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 2019-2020 Operating Budget that starts July 1, 2019 includes information on all the City's operations and fund accounts.
FY 2019-2020 Budget Highlights
The City Council approved the 2019-2020 budget maintains Clive's property tax rate at $10.14 per $1000 of valuation for the fourth consecutive year. Starting July 1, 2019, the budget includes modest increases in utility rates primarily to cover expenses passed down from regional entities that provide services throughout the Metro. This rate still allows this City to make positive investments in new infrastructure, maintain existing infrastructure, retain excellent staff, continue delivering services that are highly valued by Clive residents and businesses, and meet future needs as the City continues to grow.
Moody's Investor Services assigned a AAA rating to Clive's $4.2 million General Obligation Corporate Purpose and Refunding Bonds issued in April 2019. Clive's previous bond issue in 2018 also received a AAA rating. These bonds will primarily fund capital improvement projects in Clive scheduled for 2019 and 2020. Clive is one of only three cities in Iowa--and one of the smaller cities in the United States--to earn Moody's highest rating. Moody's based their rating on Clive's "strong financial operations, healthy liquidity, and ample revenue raising flexibility."