What this page is. A line-by-line audit trail for the whole site — the scorecard, the forecast, and the liquidity model. Audited scorecard figures are recomputed here from raw components (they reproduce in front of you); forecast and liquidity figures are projections, so each input is traced to its source document and the formula is shown with a worked example. A reporter can verify the site without taking our word for anything.
How to verify any number in four steps
- Read the value in the published table or its data file (linked below each section).
- Apply the formula / inputs shown here — the same ones in the builder scripts.
- Open the extraction the components come from (a source-tagged CSV).
- Trace to the primary document — ACFR, Iowa DOM filing, or PFM board presentation — in the provenance index at the bottom.
Part A — Scorecard KPIs (audited, recomputed here)
1 · Solvency ratio
Formula (board policy 701.5R1). solvency = (unassigned + assigned GF fund balance) ÷ (GF revenue − AEA flow-through). Target 10–15%, 5% floor.
| FY | Unassigned + assigned | Revenue − AEA | = Solvency | Published | vs. target |
|---|---|---|---|---|---|
| FY2020 | $6,876,239 | $169,739,238 − $6,529,748 = $163,209,490 | 4.21% | 4.21% | below floor |
| FY2021 | $11,653,470 | $190,498,914 − $6,829,103 = $183,669,811 | 6.34% | 6.35% | below target |
| FY2022 | $5,356,550 | $196,760,462 − $6,897,343 = $189,863,119 | 2.82% | 2.82% | below floor |
| FY2023 | $4,960,343 | $209,488,033 − $7,118,887 = $202,369,146 | 2.45% | 2.45% | below floor |
Recomputed column reproduces the published value exactly. Components: per-year ACFR extraction; AEA from Iowa DOM AEA.
Primary documents (RSM US LLP):
- FY2020: ICCSD ACFR 2020 (dated 2021-01-15, unmodified)
- FY2021: ICCSD ACFR 2021 (dated 2022-01-19, unmodified)
- FY2022: ICCSD ACFR 2022 (dated 2022-12-20, unmodified)
- FY2023: ICCSD ACFR 2023 (dated 2025-08-27, unmodified — issued 26+ months late; material weakness)
2 · Operating margin
Formula. operating margin = (GF revenue − GF expenditure) ÷ GF revenue.
| FY | Revenue | Expenditure | = Margin | Published |
|---|---|---|---|---|
| FY2020 | $169,739,238 | $173,099,142 | -1.98% | -1.98% |
| FY2021 | $190,498,914 | $184,984,176 | +2.89% | +2.89% |
| FY2022 | $196,760,462 | $202,187,558 | -2.76% | -2.76% |
| FY2023 | $209,488,033 | $207,876,297 | +0.77% | +0.77% |
Source: Iowa_City_CSD.csv.
3 · Unspent Authorized Budget (UAB) ratio
Formula. UAB ratio = unspent authorized budget ÷ maximum authorized budget (Iowa DOM). Target 5–10%.
| FY | Unspent | Max authorized | = UAB | Published |
|---|---|---|---|---|
| FY2020 | $2,048,574 | $175,447,714 | 1.17% | 1.17% |
| FY2021 | $3,167,626 | $188,965,728 | 1.68% | 1.68% |
| FY2022 | $239,935 | $202,675,479 | 0.12% | 0.12% |
| FY2023 | $-2,505,057 | $206,781,489 | -1.21% | -1.21% |
| FY2024 | $3,304,215 | $201,462,445 | 1.64% | 1.64% |
| FY2025 | $5,031,593 | $217,878,973 | 2.31% | 2.31% |
Source: unspent-authorized-budget.csv (Iowa DOM filing).
4 · Total GF balance vs. unspent authority
Policy 701.5R1 #4. Hold a total GF balance ≥ unspent authority, so the District can cash-flow its full legal spending limit.
| FY | Total GF balance | Unspent authority | Balance ≥ authority? |
|---|---|---|---|
| FY2020 | $11,240,140 | $2,048,574 | ✅ yes |
| FY2021 | $15,890,150 | $3,167,626 | ✅ yes |
| FY2022 | $10,063,054 | $239,935 | ✅ yes |
| FY2023 | $10,151,221 | $-2,505,057 | ✅ (authority ≤ 0) |
GF balance from the ACFR extraction; unspent authority from the Iowa DOM UAB file. Met largely because unspent authority is near zero/negative — see the scorecard note.
5 · Enrollment trend
Reported indicator (no target). Certified enrollment — funding follows the student.
| FY | Certified enrollment | Year-over-year |
|---|---|---|
| FY2020 | 14,285.0 | — |
| FY2021 | 14,571.6 | +2.0% |
| FY2022 | 14,283.8 | -2.0% |
| FY2023 | 14,395.0 | +0.8% |
| FY2024 | 14,439.8 | +0.3% |
| FY2025 | 14,378.7 | -0.4% |
Source: certified-enrollment.csv (Iowa DOM).
6 · GO debt vs. the 5% statutory limit
Formula (Iowa Constitution). outstanding GO debt must be ≤ 5% of actual property value.
GO debt as % of actual value
1.07%
$156,815,000 GO debt (FY2023 ACFR) ÷ $14,617,004,801 actual valuation (FY2026 Iowa DOM) = 1.07% — well under the 5% limit (≈ $730,850,240), using ~21% of capacity.
GO debt from the ACFR extraction; actual valuation from assessed-valuation-latest.csv. Debt and valuation are the latest available years (FY2023 / FY2026).
Part B — General Fund forecast (FY2026–FY2029)
The forecast is a projection, not an audited fact: the base case is PFM’s own 7-year GF cash-flow model. There is no single formula to recompute — instead every input is traced to a source, and the fund-balance roll-forward is shown with a worked example that reproduces the published figure.
Key inputs and their sources
| Input | Value | Source document |
|---|---|---|
| FY2024 assigned+unassigned anchor | $14,881,750 | FY2024 Certified Annual Report (Iowa DOM cash-reserve-levy worksheet) — cash-reserve-levy.csv |
| FY2026–29 base GF revenue & expenditure | PFM model | PFM Comprehensive Fiscal Analysis (4/1/2026) |
| AEA flow-through (FY2026) | $8,225,000 | Iowa DOM AEA flow-through — aea-flowthrough.csv |
| FY2026 max authorized budget (est.) | $222,000,000 | Iowa DOM UAB workbook (estimated; UAB band is wide) |
Worked example — FY2026 base solvency
Roll the $14,881,750 FY2024 anchor forward by each year’s operating result (revenue − expenditure + transfers). FY2026 base ends at $1,064,121 assigned+unassigned on an operating result of $-5,999,266 (a deficit). Then:
FY2026 base solvency
0.50%
$1,064,121 ÷ ($219,082,029 − $8,225,000 AEA) = 0.50% — matches the published forecast, far below the 5% floor.
| FY (base) | Operating result | Assigned+unassigned | Solvency |
|---|---|---|---|
| FY2026 | $-5,999,266 | $1,064,121 | 0.50% |
| FY2027 | $1,489,768 | $2,553,889 | 1.18% |
| FY2028 | $2,778,333 | $5,332,222 | 2.41% |
| FY2029 | $2,611,332 | $7,943,554 | 3.52% |
Builder: gf_forecast.py · output: gf_forecast.csv · inputs: assumptions.csv. FY2024+ are unaudited; read solvency within ~±1.5 pts.
Part C — Monthly liquidity (cash)
The cash forecast starts from the latest known balance, applies FY2025 monthly seasonality, and overlays dated cash events. Each of those three inputs is source-tagged.
Inputs and their sources
- Start cash: $13,053,795 (GF, as of 2026-03-31) — K_02_01_Financials as of 3.31.26 Board Mtg 5.12.26.pdf, p.5.
- Seasonality: FY2025 monthly revenue/expenditure shares — monthly_actuals.csv (extracted from the FY26 Q2 Financial Report).
- Annual scaling: per-scenario GF revenue/expenditure from gf_forecast.csv (Part B).
- Dated cash events: the table below.
Dated cash events (each traced to a board document)
| Date | Event | Amount | Source (file · page) | Conf. |
|---|---|---|---|---|
| 2026-05-13 | GF lends SAVE $7.32M for June 1 SAVE bond payment | −$7,320,000 | L_04_02_Resolution Approving Interfund Loan GF to SAVE Iowa City CSD.pdf · p.1 | high |
| 2026-05-15 | $25M Taxable General Fund Revenue/Tax Anticipation Warrant issued May 2026 | $25,000,000 | B_01_01_Capital Outlay Borrowing Need Memo Update for 4_1.pdf · p.1 | high |
| 2026-05-15 | GF repays Health Insurance fund $10M principal + interest from warrant | −$10,400,000 | L_01_01_Resolution Approving Interfund Loan ICCSD.pdf · p.1 | high |
| 2026-09-30 | Sale of 1725 N. Dodge Street - proceeds to General Fund | TBD | F_18_02_Hills Property Notice of Public Hearing Deposit of Proceeds to Genera.pdf · p.1 | low |
| 2026-10-01 | SAVE repays GF $7.32M principal + interest by 10/1/2026 | $7,759,200 | L_04_02_Resolution Approving Interfund Loan GF to SAVE Iowa City CSD.pdf · p.1 | high |
| 2026-10-15 | Additional GF loan to SAVE for SAVE Dec 1 2026 interest payment | −$2,500,000 | B_01_01_Capital Outlay Borrowing Need Memo Update for 4_1.pdf · p.1 | medium |
| 2027-05-15 | GF repays the $25M warrant (principal + interest) in FY27 | −$26,500,000 | B_01_01_Capital Outlay Borrowing Need Memo Update for 4_1.pdf · p.1 | medium |
Builder: liquidity_forecast.py · output: monthly_liquidity.csv · events: known_events.csv. Events without an amount (e.g. the 1725 N. Dodge sale) are excluded from the base lines.
Provenance index
The machine-readable trail is source_links.csv — one row per source document, with its inventory document_id.
| document_id | source file | feeds | conf. |
|---|---|---|---|
undated_audits_iowa_city_csd_2020 | Iowa City CSD-2020.pdf | kpi_scorecard.csv :: solvency_ratio_pct, operating_margin_pct (ICCSD FY2020) | High |
undated_audits_iowa_city_csd_2021 | Iowa City CSD-2021.pdf | kpi_scorecard.csv :: solvency_ratio_pct, operating_margin_pct (ICCSD FY2021) | High |
undated_audits_iowa_city_csd_2022 | Iowa City CSD-2022.pdf | kpi_scorecard.csv :: solvency_ratio_pct, operating_margin_pct (ICCSD FY2022) | High |
undated_audits_iowa_city_csd_2023 | Iowa City CSD-2023.pdf | kpi_scorecard.csv :: solvency_ratio_pct, operating_margin_pct (ICCSD FY2023) | Medium |
undated_district_extractions_iowa_city_csd | Iowa_City_CSD.csv | kpi_scorecard.csv :: solvency_ratio_pct, operating_margin_pct (ICCSD FY2020-2023) | high |
undated_dom_aea_flowthrough | aea-flowthrough.csv | kpi_scorecard.csv + gf_forecast.csv :: solvency denominator (revenue - AEA flow-through) | high |
undated_dom_unspent_authorized_budget | unspent-authorized-budget.csv | kpi_scorecard.csv :: uab_pct_of_max + unspent_authority_dollars (ICCSD + 14 peers) | high |
undated_dom_certified_enrollment | certified-enrollment.csv | kpi_scorecard.csv :: certified_enrollment (FY2020-2025) | high |
undated_dom_assessed_valuation_latest | assessed-valuation-latest.csv | kpi_scorecard.csv :: go_debt_pct_actual_value (5% statutory debt limit) | high |
2026-04-01_attachments_b_01_02_pfm_summary_of_comprehensive_fiscal_analysis_tax_anticipation_warrants | B_01_02_PFM Summary of Comprehensive Fiscal Analysis - Tax Anticipation Warrants.pdf | gf_forecast.csv :: base-case GF revenue & expenditure (FY2026-FY2029) | high |
2026-04-01_attachments_b_01_01_capital_outlay_borrowing_need_memo_update_for_4_1 | B_01_01_Capital Outlay Borrowing Need Memo Update for 4_1.pdf | gf_forecast.csv + monthly_liquidity.csv :: warrant & financing assumptions | high |
2026-06-09_attachments_k_02_01_pfm_presentation_iccsd_capital_funding_capacity_save_ppel_06092026 | K_02_01_PFM Presentation ICCSD Capital Funding Capacity SAVE & PPEL 06092026.pdf | gf_forecast.csv + monthly_liquidity.csv :: capital-funding & SAVE repayment context | high |
undated_dom_cash_reserve_levy | cash-reserve-levy.csv | gf_forecast.csv :: FY2024 assigned+unassigned anchor ($14,881,750) | high |
2026-01-27_attachments_l_01_01_resolution_approving_interfund_loan_iccsd | L_01_01_Resolution Approving Interfund Loan ICCSD.pdf | monthly_liquidity.csv :: dated interfund/property cash events | high |
2026-02-10_attachments_k_02_01_fy26_quarter_2_financial_report_1 | K_02_01_FY26 Quarter 2 Financial Report (1).pdf | monthly_liquidity.csv :: FY2025 seasonality ; monthly_liquidity.csv :: start cash position | medium |
2026-04-01_attachments_b_01_01_capital_outlay_borrowing_need_memo_update_for_4_1 | B_01_01_Capital Outlay Borrowing Need Memo Update for 4_1.pdf | monthly_liquidity.csv :: dated interfund/property cash events | high |
2026-05-12_attachments_f_18_02_hills_property_notice_of_public_hearing_deposit_of_proceeds_to_genera | F_18_02_Hills Property Notice of Public Hearing Deposit of Proceeds to Genera.pdf | monthly_liquidity.csv :: dated interfund/property cash events | low |
2026-05-12_attachments_k_02_01_financials_as_of_3_31_26_board_mtg_5_12_26 | K_02_01_Financials as of 3.31.26 Board Mtg 5.12.26.pdf | monthly_liquidity.csv :: start cash position | medium |
2026-05-12_attachments_l_04_02_resolution_approving_interfund_loan_gf_to_save_iowa_city_csd | L_04_02_Resolution Approving Interfund Loan GF to SAVE Iowa City CSD.pdf | monthly_liquidity.csv :: dated interfund/property cash events | high |
Scope & honesty note. Audited solvency and operating margin exist only for FY2020–FY2023; FY2024–FY2025 ACFRs are not yet filed, so those cells are blank by design. Forecast and liquidity figures are projections built on the PFM model and the dated events above — verify against the primary PDFs for anything consequential.