As required by Code of Iowa Section 312.14, all cities are required to annually complete the Street Finance Report. The report details city receipts and expenditures on street related expenses and must be filed with the Iowa Department of Transportation (IDOT) by December 1.
Completing the Report
The report must be completed using forms provided by the IDOT. The report and a set of detailed instructions for preparing the report is available on the IDOT’s website after July 1 of each year. The principal reporting form has a title of Summary Statement Sheet. Column 1 of this form applies only to the Road Use Tax Fund (RUTF) money used during the fiscal year. Column 2 is to include receipts and expenditures for street purposes used from other funds. Column 3, if applicable, is intended to list bond-related receipts, principal and interest payments. Column 4 will automatically total all columns.
The beginning balance for Column 1 will be the ending balance reported on the previous years’ Street Finance Report. Enter any adjustments made in the beginning balances on line A2. Adjustments should only be made when directed by a state auditor. Explain all adjustments on the “Explanation Sheet”. The revenue reported in Column 1, Line 1 is already entered and should equal the 12 monthly payments your city received from the State Treasurer. The Transfer of Jurisdictions funds received from the state will be entered on Line 2 of Column 1 and should match the amount sent to your city. Any funds received from the Transfer of Jurisdiction payment received from the DOT using “Code 124 – Iowa DOT” should be reported on the “Miscellaneous Revenues and Expenses Sheet”, Column 2.
Column 1 continues with a detailed account of the expenditures that may have used RUTF. The expenditure categories are defined in the instructions and expenditure amounts are to be placed in the category that most closely identifies the expenditure.
Receipts and expenditures for street purposes made from other city funds are reported in Column 2. This column does not normally carry a beginning or ending balance. Again, receipts and expenditures are to be reported by the category that most closely identifies the use. Bond funds for principal and interest payments or special assessments are reported in Column 3. The totals for all three columns are automatically tabulated in Column 4.
The intent of the report is to provide an accounting of the entire street program for your city. Do not include revenues and expenditures from other funds, unless they were used for a street related program. For example, the utility fund may have a separate street lighting account. Report only that portion used for streets. An explanation of all miscellaneous receipts and expenses must be included on the Miscellaneous Revenues and Expenses Sheet of the report. The totals will then be carried forward onto the Summary Statement Sheet.
The Bonds, Notes, and Loans Sheet must be updated for all street related debt. This form will include the date of issue, the amount associated with street activity, the amount paid for principal and interest in the current fiscal year and the total amount still outstanding. All new issues need to be reflected on this sheet as well. Be sure the totals are carried forward to the Summary Statement Sheet.
The Project Final Cost Sheet lists descriptions and other information for each completed construction, reconstruction or maintenance that the city had for this fiscal year.
The Road/Street Equipment Inventory Sheet lists all equipment used for street construction, reconstruction or maintenance. This list should be updated annually, deleting any retired or traded equipment and adding anything new.
Filing the Report
After the report is completed and approved by resolution of the council, the Street Finance Report must be electronically submitted to the IDOT on or before December 1.If the annual report is not completed by December 1, the IDOT will report the delinquency to the State Treasurer and the delinquent city’s share of the RUTF will be withheld. The delinquent city must comply with reporting provisions by March 1, or its funds will revert to the street construction fund for distribution to compliant cities.
