The Administration Department under the supervision of the City Clerk, is responsible for timely and accurate financial information. The annual budget process projects the City's financial position and the dollars needed to provide services to the citizens of Clive.
On an annual basis, following the end of the fiscal year on June 30, the financial accountings of the City are audited by an outside firm. The audit report consists of a series of financial statements, as well as other components that provide an overview of the City's finances and a comparison of the budget for that year.
Tax Increment Financing (TIF) Reports
Cities that have TIF districts with debt must submit their debt requirements to the county auditor by December 1 each year to be able to capture the revenue to repay outstanding obligations. Several years ago legislation required the Annual Urban Renewal Report. The City is required to report the annual activity within each urban renewal area by December 1, for the previous fiscal year. Council approval is required prior to submission.
Annual Financial Report
Annually, by December 1, cities must submit their Annual Financial Report to the State Auditor. This report summarizes the City’s financial position at the end of the previous fiscal year.
The annual budget process projects the City's financial position and the dollars needed to provide services to the citizens of Clive. The budget report is required to be filed annually with the County Auditor as well as the Iowa Department of Management by March 15.
Prior to the budget filing in March each year the City Council performs a budget development process through various budget workshops and meetings in January and February. The process for the FY 2017-2018 Operating Budget to start July 1, 2017 will include information on all the City's operations and fund accounts.
FY 2017-2018 Budget Highlights
Starting July 1, 2017, the approved budget maintains the city's property tax levy of $10.14, serving as one of the lowest city property tax rates in the Metro Area. The budget seeks to deliver on the City Council's many action items identified in their strategic plan, which is annually updated and reviewed each year.
Included in the budget, are resources for the hiring of a new police officer position to serve as a School Resource Officer. Funding for the position will be shared by the West Des Moines Community School District. In addition, due to the enhanced development activity and long-term planning, the budget includes the hiring of a new planner position in the city's Community Development Department.
The budget provides long-term financial flexibility to Clive taxpayers and this positive financial position was recently recognized by Moody's when they upgraded the City of Clive's bond rating status to Aaa, the highest rating level the investor service issues. As noted by Moody's, "The Aaa rating reflects the city's strong financial operations, healthy liquidity and ample revenue raising flexibility. The stable outlook reflects our expectation that the city's credit quality will remain strong due to the power of the regional economy, structurally balanced financial operations and healthy reserve levels."
Clive now joins West Des Moines and Iowa City as one of three communities in Iowa to receive the Aaa designation from Moody's. Nationally, Clive ranks as one of the smallest in terms of population size to reach Aaa status.