Parking Facilities Financial Report 6 30 03I
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CITY OF DUBUQUE, IOWA
PARKING FACII JITIES
FINANCIAL STATEMENTS
JUNE 30, 2003
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
Table of Contents
OFFICIALS
INDEPENDENT AUDITOR'S REPORT
MANAGEMENT'S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS
Statement of Net Assets
Statement of Revenues, Expenses, and Changes in Net Assets
Statement of Cash Flows
Notes to Financial Statements
SUPPLEMENTARY INFORMATION Combining Statement of Net Assets
Combining Statement o£Revenues, Expenses, and Changes in Net Assets
Bond Ordinance Requirements
Schedule of Insurance Coverage
Schedule of Statistical Dam
REPORT ON BOND ORDINANCE COMPLIANCE
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FIN~NCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT
AUDITING STANDARDS
SCI-IEDULE OF FINDINGS
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12-19
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CI~ OF DUBUQUE, IOWA
PARKING FACILITIES
OffICIALS
Name
Termnce M. Duggan
Roy D. Buol
Patricia A. Cline
Ann E. Michalski
John H. Markham
Daniel E. Nicholson
Joyce E. Connors
Michael C. Van Milligen
Barry A. L'mdahl
Jeanne F. Schneider
Kenneth J. TeKippe
Timothy M. Horsfield
Title
Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
City Manager
Corporation Counsel
City Clerk
Finance Director/Treasurer
Parking Division Manager
Term Expires
December 2005
December 2003
December 2003
Deceanber 2003
December 2005
December 2005
December 2005
Appointed by Council
Appointed by Council
Appointed by Council
Appointed by City Manager
Appointed by City Manager
EideBailly =
Consultants · Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of
the City Council:
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We have audited the accompanying financial smtemems of the Parking Facilities of the City of Dubuque,
Iowa, as of and for the year coded June 30, 2003, as listed in the table of ccentcots. These financial
statemcots are the responsibility of the City's managemcot. Our responsibility is to express an opunon on
these financial statemcots based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; Chapter 11 of the Code of Iowa; and the standards applicable to financial audits comained in
Govemment Auditing Standards, issued by the Comptroller Gcoeral of the United States. Those standards
and provisions require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statemcots are free of material misstatement. An audit includes examining, on a test basra,
evidence supporting the amounts and disclosures m the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statemcot presentation. We believe that our audit provides a reasonable
basis for our opinion.
As discussed in Note 1, the financial statements refca'red to above present only the Parking Facilities of
the City of Dubuque, Iowa, and are not intended to prescot fairly the financial position of the City of
Dubuque and the results of its operations and the cash flows of its proprietary fund types in conformity
with accounting principles gcoemlly accepted in the United States of America.
In our opinion, the financial statemcots referred m above present fairly, in all material respects, the
financial position of the Parking Facilities of the City of Dubuque, Iowa, at June 30, 2003, and the results
of its operations and cash flows for the year then coded in conformity with accounting principles
generally accepted in the United States of America.
In accordance with Government Auditing Standards. we have also issued our report dated September 12,
2003, on our consideration of the Parking Facilities' internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, cuntmots, and grants. That report is an
mmgral part of an audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audk.
The managemcot's discussion and analysis, listed in the table of contcots is not a required part of the
financial statemcots but is supplementary information required by accounting principles gcoeraliy
accepted in the United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and prescotation of the
required supplementary information. However. we did not audit the information and express no opimon
on it.
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Or, es in Arizona. Iowa. M/nnesota. Montana Nordl Dal. u-a.a o~nd ~h Da~va · F4ual Opportuniey Employer
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Our audit was conducted for the purpose of forming an opinion on the financial statements of the Parking
Facilities of the City of Dubuque. The supplementary information section is presented for purposes of
additional analysis and is not a required pan of the financial statements. T~e combining financial
statements have been subjected to the auditing procedures applied in the audit of the combined financial
statements and, in our opinion, are fairly stated in all material respects in relation to the financial
statements taken as a whole. The bond ordinance requirements, schedule of insurance coverage, and
schedule of statistical data have not been subjected to the auditing procedures applied in the audit of the
financial statements and, accordingly, we express no opinion on then~
DubuqUe, Iowa
September 12, 2003
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CITY OF DUBUQUE PARKING FACILITIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JIJNE 30, 2003
This section of the City of Dubuque Parking Facilities financial report l~resents our
discusmon and analysis of the financial performance during the fiscal year that ended on
June 30, 2003. Please read it in conjunction with the City of Dubuque Parking Facilities
financial statements found in this report.
FINANCIAL HIGHLIGHTS
· The assets of the Parking Facilities exceeded its liabilities at the close of the fiscal
year by $13,023,931 (net assets). This was an increase of $6,610,980 over net
assets at June 30, 2002. Unrestricted net assets at June 30, 2009 in the amount of
$509,255 may be used to meet the Parking Facilities ongoing 0~bligations.
· Total operating and construction fund revenues exceeded expenses by $6,610,980.
· Within the Parking Facilities operating fund, revenues and transfers exceeded
expenses by $7,277,467.
· Within the Parking Facilities construction fund, expenses exceeded revenues and
transfers by $666,487.
OVERVIEW OF THE FINANCIAL STATEMENTS
The Parking Facilities financial statements consist of a statement of net assets, statement
of revenues, expenses, and changes in net assets and a statement of cash flows. This
discussion and analysis are intended to serve as an introduction to the financial
statements. This report also contains other supplementary information in addition to the
financial statements themselves.
The statement of net assets presents information on all of the Parking Facilities assets and
liabilities, with the difference between the two reported as net assets. Over time, increases
or decreases in net assets may serve as a useful indicator of whether the financial position
is improving or deteriorating.
The statement of activities presents information showing how the Parking Facilities net
assets changed during the most recent fiscal year. All changes in net assets are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing of
related cash flows.
The statement of cash flows reports cash receipts, cash payments and net changes in cash
and cash equivalents resulting from four defined types of activities. It provides answers to
such questions as where did cash come from, what c, zzh was used for and what was the
change in cash and cash equivalents during the reporting year.
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FINANCIAL ANALYSIS
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Net assets. As noted earlier, net assets may serve as a useful indicator of a facilities
financial position when observed over time. In the case of the Parking Facility, assets
exceeded liabilities by $13,023,931 at the close of the most recent fiscal year.
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The largest part of the Parking Facilities assets (93.0%) reflects it's investment in capital
assets such as land, build'mgs, mactfinery, and equipment less any related debt used to
acquire those assets that are still outstanding. These capital assets are used to provide
services to the citizens and are not available for future spending.
PARKING FACILITIES NET ASSETS
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Current and Other Assets
Capital Assets
Total Assets
Long-term Liabilities
Other Liabilities
Total Liabilities
2003 2002
Total Total
$ 1,208,046 $ 1,363,163
16,023,958 9,470,302
17,232,004 10,833,465
3,777,959 4,058,917
430,114 361,597
4,208,073 4,420,514
Net Assets:
Invested in Capital Assets,
Net of Related Debt 11,960,999 5,136,385
Restricted 553,677 553,225
Unrestricted 509,255 723,341
TotalNetAssets $13,023,931 $ 6,412,951
The increase in capital assets and investment in capital assets reflects the addition of the
new parking ramp. The decrease in long-term liabilities reflects principal paid during the
past year.
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Certain proceeds of revenue bonds, as well as certain resources set aside for their
repayment, are classified as restricted assets on the balance sheet because their use is
limited by applicable bond covenants.
At the close of fiscal year 2003, the Parking Facility is able to report total operating
income of $217,146 and an increase in net assets of $6,610,980.
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PARKING FACILITIES
CONDENSED STATEMENT OF REVENUES,
EXPENSES AND CHANGES IN NET ASSETS
2003 2002
Total Total
$ 1,427,146 $ 1,401,694
1,210,000 1,099,117
217,146 302,577
(179,055) (197,187)
Operating Revenues
Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Income (Loss) Before Capital
Contributions and Transfers
Capital Contributions
Transfers from City of Dubuque
Transfers to City of Dubuque
Change in Net Assets
Net Assets, Beginmng
Net Assets, Ending
38,091 105,390
75,300
6,716,575
(218,986) (984,911)
6,610,980 (879,521)
6,412,951 7,292,472
$13,023,931 $ 6,412,951
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital assets. The Parking Facilities investment in capital assets for its operating and
construction fund as of June 30, 2003, mounts to $16,023,958 (net of accumulated
depreciation). This investment in capital assets includes land, buildings, machinery and
equipment. Additional information on the Parking Facilities assets can be found in Note 4
to the financial statements in this report.
CAPITAL ASSETS (net of accumulated depreciation)
Land
Buildings
Improvements and other buildings
Machinery and equipment
Construction in progress
Accumulated depreciation
2003 2002
Total Total
1,296,209 $ 1,237,209
18,956,368 11,618,957
246,961 246,961
598,197 575,732
86,300 573,861
(5,160,077) (4,782,418)
$ 16,023,958 $ 9,470,302
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The financial statements reflect a transfer in during fiscal year 2003 for the completion of
a new parking ramp. Funding for the ramp was provided by a general obligation bond
issue with repayment through tax increment financing. The general obligation bond debt
for the new ramp is not reflected in these financial statements.
Long-term debt. At year end the Parking Facility had $4,062,959 ofdeb~t outstanding.
This is a decrease of $270,958 from June 30, 2002. Additional information on the
Park/rig Facilities long-term debt can be found in Note 5 to the financial statements in
this report.
ECONOMIC FACTORS
Revenue was fairly consistent since there were no significant rate changes. Revenue from
new parking ramp revenue was offset by loss in revenue from street surface lots.
Requests for infomation. This financial report is designed to provide a general
overview of the Parking Facility's finances for all those with an interest in the
government's finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to the City of
Dubuque, Finance Director, 50 West 13th Street, Dubuque, Iowa 52001-4864.
CITY OF DUBUQUE, IOWA
PARKING FACILITIES
STATEMENT OF NET ASSETS
JUNE 30, 2003
ASSETS
CURRENT ASSETS
Cash and pooled cash investments
Receivables
Accounts
Accrued interest
Total Current Assets
RESTRICTED ASSETS
Cash and pooled cash investments
CAPITAL ASSETS
Land
Buildings
Improvements other than buildings
Machinery and equipment
Construction in progress
Accumulated depreciation
Net Capital Assets
Total Ass~s
638,925
8,390
7,054
654,369
553,677
1,296,209
18,956,368
246,961
598,197
86,300
(5,160,077)
16,023,958
17,232,004
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CLrRRENT LIABILITIES
Accounts payable
Accrued payroll
General obligation bonds payable - current
Revenue bonds payable - current
Accrued compensated absences
Accrued interest payable
Total Ctm-ent Liabilities
NONCURRENT LIABILITIES
General obligation bonds payable (net of
discount of $23,375)
Revenue bonds payable (net of $18,666
deferred amount on refunding)
Total Noncurrent Liab'tlities
Total Liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted by bond ordinance
Unrestricted
Total Net Assets
See notes to financial statements.
$ 75,889
8,191
95,000
190,000
36,807
24,227
430,114
2,446,625
1,331,334
3,777,959
4,208,073
11,960,999
553,677
509255
$13,023,931
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
FOR THE FISCAL YEAR ENDED JUNE 30, 2003
OPERATING REVENUES
Charges for sales and services
Other
Total Operating Revenues
OPERATING EXPENSES
Employee expense
Utilities
Repairs and maintenance
Supplies and services
Insurance
Depreciation
Total Operating Expenses
$ 1,425,991
1,155
1,427,146
549,283
80,906
32,803
163,097
21,408
362,503
1,210,000
217,146
OPERATING INCOME
NONOPERATING REVENUES (EXPENSES)
Investment earnings
Interest expense
Total Nonopemting Revenues (Expenses)
INCOME BEFORE CAPITAL CONTR~UTIONS AND TRANSFERS
56,379
(235,434)
I179,055)
38,091
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CAPITAL CONTRIBUTIONS
TRANSFERS FROM THE CITY OF DUBUQUE
TRANSFERS TO TH~ CITY OF DUBUQUE
CHANGE IN NET ASSETS
NET ASSETS, BEGINNING
NET ASSETS, ENDING
See notes to financial statements.
75,300
6,716,575
(218,986)
6,610,980
6~412~951
13,023,931
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
STATEMENT OF CASH FLOWS
FOR TH~ FISCAL YEAR ENDED JUNE 30, 2003
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from ensmmers
Cash payments to suppliers for goods and services
Cash payments to ~aployees for services
Other operating receipts
NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVI'I1ES
Transfers to other funds
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVI I'II~S
Acquisition and construction of property and equipment
Payment of debt
Interest paid
NET CASH USED BY CAPITAL AND RELATED FINANCING
ACTI¥ ffll~S
CASH FLOWS FROM INVESTING ACTIVi'I'II~S
Interest received
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING
CASH AND CASH EQUIVALENTS, ENDING
1,424,066
(241,368)
(545,930)
1,155
637.923
(218,986)
(124,284)
(270,958)
(237,116)
(632,358)
56,895
(156,526)
1,349,128
$ 1,192,602
(continued)
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
STATEMENT OF CASH FLOWS (continued)
FOR TH ~: FISCAL YEAR ENDED JUNE 30, 2003
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDF~) BY OPERATING ACTIVITIES
Operating income
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation
Change in assets and liabilities
Increase ha receivables
Increase in accounts payable
Increase in accrued liabilities
Total Adjustments
NET CASH PROVIDED BY OPERATING ACTMTIES
NONCASH CAPITAL AND RELATED FINANCING
ACTIV[I1ES
Contributions of capital assets fi.om other funds
and outside sources
$ 217,146
362.503
(1,925)
56,846
3,353
420,777
$ 637,923
$ 6,791,875
See notes to financial statements.
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The financial statements include only those funds o£the Parking Facilities and are not intended to presen~
all funds of the City of Dubuque, Iowa.
Basis of Accounting
The Parking Facilities~ accounting records are maintained on the cash basis. However. for ~ancial
reporting purposes, the accounting records have been adjusted to the accrual method, recognizing revenue
when earaed and expenses when liabi~ties are incurred.
Budgets and Budgetary Accounting
In accordance with the Code of Iowa, the City Council annually adopts a budget on the cash basis of
accounting with an adjusm~ent for accrued payroll £ollowing required public notice and hearing for ali
fxmds. The annual budgei may be amended during the year utilizing similar statutorily prescribed
procedures.
Formal and legal budgetary cuntml is based upon uine major classes of expenditures known as fimctions,
not by fund. These nine functions are public safety, public works, health and social services, culture and
recreation, community and econon~c development, general government, debt service, capital projects,
and business-type activities.
Deposits and Investments
The Parking Facilities~ cash and cash equivalents are considered to be cash on hand, demand deposits, and
shon-ter~ investments with original maturities of three months or less from the date of acquisition.
Restricted Assets
Certain proceeds of revenue bonds, as well as certain resources set aside for their repayment, are
classified as restricted assets on the balance sheet because their use is 1/mired by applicable bond
Capital Assets
Capital assets include property, plant, and equipment. Capital assets are defined by the government as
assets with an initial, individual cost of more than $20,000 for building assets and $5,000 for the
remaining assets, and an estimated useful life of more than a year. Such assets are recorded at historical
cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of thc asset or materially extend
asset lives are not ca~pitalized.
(continued on next page) 12
CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
Major outlays for capital assets and improvements are capitalized as projects _.are consmmted. Interest
incurred during the construction phase of capital assets is not included as part of the capitalized value of
the assets constructed.
Capital assets are depreciated using the straight4ine method over the following estimated useful lives:
Assets Years
Buildings 40 to 125
Improvc~ments other than buildings 15 to 50
Machinery and equipment 2 to 30
Compensated Absences
The Parking Facilities allow employees to accumulate earned but unused vacation and sick pay benefits.
Such benefits are accrued when earned and are reported as liabilities.
Equity
Reservations of net assets represent amounts restricted by applicable bond covenants.
NOTE 2 - DEPOSITS AND INVESTMENTS
The Parking Facilities' deposits at June 30, 2003, were entirely covered by federal depository insurance or
by the State Sink/rig Fund in accordance with Chapter 12C of the Code of Iowa. Ttds chapter provides for
additional assessments against the depositories to insure there will be no loss of public funds.
~t~ae Parking Facilities are authorized by statute to invest public funds in obligations of the Tlnited 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.
Investments are stated at fair value.
The Parking Facilities' investments are pooled with other investments of the City. It is, therefore, not
possible to list the types of investments held by the Parking Facilities at June 30, 2003, nor is il possible
to categorize the investments to give an indication of the level of risk assumed by the Parking Facilities at
year-end.
(continued on next page)
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
NOTE 3 - TRANSFERS
Transfers for the year ended June 30, 2003, consisted of the following:
Transfers to Parking Facilities from:
America's River Project
$ 6.716.575
Transfers from Parking Facilities to:
America's River Project
Health Insurance Reserve
$ 214,814
4,172
Transfers from the America's River Project represents the transfer of the completed capital assets.
Transfers to the America's River Project were made according to grant requirements and represent the
financing of capital assets. Transfers to the Health Insurance Reserve were made to insure the reserve had
an adequate balance at year-end.
NOTE 4 - CAPITAl, ASSETS
Capital asset activity for the year ended June 30, 2003, was as follows:
Capital assets, not being depreciated:
Land
Construction in progress
Total capital assets, not being depreciated
Beg/nning Ending
Balance Increases Decreases Balance
1,237,209 $ 59,000 $ $ 1,296,209
573,861 114,284 (601,845) 86,300
1,811,070 173,284 1'601,845) ' 1,382,509
Capital assets, being depreciated:
Buildings
Improvements other than buildings
Machinery and equipment
Total capital assets, being depreciated
11,618,957 7,337,411 18,956,368
246,961 246,961
575~732 22,465 598A97
12,441,650 7,359,876 19,801,526
Less accumulated depreciation for:
Buildings
Improvements other than buildings
Mackinery and equipment
Total accumulated depreciation
(4,450,286) (314,578) (4,764,864)
(72,730) (10,861) (83,591)
(259,402) (52,220) (311,622)
[4,782,418) (377,659) (5,160,077)
Total capital assets, being depreciated, net 7,659,232 6,982,217
14,641,449
Total capital assets, net
$ 9.470.30~ L~73.~ $ (601.845~ $ 16.023.958
(continued on next page)
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
NOTE 5 - LONG-TERM DEBT
General Obligation Bonds. The City issued general obligation bonds to provide financing for the
acquisition and construction of parking facilities.
General obligation bonds are direct obligations and pledge the full faith and credit of the City. These
bonds were issued as serial bonds with varying mounts of principal maturing annually and with interest
payable semi-annually. General obligation bonds outstanding at June 30, 2003, are as follows:
Date of Maturity Interest OrigLna]ly Outstanding
Purpose Issue Dates Rates Issued End of Year
Corporate purpose 06/01/00 06/01/02--06/01/20 5.80-5.88% $ 2.750.000 $ 2.565.000
Annual debt service requirements to maturity for general obligation bonds are as follows:
Fiscal Year Ending June 30
Principal Interest
2004 $ 95,000 $ 148,939
2005 100,000 143,429
2006 105,000 137,629
2007 115,000 131,539
2008 120,000 124,869
2009-2013 695,000 513,274
2014-2018 900,000 289,394
2019-2020 435,000 38,618
Total
Revenue Bonds. The City issued parking revenue bonds to provide financing for the acquisition and
construction of parking facilities. These bonds were issued as serial bonds with varying mounts of
principal maturing annually and with interest payable semi-annually. Parking revenue bonds outstanding
at June 30, 2003, are as follows:
Aarount
Date of Maturity Interest Originally Oul~tanding
Purpose Issue Dates Rates Issued
Parking fiacilities
03/01/98 05/01/98-05/01/10 4.30--4.75% $ 2.51~ ~
(continued on next page)
CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
Revenue bond debt serwee requirements to maturity are as follows:
Fiscal Year Endinff June 30
Business-type Activities
Principal Interest
2004 $ 190,000 $ 70.885
2005 200,000 62,525
2006 210,000 53,525
2007 220,000 43,970
2008 230,000 33,850
2009-2012 490,000 35,030
Total $ 1.540.000 $ 299.785
The resolution providing for the issuance of the revenue bonds includes the following provisions:
A sum equal to one-tenth (1/10) of the principal of all bonds maturing on May 1 next succeeding, plus
a sum equal to one-fifth (1/5) of the interest coming due on the next succeeding interest payment date
on all of the then outstanding bonds, shall be set aside into a restricted sinking account fi:om the net
revenue of the Operating Fund until the full amount of such installments is on hand.
b. A restricted reserve account shall maintain the lesser of 1) the maximum amount of principal and
interest coming due in any fiscal year;, or 2) ten percent of the proceeds of the sale of the bonds.
$5,000 shall be set apart and paid into a restricted depreciation account from the balance of the net
off-street parking revenues and net on-street parking revenues remmumg after fa:si making the
required payments into the sinking account and the reserve account on the first day of each month of
each year up to a maximum of $250,000.
NOTE 6 - PENSION AND RErlREMENT BENEFITS
The Parking Facilities of the City of Dubuque, Iowa, contribute to the Iowa Public Employees Retirement
System (IPERS) which is a cost-sharing multiple-employer defined benefit pension plan administered by
the State of Iowa. 1PERS 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, Iowa, 50306-9117.
Plan members are required m contribute 3.70% of their annual covered salary, and the Parking Facilities
are required to contribute 5.75% of annual covered payroll. Contribution requirements are established by
state statute. The Parking Facilities' contributions to IPER3 for the year~ ended June 30, 2003, 2002, and
2001, were $22,974, $19,449, and $19,063, respeetiv~y, ~lual to the required contributions for each year.
(continued onnextpage) 16
CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
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NOTE 7 - LEGAL COMPLIANCE WITit BUDGET
The City of Dubuque, Iowa, adopts a budget annually as required by Iowa law. The budget, wh/ch is
prepared on the cash basis of accounting with an adjustment for accrued payroll, includes those funds of
the Parking Facilities~
Following is a schedule comparing the Parking Facilities' budget and actual disbursements using the cash
basis Of accounting with an adjustment for accrued payroll for the year ended June 30, 2003:
Variance -
Function Budget Actual Positive
Business-type activities
$ 2.378.833 ~ $ 518.537
As required by Iowa law, the City prepares its budget based upon nine major classes of expenditures
knovoa as functions, not by individual fund. Therefore, the City must amend the budget only if the entire
City's function amounts will be exceeded. For the year ended June 30, 2003, the City's actual
disbursements were less than budgeted amounts for all functions, so the City has complied with legal
budget requirements.
NOTE 8 - RISK MANAGEMENT
The City ~s exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; and natural disasters for which the government tames commercial insurance and
participates in a local government risk pool.
The City of Dubuque has established a Health Insurance Reserve Fund for insuring benefits provided to
City employees and covered dependents which is included in the Internal Set'vice Fund Type. Health
benefits wjere self-insured up to an individual stop loss mount of $80,000 and an aggregat% stop loss of
approximately $5,520,000 for 2003. Coverage fi:om a private insurance company is maintained for losses
in excess of the stop loss amount. All claims handling procedures are performed by a third-party cla'nns
administrator. Incurred but not reported claims have been accrued as a liability based upon the claims
arlministmtor's estimate. Settled claims have not exceeded commercial coverage in any of the past three
fiscal years. The est'nnated liability does not include any allocated or unallocated claims adjustment
expense.
The City of Dubuque has established a Workers' Compensation Reserve Fund for insuring benefits
provided to City employees which is included in the Internal Service Fund Type. Workers' compensation
benefits were self-insured up to a specific stop loss mount of $400,000, and an aggregate stop loss
consistent with statutory limits for 2003. Coverage fi:om a private insurance company is maintained for
losses in excess of the stop loss amount. All claims handling procedures are performed by a third-patty
claims administrator. Incurred but not reported claims have been accrued as a liability based upon the
claims administrator's estimate. Settled cia/ms have not exceeded comme~ial coverage in any of the last
three fiscal yea.rs. The estimated liability does not include any allocated or unallocat~ claims adjustment
expense.
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
All funds of the City participate in both programs and make payments to the Health Insurance Reserve
Fund and the Workers' Compensation Reserve Fund based on actuarial estimates of the mounts needed
to pay prior- and current-year claims.
The City is a member in the Iowa Communities Assurance Pool, as allowed by Chapter 670.7 of the Code
of Iowa. The Iowa Communities Assurance Pool (Pool) is a local government risk-sharing pool with over
475 members from various governmental entities throughout the State of Iowa. The Pool was formed in
Augus! 1986 for the purpose of managing and funding third-party liability claims against its members.
The Pool provides coverage and protection in the following categories: general liability, automobile
liability, automobile physical damage, pubhc officials liability, police professional liability, property,
inland marine, and boiler/machinery. There have been no reductions in insurance coverage from prior
years.
Each members' annual casualty contributions to the Pool fund current operations and a reserve fund.
Annual operating contributions are those mounts necessary to fund, on a cash basis, the Pool's g*mm~l
and administrative expenses, claims, cla'uns expenses and reinsurance expenses due and payable in th~
current year, plus all or any portion of any deficiency in capital. During the first sm years of membership,
a portion of the member's contribution is allocated to a Cumulative Reserve Fund. Thereafter, no further
annual contribution shall be made to the Cumulative Reserve Fund unless the Board shall require further
annual contributions for the puipose of maintaining the Cumulative Reserve Fund at a level equal to 300
percent of the total current Basis Rates of all Members, or to comply with the requirements of any
applicable regulatory authority having jurisdiction over the Pool.
The Pool also provides property coverage. Members who elect such coverage make annual operating
contributions which are necessary to fund, on a cash basis, the Pool's general and administrative expenses
and reinsuran~ premiums, all of which are due and payable in the current year, plus all or any portion of
any deficiency in capital. Any year-end operating surplus is mmsferred to capital. Deficiencies in
operations are offset by transfers from capital and, if insufficient, by the subsequent y,ear's member
contdbutions.
The Pool uses reinsurance and excess risk-sharing agreements to reduce its exposure to large losses. The
Pool retains general, automobile, police professional, and public officials' liability risks up m $250,000
per claim. Claims exceeding $250,000 are reinsured in an amount not to exceed $1,750,000 per claim and
$5,000,000 in aggregate per year. For members reqmring specific coverage from $2.000,000 m
$15,000,000, such excess coverage ~s also reinsured. Automobile physical damage risks are retained by
the Pool up to $50,000 each accident, each location, with excess coverage reinsured on an individual-
member basis. All property risks are also reinsured on an individual-member basis.
The Pool's intergovernmental contract with its members provides that in the event a casualty claim or
series of claims exceeds the amount of risk-sharing protection provided by the member's risk-sharing
certificate, or in the event that a series of casualty claims exhausts total members' equity plus any
reinsurance and any excess risk-sharing recoveries, then payment of such claims shall be the obligation of
the respective individual member. The City does not report a liability for losses in excess of reinsurance
or excess risk-sharing recoveries unless it is deemed probable that such losses have occurred and the
amount of such loss can be reasonably estimated. Accordingly, at June 30, 2003, no liability has been
recorded in the City's financial statements. As of June 30, 2003, settled claims have not exceeded the risk
pool or remsuranee company coverage since the Pool's inception.
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
Members agree to continue membership in the Pool for a period of not less than one full year. After such
period, a member may withdraw from the Pool at anniversary. If the notice to witl~draw is within a 60 day
period of the anniversary date, the member forfeits all rights to their interest in the vested Cumulative
Reserve Fund. Upon withdrawal, payments for all claims and claims expenses become the sole
responsibility of the withdrawing member, regardless of whether a claim was recurred or reported prior to
the member's withdrawal. Members withdrawing within the fa-st s'm years of membership may receive a
partial refund of their reserve contributions. If a member withdraws after the sixth year, the member is
refunded 100 percent of its Cumulative Reserve Fund, however, the refund is reduced by an amount equal
to the annual operating contribution which the withdrawing member would have made for the one-year
period following withdrawal.
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CITY OF DUBUQUE; IOWA
PARKING FACILITIES
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2003
ASSETS
Operating Construction
Fund Fund Total
CURRENT ASSETS
Cash and pooled cash investments
Receivables
Accrued interest
Total Current Assets
RESTRICTED ASSETS
Cash and pooled cash investments
CAPITAL ASSETS
Land
Buildings
Improvements other than buildings
Machinery and equipment
Construction in progress
Accumulated depreciation
Net Capital Assets
84,930 $ 553,995 $ 638,925
8,390 8,390
7,054 7,054
100,374 553,995 654,369
553,677 553,677
1,296,209 1,296,209
18,956,368 18,956,368
246,961 246,961
598~197 598,197
86,300 86,300
(5,160,077) (5,160,077)
15,937,658 86,300 16,023,958
Total Assets
1'6;;591,709 640,295 17,232,004
LIABILITIES
Operating Construction
Fund Fund Total
CURRENT LIABILITIES
Accounts payable
Accrued payroll
General obligation bonds payable - current
Revenue bonds payable - current
Accrued compensated absences
Accrued interest payable
Total Current Liabilities
$ 6,600 $ 69,289 $ 75,889
8,191 8,191
95,000 95,000
190,000 190,000
36,807 36,807
24,227 ~ 24,227
360,825 69,289 430,114
NONCURRENT LIABILITIES
General obligation bonds payable (net of
discount of $23,375)
Revenue bonds payable (net of $18,666
deferred amount on refunding)
Total Noncnrrent Liabilities
2,446,625 2,446,625
1,331,334 1,331,334
3,777,959 3,777,959
4,138,784 69,289 4,208,073
Total Liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted by bond ordinance
Unrestricted
11,960,999 11,960,999
553,677 553,677
(61,751) 571,006 509,255
Total Net Assets
$12,452,925 $ 571,006 $13,023,931
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
NET ASSETS
FOR TH E FISCAL YEAR ENDED JUNE 30, 2003
OPERATING RE'vENUES
Charges for sales and services
Other
Total Operating Revenues
Operating Construction
Fund Fund Total
$ 1,425,991 $ $ 1,425,991
1,155 1,155
1,427,146 1,427,146
OPERATING EXPENSES
Employee expense
Utilities
Repairs and maintenance
Supplies and services
Depreciation
Total Operating Expenses
549.283 549,283
80,906 80,906
32,803 32,803
72,236 90,861 163,097
21,408 21,408
362,503 362~503
1,119,139 90.861 1,210~000
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OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Invesmaenr earnings
Interest expense
Total Nonoperating Revenues (Expenses)
INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS
AND TRANSFERS
CAPITAL CONTRIBUTIONS
TRANSFERS FROM (TO) OTHER FUNDS
TRANSFERS FROM THE CITY OF DUBUQUE
TRANSFERS TO TH~ CITY OF DUBUQUE
CHANGE IN NET ASSETS
NET ASSETS, BEGINNING
NET ASSETS, ENDING
308,007 (90,861) 217.146
35,345 21,034 56,379
(235,434) (235,434)
(200,089) 21,034 (179,055)
107,918 (69,827) 38,091
75,300 75,300
381,846 (381,846)
6,716,575 6,716,575
~ (214,814) (218,986)
7,277,467 (666,487) 6,610.980
5,175,458 1,237,493 6,4t2,951
$ 12,452,925 $ 571.006 $ 13,023,931
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
BOND ORDINANCE REQUIREMENTS
JUNE 30, 2003
Following is a summary of the bond ordinance requirements of the parking revenue refunding bond issue
dated March 1, 1998.
A sum equal to one-tenth (1/10) of the principal of all bonds mattmng on May 1 next succeeding, plus
a sum equal m one-fifth (1/5) of the interest coming due on the next succeeding interest payment date
on all of the thee outstanding bonds, shall be set aside into a restricted sinking account fi:om the net
revenue of the Operating Fund until the full amouut of such installments is on hand.
2. A restricted reserve account shall maintain the lesser of 1) the maximum amount of principal and
interest coming due in any fiscal year; or 2) ten perceet of the proceeds of the sale of the bonds.
$5,000 shall be set apart and paid into a restricted depreciation account fi:om the balance of the net
off-street parking revenues and net on-street parking revenues remaining aider first making the
required payments into the sinking account and the reserve account on the first day of each month of
each year up to a maximum of $250,000.
The City will cause an audit of such books and accounts of the Parking Facilities to be made by a
certified public accountant not in the regular employ of the City showing the receipts and
disbursements for each account of the Parking Facilities. The audit report required shall include, but
not be limited to, the following:
a. An evaluation of the manner in which the City has complied with the covenants of this resolution,
including particularly the rote covenants included herein;
b. A statement of net reveeues and current expenses;
c. Analyses of each fund and account created, including deposits, withdrawals, and beginning and
ending balances;
d. A statement of net assets;
e. The rates in effect at the end of the fiscal year, and the number of customers of the Parking
Facilities;
A schedule of insurance policies and fidelity bonds in force at the end of the fiscal year, showing
with respect to each policy and bond the nature of the risks covered, the limits of liability, the
name of the insurer, and the expiration date;
g. An evaluation of the issuer's system of internal financial controls and the sufficiency of fidelity
bond and insurance coverage in force:
h. The names and titles of the principal officers of the City; and
i. A general statement covering any events or circumstances which might affect the financial status
of the Parking Facilities.
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
SCHEDULE OF INSURANCE COVERAGE
FOR 'i'H ~; FISCAL YEAR ENDED JUNE 30, 2003
At June 30, 2003, the property of the Parking Facilities was insured through ~ blanket fnce and extended
coverage policy with the Cincinnati Insurance Company in the mount of $19,259,872. This policy
expired July t, 2003. The Parking Facilities were also insured against general, vehicle, and personal
liability through the Iowa Communities Assurance Pool. These policies expired July I, 2003. Also in
force at June 30, 2003, was a self-funded workers' compensation plan and an employers' liability policy
which expired July 1, 2003.
Listed below is a detailed schedule of the policies in effect at June 30, 2003:
FIRE AND EXTENDED COVERAGE
VALUES
Building and
Description Structure Contents Total
Concrete Parking Ramp
601-795 Iowa Street
$ 3,864,791 $ 10,369 $ 3,875,160
ConcreteParkingRamp
801-899 Locust
4,487,997 43,184 4,531,181
Concrete Parking Ramp
501-599 Iowa Street
5,549,531 5,549,531
Concrete Parking Ramp
100 West Fourth Street
5,304,000 5,304,000
19.206._319 $ 53.553 $ 19.259.872
BUSINESS INCOME
on earnings - $297,900
at 601-795 Iowa Street- 80% co-insurance.
on earnings - $221,500
at 801-899 Locust Street - 80% co-insurance.
on earnings - $297,270
at 501-599 Iowa Street- 80% co-insurance.
on earnings - $180,000
at 100 West Fourth Street - 80% co-insurance.
(continued on next page)
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
SCI:rEDULE OF INSURANCE COVERAGE (continued)
FOR TItE FISCAL YEAR ENDED JUNE 30, 2003
Each Occurrence
BREAKDOWN COVERAGE - EQUIPMENT
$ 2,500,000
GENERAL LIABILITY INSURANCE
BODILY INJURY- PROPERTY DAMAGE - PRODUCTS
ICAP
Each Occurrence $ 5,000,000
VEHICLES
ICAP
Each Occurrence $ 5,000,000
EXCESS WORKERS' COMPENSATION & EMPLOYERS' LIABILITY
Each Accident
Each Disease
Limit
Employers' Liability
$ 400,000 Retention
$ 400,000 Retention
Workers' Compensation- Statutory
$ 1,000,000
FIDELITY BOND COVERAGE
Each employee $ 100,000
City Manager, Administrative Services Manager, Finance Director, and Assistant Finance Director -
$900,000 additional.
The above immrance policies have been renewed through July 1, 2004.
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
SCHEDULE OF STATISTICAL DATA
FOR THE FISCAL YEAR ENDED JUNE 30, 2003
Number of Customers: (Estimated)
Locust Ramp:
Cash customers
Monthly customers
Iowa Ramp:
Cash customers
Monthly customers
4th Street Ramp:
Cash customers
Monthly customers
5t~ Street Ramp:
Cash customers
Monthly customers
30,129
156,000
43,639
227,000
5,400
85.000
N/A
240,000
Rates in Effect per Month:
Locust Ramp:
Reserved stalls (Bay)
Reserved stalls (Undercover)
Roof stalls (South Side)
Roof stalls (Center)
49
44
38
32
Iowa Ramp:
Non-assigned stalls N/A
Reserved stalls 44
Top of ramp stalls 32
4t~ Street Ramp:
Non-assigned stalls
35
5 th Street Ramp:
Non-assigned stalls
38
Other:
Residential Street Meters 37.50/qtr
Lot 1 25
Lot 2 25
Lot 10 35
Lot 12 25
Notes: 4t~ street ramp opened on June 1. 2002. Holiday Inn parking ended when 4th street ramp opened.
N/A = Not Applicable
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Consultants · Certified Public Accountants
REPORT ON BOND ORDINANCE COMPLIANCE
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To the Honorable Mayor and Members of
the City Council:
We have audited the financial statements of the Parking Facilities of the City of Dubuque, Iowa, as of
June 30, 2003, and for the year then ended, and have issued our report thereon dated September 12, 2003.
These financial statements are the responsibility of the City's management. ~Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; Chapter 11 of the Code of Iowa; and the standards applicable to financial audits contained in
Government Auditing Standards. issued by the Comptroller General of the United States. Those standards
and provismns require that we plan and pm-form the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In the course of our audit, nothing came to our attention that caused us to believe there had been a lack of
compliance with the accounting or reporting requirements of the bond ordinance governing the parking
revenue refimding bond issue dated Mamh I, 1998.
Dubuque, Iowa
September 12, 2003
Iowa 52002.2639 · 563.556.1790 ° Fax 563.557.7842
Nor~h Dakota and South Dakota ° Equal Opportunity Em¢loyer
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EideBailly=
Consultants · Cemfied Public Accountants
REPORT ON COMPLIANCE AND ON INTERNAL CONTI~OL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GO VERNMENT .4 UDITING STANDARDS
To the Honorable Mayor and
Members of the City Council:
We have audited the financial statements of the Parking Facilities of the City of Dubuque, Iowa, as of and
for the year ended June 30, 2003, and have issued our report thereon dated September 12, 2003. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America; Chapter 11 of the Code of Iowa; and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Compliance
As pan of obtaining reasonable assurance about whether the Parking Facilities' financial statements are
free of material misstatement, we performed tests of its compliance with certain prowsions of laws,
regulations, contracts, and grants, non-compliance with which could have a direct and material effect on
the determination of financial statement amounts. However, providing an opimon on compliance with
those provisions was not an objective of our audit, and accordingly we do not express such an opinion.
The results of our tests disclosed no instances of non-compliance that are required to be reported under
Government Auditing Standards.
Comments involving statutory and other legal matters about the Parking Facilities' operations for the year
ended June 30, 2003, are based exclusively on knowledge obtained from procedures performed during our
audit of the financial statements of the Parking Facilities and are reported in Part I of the accompanying
Schedule of Findings. Since our audit was based on tests and samples, sot all transactions that. might have
had an impact on the comments were necessarily audited. The comments involving statutory and other
legal matters are not intended to constitute legal interpretations of those statutes. There were no prior year
statutory comments and recommendations.
3999 Pennsylvania A~e. · Suim 100 · Dulasgu~, bowa $2002.2639 · 563.556.1790 · Fax563.557.7842
Offices in Arizona, Iowa, Minnesota, Montana, No~h ~ ~ &mt, h Dakota · Equal Opporcaniry Employer 27
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Internal Control Over Fimmcial Reporting
In planning and performing our audit, we considered the Parking Facilities' internal control over financial
reporting in order m determine our auditing procedures for the purpose of expressing our opinion on the
financial statements and not m provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not necessarily disclose all matters in
the internal cuntml over financial reporting that might be material weaknesses. A material weakness is a
condition in which the design or operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements in mounts that would be material in relation to
the financial statements being audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. We noted no matters involving the internal
control over financial reporting and its operation that we consider to be material weaknesses. There were
no prior year reportable conditions.
This report, a public record by law, ~s intended solely for the information and use of the officials,
employees, and citizens of the City of Dubuque and other parties to whom the City of Dubuque may
report. This report is not intended to be and should not be used by anyone other than these specified
parties.
We would like to acknowledge the many courtesies and assistance extended to ns by personnel of the City
of Dubuque during the course of our audit. Should you hav~ any questions concerning any of the above
matters, we shall be pleased to discuss them with you at your convenience.
Dubuque, Iowa
September 12, 2003
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CITY OF DUBUQUE, IOWA
PARKING FACILITIES
SCHEDULE OF FINDINGS
FOR ~I'HE FISCAL YEAR ENDED JUNE 30, 2003
Part I: Other Findino_~ Related to Statutory Reporting:
I-A-03 Official Depositories - A resolution naming official depositories has been approved by thc City.
The maximum deposit amounts stated in the resolution were not exceeded during the year ended
June 30, 2003.
I-B-03 Certified Budget - Disbursements during the year ended June 30, 2003, did not exceed the
amounts budgeted.
I-C-03
I-D-03
Questionable Expenditures - No expenditures that fail to meet the requirements of public
purpose as defined in an Attorney General's opinion dated April 25, 1979, were noted.
Travel Expense - No expenditures of Parking Facilities' money for travel expenses of spouses of
Parking Facilities' officials or employees were noted.
I=E-03 Business Transactions - No business transactions between the Parking Facilities and its officials
or employees were noted.
I-F-03
Bond Coverage - Surety bond coverage of Parking Facilities' officials and employees is in
accordance with statutory provisions. The amount of coverage should be reviewed annually to
insure that the coverage is adequate for current operations.
I-G-03 Council Minutes - No transactions were found that we believe should have been approved in the
Council minutes but were not.
I-H-03 Revenue Bonds - The provisions of the Parking Facilities' Revenue Refunding Bond resolution
have been met for the year ended June 30, 2003.
1-1-03
Deposits and Investments - No instances of nonqzompliance with the deposit find investment
provisions of Chapters 12B and 12C of the Code of Iowa and the City's investment policy were
noted.
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