000 $
1,040,000
1,070,000
1 ,145,000
1,175,000
1,260,000
185,000
198,958 $
156,875
134,515
109,555
81,278
147,407
7,030
200,000
215,000
210,000
$ 4,290
3,290
1,785
$ 8,075,000 $ 835,618 $ 62s,000 $ 9,365
As of June 30, 2013, the outstanding general obligation debt of the City did not exceed its legal debt
margin computed as follows:
Estimated actual valuation of taxable property within the City $ 2,659,350,229
Debt limit – 5% of total actual valuation
Debt applicable to debt limit:
General obligation bonds
General obligation bonds – component unit
Legal debt margin
$ 132,967,511
I 1 ,610,000
1,595,000
$ t 19,762,511
All tax-exempt debt issued by the City is subject to IRS arbitrage rebate unless the City meets the $5
million small issuers exemption in a given year. As of June 30, 2013, the City had no arbitrage
liability.
-67 –

Debt Summary
Following is a summary of the City’s debt transactions for the year ended June 30,2013, and the total bonded
indebtedness of the City as of that date.
D ate of
lss ue
Bala nce
Beginning
of Year
lss u ed/
lncu rred
During Year
R edee med/
Paid
D uring Year
Ba lance
End of
Year
Amount
Due W ithin
One Year
G overnm enta I Activities:
Tax increment financing bonds
Tax increm ent finan cin g 2010 $ r,r25,000 $ $ 550,000 $ szs,ooo $ 575,000
Less una mortized deferred
amount on refunding (51 ,7 81\ (28,901 ) (22,880\
$ 1 ,176 ,781 $ $ sze 901 $ SgZ 880 $ 5 75,00 0
CapitalLoan Notes:
Corporate Purpose
Corporate Purpose
Refunding
Refunding
2008
2009
2010
2012
$ 3,04 5,000 $
3,10 5,000
740,000
3 320 000
$ 10,21 0,000 $
$ 665,000 $
20 5,000
36 5,000
2,380,000
2,900,000
375,000
2,420,000
$ 685,000
2 05,00 0
3 75,00 0
900 000 935 000
$ 2,t 35,000 $ 8,075,000 $ 2,200,000
4,043 31,166Less una mortized discou nt
Less unamortized deferred
amount on refunding
Governmental activity total
long-term debt
3 5,209
6,072 (3 ,406) 19,47 8
$ 10,168 719 $ $ 2.144 ,363 $ 8,024,356 $ 2,200,000
$ 2,723,264 $ 8,622,236 $ 2,775,000$ 11,345,500 $
-68-

Date of
lssue
Balance
Beginning
of Year
lssued/
lncurred
During Year
Redeemed/
Paid
During Year
Balance
End of
Year
Amount
Due Wihin
One Year
Bus iness-t¡rye activities
General obligation bonds:
Seuær
Less u namortized d íscount
Capital Loan Notes:
Ser¡¡er Refunding
Less u namortized d efened
amount on refunding
State Revolving Loan
Business{ype activity total
long{erm debt
$ 2,755,000 $
17,U8
2008 $ 420,OOO $
2,974
2,335,000 $
14,374
435,000
$ 2,737,652 $ $ 417,026 $ 2,320,626 $ 435,000
2012 $ 820,000 $
4,421
$ 195,000 $ 625,000 $ 200,000
1,128 3,293
$ 815,579 $ 193,872 $ 621 707 $ 200,000
$ 210,64 $ $ $ 210,640 $
$ 3,763,871 $ 610,898 $ 3,152,973 $ 635,000
Revenue Bonds and lnstallment Agreements – Electric Utility
The Series 2005 and 2007 revenue bonds require annual principal payments, due December 1, and
semiannual interest payments, due June 1 and December 1. lnterest rates throughout the term of the
bonds are in a range between 3.75o/o and 4.375%. The bonds are secured by the future net revenues
of the Utility. Long-term debt matures and bears interest as follows:
Component Unit –
Revenue Bonds
Year Ending Principal lnterest
2013
2014
2015
2016
2017
2018-2022
2023-2026
2,135,000
2,225,000
2,320,000
2,420,000
2,525,000
14,350,000
9,450,000
1,461,318
1,379,344
1,290,343
1,197,544
1,100,744
3,877,969
861,125
$ $
$ 35,425,000 $ rr 387
The bond resolution provides certain covenants relating to the collection, segregation, and distribution
of revenues from customers; places certain restrictions on the future of borrowing and leasing or
disposition of assets; and requires that minimum insurance coverage be maintained.
-69-

Gapital Loan Notes – Electric Utility
The 20104 and 20108 revenue capital loan notes require annual principal payments, due December
1, and semiannual interest payments, due June 1 and December 1. lnterest rates are in a range
between 2.50% and 4.75o/o The capital loan notes are secured by the future net revenues of the
Utility.
Component Unit –
Capital Loan Notes
Year Princioal lnterest
2013
2014
2015
2016
2017
2018-2022
2023-2027
2028-2030
455,000 $
460,000
1,070,000
1,100,000
1,120,000
6,160,000
3,640,000
1,960,000
563,068
549,667
536,1 18
507,267
477,618
1,868,932
865,303
187,250
$
$ t 5,965,000 $ 5,555,223
Debt Summary – Electric Utility
Long-term debt activity for the year ended December 31,2012 was as follows:
Beginning
Balance Addilions Reductions
Ending
Balance
Amounts
Due Wihin
One Year
Revenue Bonds:
Series 2003
Series 2005
Series 2007
CapitalLoan Notes:
Series 2010A
Series 20108
Totalbonds
Less: Unamortized
discount
Add: Unamortized
premium
Totallong-term debt
$ 1,430,000 $
21,2Q,000
15,610,000
9,590,000
6,820,000
$ 1,430,000 $
690,000
735,000
$
20,550,000
14,875,000
1,370,000
765,000
395,000
50,000
3,300,000
9,195,000 405,000
50,0006,770,000
51,390,000 2,590,00054,690,000
8ß,751
374,586
47,539 799,212
14,074 360,512
$ 54,217,835 $ $ 3,266,535 $ 50,951,300 $ 2,590,000
-70-

General Obligation Capital Loan Notes – Communications Utility
All general obligation (G O ) bonds and notes have been issued by the City on behalf of the Utility.
The G.O. notes require annual principal payments, due December 1, and semiannual interest
payments, due June 1 and December 1. lnterest rates throughout the term of the notes are in a range
between 1.30% and 3.80%. The total debt service obligations over the remaining term of the notes
are as follows:
Component Unit – G.O. Capital Loan Notes
Year Ending Principal lnterest
2013
2014
2015
2016
2017
2018-2022
2023-2024
$ 155,000
165,000
105,000
110,000
I 15,000
650,000
295,000
$ 47,878
45,242
41,860
39,340
36,370
124,600
16,765
$ t,595,000 $ 3s2,055
Revenue Capital Loan Notes – Gommunications Utility
The Series 2009 and 2010 revenue capital loan notes require annual principal payments, due
December 1, and semiannual interest payments, due June 1 and December 1. lnterest rates
throughout the term of the notes are in a range between 3.0% and 4.3o/o. The notes are secured by
the future net revenues of the Utility. The bonds mature and bear interest as follows:
Component Unit – Revenue Ca pital Loan Notes
Year Ending Principal lnterest
2013
201 4
2015
2016
2017
2018-2022
2023-2024
$ 1,440,000
1,475,000
1,525,000
1,570,000
1,630,000
5,700,000
460,000
$ 434,310
391,110
346,860
301,110
252,310
51 1,500
29,773
$ t 3,800,000 $ 2,266,973
The bond resolution provides certain covenants relating to the collection, segregation, and distribution
of revenues from customers; places certain restrictions on the future of borrowing and leasing or
disposition of assets; and requires that minimum insurance coverage be maintained.
The Board of Trustees of the Municipal Electric Utility authorized a loan to be extended to the Utility
under Resolution No. 2759, 2840, 2939, 2994, and 3086. The December 31 , 2012 outstanding
balance on this loan was $738,090, bearing interest as 3.1%. The Board of Trustees of the Municipal
Gas Utility approved a loan to be extended to the Utility under Resolution No. 5077. The December
31,2012 outstanding balance on this loan was $3,000,000, bearing interest a|2.0%.
-71 –

Debt Summary – Gommunications Utility
Long-term debt activity for the year ended December 31,2012 was as follows
Beginning
Balance
Ending
Balance
Amounts
Due Within
One YearAdditions Reductions
Capital loan notes
Series 2009
Revenue capital loan notes
Series 2009
Revenue capital loan notes
Series 2010
$ 1,7s0,000 $ $ 155,000 $ 1,595,000 $ 155,000
2,990,000 335,000 2,655,000 345,000
12,210,000 1 ,065,000 11,145,000 1,095,000
$ 16,950,000 $ $ 1,ss5,000 $ 1s,395,000 $ 1,s9s,000
Less: unamortized
discount on debt
Add: unamortized
premium on debt
145,009 13,714 131,295
494,381
$ 17,299,372
44,065 450,316
$ $ 1,585,351 $ 15,714,021 $ 1,595,000
F. Long-term Liabilities
Accrued Compensated Absences
Following is a summary of the City’s activity for accrued compensated absences for the year-ended
June 30, 2013, and the total liability of the City as of that date as reported on the government-wide
statement of net position:
Balance
Beginning
of Year lncreases Decreases
Balance
End of
Year
Amount
Payable Within
One Year
Governmental
activities $ 2,685,552 $ 270,448 $ 252,012 $ 2,703,988 $ 841 ,88e
Business-type
activities $ 454,212 $ ¡a,soo $ 1,738 $ 491,274 $ 13s,633
The majority of compensated absences expenditures are paid for out of the General Fund
-72-

Other Postemployment Benefits (OPEB)
The City implemented GASB Statement No. 45, Accountinq and Financial Reoortinq bv Emolovers for
Postemplvolment Benefits other Than Pensions during the year ended June 30, 2009.
Plan Description – The City operates a single-employer health benefit plan, which provides self-
insured medical/prescription drug benefits for all full{ime active and retired employees and their
eligible dependents. Eligible retirees receive health care coverage through the same plan that is
available to active employees. To be eligible for these benefits, participants must be receiving a
pension benefit from the lowa Public Employee Retirement System (IPERS), receiving a Social
Security Disability Benefit, or retired under Code Chapter 411 of the lowa Code. There were twenty
retirees participating in the plan as of June 30th. Retirees pay the same premium for the health
benefit plan as active employees, which results in an implicit subsidy and an OPEB liability. The Plan
does not issue a stand-alone financial report.
Fundinq Policv – The contribution requirements of plan members are established and may be
amended by the City. The City currently finances the benefit plan on a pay-as-you-go basis. The
majority of expenditures are paid for out of the General Fund.
Annual OPEB Cost and Net OPEB Oblioation – The City’s annual OPEB cost ís calculated based on
the annual require contribution (ARC) of the City, an amount actuarially determined in accordance with
GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
projected to cover normal costs each year and amortize any unfunded actuarial liabilities over a period
not to exceed 30 years.
The following table shows the components of the City’s annual OPEB cost for the year ended June
30,2013, the amount actually contributed to the plan and changes in the City’s net OPEB obligation:
Annual required contribution
lnterest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB Cost
Net contributions – retirees
lncrease in net OPEB obligation
Net OPEB obligation beginning of year
Net OPEB obligation end of year
$ 47,124
14,945
(13,239)
48,830
18.980
67,810
275.329
$343,139
For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2011 . The
end of year net OPEB obligation was calculated by the actuary as the cumulative difference between
the actuarially determined funding requirements and the actual contributions for the year ended June
30,2013.
For the year ended June 30, 2013, the City paid $93,141 for retiree health claims. Plan members
eligible for benefits contributed $112,121 or 100% of the premium costs. The net resulted in a
$18,980 contribution for retirees
-73-

The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net
OPEB obligation as of June 30, 2013 are summ arized as follows:
Year Ended
Annual
OPEB Cost
Percentage of Annual
OPEB Cost
Contributed from City
Net OPEB
Obligation
June 30,2013 $48,830 (38.87%) $343,139
June 30, 2012 $ 48,830 148.3o/o $275,329
June 30, 201 1 $ 52,149 4.60/0 $298,903
Funded Status and Fundino Prooress – As of July 1, 2011,ïhe most recent actuarial valuation date for
the period July 1 , 2012 through June 30, 2013, the actuarial accrued liability was $525,162, with no
actuarial value of assets, resulting in an unfunded actuarial accrued liability (UAAL) of $525,162. The
covered payroll (annual payroll of active employees covered by the plan) was $1 1,619,949 and the
ratio of the UAAL to covered payroll was 4.5%. As of June 30, 2013, there were no trust fund assets.
Actuarial Methods and Assumptions – Actuarial valuations of an ongoing plan involve estimates of the
value of reported amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumption about future employments, mortality and the health care cost
trend. Actuarially determined amounts are subject to continual review as actual results are compared
with past expectations and new estimates are made about the future. The schedule of funding
progress, presented as required supplementary information in the section following the Notes to
Financial Statements, will present multiyear trend information about whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for
benefits.
Projections of benefits for financial reporting purposes are based on the plan as understood by the
employer and the plan members and include the types of benefits provided at the time of each
valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial
value of assets, consistent with the long-term perspective of the calculations.
As of the July 1, 2011 actuarial valuation date, the projected unit credit actuarial cost method was
used. The actuarial assumption includes a 5% discount rate based on the City’s funding policy. The
projected annual medical trend rate is 9%. The ultimate medical trend rate is 6%. The medical trend
rate is reduced 0.5% each year until reaching the 6% ultimate trend rate. An inflation rate of 0% is
assumed for purposes of this computation.
Mortality rates are from the RP2000 Group Annuity Mortality Table, applied on a gender-specific basis
Annual retirement and termination probabilities were developed from a combination of the retirement
probabilities from MFPRS|Actuarial Report, the IPERS Actuarial Report, and the City’s experience.
Projected claim costs of the health plan are $675.42 per month for retirees less than age 65 and
$443.17 per month for retirees who have attained age 65. The salary increase rate was assumed to
be 3% per year. The UAAL is being amortized as a level percentage of projected payroll expense on
an open basis over 30 years.
-74-

G. lnterfund Balances
lndividual interfund receivable and payable balances by fund type as of June 30,2013, were stated in
the fund financial statements as follows:
Due to/from other funds: Total
Fund
lnterfund
Receivables
lnterfund
Payables
FEMA Fund
Bond Fund
N onm ajo r Governm ental Funds
Total
The balances are due to the elimination of reporting negatíve cash
Advances from/to other funds:
$ 1,413,731 $ r,413,731
Total
$ $
1.413 ,731
392,035
1,000,904
20,792
Advance to
Other Funds
Advance from
Other FundsFund
HospitalFund
Nonmajor Govemmental Funds
Sewer Fund
Total
$ 11,255,000
4,085,000
$
15,340,000
$ 15,340,000 $ 15,340,000
The amount payable from the Sewer Fund to the Hospital Fund and the Capital lmprovements Fund
relates to internal financing for the large disinfection project at the City’s water treatment facility.
-75-

H. lnterfund Transactions
The following transfers represent individual fund interfund transfers as stated in the Fund Financial
Statements.
General Fund Street Construction Fund
Non-m ajor Governm enta I Fund s
Sewer Fund
Refuse Fund
lnternal Service Funds
$
$ 633,942
TIF Fund
1 39,160
1 01,350
101,220
1 33,4s0
158,762
Street Construction F und
Debt Service Fund
FEMA Fund
Bond Fund
N on-m ajor G overn me ntal Fu nds
Sewer Fund
Refuse Fund
Bond Fund
Sewer Fund
lnternal Service Funds
General Fund
TIF Fund
General Fund
TIF Fund
TIF Fu nd
Street Repair Fund
General Fund
TIF Fund
Street Repair Fund
FEMA Fund
Non-m ajor Gove rnm enta I Fund s
FEMA Fund
Street Construction Fund
FEMA Fund
Sewer Fund
$ 211,957
555,033
$ 766,990
$ 5,49 5
$ 1,580,000
s83,750
$ 2,163,750
$ 75,881
3,498,784
3 74,665
$ 488,283
572,421
$ 1,060,704
$ 927,164
3,879,919
241,959
33,106
10 00
5,092,148
$ 2,431,073
$ 141,730
60,332
141 ,730
$ s+sJsz
Total -s–lEF.72F5E-
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them
to the fund that statute or budget requires to expend them, (2) move debt service payments from
proprietary or special revenue funds to the debt service fund as debt service payments come due and,
(3) to move receipts from user fee generated funds to the general fund for certain administrative and
custodial costs in the generalfund.
-76-

Note 4. Other Notes
B.
A. Retirement Systems
IPERS
The City contributes to the lowa Public Employees Retirement System (IPERS) which is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of lowa. IPERS
provides retirement and death benefits, which are established by State statute to plan members and
beneficiaries. IPERS issues a publicly available financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117,
Des Moines, lowa, 50306-91 17.
Plan members are required to contribute 5.78% of their annual covered salary and the City is required
to contribute 8.67% of annual covered payroll. Contribution requirements are established by State
statute. The City’s contributions to IPERS for the years ended June 30, 2013, 2012 and 2011 were
$822,374, $771,437 and $619,003 respectively, equal to the required contributions for each year.
Municipal Fire and Police Retirement System of lowa
The City contributes to the Municipal Fire and Police Retirement System of lowa (the Plan), which is a
cost-sharing, multiple-employer defined benefit pension plan administered by a Board of Trustees.
The Plan provides retirement, disability and death benefits, which are established by State statute to
plan members and beneficiaries. The Plan issues a publicly available financial report that includes
financial statements and required supplementary information. The report may be obtained by writing
to Municipal Fire and Police Retirement System of lowa, 7155 Lake Dr., West Des Moines, lowa
50266.
Plan members are required to contribute 9.40Yo of earnable compensation and the Gity’s contribution
rate may not be less than 26J2% of earnable compensation. Contribution requirements are
established by State statute. The City’s contributions to the Plan for the years ended June 30, 2013,
2012, and 2011 were $1,144,556, $1,080,516 and $798,970 respectively, which met the required
minimum contribution for each year.
Due To/From Gomponent Unit
Amounts due from the component unit to the general fund at June 30, 2013, were as follows
Due from
Component Unit:
Electric utility
Gas utility
Total
$ 750,000
100.000
c
$ 850J00
This amount differs from the amount reported as due to primary government since the Electric Utility
and Gas utility component units have a calendar year end of December 31,2012.
Related Party Transactions
During the fiscal year ended June 30, 2003, the Black Hawk County Solid Waste Management
Commission, which is a jointly governed organization, passed a resolution for annual distributions of
its excess funds. The prorated share for the City of Cedar Falls was at.$564,721to be received each
year. However, in 2012,the commission decided to reduce the payments to $29g,534for FY2O13 &
-77 –

D.
FY2O14. The payments received in fiscalyears ended June 30, 2003,2004,2005, 2006, 2OO7,2OOB,
2009,2010,2011,2012 and 2013 have been recorded in the Refuse Fund as other operating
revenue.
Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters for which the government
has established various funds to account for and finance its uninsured risks of loss.
The City has established a Health lnsurance Reserve Fund for insuring benefits provided to City
employees and covered dependents, which is included in the internal service fund type. Health
benefits were self-insured up to a specific stop loss amount of $85,000 and an aggregate stop loss of
approximately $3,344,144for 2013. Coverage from a private insurance company is maintained for
losses in excess of the stop loss amounts. All claims handling procedures are performed by a third-
party claims administrator. lncurred but not reported claims have been accrued as a liability based
upon the claims administrator’s estimate.
All funds of the City participate in the program and make payments to the Health lnsurance Reserve
Fund based on actuarial estimates of the amounts needed to pay prior-year and current-year claims.
The City has also established reserve funds for insuring workers’ compensation, liability, and long-
term disability claims which are included in the general fund type. Liability benefits were self-insured
up to a specific stop loss amount of $100,000 and an aggregate stop loss amount of $260,000. Long-
term disability benefits are self funded for the first six months, and the maximum benefit per individual
is $18,000. Workers’compensation benefits were self-insured up to an aggregate stop loss amount
of $350,000 with no specific stop loss amount. Coverage from private insurers is maintained for
losses in excess of the stop loss amounts. An independent claims administrator performs all claims
handling procedures. Settled claims for the above funds have not exceeded commercial coverage in
any of the last three fiscal years.
Liabilities of the fund are reported when it is probable that a loss has occurred and the amount of the
loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred
but not reported (lBNRs). The result of the process to estimate the claims liability is not an exact
amount as it depends on many complex factors, such as inflation, changes in legal doctrines, and
damage awards. Accordingly, claims are reevaluated periodically to consider the effects of inflation,
recent claim settlement trends (including frequency and amount of pay-outs), and other economic and
social factors. The estimate of the claims liability also includes amounts for incremental claim
adjustment expenses related to specific claims and other claim adjustment expenses regardless of
whether allocated to specific claims.
78-

Changes in reported liabilities for the fiscal year ended June 30, 2013, are summarized as
follows:
Risk Manaqement Fund
Claim liabilities
June 30, 201 1
Claims and changes
in estimates during
fiscal year 2012
Claim payments
Claim liabilities
June 30, 2012
Claims and changes
in estimates during
fiscal year 2013
Claim payments
Claim liabilities
June 30, 2013
$ 404,998 $ 301 ,881 $
Health
ln sura nce
Reserve Fund
Workers’
Compensation
Reserve
Liability
Reserve
Long-Term
Disability
Reserve
$
Total
$ 706,879
2,681 ,146
(2,830,757)
2,596,371
(2,60e,886)
84,775
(220,871)
$ 39r,483 $ 165,785 $ $ $ ssz,zoa
2,741,637
(2,719,041)
2,541,207
(2,550,165)
200,430
(168,876)
$ 382,525 $ 197,33e $ 579,864
Gommitments and Contingencies
Legal counsel has reported that as of June 30, 2013, there were claims and losses that are on file
against the City. The City has the authority to levy additional taxes outside the regular limit to fund any
uninsured judgment against the City. However, it is estimated that all of these claims and losses will
be covered by insurance when exceeding stop loss limits, and the amounts prior to reaching these
limits would not materially affect future financial statements of the City.
New Governmental Accounting Standards Board (GASB) Standards
The Governmental Accounting Standards Board (GASB) has issued six statements not yet
implemented by the City. The statements which might impact the City are as follows:
Statement No. 65, ltems Previously Reported as Assefs and Liabilities, issued March 2012, will be
effective for the fiscal year ending June 30, 2014. The objective of this Statement is to establish
accounting and financial reporting standards that reclassify, as deferred outflows of resources or
deferred inflows of resources, certain items that were previously reported as assets and liabilities and
recognizes, as outflows of resources or inflows of resources, certain items that were previously
reported as assets and liabilities.
StatementNo.66, Technical Corrections-anamendmentof G,ASBSfafemenfs No. 10andNo.62,
issued March 2O12, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve accounting and financial reporting for a governmentalfinancial reporting entity
by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements
No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of
Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and
AICPA Pronouncements.
$
E
F
-79 –

Statement No. 67, Financial Reporting for Pension Plans – an amendment of GASB Statement No.
25, issued June 2012, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to establish accounting and financial reporting requirements related to pensions for
governments whose employees are provided with pensions through pension plans that are covered by
the scope of this Statement, as well as for nonemployer governments that have a legal obligation to
contribute to those plans.
Statement No. 68, Accounting and Financial Reporting for Pensions; an amendment of GASB
Statement 27, issued June 2012, will be effective for the fiscal year ending June 30, 2015. The
objectíve of this Statement is to improve information provided by state and local governmental
employers about financial support for pensions that is provided by other entities.
Statement No. 69, Government Combinations and Disposa/s of Government Operationg issued
January 2013, will be effective for the fiscal year ending June 30,2015. The objective of this
statement is to improve financial reporting by addressing accounting and financial reporting for
government combinations and disposals of government operations. The term government
combinations is used in this Statement to refer to a variety of arrangements including mergers and
acquisitions.
Statement No. 70, Accounting and Financiat Reporting for Nonexchange Financial Guarantees,
issued April 2013, will be effective for the fiscal year ending June 30, 2014. The objective of this
Statement is to improve the recognition, measurement, and disclosure guidance for state and local
governments that have extended or received financial guarantees that are nonexchange transactions.
The City’s management has not yet determined the effect these statements will have on the Cíty’s
financial statements.
-80-

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City of Cedar Falls
IJniversity of Northern lowa

Gity of Cedar Falls, lowa
Budgetary Comparison Schedule – Function Budget
For the Year Ended June 30,2013
Revenues:
Property taxes and assessments
Other City taxes
Licenses and permits
Use of money and property
lntergovernmental
Charges for services
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic development
General government
Debt service
Capital projects
Business-type
Total expenditures
Excess (defíciency) of revenues over (under) expenditures
Other financing sources (uses):
Proceeds from long-term debt
Transfers in
Transfers out
Total other financing sources (uses)
Excess (deficiency) of revenue and other financing sources
over (under) expenditures and other financing uses
Fund balances, beginning
Fund balances, ending
Budgeted Amounts
Original Final
$ 24,909,307
5,504,911
990,450
1,155,130
17,001,000
11,732,015
4,957,372
$ 56,463,620 $ 66 140 085
$ 24,909,307
5,499,911
971,950
1,154,130
11,524,950
11,526,300
877,272
$ 9,125,770
11,496,110
203,250
7,067,140
2,524,330
4,837,030
3,221,690
5,570,090
17,874,290
$ 9,368,320
12,559,960
3,203,250
7,239,277
2,677,390
4,937,030
3,221,690
14,970,090
17,900,290
$61
$ 11,027,000
19,951,490
(19,951,490)
$ 11,027,000
19,951,490
(19,951,490)
919,680 $ 75,877 ,267
5,456 060 $(e ,737,192\
$ 11,027,000
$ 5,570,940
48,971,939
11 7 000
$ 1,2ïg,g1g
48,971,939
See notes to the required supplementary information
-81 –
$ 54,542,778 $ 50,261,656

$
Actual
Amounts
Variance with
Final Budget –
Positive
(Neoative )
$ (200,621)
32,170
94,091
(11,546)
(2,763,197)
(593,814)
(2,507,669)
$60 189,509 $ (5,950 ,576)
$ 399,262
2,461,977
3,030,965
959,769
34,171
156,549
265,671
2,019,904
4,266,716
$ 62,282,394 $ 13,594,993
$ ,875) $ 7 644 307
$ $ (11,027,000)
5,415,207
(5,415,207)
25,366,697
(25,366,697)
$ n1.027 ,000)
24,709,696
5,536,991
1,074,541
1,143,594
14,237,913
11,138,201
2,349,703
$ 8,g6g,os8
10,097,993
172,295
6,279,509
2,643,209
4,690,491
2,956,009
12,850,296
13,633,564
$
$ (2,092,875)
57,552,947
$ (3,382,693)
8,591,109
$ 55,460,012 $ 5,19g,416
-82-

City of Gedar Falls, lowa
Notes to Required supplementary lnformation – Budgetary Reporting
For the Year ended June 30, 2013
Note A – Budgetary Reporting
The budgetary comparison is presented as Required Supplementary lnformation in
accordance with Government Accounting Statement No. 41 for governments with signíficant
budgetary perspective differences resulting from not being able to present budgetary
comparisons for the General Fund and each major Special Revenue Fund.
ln accordance with the Code of lowa, the City Council annually adopts a budget on the cash
basis plus recorded accounts payable following required public notíce and hearing for all
funds. The annual budget may be amended during the year utilizing similar stãtutorily
prescribed procedures. Encumbrances are not recognized on the cash basis budget and
appropriations lapse at year end.
Formal and legal budgetary control is based upon 9 major classes of disbursements known
as functions, not by fund or fund type. These g functions are: public safety, public works,
health and social services, culture and recreation, community and economic development,
general government, debt seryice, capital projects, and business-type activities. Function
disbursements required to be budgeted include disbursements for the General Fund, Special
Revenue Funds, Debt Service Fund, Capital Project Funds, and Enterprise Funds. Although
the budget document presents function disbursements by fund, the legal level of control is at
the aggregated function level, not by fund. During the year, two budget amendments
increased budgeted disbursements by $13,957,587. These budget amendments are
reflected in the final budget amounts.
-83-

City of Gedar Falls, lowa
Budgetary Comparison Schedule –
Program Budget
Notes to RSI
Note B – Explanation of Differences between Budgetary Sources and Uses of
funds and GAAP Revenues and Expenditures for the GAAP General
Fund and Major Special Revenue Funds
Sources
Actual amounts (budgetary basis) “total revenues” from the budgetary
comparison schedule – function budget
Adjustments:
The city budgets for all receipts on the cash basis, rather than
the modified accrual or accrual basis
Total revenues for the function budget on a GAAp basis of
accounting
Reclassifications:
The City reports sources of funds in the function budget as
revenues in other major and nonmajor funds for GAAp reporting
Debt Service Fund
FEMA Fund
Bond capital projects Fund
Nonmajor governmental GAAP funds
Business-type enterprise funds
Total revenues for general fund and major speciar revenue funds
Total revenues as reported on the statement of revenues,
expenditures, and changes in fund balances – governmental funds:
General Fund
Hospital Fund
TIF Fund
Street Repair Fund
Street Construction Fund
Total revenues for general fund and major special revenue funds
Function
Budget
$ 60,189,509
262,gg}
$ 60,452,399
(849,229)
(4,464,326)
(1,937,653)
(4,391,655)
(8,461 ,470)
$ 40,349,056
$ 22,902,719
601,464
7,679,979
5,455,792
3,809,103
-84-
$ 40,349,056

Uses
Actual amounts (budgetary basis) “total expenditures” from the budgetary
comparison schedule – function budget
Adjustments
The City budgets for expenditures on the cash basis, rather than on the
modified accrual or accrual basis on all items except payments to suppliers
The City does not budget for depreciation
Total uses for the function budget on a GAAp basis of accountÍng
Reclassifications:
The City reports uses of funds in the function budget as expenditures in
other major and nonmajor funds for GAAp reporting:
Debt Service Fund
FEMA Fund
Bond capital projects Fund
Nonmajor governmental GAAp funds
B usiness-type enterprise funds
Total expenditures for general fund and major special revenue funds
Total expenditures as reported on the statement of revenues, expenditures,
and changes in fund balances – governmental funds:
General Fund
Hospital Fund
TIF Fund
Street Repair Fund
Street Construction Fund
Total expenditures for general fund and major special revenue funds
Function
Budget
$ 62,282,394
(10,032,949)
$ 52,249,435
(2,956,009)
(1,764,779)
(3,392,290)
(8,063,920)
(6,707,140)
$ 29,375,407
$ 20,826,499
157,534
5,702,990
2,699,394
$ 29,375,407
-85-

City of Cedar Falls, lowa
Schedule of Funding Progress for the
Gedar Falls Health plan
June 30,2013
Fiscal
Year
Actuarial
Valuation
Date
Actuarial
Value of
Assets
Actuarial
Accrued
Liability (AAL)
Unfunded
AAL Funded
Ratio
Govered
Payroll
UAAL As a
Percentage
of Covered
Payroll(UAAL )
2011 July 1 ,2009
2012 July 1 ,2011
2013 July 1 ,2011
671,926 671,926 0.0% 10,976,7g5 6.1%
525,162 525,162 0.0% 11,327,306 4.6%
525,162 525,162 0.0o/o 11,019,949 4.5%
-86-

dar Falls
Hearst Center for
the Arts Garden

Gity of Gedar Falls, lowa
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2013
(Page 1 oÍ 2l
Community
Development
Fund
Housing
Assistance
Fund
ASSETS
Cash
Receivables, net of allowance
for uncollectible amounts:
Property taxes
Other city taxes
Accrued interest
Special assessment
Other
Due from other funds
Advance to other funds
Due from other governments
lnventories
Totalassets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued liabilities
Unavailable revenue
Due to other funds
Total liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Totalfund balances
$ 13,451 $ s70,133
98,443
111 894 $ 570,133
6,301
2,596
$ 8,887 $ 2,932
$ $ 738
2,194
103,007 567,201
$ 103,007 $ 567,201
Total liabilities and fund balances $ 1111,gg4 $ 570,133
-87 –

Special Revenue
Parking
Fund
Police
Retirement
Fire
Retirement
Visitor &
Tourism
$ 836,804 $ 2,868,772 $ 2,478,404 $ 4g2,761
763,843 584,381
1,075 866
89,494
517
2 860 _ — , __ 20,547
_$_3,633,s6e _$_3,063,65- -$—503319
954
$
$ 840,739
3,988
1,627
$ 65,884 $ 2,227 $
761,797 582,629
$ 5,615 $ 82l.6all $ 584,8s5 122 291
2,860 20,547
450,4912,805,999 2,479,796
832,264
$ 835 124 $ 2.80s $ 2,478,796 471 028,888
_$_a40,r39 _$__a,ffi,569_ 063,651 $ 593,319$3.
(continued)
29,199
3,609
89,494
88

City of Cedar Falls, lowa
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2013
(Page 2 of 2)
Special Revenue
ASSETS
Cash
Receivables, net of allowance
for uncollectible amounts:
Property taxes
Other city taxes
Accrued interest
Special assessment
Other
Due from other funds
Advance to other funds
Due from other governments
lnventories
Totalassets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued liabilities
Unavailable revenue
Due to other funds
Total liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Totalfund balances
Total liabílities and fund balances
$ 202,668 $ 116,328 $ 27,218
$ 202,668 $ 116,328 $ 37,219
Hillside
Perpetual
Care
$ $ $
$ $
202,669 116,329 37,219
$ 202,668 $ 116,328 $ 37 218
$ 202,668 $ 116,329 $ 37,218
Greenwood
Perpetual
Care
Fairview
Perpetual
Care
-89

(continued)
Gaoital Proiects
Washington
Park
Renovation lmorovem ents
Sidewalk
Assessment
Economic
Development
Capital
Capital
Total
$ 30,624 $ 3,961,ss6 $
3,760
‘18,971
8,997
$ 5,11s,736 $ 16,21 4,4ss
1,349,224
gg,4g4
13,390
44,163
g,gg7
1,413,731
4,095,000
103,527
23,407
$ 23,844,368
37 6,171
25,192
1,413,731
4,095,000
5,094
_$__gqgql_ $ 8,083,358 $ 25,192 $ 6,535.63;
$ 58,959 $ $
18,970 23,933 11,925
20 792
$ $ 167,295
10,016
1,499,647
20 792
$ $ 77,929 $ 44,625 $ 11,925 $ I 686 740
30,661 8,005,429 6,523,713
23,407
6,761,597
932,264
14,559,903
(19.433)(19 ,433)
$ 30,661 $ 8,005,429 (19 ,433) $ 6.523 ,713 $ 22157 ,628
25,192 $ 6,535,639 $ 23.944.368$ 30,661 $ 8,083,358
-90

City of Gedar Falls, lowa
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 90,2019
(Page 1 of 2l
Revenues:
Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Public works
Culture and recreation
Community and economic development
Capital projects
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances, beginning
lncrease (decrease) in reserve for inventories
Fund balances, ending
Community
Devefopment
Fund
Housing
Assistance
Fund
$
376,306
4,315
1,210,129
7,674
$ 376 306 $r 117
$
369,492 1,373,739
$ 369.492 $ 1.373,739
b 814 $ (151 ,622\
$
$
$
$
$
$ 6,814
96,1 93
$
$ (151,622)
719,923
$ 103,007 _$_56r,201
-91 –

Special Revenue
Visitor &
Tourism
$
3,457
307,911
5,729
38,511
166,091
14,544
$ 208,049 $ 621 150 $ 540.525 $ 328,183
$ 783,910 $ 550,653 $
233,079
355,379
$233,078 $ 783,910 $ 550,653 $ 355,378
0,128) $ (27 ,195)
$ $ $ $ 55,424
(14,040)(13,320)
$ $ 41,394
$ $
Parking
Fund
Police
Retirement
Fire
Retirement
$ 559,891 $ 476,405 $
59,301 63,866
1,959 254
$
$ (25,029) $ (162,760) $ (1
$
$ (162,760)
2,969,649
(10,128)
2,499,924
14,189
454,549
2,291
$ 835,124 $ 2,805,888 $ 2,478,796 $ 4l1,O2g
-92 –
(continued)

Gity of Cedar Falls, lowa
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 90,2019
(Page 2 oÍ 2)
S I Revenue
Gree
Revenues:
Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Public works
Culture and recreation
Community and economic development
Capital projects
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances, beginning
lncrease (decrease) in reserve for inventories
Fund balances, ending
Perpetual
Care
$
5,870 3,630 980
r$ 5,870 $ 3,630 $ e8o
$
$ $ $
$ 5,870 $ 3,630 980
$ $ $
$ $ $
$ ego
36,239
Fairview
Perpetual
Care
Hillside
Perpetual
Care
$$
$$
$ s,BZo $
196,799
3,630
112,699
_$ 2o¿qgg_ $_1_1_q.gæ_ $ 37,218
-93-

(continued)
Capital Proiects
Washington
Park
Renovation
Capital Sidewalk
Assessment
Economic
Development
Capitallm Total
$ $ 5,409 $ 7,671 $
121 204,360
57,143
246,157
196,994
$ 1,049,375
307,911
539,132
1,643,577
48,991
166,091
637,59911,622 355,379
$121$ 513,068 $ 19,293 $ 552,363 $ 4.3e1 ,655
$$$ $
22,516 4,108,165
$ t,334,s63
233,079
355,379
1,743,231
4,397,570266,ggg
$ $ 266,889 $ 22,516 4 108 165 $ 8,063,920
$ 121 $ 246,179 $ (3,223) 555,802)$ (3.
$ $ 1,096,905
(83,990)
$ 3,949,919
$ (3,672,165)
$ $ s,og2,i4g
(111,350)
$ $ 1,002.815 $ $ 3.949 ,919
$ $121
30,540
1,249,994
6,756,435
$ (3,223)
(16,21Q)
394,117
6,129,596
$
$ 30,661 $ 8,005,429
-94 –

City of Cedar Falls, lowa
Combining Statement of Net Position
lnternal Service Funds
June 30,2013
ASSETS
Current assets:
Cash
Receivables, net of allowance
for uncollectible amounts:
Accrued interest
Other
lnventories
Total current assets
Noncurrent assets:
Capital assets:
Buildings
Machinery and equipment
Accumulated depreciation
Total noncurrent assets
Total assets
LIABILITIES
Current liabilitíes:
Accounts payable
Accrued liabilities
Compensated absences due
within one year
Noncurrent liabilities:
Compensated absences after
one year
Total liabilities
NET POSITION
Investment in capital assets
Unrestricted
Total net position
Pa
$ 6,050,286 $ 17,457 $ 2,2OO,B77
7,395
6,807
2,695
$6. 064,479 $ 17,457 $ 2.203,564
$ $ $
$ $
$ 6,064,478 $ 17,457 $ 2,203,564
$ 5,162
382,525
$ 17,457 $ 388,642
Health
lnsurance
$ sB7
$
5 676 791
$ s,676,791
Health lnsurance
Severance
687 $ 17,457 $ 388.642
$ $
1,914,922
$ 1,814,922
-95-

Risk
Management
Data
Processing
Vehicle
Maintenance Total
$ 3,269,890 $ 902,450 $ 827,227 $ 13,268,1g9
3,791
3,690
1,O41 1,251
106
16,153
10,603
328,7973 833 324 954
3 7 371 $ 907 324$1 538 $ 13.623153 ,732
$ $
1,253,735
90,302
6,395,626
90,302
7,649,361
$ $
$ $ 299,489 $ 2.390 ,081
$ 3,277 ,371 $ 1,206,913 3 543 619
$ 13,230
197,339
$ 3,402
8,042
$ 61,121
9,931
(4.095 ,847\ (5.050 ,0e3)
2 689 570
16 313 2
489,O14
597,837
(954,246)
$
$
26,359 18,247 44,606
25 710 29,444 55 154
210 56e $ 63,513 $ 118,743 $1 186 611
$ $ 299,489 $ 2,390,081 $ 2,699,570
066 802 843 811 1 034 795 12 7 121
$ 3,066,902 $ 1,143,300 $ 3,424,876 _$_1_5,126,691
-96-

City of Cedar Falls, lowa
Gombining Statement of Revenues, Expenses,
and Changes in Fund Net position
lnternal Service Funds
For the Year Ended June 30, 2013
Operating revenues:
Charges for services
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Supplies and equipment
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Use of money and property
Loss on disposal of equipment
Nonoperating revenues (expenses)
lncome (loss) before transfers
Transfers out
Change in net position
Net position, beginning
Net position, ending
$ 2,783,954 $2r 750 $ 286
$ $ 697,819
2,814,529 27,750
2 814 528 $ 27,750 $ 697,819
$ (30,574) $ $ ø10,965)
$ 23,98s $ $ 8,869
$ 2,771,556
12,399
$ 27,Tso
Health
lnsurance
Health lnsurance
Severance Pa il
$ 278,170
9,694
854
$
$ 23,985 $ $ 8,869
$ (6,589) $ $ (402,096)
$ (6,s89) $
5,683,390
$ (402,096)
2,217,019
$ 5,676,T91 $ $ 1.814,922
-97 –

Risk
Management
Data
Processinq
Vehicle
Maintenance Total
$ 561,450 $
129,413
$ 1,749,640
54,696
$ 6,311,469
204,351
922,902
160
$ 689,863 $ e23 062 $1 336 $ 6,515804
$ $ 352,739
264,592
63,569
105,509
,819
$ 363,336
269,732
1,093,767
312,574
$ 1,413,994
4,235,561
1,147,335
419,092
859,959
$ 859
$ n70 ,096) $ 136,655 $ Q2 4,0731
$ 7.21 4,872
699 053
959 $ 786,407 $ 2,029,409
$ 12,267 $ 3,502 $
(9,783)
4,134 $
(20,354)
52,757
(30,137)
$ 12,267 $ (6,281)
$ (157,829) $ 130,374
(5,495)
$ 22,620
$ (676,433)
(164,257)
$ (163,324) $
3,230,126
130,374
1,012,926
$ (399,055) $
3,923,931
(840,690)
15,967,391
$3, 066,802 $ 1.143,300 $ 3.424 ,876 $ 15,126,691
-98-

City of Cedar Falls, lowa
Combining Statement of Gash Flows
lnternal Service Funds
Forthe Year Ended June 30,2013
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services
Payments to suppliers
Payments to employees
Net cash províded by (used for) operating activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers to other funds
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Net acquisition of property and equípment
CASH FLOWS FROM INVESTING ACTIVITIES
lnterest received on investments
Net increase (decrease) in cash
CASH BALANCES, Beginning
CASH BALANCES, Ending
Reconciliation of operating income (loss) to net cash provided
by (used for) operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to net cash
provided by (used for) operating activities:
Depreciation
Change in assets and liabilities:
(lncrease) decrease in:
Other receivables
lnventories
lncrease (decrease) in accounts payable, accrued and
other liabilities
Net cash provided by (used for) operating activities
$ 2,771,556 $
(2,914,120′)
6,671
(9,603)
$ (42,564) $ (2,e32\
$ $
$ $
$ 23.994 $
$ (18,570) $ (2,932)
20,3896,069,956
$ 6,oso,286 $ 17,4s7
$ (30,574) $
(3,032)
(8,958) e.%2\
$ 42,564\ $ (2,932)
Health
lnsurance
Health lnsurance
Severance
-99-

Risk Data
Processinq
Vehicle
MaintenancePayroll M ment ïotal
$e4
$ 278,170 $
302
561,450 $
(494,643)
922,902 $
(331,225)
1,749$40
(1,399,796)
,257)
ß41 ,0421 351 475
,20Ð $ 66,807 $ 250 635 $ 9,369
$ $ (s,49s )$ $ (158,762) $ n64
071 $eß$ $ $ Í07 ,646) 1 ,7171
$ 82e $ 12,199 $ 3,320 S 4.267 $I 52,608
$ (15,373)
565
$66 807
$ 146,309 $ (2s1,197)
756 141 1 078 424
$ (68,253)
13,336,4422,216,252$ 2,200,979
386,763
$ (24,202\
$ 902,450 $ 827,227 $13 189
$ (410,965) $ (1 70,096)$136,655$(224,073)$(699,053)
105,509 312,574 418,092
236,339
(1,083)
I 555
$ 250,635
(58)
(90,932)
11 858
233,249
(92,015)
396 851
I 369 $ 257.113
-.
– 100 –

City of Gedar Falls, lowa
GapitalAssets used in the operation of Governmental Funds
Gomparative Schedules by Source*
June 30,2013 and 2012
2013
Governmental fund capital assets:
Land
Land improvements
Buíldings
Machinery and equipment
lnfrastructure
Construction in progress
Total governmental funds capital assets
2012
$ 28,703,969
13,116,321
27,711,935
9,120,292
154,932,742
12,264,029
8 254,179,594 245,949 187
$ 23þ15,754
45,791,071
145,667,441
225,195
30,659,726
$ 28,867,975
13,155,356
27,729,339
9,504,504
163,497,944
11,425,467
lnvestments in governmental funds capital assets by source:
General fund $ 23,T07,691
Special revenue funds 49,456,210
Capital projects funds 14g,S2},gg1
lnternal service 22í,1gs
Donations 31,269,597
*
Total governmental funds capital assets $ 254,179,594 $ 245
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the
above amounts. Generally, the capital assets of internal service funds are included as
governmental actívíties in the statement of net assets.
-101-

City of Gedar Falls, lowa
Gapital Assets used in the operation of Governmental Funds
Schedule by Function and Activity ”
June 30,2013
Function and Activitv Land
1,842,041
69,599
10,883,674
360,042
Buildings
Public Safety
Public Works
Health & Social Services
Culture and Recreation
Community and Economic Development
General Government
$ 12,500
290,326
151,494
2,906,049
25,553,706
53,901
$ $ 1,024,831
1,513,123
5,973,537
12,992,115
2,165,425
4,169,307
$ 28,867,975 $ 13,155,356 $ 27,72g,399
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the
above amounts. Generally, the capital assets of internal service funds are included as
governmental activities in the statement of net assets.
-102-

Machinery
and
Equipment
Construction
tn
lnfrastructure Progress Total
$ 1,143,269
3,717,204
3,289,069
130,907
1,224,061
$$ $ 2,1go,sg4
169,953,163
6,094,630
36,519,522
34,995,406
5,447,269
157,511,134 4,079,335
5,986,910 570,906
6,775,326
$e, 504,504 $ 163,497,944 $ 11,425,467 $ 254.179.594
-103-

Gity of Gedar Falls, lowa
capital Assets used in the operation of Governmental Funds
Schedule of Changes by Function and Activity ”
For the Fiscal Year Ended June 30, 2013
Governmental
Funds Capital
Assets
July 1 ,2012 Additions Deletions June 30 2013
Public Safety
Public Works
Health & Social Services
Culture and Recreation
Community and
Economic Development
General Government
$ 2,184,644
161,493,409
6,094,630
36,165,632
34,541,937
5,379,035
$ 90,094
12,144,993
369,293
476,065
148,175
$ 94,744
4,675,229
16,403
32,496
79,941
Governmental
Funds Capital
Assets
$ 2,180,594
168,953,163
6,094,630
36,519,522
34,995,406
5,447,269
$ 245,849,187 $ 13,229,210 $ 4,g98,g13 $ 254,179,5g4:
This schedule presents only the capital asset balances related to governmentalfunds.
Accordingly, the capital assets reported in internal service funds are excluded from the
above amounts. Generally, the capital assets of internal servíce funds are íncluded as
governmental activities in the statement of net assets.
-104-

City of Cedar Falls, lowa
Statistical Section
This part of the City’s comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the city’s overall financial health.
Gontents Paqe
Debt Gapacity
These schedules present information to help the reader assess the affordability of the city’s
current levels of outstanding debt and the city’s ability to issue additional debt in the future 124
Demographic and Economic lnformation
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the city’s financial activities take place. 136
Financial Trends
These schedules contain trend information to help the reader understand how the city’s
financial performance and well-being have changed over tíme.
Revenue Capacity
These schedules contain information to help the reader assess the city’s most significant
local revenue source, the property tax.
Operating lnformation
These schedules contain service and infrastructure data to help the reader understand
how the information in the city’s financial report relates to the services the city provides
and the activities it performs.
Sources: Unless othen¿vise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The city implemented GASB
Statement 34 in 2003; therefore the first four tables include information beginning in that year.
106
116
141
– 10s –

City of Cedar Falls, lowa
Net Position by Gomponent
Last Ten Fiscal Years
(Accrual basis of accounting)
FiscalYear
2004 2005 2006 2007
Governmental activities
Net investment in capitalassets
Restricted
Unrestricted
Total governmental activities net position
Business-type activities
Net investment in capitalassets
Restricted
Unrestricted
Total business{ype activities net position
Primary government
Net investment in capitalassets
Restricted
Unrestricted
ïotal primary government net position
s 144,878,688 $ 1
$ 94,619,419
15,944,416
34,315,853
$ 100,950,333
16,699,109
36,569,953
$ 108,3s9,511
17,167,913
37,686,372
$ 1 13,859,357
18,571,430
42,994,411
54,107,394
$ 26,644,501 $
809,500
6,340,472
28,566,202 $
809,500
6,179,451
30,991,450 $
808,500
6,285,467
36,487,952
808,500
5,569,366
$ 33,793,473 $ 35,554,153 $ 38,085,417 $ 42,865,718
$ t2t,262,920
16,752,916
40,656,325
$ 129,416,535 $ 139,350,961
17,496,609 17,976,413
42,749,404 43,971,939
$ 150,347,209
19,379,930
49,563,777
$ 178,672,161 $ 189,661,547 g 201,299,213 $ 21g,290,916
– 106 –

Fiscal Year
2008 2009 2010 2011 2012 2013
$ 118,688,310 $ 123,367,386 $ 131 ,237,132 g 145,480,365 $ tSt,13O,O97 $ t
20,491 ,013 21,421,340 22,341 ,338 24,OgO,2oO 24,405,g2g
45,657,412 49,697,913 52,747,529 50,939,2g9 50,704,056
55,314,591
24,150,307
54,889,657
_q_1_e4,æA, ?35 _q_1_93,486,539 _q 206,325,99S _$ 220,509,853 Å 226,239, 981 $ 234 555
$ ¿t,521,531 $
449,500
4,019,315
44,414,522 $
449,500
4,522,039
46,273,076 $
9,500
4,897,575
52,510,319 $
9,500
6,729,994
70,328,202 $
9,500
(76,329)
79,677,940
9,500
(5,621,533)
$ 45,989,346 $ 49,386,060 $ St ,17O,151 $ 59,248,703 $ 70,261 ,373 $ 74,065,907
$ 167,781,909 ç 177,510,209 g 197,990,684 $ 221,458,2gg g 234,992,531
21,870,840 22,350,838 24,099,700 24,415,328 24,159,807
$ 160,209,941
20,940,513
49,675,727 53,219,951 57,635,103 57,668,172 50,627,727 49,267,124
$ 230,826,081 $ 242,8?2,599 S_25r,496,149 _q_2r9,r5S,556 _q 296501,354 _$_A08,41 9,462
-107-

City of Cedar Falls, lowa
Ghanges in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
(Page I of2)
Fiscal Year
2004 2005 2006
Expenses
Governmental activities:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic development
General government
Debt service
Capital projects
Total governmental activities expenses
Business-type activities:
Sewer
Refuse
Storm Water
Total business-type activities expenses
Total primary government expenses
Program Revenues
Governmental activities:
Charges for services:
Public Safety
Public Works
Culture and Recreation
General Government
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business-type activities:
Charges for services:
Sewer
Refuse
Storm Water
Capital grants and contributions: sewer and storm water
Tota I busi ness-type activities prog ram revenues
Total primary government program revenues
Net (Expense)/Reven ues
Governmental activities
Business-type activities
Total primary government net expense
26,544,816 28.5 76,734
$ 6,378,906
8,083,107
177,236
4,788,464
2,641,914
3,309,062
1,046,548
119,579
$ 6,786,083 $
8,121,486
261,476
5,350,058
3,345,487
3,751 ,183
960,961
6,920,986
9,291,307
325,479
5,911,073
4,353,658
3,972,891
968,298
31,743,692
2,656,015
1,699,546
2,777,820
2,176,174
3,212,254
1,797,655
4,3s5,561 4,953,994 909
$ 30,e00,377 $ 33.530 ,728 $ 36. 753,601
$ sot,zsa
311,932
1,356,978
1,147,836
2,207,574
4,210,176
602,800
209,424
1,550,008
1,242,703
3,143,285
$ 715,066
344,195
1,841,570
I ,323,816
2,533,024
3,622,803
10,380,478
$
2.759,995
9,796 ,284 9,508,215
3,747,185
2,471,886
3,777,236
2,460,525
3,862,562
2,576,395
11,687 820,264 1,553,151
$ 16,027,042 $ 16.s66 ,240
758 7.058 ,025 7,992,108
$ 18,372,586
(16,748,532) (19,068,519) (2’t,363,214)
_ 1,875,197 2,104,031
$ (14,873,335ì $ (16,964,488I
2 982 199
– 108 –

Fiscal Year
2007 2008 2009 2010 2011 2012 2013
$ 6,602,108 $
9,390,405
147,O07
5,894,494
4,341,611
3,918,s50
930,278
8,065,013 $
9,696,327
234,124
6,736,108
4,346,385
4,244,545
831 ,315
7,192,846 $
13,938,703
310,365
6,836,437
5,677,705
4,619,221
754,989
7,725,740 $
10,699,831
164,836
6,864,804
7,019,195
4,797,762
741,933
8,62s,520 $
10,949,200
326,666
7,104,212
7,291,549
4,493,885
551,543
8,462,143 $
12,971,278
316,339
7,098,908
7,815,848
4,333,403
452,378
9,491,677
11,909,568
320,864
7,262,110
8,357,058
4,890,409
228,173
31,224,453 34,153,817 39,330 ,266 38,014,101 39.342 ,575 41,450,297 42,459,859
3,359,111
2,011,573
61 192
5, 989,876
$ 37,214,325
3,009,639
2,142,679
652,999
3,178,3s4
2,355,999
620 460
3,187,378
2,410,813
732,218
3,223,476
2,537,735
3,336,990
2,492,305
722,991
3,617,688
2,770,264
075 728 713
5,805,317
$ 39,959,134
6,1 54,813 6,330,409
$ 44,344,510
6,454,286
$ 4s,796,861
6,552 ,286 7,116,665
$ 49,576,524$ 45, 485,079 $ 48.002 ,583
$ 534,722
249,903
2,028,869
1,466,523
2,365,608
4,395,714
11.422 ,844 11,041,339
567,948 $
282,146
2,024,082
1 ,1 65,048
2,461,032
4,922,588
$ 538,3e8
259,569
2,184,620
1,’19’1,151
2,153,921
7,183,972
13,51 1,631
$ s97,348
240,997
2,170,036
1,587,244
1,606,798
8,928,178
661,784
217,172
2,206,722
1,588,066
2,360,697
$ 748,246
199,648
2,469,465
1,682,397
1,695,117
11,s29,905
18,324,778
$ 673,860
204,592
2,400,747
1,632,567
2,098,639
6,479,932
337
$
15,0 73,637
1 5,1 30 ,601 22,108,078
3,794,631
2,746,393
731,844
3,775,728
2,833,449
780,666
3,999,239
3,148,295
780,837
983,243
4,015,527
3,186,384
787,942
128.795
4,138,346
3,318,008
806,364
460,559
4,313,923
3,328,306
826,986
140,450
4,574,181
2,996,396
890,893
577.4113.221 ,140 950
10,494,008
$ 21 ,916,8s2
7,723,793 8,911 ,614 8,118,648
$ 23,249,249
8,609,66s
$ 26,934,443
9. 038,881
$ 30,831 ,355 $ 22,529,218
(22,883,s00) (17,234,497) (23,125,s19) (28,969,522)
788 239
8, 723,277
$ 18. 765j32 $ 22,423,245
(19,801,609)
4,504,132
@
(23,112,478)
918 76
(25,818,635)
2,756,801
S?3F61€-34-i-
2,268,991 2,057,379
F-Jî4Fdsso-6l5-J21^0-68-140I
16
– 109 –
(continued)

City of Gedar Falls, lowa
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
(Page 2 of 2)
Fiscal Year
2004 2005 2006
General Revenues and Other Changes in Net position
Governmental activities:
General revenues:
Property taxes and assessments
Other city taxes
Use of money and property
lntergovernmental
Miscellaneous
Gain on sale of assets
UtiliÇ contribution in lieu of taxes
Transfers
Total governmental activities
Business-type activities:
General revenues:
Property taxes and assessments
Use of money and property
Transfers
Total business-type activities
Total primary government
Ghange in Net Position
Governmental activities
Business-type activities
Total primary government
190,965 (343,351) 1450 ,93s)
$ 27,273,439 g 27,953,874 $ 30.01 8,681
$ 10,333,942 $ 9,228,706 $ 9,106,402
1,760,680 2,531,264
ElõF8e¡-silT-f TF–?,666-
$ 14,110,761
4,169,362
2,618,556
3,785,710
946,12′,1
72,034
1,400,000
(2O,070’,)
$ 16,034,121
4,349,790
1,874,497
3,809,479
207,661
65,215
1,400,000
556,462
28,297,225
$ 17,163,242
4,709,758
2,425,140
3,527,541
491,847
1,400,000
30,469,616
301 ,153
27.082 ,474
54,475
116,420
20,070
149
212,962
4621 (752,088)
2 162
-110-

(continued)
Fiscal Year
2007 2008 2009 2010 2011 2012 2013
$ 18,931 ,378 $
4,582,479
2,924,080
3,5s1,69s
474,249
19,468,413
5,060,324
2,868,337
3,728,669
850,716
$ 20,994,332 $
5,308,296
2,421,181
3,693,255
965,194
1,500,000
(413,819)
34,468,439
22,066,237
5,022,500
1,640,456
4,2s8,253
1,127,964
1,524,990
82,s59
$ 23,373,676
5,291,546
1,344,936
4,269,554
1,324,189
5,668
1,57s,010
(5,771,627\
g 23,802,’t24
5,754,706
1,275,402
4,256,073
1,014,890
6,606
1,625,000
(8,91 9,1 54)
$ 24,695,940
5,544,604
1,268,202
4,40s,345
1,375,437
1,637,000
(1,843,4321
37,083,096
1,400,000
1 49,1 30
1,400,000
ß52,444\
32.01 3,011 32,524,015 35,722,959 31.41 8,352 28,85s ,647
1,287
424,012
(149,130)
1,609
351,099
852,444
1,961
224,133
413.819
36,137 38,886
8,91 9,154
276,169
$ 32,289,180
‘t,205,152
$ 33,729,167
639,913 8,955,291 1 ,882,318
$ 38,965,414$ 3s.108 ,3s2 $ 35.71 8,811 $ 37.227 ,913 $ 37,810 ,938
$ 12,211,402 $ 9,411,s37 $ 8,649,304 $ 12,83s,45s $ 14,183,855 $ s,730,1284,780,301 Wry __Æ:4! _ 1,784,0s1 8,078,552 11,012,670F]6-B%?-?0r FlæEf5_ 5læ46m- Fl4sr3s–sl @ ffi
$ 8,1 13,574
534
-111-

City of Gedar Falls, lowa
Fund Balances, Governmental Funds,
Last Ten Fiscal years
(modified accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007
General Fund
Nonspendable
Assigned
Unassigned
ïotal general fund
All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
ïotal all other governmental funds
$5. 808,422 $ 6.375,134 $ 7 342 $ 7. 565,592
$ $ $ $78,299
896,147
4,833,976
86,234
841,776
5,447,124
119,589
695,321
6,251,432
147,220
1,196,550
6,221,822
$ 143,013 $
21,379,781
12,179,838
7,984,681
(2,458)
140,490
22,7’12,063
12,689,217
8,982,080
(50e,6e0)
$ 133,443
24,404,192
13,199,514
7,020,781
(se8,e88)
$ lsr,sro
24,333,854
13,069,761
9,382,350
(701,s32)
$41 s 44.014,160 $ 44.1 63,942 $ 46,23s,s43
-112-

Fiscal Year
2008 2009 2010 2011 2012 2013
$ $ $ $131,466
1,122,010
6,291,771
132,803
1,246,712
6,473,074
178,147
1,620,436
6,489,104
181,341
1,445,007
6,498,932
$ 180,689
1,722,948
7,045,817
241,612
1,817,084
6,978,807
$
$ 7,545,247 $ 7,8s2,589 $ 8.287 ,687 $ 8.12 5,280 $ 8.949 ,454 $ 9.037 ,503
$ 83,341
27,182,248
13,723,684
9,700,146
(358,297)
$ e¿,zgt
25,967,407
14,395,783
9,526,406
(186,530)
$ 126,2ss
26,841,011
15,163,647
11,201,701
(1,740,555)
$ 201,20s $
27,037,209
15,697,718
10,758,664
(2,840,288)
256,912
25,892,197
16,145,534
12,916,571
(4,343,889)
$ 306,613
25,435,109
1ô,551 ,1 1 5
14,559,803
(1 ,193,291)
$ 50,331,122 $ 49,787,857 $ 51.592 ,ose $ $ s0,867 ,325 $ 55.659 ,349
-113-

City of Gedar Falls, lowa
Changes in Fund Balances, Governmental Funds,
Last Ten Fiscal years
(modified accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007
Revenues:
Property taxes and assessments
Other city taxes
Licenses and permits
Use of money and property
lntergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
Utility contribution in lieu of taxes
Total revenues
Expenditures:
Current:
Public safety
Public works
Health and social services
Culture and recreation
Community and economic
development
General government
Debt service
Principal
lnterest
Capital projects
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
lssuance of long-term debt
Premium on long-term debt
lssuance of refunding debt
Discount on long-term debt
Land contract
Payments on refunding bonds
Transfers in
ïransfers out
Total other financing sources
(uses)
Net change in fund balances
Debt service as a percentage of
noncapital expenditures
1 400,000 ‘1,400 000 000
$ 34,436 ,522 34,556 ,421 $ 37.221 ,187 $ 39,554,090
$ 14,085,403 $
4,169,362
947,159
2,619,556
6,324,293
1,994,119
547,257
2,460,394
16,033,559 $
4,210,659
923,727
1,874,497
6,457,295
2,244,467
436,741
975,479
17,186,164
4,712,426
982,954
2,425,140
6,834,940
2,599,376
652,321
437,966
1,400,000
$ 18,931,049
4,564,009
785,116
2,924,090
7,047,600
2,797,909
466,199
649,1 1g
1
$ 6,288,812 $
6,997,749
50,921
4,246,929
2,600,174
3,075,636
4,025,954
1,067,520
6,656,971
6,692,529 $
7,364,214
135,160
4,756,551
2,523,565
3,455,372
3,409,713
1,029,414
7,173,967 $
7,595,353
I gg,1 64
5,277,697
2,394,359
3,814,373
2,920,000
937,274
7,373,926
7,929,949
838,195
5,330,492
2,345,966
3,929,549
3,040,000
916,414
5,392,9998,257 ,673 I 612 287
$3s 6$ 37,623j90 $ 39,914,464 $ 37,096,269
$ (564 ,044\ ,066 769 $ (2,693,277) $ 2,457,a12
$ 2,355,000 $ 5,45o,ooo $ 2,g3s,ooo $
(14,130)
1,200,000
3,777,372
(3,822,938)
(17,594)
7,349,961
(6,924,992)
5,650,000
(43,274)
(5,650,000)
5,999,757
(5,289,524)
5,914,949
(5,942,507)
$ 3,495,304 $ 5 957,375 $ 3 5e$ 72,341
2,890,606 $ 809,682 $ 2,s30,1s3$ 2,931,260 $
18.0o/o
-114-
16.9o/o 13.8% 14.60/o

Fiscal Year
2008 2009 2010 2011 2012 2013
$ 19,459,594 $
5,032,799
1,031,667
2,969,337
9,1 53,1 04
2,927,076
421,274
803,161
20,994,332 $
5,339,099
767,939
2,421,181
10,199,992
2,969,223
436,578
994,537
22,066,237 $
5,029,677
1,106,716
1,640,456
12,351,723
3,115,157
373,752
1,057,446
1,524,990
23,379,676
5,292,406
1,093,024
1,344,936
21,764,416
3,179,755
400,965
1,370,497
1 ,575,010
$ 23,766,946 $
5,755,920
1,162,401
1,275,402
19,920,930
3,507,339
430,016
1,052,265
24,696,793
5,519,022
1 ,076,196
1,268,202
12,599,954
3,386,415
449,165
1 ,359,1921,400 000 1,500 ,000
$+z 997,0’11 $
1,625,000 1 637,000
45,611,979 $ ¿e, 266j54 $ 59 389,695 $ 57,496,119 $51 990 919
$ 7,996,188 $
7,292,523
97,296
5,536,493
7,551,507 $
7,793,997
163,528
6,065,699
2,253,049
4,381,790
2,910,000
739,841
486,565
7,922,903 $
8,816,279
87,304
6,076,259
8,155,206 $
9,027,992
17g,Og4
6,557,554
8,375,159 $
10,910,336
167,759
6,410,049
8,ggg,g42
10,099,252
172,284
6,449,626
2,646,490
4,694,063
2,529,313
4,1 69,1 61
2,850,000
806,181
9,857 ,325 13
2,291,961
4,613,694
2,930,000
728,057
16,357,596
2,602,604
4,316,949
3,235,000
596,048
2 00 053
2,447,212
4,775,991
3,415,000
503,383
11,390,660
2,685,000
271,009
9,544,629
$ 41,113,460 45,335 ,875 $ 49,823,931 $ 54,669 ,490 $ 48,295,538 $ 45,542,295
$ 1,883,551 $ 276,004 $ (1.557 ,777\ $ 4 720,195 $ g,2oo,sg1 $ 6,449,624
$ 4,B2o,ooo $
(1,645,000)
(30,1 25)
8,359,264
(9,227,533)
10,291,922
(10,906,635)
$ 3,44o,ooo $
227,162
5,135,000
(28,724)
(5,325,000)
11 ,017,106
(10,755,275)
9,806,376
(15,504,674)
3,320,000
(8,300)
(3,295,000)
11,275,219
(19,720,563)
13,297,694
(14,976,969)
$ $
$ 2,275,606 $ (51 4,713t $ 3,710,269 $ (5,699,299 $ (8,41S ,644′)
$_l,1sg z_ _q__(238,r0Ð. S__2,ß2,4e2_ $_ (er8,l_q!l
11.4% 10.1o/o 10.3o/o 10.7%
$ zer,ggz
-115-
10.2% 8.0%

City of Gedar Falls, lowa
Assessed and Taxable Value of property
Last Ten Fiscal Years
(Unaudited)
Real and Personal Pro perty
Reqular Aqricultural Land
Levy
Year
For Fiscal
Year
Endíng
June 30,
Taxable
Value
Assessed
Value
Taxable
Value
Assessed
Value
2003 2004$g17,g96,gg0$1,420,200,646$6,926,500$6,926,500
2004 2005 903,439,479 1,669,493,277 5,419,730 5,418,730
2005 2006 920,739,030 1,732,109,902 5,347,650 5,347,650
2006 2007 985,250,969 1,925,997,344 5,771,140 5,771,140
2007 2008 1,019,530,694 2,00g,35g,g26 5,453,530 5,453,530
2008 2009 1,099,295,277 2,246,395,915 5,439,677 6,036,1 10
2009 2010 1 ,150,079,051 2,330,760,1 55 5,525,129 5,886,760
2010 2011 1,195,969,161 2,393,911,221 5,3g1,329 8,196,740
2011 2012 1,254,921,347 2,450,027,999 5,572,605 8,292,560
2012 2013 1,393,51 1,204
Source: Black Hawk County Auditor’s Office
2,609,407,333 5,671,067 9,912,510
Note: Property in the city is reassessed every other year. Tax rates are per $1,000 of assessed
value.
-116-

Taxable
Value
Assessed
Value
Total Taxable
Value as a
Percentage of
Assessed
Value
Total
Total
Direct
Tax
Rate
$ 824,823,480 $ 1,427,127,146 57.g0 % $ 14.10410
908,959,209 1,673,902,007 54.30 13.65325
926,096,690 1,737,456,552 53.30 14.05084
991,022,009 1,931 ,759,494 51.30 13.84420
1,023,994,214 2,013,912,356 50.g5 13.60793
1,103,733,954 2,252,421,925 49.00 13.26327
1 ,155,603,179 2,336,646,915 49.46 13.O2110
1,191,350,490 2,402,107,961 49.60 12.99252
1,260,393,952 2,459,320,459 51.27 12.86369
1,399,192,271 2,619,319,g43 53.44 12.20300
-117 –

City of Gedar Falls, lowa
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
(Unaudited)
City of Cedar Falls
Overlappinq Rates
Black Hawk County
Fiscal
Year
Operating
Millaqe
Debt
Service
Total City
Millage
Operating
Millage
Debt
Service
Total
County
Millage
2004 $ 11.93225 $ 2.17185 $ 14.10410 $ 7.15152 $ 0.59469 $ 7.74621
2005 11 .85492 1 .79833 13.65325 6.90953 0.58284 7.49237
2006 12.39156 1.65928 14.05084 7.04780 0.56052 7.60832
2007 12.51746 L32674 13.84420 6.83182 0.55784 7.38966
2008 12.41427 1 .19366 13.60793 6.82613 0.58407 7.41020
2009 1 1 .94886 1 .31441 13.26327 6.35616 0.57975 6.93591
2010 11 .82625 1 .19485 13.02110 6.12831 0.57689 6.70520
2011 11.81700 1.17552 12.99252 6.22972 0.44212 6.67184
2012 11.79924 1.06445 12.86369 5.92415 0.67322 6.59737
2013 11.68479 0.51821 12.20300
Source: Department of Management website
5.59849 0.64144 6.23993
Note: The city’s general fund maximum property tax rate may only be $g.1o per $1 ,000 of
valuation. The remaining portion of the operating rate and the rate for debt service are
set based on each year’s requirements.
-118-

Overlapp ing Rates
Schools
Operating
Millaqe
Debt
Service
Total
School
Millage Other
$ 13.91234 $
13.00577
13.02846
13.02447
13.13283
13.73251
13.73228
14.15215
13.78651
1337802
Total
$ 13.91234 $ 1.13876 $ 36.90141
13.OO577 1.36743 35.51882
13.02846 1.42197 36.1 0959
13.02447 1.34392 35.60225
13.13283 1.18405 35.33501
13.73251 1.36422 35_29591
13.73228 1.33721 34.79579
14.15215 1.38794 35.20445
13.78651 1.28109 34.52866
13.37802 1.3377 33.15865
-119-

City of Cedar Falls, lowa
Pri ncipal Property Taxpayers
Current Year and Nine Years Ago
2004
Taxpaver
Assessed
Valuation for
Fiscal Year
2003 -2004 Rank
Percentage
of Total
Assessed
Valuation
Target Corporation
College Square Mall Assoc. LLC
R and N lnvestments
Walmart Re Business Trust
WB CF Assoc LTD Partners
Twenty Seventh Street Assoc, LLC
Cedar Falls lnvestments, LLC
Gold Falls Villa Apart LLC
Standard Distribution Co.
Harvest Mallard Point Retirement
Quest Corporation (US West, lnc)
Davenport Farm & Fleet, lnc.
Cedar Falls Retirement Residence
Christopherson, Jerry
Lockard Blackhawk LC
SUH Northern lowa, LLC
$ 29,994,090
5,140,960
6,818,405
5,833,160
6,855,470
5,322,420
6,134,500
5,269,390
2.10 %
0.36
0.49
0.48
0.41
0.48
0.37
0.43
0.37
5″49 o/o
1
I
6,987,210 2
4
6
3
7
5
I
$ 78,354,595
Source: Black Hawk County Auditor’s Office
Note: There was only data available for the top nine taxpayers for 2004.
-120-

2013
Assessed
Valuation for
Fiscal Year
2012 – 2013 Rank
Percentage
of Total
Assessed
Valuation
$ 85,871,200
30,224,620
13,909,090
13,574,740
12,739,950
11,533,470
9,243,740
8,964,160
8,326,900
8,164,470
3.28 o/o
1.15
0.53
0.52
0.49
0.44
0.35
0.34
0.32
0.31
1
2
3
4
5
6
7
I
I
10
$ 202,550,240 7.73 %
-121-

City of Gedar Falls, lowa
Property Tax Levies and Gollections
Last Ten Fiscal Years
(Unaudited)
Levy
Year
For Fiscal
Year
Endíng
June 30,
Total
Tax Lew
Current
Tax
Collection
Percentage
of Current
Taxes
Collected
Delinquent
Tax
Collectíons
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 2013 17,297,169
Source: Black Hawk County Auditor’s Office.
2OO4 $ 11,796,749 $ 11,924,764 100.24% $ 1O4
2005 12,646,619 12,643,423 gg.g7
2006 13,267,496 13,396,021 100.97 1,479
2007 13,963,307 14,007,952 100.32 108
2008 14,161,591 14,114,301 99.67 6,972
2009 14,989,920 14,915,373 99.50 1,464
2010 15,398,267 15,370,354 gg.g2 2,009
2011 15,871,931 15,850,623 gg.g7 7,350
2012 16,552,935 16,576,996 100.1 5 15,223
17,091,764 gg.g7 3,967
-122-

Total Tax
Collections
Total Tax
Collections as
a Percentage
of Total
Tax Lew
Outstanding
Delinquent
Taxes
Delinquent
Taxes as a
Percentage
of Total
Tax Levy
$ 11,924,969 100.24 % $ g4,733
12,643,423 gg.g7
13,397,500 100.99
14,007,960 100.32
14,121,273 99.72
14,916,937 99.51
15,372,363 gg.g3
15,857,973 gg.g1
16,592,219 100.24
17,095,731 98.89
0.72 o/o
84,230 0.67
56,511 0.43
49,550 0.35
47,296 0.33
45,039 0.30
39,266 0.26
38,390 0.24
22,693 0.14
25,924 0.15
-123-

City of Cedar Falls, lowa
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-Type Activities
Fiscal
Year
General
Obligation
Bonds
Tax lncrement
Financing
Bonds
General Obligation
General Obligation
Capital Loan
Note
General
Obligation
Bonds
Revenue
Debt
2004 $ 19,210,000 $ 3,115,000 $ 2,850,000 $ 4,705,000
2005 16,115,000 7,225,000 2,160,000 4,075,000
2006 16,960,000 6,395,000 2,980,000 3,420,000
2007 14,670,000 5,545,000 2,270,000 2,740,000
2008 11,055,000 4,665,000 4,820,000 5,925,000 1,005,000
2009 9,435,000 3,760,000 4,435,000 5,295,000 765,000
2010 5,360,000 2,865,000 9,725,000 4,735,000
2011 4,340,000 2,015,000 8,360,000 4,160,000
2012 1,125,000 10,210,000 2,755,000 210,640
2013 575,000 g,075,000 2,335,000 210,640
Note: Details regarding the city’s outstanding debt can be found in the notes to the financÍal
statements.
1 Population and personal income data can be found on page 136
-124-

Busine SS- Activities
Capital
Loans
Total
Primary
Government
Percentage
of Personal
lncomel
Per
Capital
795
813
814
692
728
619
588
481
385
$ 28,890,000 2.96 o/o
29,575,000 2.95
29,655,000 2.60
25,225,000 2.15
27,370,O00 2.15
23,690,000 1.89
22,695,000 1.66
18,875,000 1.32
820,000 15,120,640 1.O4
625,000 11,920,640 0.77 301
-125-

City of Cedar Falls, Iowa
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal
Year
General
Obligation
Debt
Taxable
Value of
Percentage
Taxable Value
of Property
Assessed
Value of
P
2004 $ 24,175,000 $ 924,923,490 2.93 % $ 1,427,127,146
2005 25,500,000 908,859,209 2.81 1,673,902,007
2006 26,235,O00 926,096,690 2.83 1,737,456,552
2007 22,485,O00 991,022,009 2.27 1,931 ,759,494
2008 26,365,000 1,023,994,214 2.57 2,013,912,356
2009 22,915,000 1,103,733,954 2.08 2,252,421,925
2010 22,685,000 1 ,155,603,179 1.96 2,336,646,915
2011 18,875,000 1,191,350,490 1.58 2,402,107,961
2012 14,090,000 1,260,393,952 1.12 2,458,320,459
2013 10,995,000 1 ,399,1 92,271 0.79 2,619,319,g43
Note: Detaíls regarding the city’s outstanding debt can be found in the notes to the
financial statements.
1 lncludes only general obligation debt supported by property tax dollars.
-126-

Percentage
Assessed
Value
of Property
1.69 %
1.52
1.51
1.16
1.31
1.02
0.97
0.79
0.57
0.42
665.19
700.93
720.41
617.23
701.51
599.01
588.33
480.77
358.89
279.80
Per
-127 –

City of Cedar Falls, lowa
Direct and Overlapping Debt
As ofJune 30,2013
Jurisdiction
Net General
Obligation
Bonded Debt
Outstanding
Percentage
Applicable
to City 1
Amount
Applicable
to
Government
Direct, City of Cedar Falls, lowa $ 8,650,000 100.00 % $ 9,650,000
Overlapping:
Black Hawk County $ 39,020,000 32.01 g 12,490,302
Cedar Falls Public School District
Area Vll Hawkeye Community College 4,770,O00 19.04 908,208
Total Overlapping $ 43,790,000 $ 13,398,510
Total $ 52,440,000 $ 22,048,510
Source: Black Hawk County Audítor
Note: Overlapping governments are those that coincide, at least in part, with the geographic
boundaries of the city. This schedule estimates the portion of the outstanding debt of those
overlapping governments that is borne by the residents and businesses of Cedar Falls. This
process recognizes that, when considering the city’s ability to issue and repay long-term debt,
the entire debt burden borne by the residents and businesses should be taken into account.
However, this does not imply that every taxpayer is a resident, and therefore responsible for
repaying the debt, of each overlapping government.
t’ The percentage of overlapping debt applicable is estimated using net taxable property values.
Applicable percentages were estimated by determining the portion of the County’s net value that
is within the government’s boundaries and dividing it by the county’s total value.
-128-

City of Cedar Falls, lowa
Legal Debt Margin lnformation
Last Ten FiscalYears
FiscalYear
Debt Limit
Total net debt
applicable to limit
Legal debt margin
Total net debt
applicable to
the limit as a
percentage of
of debt limit
2004 2005 2006 2007 2008
$ 71,356,357 $ 83,695,100 $ 86,872,828 $ 96,5A7,924 $ 100,g07,511
27,265,000 29,260,000 29,660,000 24,555,000 2g,070,000
$ 44,091,3s7 $ 55,435,100 $ 58,212,929 g ?2,032,9% $ ?2,13?,511
38.21% 33.77o/o 32.99% 25.42o/o 27.85o/o
Note: Under lowa code, the cíty’s outstanding general obligation debt should not exceed
5 percent of total assessed property value.
-129-

2009 2010 2011 2012 2013
$ 114,324,931 $ 118,846,750 $ 122,094,381 $ 125,016,901 g 132,967,511
24,235,000 25,005,000 20,770,000 16,660,000 13,205,000
$ 90,089,931 $ 93,841,750 $ 101,324,381 $ 108,356,901_ S__119J62þ11
21.20o/o 21.04o/o 17.01o/o 13.33% 9.93%
Legal Debt Margin Galculation for Fiscal year 2013
Estimated actualvaluation $ 2,659,g50,229
Debt limit – 5o/o of total actual valuation
Debt applicable to debt limit:
General obligation bonds
General obligation bonds – component unit
Legal debt margin
$ 132,967,511
1 1,610,000
1,595,000
$ 119,762,511
– 130 –

City of Gedar Falls, lowa
Revenue Bond Coverage
Sewer Authority
Last Ten Fiscal Years
Fiscal
Year
Gross
Revenues
Less:
Operating
Expenses 1
Net Revenue
Available
for Debt
Servíce
Debt Service Requirements 2
Principal lnterest
2004 $3,935,712 $1,533,995 92,301,927 $ 395,000 $ 172,735
2005 3,943,396 1,622,996 2,320,510 630,000 212,069
2006 4,118,235 2,021,641 2,096,594 655,000 175,227
2007 4,157,339 2,350,397 1,906,941 680,000 146,799
2008 4,070,619 1 ,977 ,204 2,093,415 1 ,735,000 1 16,36g
2009 4,169,965 2,077,597 2,092,379 240,000 28,583
2010 4,066,1 10 2,076,699 1,999,421 765,000 22,103
2011 4,162,150 2,113,293 2,049,967
2012 4,333,859 1,902,799 2,431,060 5,108
2013 4,596,372 2,254,091 2,342,291 6,319
Note: Details regarding the city’s outstanding debt can be found in the notes to the financial
statements.
t Net of depreciation, interest, and debt service transfers.
2 tncludes principal and interest of revenue bonds only.
-131 –

Debt Service
Requirements2
Total Coverage
$ 567,735 4.05
842,069 2.76
830,227 2.53
826,798 2.19
1,851,369 1.13
268,583 7.79
787,103 2.53
5,109 475.93
6,319 370.67
-132-

Fiscal
Year
2003 – 04
2004 – 05
2005 – 06
2006 – 07
2007 – 08
2008 – 09
2009 – 10
2010 – 11
2011 – 12
2012 – 13
City of Cedar Falls, lowa
Sales History and Total Sewer Gharges
Last Ten Fiscal years
Water
Sales (CCF)
1,969,675
1,700,179
1,737,946
1,695,516
1,765,541
1,873,290
1,523,693
1,664,699
1 ,750,015
1,826,799
Source: Cedar Falls Utilities
Sewer
Charqes
$ 3,686,991
3,603,779
3,644,514
3,694,725
4,492,230
4,666,695
4,665,753
4,735,793
4,953,594
5,239,056
– 133 –

Gity of Cedar Falls, lowa
Water Meter by Rate Glass
Last Ten Fiscal Years
Fiscal
Year Residential Commercial lndustrial Government Other Total
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
10,365
10,764
11,057
11,237
11,445
11,259
11,529
11,914
11,957
12,329
890
909
936
955
983
972
984
991
995
1,002
173
177
183
190
195
197
196
200
208
211
11,470
11,890
12,214
12,420
12,664
12,465
12,746
13,041
13,196
13,576
39
37
35
35
38
35
34
33
33
32
3
3
3
3
3
3
3
3
3
3
Source: Cedar Falls Utilities
-134-

City of Gedar Falls, lowa
Largest Sewer Customers
Fiscal Yea¡ 2O13
Water
Sales
Percent of
TotalWater
Sales
Sewer
Charges
Percent of
TotalSewer
ChargesCustomer
Uníversity of Northern lowa
Nazareth Lutheran Church
Western Home Communities
Country Terrace MHP LLC-700 W Ridgeway
Target Corporation
Metokote Corporation
College Park Mills
CF Schools
Newaldaya Lifescapes
Sartori Memorial Hospital, lnc.
Gold Falls Villa Apts.
Clark Enterprises LLC
ïotal2013 CCF
Total 2013 Sewer Billings
‘l
2
3
4
5
6
7
I
I
10
11
12
95,943
30,323
24,686
20,230
17,471
16,495
10,569
9,736
9,311
8,714
8,353
6,193
1,826,799
$5,238,056
5.25 %
1.66
1.35
1.11
0.96
0.90
0.58
0.53
0.51
0.48
0.46
0.34
251,099
65,136
97,795
85,340
57,012
35,986
36,271
29,406
31,739
‘18,874
49,251
38,364
4.79 %
1.24
1.87
1.63
1.09
0.69
0.69
0.56
0.61
0.36
0.94
0.73
$
Source: Cedar Falls Utilities, Finance Dept. special lS report
– 135 –

City of Cedar Falls, lowa
Demographic and Economic Statistics
Last Ten Galendar Years
Year Population
Personal
lncome
Per Capita
Personal
tncomel
Median
Age
School
Enrollment
Unemployment
Rate
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
36,343
36,390
36,417
36,429
37,593
38,255
38,559
39,260
39,260
39,260
26,846
27,531
31,331
32,239
33,839
32,705
35,409
36,376
36,903
39,195
26.0
25.7
25.7
25.7
25.7
25.7
25.4
26.8
26.8
26.8
4,437
4,393
4,435
4,502
4,501
4,515
4,679
4,645
5,069
5,121
$ 975,664,179 $
1,001 ,577,790
1,140,991,027
1,174,399,102
1,271,771,137
1,251,129,775
1,365,261,664
1,428,121,760
1,449,911,790
1,539,795,700
4.0
3.7
2.9
2.3
2.6
3.2
4.2
5.9
3.8
3.5
Sources: Population provided by the US Census Bureau. School enrollment is supplied by the
Cedar Falls Board of Education. Unemployment data provided by the lowa Workforce.
Note: Population and median age information are based on surveys conducted during the
last quarter of the calendar year. Personal income information is a total for the year.
Unemployment rate information is an adjusted yearly average. School enrollment is based on
the census at the start of the school year.
1 Per Capita lncome is based on Metropolitan Waterloo/Cedar Falls and based on figures from
Bureau of Economic Analysis
– 136 –

City of Cedar Falls, lowa
Principal Employers
Gurrent Year and Nine Years Ago
2004
Employees Empl
Number of
Percentage
of Total City
20.660/0
10.53o/o
2.99o/o
2.91%
1.94%
2.15o/o
1.600/0
1.31o/o
131%
1.29o/o
oyees’l Rank Empl oyment
John Deere Product Engineer Center 2
Wheaton Franciscan Healthcare 2
University of Northern lowa
Hy-Vee Food Stores 2
Area Education Agency 267
Wal-Mart Super Center 2
Cedar Falls Communíty School District
Target Distribution
City of Cedar Falls/Municipal Utilities
Viking Pump lnc, Unit of lndex Corp.
Martin Brothers Distributing Co., lnc
The Western Home
Principal Financial Group
Cedar Falls Lutheran Home
Total
4,265
2,173
617
600
400
443
330
271
271
267
1
2
3
4
6
5
7
8
I
10
9,637 46.69%
source: official Bond statements from public Financial Management, lnc.
1
Number of employees includes all full{ime, part-time and seasonal employees.
2
Number of employees includes multiple locations in both Cedar Falls and Waterloo.
-137 –

2013
Number of
Emp loyeesl Rank Em
6,739
3,027
2,586
1 ,155
1 ,150
750
750
572
540
466
1
2
3
4
5
6
7
I
I
10
Percentage
of Total City
28.43o/o
12.77o/o
10.91%
4.87%
4.85%
3.16%
3.16%
2.41o/o
2.28o/o
1.s7%
17,735 74.81%
– 138 –

City of Gedar Falls, lowa
Full-Time Equivalent Gity Government Employees by Function/Department
Last Ten Fiscal Years
Full-Time Equivalent Employees as of June 30
2004 2005 2006 2007 2008
Public Safety
Police
Fire
lnspection Services
Public Works
Streets
Parking Meter
Engineering
Culture and Recreation
Human & Leisure Administration
Cultural Services
Library
Cemetery
Golf
Parks
Recreation
Visitor & Tourism
Senior Services
Community & Economic Development
Developmental Services Admin.
Economic Development
Planning Services
Block Grant
Housing Vouchers
Section I Housing
General Government
Mayor’s Office
Administrative Services Admin.
Financial Services
Legal Services
Personnel
Public Records
Cable TV
Print Shop
Public Buildings
lnternal Service
lnformation Systems
Vehicle Maintenance
Sewer
Refuse
Storm Water
Total 305.75 307 .62 313.50 317.65 320.20
49.89
34.60
6.00
24.82
3.10
13.60
2.00
9.05
14.80
4.40
6.40
16.20
31.05
2.40
‘1.50
1.85
3.43
2.20
2.50
1.50
1.50
4.95
3.00
2.00
3.50
4.00
1.00
11.31
3.00
6.40
17.30
16.50
49.89
34.60
6.00
24.35
3.10
11.60
50.89
35.60
6.50
25.35
3.10
11.60
2.25
8.81
16.20
4.60
7.15
18.68
31.05
2.60
1.50
1.85
3.43
2.20
2.50
1.50
1.50
4.95
2.00
2.00
3.50
4.00
1.00
14.1″1
4.00
6.40
16.88
15.80
5’t.49
35.65
6.50
24.37
3.66
11.57
2.25
8.00
17.53
4.60
5.s0
18.48
3O.BB
2.90
0.50
1.50
1.77
3.68
2.17
1.79
1.50
1.50
5.95
3.00
3.45
4.30
1.00
14.71
4.00
6.10
16.30
17.80
3.25
51.69
35.65
6.40
24.37
3.61
11.42
2.25
8.00
17.25
4.60
4.70
18.90
32.23
2.90
0.50
1.50
2.10
3.68
1.84
1.79
1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.25
4.00
6.10
16.72
17.80
3.30
2.00
8.81
16.20
4.60
7.15
18.68
31.05
2.60
1.50
1.85
3.43
2.20
2.50
1.50
1.50
4.95
3.00
2.00
3.50
3.00
1.00
12.11
3.00
6.40
16.75
16.80
Source: City’s Financial Plans
– 139 –

Full-Time Equivalent Employees as of June 30
2009 2010 ry1 2012 2013
53.44
35.65
6.40
20.56
3.61
11.42
52.69
35.65
7.40
20.56
3.61
11.42
51.74
33.80
7.40
21.56
3.61
11.42
2.25
8.48
17.73
4.60
5.00
20.65
35.26
3.20
0.78
1.50
2.00
3.68
1.67
1.87
1.50
1.50
6.45
3.00
50.87
33.80
7.40
22.26
3.61
11.42
50.77
35.20
9.s0
22.06
3.81
11.52
1.50
2.02
3.68
1.79
1.93
1.50
1.50
5.95
3.00
2.25
8.00
17.25
4.60
4.90
20.10
33.50
3.20
1.23
2.25
8.20
17.55
4.60
5.30
20.10
34.26
3.20
1.23
1.50
2.00
3.68
1.69
1.84
2.25
8.50
18.56
4.60
5.00
20.65
35.26
3.20
0.78
1.50
2.12
3.68
1.69
1.92
2.25
8.52
19.84
4.60
5.00
21.45
35.26
3.20
0.78
1.50
2.26
3.68
1.68
1.79
1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.25
4.00
6.10
18.38
19.30
3.30
1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.25
1.50
1.50
6.45
3.00
3.70
4.50
1.00
15.84
4.00
6.10
18.38
21.35
4.30
4.10
4.50
1.00
‘t5.84
4.00
6.10
18.38
21.35
4.30
3.70
4.50
1.00
15.84
4.00
6.10
18.38
22.35
4.30
4.00
6.10
18.38
19.30
3.30
325.00 326.71 3s0.82 330.69 335.98
-140-

Gity of Gedar Falls, lowa
Operating lndicators by Function
Last Ten Fiscal Years
Fiscal Year
2004 2005 2006
Public Safety
Police
Physical arrests
Traffic violations
Parking violations
Fire
Number of calls answered
lnspections conducted
Sewer
Sewage System
Daily average treatment in gallons
Maximum daily capacity of treatment plant in gallons
Water System
Daily average consumption in gallons
Maximum daily capacity of plant in gallons
Refusel
Solid Waste
32 Gallon Containers
68 Gallon Containers
95 Gallon Containers
Yard Waste
95 Gallon Containers
Sources: Various city departments
1,672
5,453
37,260
1,511
2,166
4,120,000
21,600,000
1,616
6,007
34,056
1,452
1,807
4,600,000
21,600,000
1,670
4,705
29,952
1,599
2,517
4,550,000
21,600,000
3,900,209
21,600,000
3,439,943
21,600,000
3,636,259
21,600,000
3,155
5,679
1,093
3,299
5,903
1,294
3,344
5,997
1,464
5,2904,499 4,924
‘ Statistícs begin in Fy04
-141 –

Fiscal Year
2007 2008 2009 2010 2011 2012 2013
1,421
2,562
25,575
1,925
2,331
5,730,000
21,600,000
1,353
7,267
26,354
1,936
2,470
6,510,000
21,600,000
1,501
3,544
25,267
2,016
2,076
5,130,000
21,600,000
1,403
3,237
21,726
1,937
3,750
5,726,000
21,600,000
1,199
2,966
18,646
1,924
1,854
5,210,000
21,600,000
1,099
2,939
18,619
2,166
1,929
4,100,000
21,600,000
1,179
5,554
20,ggg
2,190
2,943
4,100,000
21,600,000
3,379,709
21,600,000
3,660,000
21,600,000
4,110,000
21,600,000
4,135,000
22,913,0OO
3,400,000
23,400,000
3,400,000
23,400,000
3,400,000
23,400,000
3,392
6,169
1,652
3,529
6,273
1,760
3,735
6,337
1,876
4,047
6,490
1,999
4,343
6,790
2,163
4,572
6,990
2,301
4,600
6,ggg
2,307
5,575 5,769 5,ggg 6,281 6,554 6,741 6,916
-142-

City of Cedar Falls, lowa
Gapital Asset Statistics by Function
Last Ten Fiscal Years
FiscalYear
Public safety
Police
Stations
Patrol Units
Fire
Stations
Fire apparatus
Public works
Streets
Miles
Street lights
Health and social services
Hospital
Number of patient beds
Cultural and Recreation
Hearst Center for the Arts
Library
Cemeteries
Acreage
Golf
Miniature golf course
Parks
Acreage
Recreation
Recreation Center
Swimming pools
Softballfields
Baseballfields
Tennis courts
Sewer
Sewage System
Miles of sanitary sewer
Miles of storm sewers
Number of treatment plants
Number of service connectors
Water Systems
Miles of water mains
Number of service connectors
Number of city owned fire hydrants
2004 2005 2006 2007 2oO8
2
8
2
I
569
3
56.9
3
1
12
200
2,670
1
101
1
12
203
2,695
1
101
1
1
3
56.9
3
1
34
1,116
162
161
1
11,039
175.30
11,407
1,593
205
2,705
1
101
3
1
34
1,116
163
162
1
11,649
184.70
11,682
1,717
1
10
210
2,856
101
34
1,116
169
167
1
1 1,966
181.80
12,041
1,771
1
10
215
2,998
101
34
1,136
177
168
1
11,975
192.90
12,212
1,951
2
I
2
8
10
2
I
1
1
3
56.9
3
1
34
1,116
56.9
1
I
3
1
1
3
‘l
1
3
1
3
I
2
6
1
3
I
2
6
1
3
I
2
6
1
3
8
2
6
1
3
8
2
b
160
160
1
11,039
169.00
10,967
1,503
Sources: Various city departments
-143-

FiscalYear
2009 2010 2011
1 1
20’t2
217
3,088
1
101
33
1,131
180.47
172.33
1
12,544
199.00
12,544
2,067
2013
10
217
3,025
101
34
1,136
178.62
171.2
1
12,145
195.70
12,169
1,892
217
3,048
101
34
1j36
178.99
171.4
1
12,187
198.24
12,328
1,923
217
3,080
101
34
1,136
180.11
172.13
1
12,544
199.00
12,544
2,067
2
I
10
3
8
10
3
I
10
2
8
10
2
I
1
3
I
2
6
1
1
3
1
1
3
1
1
3
1
1
3
1
1
3
956
2
56.9
2
56.9 569
22
I56.
2
217
3,”t04
101
34
1,132
185.94
176.18
1
12,544
201.50
11,996
2,011
1
3
I
2
o
1
3
9
2
6
1
3
9
2
6
1
3
9
2
b
-144-

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849,22994,464 ,326 $ 1,937,65s $ 4,391 ,655 $ st,990,919

dar Falls
Oveffnan Park

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City of Cedar Falls
IJniversity of Northern lowa

dar Falls
Hearst Center for
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Percentage
Assessed
Value
of Property
1.69 %
1.52
1.51
1.16
1.31
1.02
0.97
0.79
0.57
0.42
665.19
700.93
720.41
617.23
701.51
599.01
588.33
480.77
358.89
279.80
Per
-127 –

Debt Service
Requirements2
Total Coverage
$ 567,735 4.05
842,069 2.76
830,227 2.53
826,798 2.19
1,851,369 1.13
268,583 7.79
787,103 2.53
5,109 475.93
6,319 370.67
-132-

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