City of Iowa City Finance Administration provides direction and administrative support to departmental operating divisions. It supervises the preparation and dissemination of financial data for use by the Iowa City City Council and City staff in making managerial decisions and coordinates the annual budget process.
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Administration monitors financial trends and provides analysis of budget to actual data and three-year financial projections. Staff provides oversight of long and short-term investment portfolios, cash flows and reserves, and oversees the preparation of general liability, fire and casualty, and workers compensation insurance specifications. Administration coordinates annual health and dental insurance renewals.
This function oversees the issuance of municipal bonded debt, monitors compliance with bond covenants, maintains relationships with investors and credit rating agencies, and prepares long range plans for bonded debt and capital financing.
This activity accounts for Federal Emergency Management Agency (FEMA) reimbursements for repairs to public facilities damaged in disaster events. In addition to public facility repairs, reimbursements are also provided for some flood recovery services. This activity also accounts for expenses incurred from disaster events for which the City does not expect reimbursement.
Chapter 384.12 of the Iowa State Code provides municipalities within the state of Iowa the legal authority with which to levy “a tax to pay the premium costs on tort liability insurance, property insurance, and any other insurance that may be necessary in the operation of the city, the costs of a self-insurance program, the costs of a local government risk pool and amounts payable under any self-insurance program, or local government risk pool.”
The Tort Liability cost center accounts for General Fund’s contribution to the Risk Management Loss Reserve; general liability, fire and casualty and workers compensation premium costs. The account is administered by the Finance Department’s Revenue and Risk Manager.