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 online through the IDOT website. 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 intent of the report is to provide an accounting of the entire roads/street program for your city. There are a set of financial pages that capture the expense and revenue related to road/street items during the fiscal year. This includes all revenues and expenses from the Road Use Tax Fund and possibly from the general fund, capital projects fund, etc., much like the Annual Finance Report. Do not include revenues and expenditures from other funds, unless they were used for a street related program. For a full set of written instructions as well as training videos, go to: https://secure.iowadot.gov/sfr/Home/Instructions.
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.
There is a page for completed projects that lists descriptions and other information for each construction, reconstruction or maintenance that the city finished during 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, the Street Finance Report must be electronically submitted to the IDOT on or before December 1.The report should be presented to the council at a regular meeting, but does not need approval. If the 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.