I-1 - Preliminary Official Statement Series 2021A Refunding

Bargaining Units/Labor Contracts The labor unions representing certain City employee groups are shown below. Employee Group Contract Expiration Date AFSCME June 30, 2023 Employee Pension Programs The City contributes to the Iowa Public Employees Retirement System (IPERS), which is a cost-sharing, multiple employer defined benefit pension plan administered by the State of Iowa. IPERS provides retirement and death benefits which are established by state statute to plan members and beneficiaries. IPERS issues a publicly available financial report that includes financial statements and required supplementary information. The report may be obtained by writing to IPERS, P.O. Box 9117, Des Moines, Iowa 50306-9117. Most regular plan members are required to contribute 5.95% of their annual covered salary and the City is required to contribute 8.93% of covered salary. Certain employees in special risk occupations and the City contribute an actuarially determined contribution rate. Contribution requirements are established by state statute. The City contributions to IPERS for the last five fiscal years are as follows: Year Amount Year Amount 2019 $56,861 2016 38,374 2018 47,210 2015 34,237 2017 38,082 Other Postemployment Benefits (OPEB) The City has no plans that would result in an OPEB liability and, therefore, the City anticipates it will not incur any future explicit or implicit OPEB costs for its employees and, therefore, no liability will be recorded. Estimated Cash/Investment Balances as of November 30, 2020 (unaudited) Fund General Fund $2,646,098 Special Revenue Funds 4,065,943 Debt Service Fund 152,668 Tax Increment Financing Fund 1,046,022 Enterprise Funds 774,248 Total Estimated Cash/Investment Balances $8,684,979 [remainder of page left blank intentionally] A-3