I-1 - Preliminary Official Statement - GO Bond 2024A

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 2022, regular plan members were required to contribute 6.29% of their annual covered salary and the City was required to contribute 9.44% 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 2022 $82,157 2019 52,429 2021 70,689 2018 42,521 2020 60,818 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 March 20, 2024 (unaudited) Fund General Fund $ 5,628,138 Special Revenue Funds 558,252 Debt Service Fund 85,734 Tax Increment Financing Fund 1,256,507 Enterprise Funds 4,673,074 Total Estimated Cash/Investment Balances $ 12,201,705 – 16 –