Adopted Budget and Three-Year Financial Plan
It is essential that the budget documents provide a clear picture of the City's financial position, the City's goals and objectives and the cash required to provide services to the residents of Iowa City. City Management and elected officials use the information presented in the Budget and Three-Year Financial Plan to make well informed decisions regarding the allocation of the City's financial resources while maintaining a stable financial position.
The City has received the Distinguished Budget Presentation Award presented by the Government Finance Officers Association since 2012.
Capital Improvement Program
The Capital Improvement Program (CIP) is an organized five-year timeline for scheduling capital projects and planning long-term debt. The annual program calendar starts each September and culminates in March as part of the adopted budget and financial plan. This allows for planned capital expenditures and debt issues to be finalized and included in the City's adopted budget for the upcoming year.
The CIP process is intended to provide a format for departments to submit capital project requests to the City Manager and to the City Council for review and evaluation. Approved capital projects are scheduled into the CIP timeline. The first year of the Capital Improvement Program is included as part of the City's adopted budget and also determines the amount of bonds and other debt instruments to be issued over the upcoming year.
Comprehensive Annual Financial Report
State law requires that all general purpose local governments publish a complete set of financial statements within nine months of the close of each fiscal year. This set of documents must be presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards accepted in the United States of America by a firm of licensed certified public accountants or by the State Auditor's Office. Pursuant to that requirement, the City of Iowa City publishes the Comprehensive Annual Financial Report at the close of each fiscal year.
The City has received the Certificate of Achievement for Excellence in Financial Reporting presented by the Government Finance Officers Association since 1986.
Other Financial Reports
The Finance Department produces other quarterly and annual reports to summarize its ongoing financial operations, investment activities, and debt compliance.
Financial Policies and Procedures
The Iowa City City Council is committed to maintaining integrity, accountability and regulatory compliance through the use of financial policies and procedures. The following policies and procedures have been adopted by the City Council:
Sign-up for City financial news, visit www.icgov.org/e-subscriptions, then select 'Finance and Budget' under the 'News and Events' category.