City of Cedar Falls Popular Annual Financial Report
To the Citizens of Cedar Falls:
On behalf of the City of Cedar Falls, I am pleased to present the Popular Annual Financial Report (PAFR) for the fiscal year ended June 30, 2024. This report provides a brief overview of where the City revenue comes from and where those dollars are spent, as well as covering economic condition and outlook. The PAFR is a summary document containing only a sample of selected statistics and information and is not intended to provide a complete financial picture of the City in accordance with GAAP. Residents who prefer to review a GAAP compliant report may view the FY2024 Annual Comprehensive Financial Report on our website at www.cedarfalls.com/1773/Fiscal-Year-2024.
We take our responsibility as stewards of the City’s financial resources seriously and we strive to provide customer-focused City services through solid financial management. The City utilizes various policies and guidelines, models, and fiscal analyses that enable management to address short-term as well as plan for long-term financial needs. Collectively, these financial tools allow City Council and City Management to make informed decisions regarding future investments within our growing community, while also maintaining an adequate level of savings.
This is our first year for a PAFR report to help showcase not just our financial health and fiscal responsibility, but our commitment to improve communications with our citizens and increase public confidence in the governing body for the City of Cedar Falls. Thank you for choosing Cedar Falls as your residence or place of business, we appreciate having the opportunity to serve you.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
The Government Finance Officers Association presented the City of Cedar Falls Iowa this award for its Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2023. We have achieved this award for 34 consecutive years!
MESSAGE FROM THE FINANCIAL SERVICES DIVISION
Lisa Roeding, CMFO Controller/City Treasurer
A Popular Annual Financial Report is designed to provide citizens with a usable and easy-to-understand overview of the City of Cedar Falls’ financial state for Fiscal Year 2023-2024. We created this report to advance our goal of improving methods of communication with citizens to inform them of our financial condition. Our citizens are our business!
MAYOR AND COUNCIL
The City Council is the main decision-making body of Cedar Falls. Five members represent each of the City’s five wards, while two serve in at-large positions. The term of office for the Mayor is two years while the term of office for Council members is four years. Cedar Falls operates under a Mayor/Council form of government with an appointed City Administrator. City Council meetings are held the 1st and 3rd Monday of each month in the Council Chambers at City Hall. The meetings are also live-streamed on the Channel 15 YouTube channel.
MISSION STATEMENT:
Maintain and improve the safety and desirability of Cedar Falls through the efficient delivery of public services, and the ongoing practice of open communication among Council, Staff, Mayor, and Citizens.
Wards & Precincts
CEDAR FALLS BY THE NUMBERS
Land area:
28.9 square miles
Population:
40,713
Population up 3.7% since 2010
Median age: 28 years old Unemployment rate: 3.4 %
Top 5 employers: John Deere, MercyOne Medical, UNI, Hy-Vee, and Western Home Communities
REVENUES
WHERE DOES THE MONEY COME FROM?
A large portion of revenue is from property taxes. For FY 2024, the City Council assessed a property tax rate of $11.40 per $1,000 of property valuation. Out of the top 20 Iowa cities in population, we ranked sixth lowest in property tax rate. This rate can be attributed to the City’s dedication to streamline operations.
At the heart of Cedar Falls’ financial strength lies a diverse revenue stream that fuels our city’s growth, amenities, and sustainability. For fiscal year 2023–2024, our governmental revenues totaled $75,234,393. This provided the critical funding to enhance public services, invest in infrastructure, and support community initiatives. Our commitment to transparency and the responsible stewardship of public resources ensures that every dollar is carefully managed and allocated to maximize community benefits.
WHERE DOES THE MONEY GO?
Our commitment to the residents of Cedar Falls is reflected in how we allocate our expenditures. For fiscal year 2023–2024, our governmental expenditures totaled $80,023,774. Our expenditures prioritized funding that improves the quality of life, safety, and sustainability of our city. By strategically allocating our expenditures, we ensure that every dollar spent translates into meaningful improvements and services that benefit all residents of Cedar Falls. Our careful stewardship of public money allows us to continue building a thriving, prosperous community.
CAPITAL IMPROVEMENT PROJECTS
The Capital Improvements Program (CIP) focuses on maintaining and improving infrastructure and amenities, like streets and parks. CIP projects are important because they keep our city in good shape and enhance the quality of life for our residents. Below are some projects included in our CIP.
GATEWAY WATER PARK
This project transforms our natural gem, the Cedar River, into a premier water recreation destination! We installed six jetties to support a variety of watersports, designed landscaped terraces to enhance riverfront accessibility, and created a unique turtleback landing area, among other features. This project provides our community with an exciting new way to enjoy the Cedar River!
MAIN STREET RECONSTRUCTION
We launched the Main Street Reconstruction project to modernize and revitalize our Main Street corridor! This project enhances safety, increases mobility for vehicles, pedestrians, and bicycles, replaces aging underground infrastructure, and beautifies the streetscape. We aim to create a safer, more accessible, and visually appealing Main Street for the community!
ORCHARD HILL PARK PICKLEBALL EXPANSION
To promote community health and wellness, this project expands the pickleball courts from 8 to 16, reconstructs and enlarges the parking lot, and creates a new park shelter. This provides our community with an enhanced park, encouraging active lifestyles and social engagement!
NET POSITION
One of the most important questions asked about the City’s finances is, “Is the City in a better financial position this year compared to last year?” The Statement of Net Position helps answer this question. It accounts for all assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference being net position.
Net Investment in Capital Assets:
$375,638,979 (77.727%)
Restricted: $29,059,170 (6.013%)
Unrestricted: $78,580,953 (16.260%)
This accounts for most of the City’s basic services. It includes revenues that finance these activities, including property tax, local option sales tax, road use tax, and grants and what the funds are spent on, including streets, parks, public safety, and more.
The largest portion of the City’s net position is reflected in its net investment in capital assets ($375,638,979 or 77.727%). The City uses these capital assets to provide services to residents making them unavailable for future spending.
The restricted net position ($29,059,170 or 6.013%) represents funds which are segregated and designated for a specific use. These most commonly reflect programs with external funding sources imposing special requirements and restrictions.
The unrestricted net position ($78,580,953 or 16.260%) is the remaining portion of net position which is considered available.
This includes fees charged for providing services to customers, including sewer, refuse, and storm water.
UNDERSTANDING CITY DEBT
The City uses long-term debt to fund the design, inspection, and construction of capital improvement projects, but debt is not used for annual operating expenses. The total general obligation debt will not exceed 5% of the total assessed value of real property as required by Iowa Code. Whenever possible, the City refinances existing debt to get better interest rates.
Aaa BOND RATING
Once again, the City has achieved a Aaa bond rating as determined by Moody’s Ratings! As the highest rating attainable, this accomplishment reflects the City’s strong financial performance. This is a testament to the sound financial practices that the City maintains! We are proud to be responsible stewards of public money!
CEDAR FALLS BY THE NUMBERS
5 Employees per 1,000 Residents— Ranking 18 out of Top 20 Iowa Cities
LOOKING AHEAD
Every year, the Mayor and Council meet to discuss goals and initiatives for the upcoming year to help organize ideas and set the stage for a successful year. These goal setting meetings created many of the projects in our Capital Improvements Program. These projects are usually expensive and permanent in nature and include streets, parks, and more. Funding for these projects is allocated through the annual budget process. The City budget process begins well before the actual start of the fiscal year, which for next year is July 1, 2025. Your early input and participation influence what services are provided and how resources are allocated. Get involved and make a positive impact!
COUNCIL GOAL SETTING
The Mayor and Council will hold multiple goal setting meetings in December. Watch the City’s website for information regarding these meetings!
FUTURE PROJECTS
Many future projects are necessary to enhance our community, increase our quality of life, and attract and retain tourism, business, and economic development. Our future projects and initiatives can be found in our Capital Improvements Program (CIP) on our website!
FUTURE TENTATIVE BUDGET DATES
Attend the following meetings at City Hall (220 Clay St.):
February 17, 2025 at 7:00 pm
Set Date of Special Meeting Public Hearing
April 7, 2025 at 5:00 pm
Special Meeting on Public Hearing
April 7, 2025 at 7:00 pm
Set Date of Budget Adoption Hearing
April 21, 2025 at 7:00 pm
Public Hearing & Final Adoption
KEEP UP WITH CEDAR FALLS!
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FACEBOOK
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Hearst Center for the Arts @the.hearst
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NOTIFY ME
Subscribe for email and text updates to a number of Cedar Falls event and projects at www.cedarfalls.com/notifyme.
Recent and past issues of this seasonal publication are available on the city website at www.cedarfalls.com/currents.
CITY OF CEDAR FALLS
PODCAST
THE CABLE TELEVISION DIVISION administers the Cedar Falls Cable Television franchise and provides cable television programming for local cable subscribers.
We also produce city television programming which includes City Council meetings, Planning and Zoning Commission meetings, currents up close, Cedar Falls City News, and in depth documentaries.
Download the CityCF MOBILE APP Search for “CityCF” the Apple Store. Search for “CityCF” in the Google Play Store.
This PAFR is designed to provide a fundamental understanding of our city government, local economic conditions, and where our financial position stands. If you have questions about this report or need additional information, contact the Department of Finance and Business Operations, 220 Clay Street, Cedar Falls, Iowa 50613.
