I-1 - Preliminary Official Statement - GO Bond 2025

The City also operates the following business-type activities: water utility and sewer utility. Bargaining Units/Labor Contracts The labor unions representing certain City employee groups are shown below. Employee Group Contract Expiration Date AFSCME June 30, 2028 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. In fiscal year 2024, pursuant to the required rate, regular members contributed 6.29% of covered payroll and the City contributed 9.44% of covered payroll for a total rate of 15.73%. Protection occupation members contributed 6.21% of covered payroll and the City contributed 9.31% of covered payroll, for a total rate of 15.52%. 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 2024 $135,983 2021 $70,689 2023 100,044 2020 60,818 2022 82,157 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 December 31, 2024 (unaudited) Fund General Fund $5,272,997 Special Revenue Funds 1,683,497 Debt Service Fund 1,233,903 Tax Increment Financing Fund 1,490,360 Enterprise Funds 2,166,261 Total Estimated Cash/Investment Balances $11,847,018 – 16 –