HomeMy WebLinkAbout12/22/2014 Council Work Session
December 22, 2014
Time indicated below
Harold E. Getty Council Chambers
Roll Call.
Approval of Agenda, as proposed or amended.
4:00 p.m. Presentation of audited financial statements for the year ended
June 30,2014 Submitted by Michelle Weidner, Chief Financial Officer
4:20 p.m. AECOM presentation to Council on the Sink Creek Basin study-
Submitted by Mayor Clark
ADJOURNMENT
Suzy Schares, CMC
City Clerk/Human Resource Director
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3 W O - O 'VIII
*for
City of Waterloo, Iowa
Report to the Honorable Mayor and City Council
December 18, 2014
mos
McG lad r�Y Assurance•Tax.Consulting
McGladrey LIP
McGladrey
December 18, 2014
To the Honorable Mayor and City Council
City of Waterloo, Iowa
715 Mulberry Street
Waterloo, Iowa 50703
We are pleased to present this report related to our audit of the financial statements and compliance of
City of Waterloo, Iowa (the City) for the year ended June 30, 2014. This report summarizes certain
matters required by professional standards to be communicated to you in your oversight responsibility for
City's financial reporting process.
This report is intended solely for the information and use of the Honorable Mayor and City Council and
management and is not intended to be, and should not be, used by anyone other than these specified
parties. It will be our pleasure to respond to any questions you have about this report. We appreciate the
opportunity to continue to be of service to City of Waterloo, Iowa.
G
Member of the PSM International network of indepencent accounting,tax and consulting firms.
Contents
Required Communications 1 —2
Summary of Significant Accounting Estimates 3—4
Exhibit A—Significant Written Communications Between Management and Our Firm
Representation Letter
Report on Compliance for the Passenger Facility Charge Program, Report on Internal Control Over
Compliance; and Report on Schedule of Passenger Facility Receipts and Disbursements and the
Schedule of Passenger Facility Charges Cash Activity as Required by the Passenger Facility Charge
Audit Guide for Public Agencies
Required Communications
Generally accepted auditing standards (AU-C 260, The Auditor's Communication With Those Charged
With Governance) require the auditor to promote effective two-way communication between the auditor
and those charged with governance. Consistent with this requirement, the following summarizes our
responsibilities regarding the financial statement audit as well as observations arising from our audit that
are significant and relevant to your responsibility to oversee the financial reporting process.
Area Comments
Our Responsibilities With Our responsibilities under auditing standards generally accepted in
Regard to the Financial the United States of America and Government Auditing Standards,
Statement Audit issued by the Comptroller General of the United States, and
provisions of OMB Circular A-133 and OMB's Compliance
Supplement have been described to you in our arrangement letter
dated October 23, 2014.
Overview of the Planned We have issued a separate communication regarding the planned
Scope and Timing of the scope and timing of our audit and have discussed with you our
Financial Statement Audit identification of and planned audit response to significant risks of
material misstatement.
Accounting Policies and Preferability of Accounting Policies and Practices
Practices Under generally accepted accounting principles, in certain
circumstances, management may select among alternative
accounting practices. In our view, in such circumstances,
management has selected the preferable accounting practice.
Adoption of, or Change in, Accounting Policies
Management has the ultimate responsibility for the appropriateness of
the accounting policies used by the City. The City adopted GASB
Statement No. 70, Accounting and Financial Reporting for
Nonexchange Financial Guarantees, in the current year. The adoption
of this statement expanded the required disclosures about
nonexchange financial guarantees. The City did not adopt any other
significant new accounting policies, nor have there been any changes
in existing significant accounting policies during the current period.
Significant or Unusual Transactions
We did not identify any significant or unusual transactions or
significant accounting policies in controversial or emerging areas for
which there is a lack of authoritative guidance or consensus.
Management's Judgments and Accounting Estimates
Summary information about the process used by management in
formulating particularly sensitive accounting estimates and about our
conclusions regarding the reasonableness of those estimates is in the
attached Summary of Significant Accounting Estimates.
Audit Adjustments There were no audit adjustments made to the original trial balance
presented to us to begin our audit.
Uncorrected Misstatements We are not aware of any uncorrected misstatements other than
misstatements that are clearly trivial.
Page 1
Area Comments
Disagreements With We encountered no disagreements with management over the
Management application of significant accounting principles, the basis for
management's judgments on any significant matters, the scope of the
audit, or significant disclosures to be included in the financial
statements.
Consultations With Other We are not aware of any consultations management had with other
Accountants accountants about accounting or auditing matters, other than the use
of other auditors for the discretely presented component units of the
City.
Significant Issues No significant issues arising from the audit were discussed with or
Discussed With were the subject of correspondence with management.
Management
Significant Difficulties We did not encounter any significant difficulties in dealing with
Encountered in Performing management during the audit.
the Audit
Report on Internal Control We have separately issued a report on internal control over financial
Over Financial Reporting reporting and compliance as required by the Government Auditing
and on Compliance and Standards and OMB Circular A-133 and this communication is
Other Matters Based on an included within the compliance section of the City's financial report for
Audit Performed in the year ended June 30, 2014
Accordance With
Government Auditing
Standards
Significant Written Copies of material written communications between our firm and the
Communications Between management of the City, including the representation letter provided
Management and Our Firm to us by management, are attached as Exhibit A.
Page 2
City of Waterloo, Iowa
Summary of Significant Accounting Estimates
Year Ended June 30, 2014
Accounting estimates are an integral part of the preparation of financial statements and are based upon
management's current judgment. The process used by management encompasses their knowledge and
experience about past and current events and certain assumptions about future events. You may wish to
monitor throughout the year the process used to determine and record these accounting estimates. The
following describes the significant accounting estimates reflected in the City's June 30, 2014, financial
•
statements.
Basis for Our
Conclusions on
Management's Reasonableness of
Estimate Accounting Policy Estimation Process Estimate
Depreciable Useful The depreciable useful The determination is We believe the
Life of Capital Assets life of capital assets is made at the time the estimates and the
set at the estimated asset is placed into process used by
useful life of the related service and involves management are
asset. various judgments and reasonable.
assumptions based on
prior experience.
Incurred but Not The City records an The City relies on the We tested the propriety
Reported (IBNR) estimated liability for actuarial computed of the information
Liability for risk management losses IBNR based on data provided to the actuary.
DentalNision and which include amounts provided by the City of We believe the
Health Insurance Self- for incurred but not outstanding claims, estimates and
Insurance Liability reported claims. history of claims and processes used by
various judgments and management are
assumptions. reasonable.
Management reviews
the actuarial results.
Worker's The City records an The City calculated the We tested the propriety
Compensation and estimated liability for IBNR liability using of the information
Automobile Liability risk management losses various judgments and underlying
which include amounts assumptions and management's
for incurred but not records a liability for estimates. Based on our
reported claims. claims incurred. procedures, we believe
management's estimate
is reasonable.
Page 3
Basis for Our
Conclusions on
Management's Reasonableness of
Estimate Accounting Policy Estimation Process Estimate
Other A liability is reported on Numerous assumptions We tested the
Postemployment the government-wide are used by the actuary information provided to
Benefit Plan (OPEB) and proprietary fund and include employee- the actuary and
Assumptions financial statements for related factors such as obtained the actuarial
the difference of annual turnover, retirement age calculation reports. We
required contributions and mortality. These believe the estimates
and the amounts paid factors and estimated and processes used by
by the City. discount rate used to management are
determine the present reasonable.
value of liabilities are
based upon historical
data and general market
data. The amount is
calculated by an
actuary. Management
reviews the actuarial
results.
Allowance for The allowance for The allowance is We tested the
Doubtful Accounts receivables are adjusted as information underlying information
recorded at net about specific accounts supporting this
realizable value; gross becomes available. The allowance, including the
accounts receivable net City also compares most recent aging
an allowance for current allowance reports and collection
doubtful accounts. amounts to prior-year experience. We believe
collection or write-off that management's
experience. estimate is reasonable.
Allocation of Indirect Operating funds, Annually, management We tested the
Costs departments and estimates the value of underlying information
activities receive these services and supporting the
services from records applicable underlying allocations.
supporting funds indirect allocations. We believe that
departments and management's estimate
activities. is reasonable.
Page 4
CITY OF WATERLOO , IOWA
' CITY CLERK AND FINANCE DEPARTMENT
� y"--44� 715 Mulberry Street • Waterloo,IA 50703 • (319)291-4323 Fax(319)291-4571
41
ertoo
December 18, 2014
McGladrey LLP
4801 Main Street, Suite 400
Kansas City, Missouri 64112
This representation letter is provided in connection with your audit of the basic financial
statements of the City of Waterloo, Iowa(the City) as of and for the year ended June 30,
2014 for the purpose of expressing an opinion on whether the financial statements are
presented fairly, in all material respects in accordance with accounting principles
generally accepted in the United States (U.S. GAAP).
We confirm, to the best of our knowledge and belief, as of December 18, 2014:
Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit
arrangement letter dated October 23,2014,for the preparation and fair
presentation of the financial statements referred to above in accordance with
U.S. GAAP.
2. We acknowledge our responsibility for 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 error.
3. We acknowledge our responsibility for the design, implementation, and
maintenance of internal control to prevent and detect fraud.
4. Significant assumptions used by us in making accounting estimates, including
those measured at fair value, are reasonable and reflect our judgment based on
•
our knowledge and experience about past and current events and our
assumptions about conditions we expect to exist and courses of action we expect
to take.
5. Related-party transactions, including those with component units for which the
City is accountable,jointly governed organizations in which the City participates,
and interfund transactions, including interfund accounts and advances receivable
and payable, sale and purchase transactions, interfund transfers, long-term
loans, leasing arrangements, and guarantees, have been recorded in
accordance with the economic substance of the transaction and appropriately
accounted for and disclosed in accordance with the requirements of U.S. GAAP.
CITY WEBSITE: www.cityofwaterlooiowa.com
WE'RE WORKING FOR YOU!
An Equal Opportunity/Affirmative Action Employer
McGladrey LLP
December 18, 2014
Page 2
6. We are not aware of any events subsequent to the date of the financial statements for which U.S.
GAAP requires adjustment or disclosure.
7. The effects of all known actual or possible litigation and claims have been accounted for and/or
disclosed in accordance with U.S. GAAP.
8. The following have been properly recorded and/or disclosed in the financial statements:
a. Net position and fund balance classifications.
b. Arrangements with financial institutions involving compensating balances or other
arrangements involving restrictions on cash balances.
c. Risk financing activities.
9. There are no unasserted claims or assessments that our lawyer has advised us are probable of
assertion and must be disclosed in accordance with Statement of Financial Accounting Standards
No. 5 and/or GASB Statement No. 10.
10. We have no direct or indirect, legal or moral obligation for any debt of any organization, public or
private, or to special assessment bond holders that is not disclosed in the financial statements.
11. We have complied with all aspects of contractual agreements that would have a material effect on
the financial statements in the event of noncompliance.
12. We have no knowledge of any uncorrected misstatements in the financial statements.
Information Provided
13. We have provided you with:
a. Access to all information, of which we are aware that is relevant to the preparation and fair
presentation of the financial statements such as records, documentation, and other matters.
b. Additional information that you have requested from us for the purpose of the audit.
c. Unrestricted access to persons within the entity from whom you determined it necessary to
obtain audit evidence.
d. Minutes of the meetings of the governing board and committees, or summaries of actions of
recent meetings for which minutes have not yet been prepared.
14. All transactions have been recorded in the accounting records and are reflected in the financial
statements.
15. We have disclosed to you the results of our assessment of risk that the financial statements may
be materially misstated as a result of fraud.
16. We have no knowledge of allegations of fraud or suspected fraud, affecting the City's financial
statements involving:
a. Management.
b. Employees who have significant roles in the internal control.
c. Others where the fraud could have a material effect on the financial statements.
17. We have no knowledge of any allegations of fraud or suspected fraud affecting the City's financial
statements received in communications from employees, former employees, analysts, regulators,
or others.
18. We have no knowledge of noncompliance or suspected noncompliance with laws and regulations
whose effects were considered when preparing financial statements.We believe the City is in
compliance with all financial and nonfinancial bond covenants.
McGladrey LLP
December 18, 2014
Page 3
19. We have disclosed to you all known actual or possible litigation and claims whose effects should
be considered when preparing the financial statements.
20. We have disclosed to you the identity of the City's related parties and all the related-party
relationships and transactions of which we are aware.
21. We are not aware of any significant deficiencies, including material weaknesses, in the design or
operation of internal controls that could adversely affect the City's ability to record, process,
summarize, and report financial data.
22. We are aware of no communications from regulatory agencies concerning noncompliance with, or
deficiencies in, financial reporting practices.
Supplementary Information
23. With respect to supplementary information presented in relation to the financial statements as a
whole:
a We acknowledge our responsibility for the presentation of such information.
b. We believe such information, including its form and content, is fairly presented in
accordance with accounting principles generally accepted in the United States of America.
c. The methods of measurement or presentation have not changed from those used in the
prior period.
d. When supplementary information is not presented with the audited financial statements, we
will make the audited financial statements readily available to the intended users of the
supplementary information no later than the date of issuance of the supplementary
information and the auditor's report thereon.
24. With respect to management's discussion and analysis, budget schedules, and other
postemployment benefit schedule of funding progress presented as required by Governmental
Accounting Standards Board to supplement the basic financial statements:
a. We acknowledge our responsibility for the presentation of such required supplementary
information.
b. We believe such required supplementary information is measured and presented in
accordance with guidelines prescribed by accounting principles generally accepted in the
United States of America.
c. The methods of measurement or presentation have not changed from those used in the
prior period.
d. The underlying significant assumptions or interpretations regarding the measurement or
presentation of such information includes the assumptions used by the actuary for the
OPEB calculation as noted in the schedule of funding progress.
25. During the course of your audit, you may have accumulated records containing data that should
be reflected in our books and records. All such data have been so reflected. Accordingly, copies
of such records in your possession are no longer needed by us.
Compliance Considerations
26. In connection with your audit, conducted in accordance with Government Auditing Standards, we
confirm that management:
a. Is responsible for compliance with the laws, regulations, and provisions of contracts and
grant agreements applicable to the auditee.
McGladrey LLP
December 18, 2014
Page 4
b. Is not aware of any instances that have occurred or are likely to have occurred, of fraud and
noncompliance with provisions of laws and regulations that have a material effect on the
financial statements or other financial data significant to the audit objectives, and any other
instances that warrant the attention of those charged with governance.
c. Is not aware of any instances that have occurred or are likely to have occurred, of
noncompliance with provisions of contracts and grant agreements that have a material
effect on the determination of financial statement amounts or other financial data significant
to the audit objectives.
d. Is not aware of any instances that have occurred or are likely to have occurred of abuse
that could be quantitatively or qualitatively material to the financial statements or other
financial data significant to the audit objectives.
e. Has a process to track the status of audit findings and recommendations.
f. Has identified for the auditor previous audits, attestation engagements, and other studies
related to the audit objectives and whether related recommendations have been
implemented.
g. Has provided views on the auditor's reported findings, conclusions, and recommendations,
as well as management's planned corrective actions, for the report.
h. Acknowledges its responsibilities as it relates to nonaudit services performed by the auditor,
including a statement that it assumes all management responsibilities; that it oversees the
services by designating an individual, preferably within senior management, who possesses
suitable skill, knowledge, or experience; that it evaluates the adequacy and results of the
services performed; and that it accepts responsibility for the results of the services.
27. In connection with your audit of federal awards conducted in accordance with OMB Circular
A-133, Audits of States, Local Governments, and Non-Profit Organizations, we confirm:
a. Management is responsible for complying, and has complied, with the requirements of
Circular A-133.
b. Management is responsible for understanding and complying with the requirements of laws,
regulations, and the provisions of contracts and grant agreements related to each of its
federal programs.
c. Management is responsible for establishing and maintaining, and has established and
maintained, effective internal control over compliance for federal programs that provides
reasonable assurance that the auditee is managing federal awards in compliance with laws,
•
regulations, and the provisions of contracts or grant agreements that could have a material
effect on its federal programs.
d. Management has prepared the schedule of expenditures of federal awards in accordance
with Circular A-133 and has included expenditures made during the period being audited for
all awards provided by federal agencies in the form of grants, federal cost-reimbursement
contracts, loans, loan guarantees, property (including donated surplus property),
cooperative agreements, interest subsidies, insurance, food commodities, direct
appropriations, and other assistance.
e. Management has identified and disclosed to the auditor the requirements of laws,
regulations, and the provisions of contracts and grant agreements that are considered to
have a direct and material effect on each major program.
f. Management has made available all contracts and grant agreements (including
amendments, if any) and any other correspondence relevant to federal programs and
related activities that have taken place with federal agencies or pass-through entities.
McGladrey LLP
December 18, 2014
Page 5
g. Management has identified and disclosed to the auditor that there are no amounts
questioned and no known noncompliance with the direct and material compliance
requirements of federal awards.
h. Management believes that the auditee has complied with the direct and material
compliance requirements (except for noncompliance it has disclosed to the auditor).
i. Management has made available all documentation related to compliance with the direct
and material compliance requirements, including information related to federal program
financial reports and claims for advances and reimbursements.
j. Management has provided to the auditor its interpretations of any compliance requirements
that are subject to varying interpretations.
k. Management is not aware of any communications from grantors and pass-through entities
concerning possible noncompliance with the direct and material compliance requirements,
including communications received from the end of the period covered by the compliance
audit to the date of the auditor's report.
I. Management has disclosed to the auditor the findings received and related corrective
actions taken for previous audits, attestation engagements, and internal or external
monitoring, if any, that directly relate to the objectives of the compliance audit, including
findings received and corrective actions taken from the end of the period covered by the
compliance audit to the date of the auditor's report.
m. Management has provided the auditor with all information on the status of the follow-up on
prior audit findings by federal awarding agencies and pass-through entities, including all
management decisions.
n. Management has disclosed all known noncompliance with direct and material compliance
requirements occurring subsequent to the period covered by the auditor's report or stating
that there were no such known instances.
o. Federal program financial reports and claims for advances and reimbursements are
supported by the books and records from which the basic financial statements have been
prepared.
p. The copies of federal program financial reports provided to the auditor are true copies of the
reports submitted, or electronically transmitted, to the federal agency or pass-through entity,
as applicable.
q. Management has charged costs to federal awards in accordance with applicable cost
principles.
• r. Management is responsible for, and has accurately prepared, the summary schedule of
prior audit findings to include all findings required to be included by Circular A-133.
s. Management will accurately complete the appropriate sections of the data collection form.
City of Waterloo, Iowa
,(1
'Ernest Clark, Mayor
Michelle Weidner, Chief Financial Officer
McGladrey LLP
McGladrey
Report on Compliance for the Passenger Facility Charge Program,
Report on Internal Control Over Compliance and Report on Schedule of
Passenger Facility Charge Receipts and Disbursements
and the Schedule of Passenger Facility Charges Cash Activity as
Required by the Passenger Facility Charge Audit Guide for Public Agencies
Independent Auditor's Report
Waterloo Regional Airport Board and
Honorable Mayor and City Council
Waterloo Regional Airport
City of Waterloo, Iowa
Waterloo, Iowa
Report on Compliance
We have audited City of Waterloo, Iowa's (the City) compliance with the types of compliance
requirements described in the Passenger Facility Charge Audit Guide for Public Agencies, issued by the
Federal Aviation Administration (the Guide) that could have a direct and material effect on the City's
passenger facility charge program for the year ended June 30, 2014.
Management's Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts and
grants applicable to its passenger facility charge program.
Auditor's Responsibility
Our responsibility is to express an opinion on compliance for the City's passenger facility charge program
based on our audit of the types of compliance requirements referred to above. We conducted our audit of
compliance in accordance with auditing standards generally accepted in the United States of America and
the Guide. Those standards and the Guide require that we plan and perform the audit to obtain
reasonable assurance about whether noncompliance with the types of compliance requirements referred
to above that could have a direct and material effect on the passenger facility charge program occurred.
An audit includes examining, on a test basis, evidence about the City's compliance with those
• requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for the passenger
facility charge program. However, our audit does not provide a legal determination of the City's
compliance.
Opinion on the Passenger Facility Charge Program
In our opinion, the City complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on its passenger facility charge program for
the year ended June 30, 2014.
1
Member of the RSM International network of indepencent accounting,tax and consulting firms.
Report on Internal Control Over Compliance
Management of the City is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing our
audit of compliance, we considered the City's internal control over compliance with the types of requirements
that could have a direct and material effect on its passenger facility charge program to determine the auditing
procedures that are appropriate in the circumstances for the purpose of expressing an opinion on
compliance for the passenger facility program and to test and report on internal control over compliance in
accordance with the Guide, but not for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City's internal
control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of the
passenger facility charge program on a timely basis. A material weakness in internal control over compliance
is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of the passenger
facility charge program will not be prevented, or detected and corrected, on a timely basis. A significant
deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal
control over compliance with a type of compliance requirement of the passenger facility charge program that
is less severe than a material weakness in internal control over compliance, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over compliance
that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal
control over compliance that we consider to be material weaknesses. However, material weaknesses may
exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the Guide.
Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Passenger Facility Charges Collected and Expended and Schedule of
Passenger Facility Charges Cash Activity
We have audited the financial statements 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, which includes the Federal Aviation Agency Projects Fund, a special revenue fund of
the City, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which
collectively comprise the City's basic financial statements. We issued our report thereon dated December 18,
2014. Our report includes a reference to other auditors. Our audit was conducted for the purpose of forming
opinions on the financial statements that collectively comprise the basic financial statements. The
accompanying schedule of passenger facility receipts and disbursements and schedule of passenger facility
• charges cash activity is presented for purposes of additional analysis as specified in the Guide and are not a
required part of the basic financial statements. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. The information has been subjected to the auditing procedures applied in the audit of
the 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 schedule of
passenger facility receipts and disbursements and schedule of passenger facility charges cash activity are
fairly
stated in all material respects in relation to the financial statements as a whole.
Davenport, Iowa
December 18, 2014
2
City of Waterloo, Iowa
Schedule of Passenger Facility Charges Receipts and Disbursements
Year Ended June 30, 2014
Beginning Ending
Application Balance Balance
Approval Unliquidated PFC Interest Unliquidated
Number PFC Collections Earned Expenditures PFC
Obstruction removals 07-07-C-00-ALO $ 38 $ - $ - $ 38 $ -
Master plan update 07-07-C-00-ALO 77 - - 77 -
Rehab Airfield Vault&Control System 09-08-C-00-ALO 78,392 - - 60,015 18,377
Design Taxiway A,B,E&Ramp 11-10-C-00-ALO 56 - - 56 -
Rehab Taxiway E 11-10-C-00-ALO 67,991 - - 67,991 -
PFC Administration Costs 11-10-C-00-ALO 21,473 - - 10,928 10,545
Rehab Taxiway A(East) 12-11-C-00-ALO - 69,774 141 - 69,915
Rehab Taxiway B 12-11-C-00-ALO 43,293 25,684 - 55,143 13,834
Total $ 211,320 $ 95,458 $ 141 $ 194,248 $ 112,671
Passenger Facility Charges(PFCs)are expended as the local match required for CFDA No.20.106,Airport Improvement Program,as displayed
on the schedule of expenditures of federal awards plus additional amounts approved by the Federal Aviation Administration(FAA).
Cumulative approvals for collections and uses are both$3,043,368
* Project completed
3
City of Waterloo, Iowa
Schedule of Passenger Facility Charges Cash Activity
Year Ended June 30, 2014
Totals Totals Totals
Description July 1,2013 Quarter#1 Quarter#2 Quarter#3 Quarter#4 for Year June 30,2014
Passenger Facility Charges
receipts $ 2,406,047 $ 19,532 $ 23,692 $ 28,836 $ 23,398 $ 95,458 $ 2,501,505
Interest 31,562 65 33 17 26 141 31,703
Disbursements (2,226,288) (97,168) (110,661) (18,857) 32,438 (194,248) (2,420,536)
Total $ 211,320 $ 133,749 $ 46,813 $ 56,809 $ 112,671 $ (98,649) $ 112,671
4
McGladrey