FY25 Proposed Budget

Accounting The Accounting Division provides processing and reporting of all financial transactions for the City of Iowa City. The Division also provides financial controls for departments to help ensure proper stewardship of public funds. Accounting provides services that support management decisions through timely and accurate processing and reporting of payroll, accounts payable, accounts receivable, and cash transactions. timely and accurately, taking advantage of any discounts offered, and processes and distributes payroll for all City employees accurately and timely. Accounting files quarterly and annual payroll tax returns, receives unmodified opinions on the City’s annual audited financial statements and compliance with requirements described in Title 2 of the U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and prepares an Annual Report in conformance with GAAP that meets the requirements of the GFOA excellence in financial reporting program. The Division also requests funds for City programs funded by Federal and State grants on a monthly basis and monitors these funds to ensure compliance with applicable laws and guidelines. Recent Accomplishments:  The City’s Annual Report for fiscal year 2022 earned the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the 38th consecutive year. The Certificate is the highest form of recognition for excellence in state and local financial reporting. Upcoming Challenges:  Final implementation of the new Governmental Accounting Standards Board (GASB) Statement 96, Subscription-Based Information Technology Agreements.  Implementation of the new Governmental Accounting Standards Board (GASB) Statement 101, Compensated Absences in fiscal year 2025. General Fund Activities:  The Accounting Division processes payments for goods and services and pays all vendors

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