City Budget for Fiscal Year 2007

Adopted Capital Improvements Program
For Fiscal Years (FY) ending June 30, 2007 through June 30, 2011
Presented and Approved by the Mayor and City Council on March 8, 2006

Book 1 | Book 2 | Popular Budget

1. Table of Contents
   (PDF: 2 pages, 64.09KB)
   
   
   
2. Letter of Transmittal
   (PDF: 3 pages, 94.93KB)
   An introduction to the report. Prepared by Acting City Manager James H. Flitz and City Controller-Auditor Casey J. Drew
   
   
3. Introduction
   (PDF: 7 pages, 1.10MB)
   The City of Cedar Rapids, incorporated in 1849, starting in 2006 will operate under the City Manager form of government. Under this form of government, the council consists of eight part-time council members and a part-time mayor. A full-time city manager will be responsible for managing the day-to-day operations of the City.
   
   The City provides the following services: public safety, public works, solid waste collection, animal control, parking, ground transportation, community development, and municipal water and sewer. The City also provides cultural and recreational opportunities through various departments and commissions.
   
   This budget includes all funds, departments, boards, and commissions of the City. In addition, our two component units, The Eastern Iowa Airport and Cedar Rapids/Linn County Solid Waste Agency are included in this budget.
   
   
4. Overview
   (PDF: 11 pages, 259.40KB)
   The total estimated cost of the five-year CIP is $629.4 million. Of this amount, $83.1 million is projected to be spent in year one.
   
   The largest project area in terms of costs over the five years is Street Construction. The City estimates it will spend $203.6 million over the plan’s life. The next highest cost area is the Water Department with an estimated cost of $86.1 million. The Water Department is self-supporting; in other words, no property tax dollars are being spent on their share of the proposed plan.
   
   
5. Project Resources
   (PDF: 45 pages, 1.59MB)
   Total resources, to include fund balance, is budgeted at $629.4 million. Of this total, 59% or $370.8 million will come from general obligation bond proceeds. Approximately 21% or $132.8 million will come from federal, state and local grants. The remaining 20% or $125.8 million is from contributions and donations, fund balance and other sources.
   
   
6. Project Costs
   (PDF: 48 pages, 1.77MB)
   The CIP five-year budget is $629.4 million. The largest project area in terms of costs as compared to the total project costs is Street Construction, which is budgeted to spend $203.6 million over the next five years. The next highest cost area is Water Construction with a budget of $86.1 million.
   
   
7. City Debt
   (PDF: 7 pages, 162.82 KB)
   The State Code of Iowa limits the amount of debt, which a city can incur to 5% of our assessed market value. Historically, the City of Cedar Rapids has been well within the debt limit.
   
   Due to the City’s conservative budgeting practices, strong financial management, and rapid pay off of existing debt, Moody’s Investors Services has rated the City Aaa. This is the highest rating the City can obtain. We have earned this rating for 34 consecutive years.