FY2022

navigate the impacts of tax reform and the coronavirus but emerge from it in a strong position that will allow us to continue to invest in services and projects that make our community one of the most desirable places to grow up, raise a family, and retire. Fiscal Year 2022 Budget Overview In preparing this budget document, City staff accounted for the previously-mentioned financial goals, the Strategic Plan, and adopted master plans. By adhering to these principles and priorities, the proposed budget balances both the short-term needs and the long-term health and stability of the community. The Fiscal Year 2022 City budget includes budgeted expenditures totaling $173,254,898. Of the total budget, $63,527,009 is for the General Fund, $24,803,470 is directed to Capital Projects and $56,585,518 is related to the operations of various enterprise or business funds. A breakdown of the budget by fund type follows:

Fiscal Year 2021 Expenditure Comparison by Fund Type excludes transfers

$10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000

General Capital Projects FY2022 $63,527,009 $56,585,518 $15,254,137 $13,084,764 $24,803,470 $- Enterprise Special Revenue Debt Service

Iowa City derives the majority of its revenues through property taxes and charges for services. The following table and pie chart detail Iowa City's revenue mix across all fund types. The increase in Other City Taxes reflects a one-time drop in hotel/motel tax revenue during Fiscal Year 2021 due to the pandemic and an increase in TIF revenue due largely to rebates beginning in Fiscal Year 2022 for Foster Road and Hieronymus Square. The increase in Use of Money and Property is due to revenue drops in Fiscal Year 2021 due to the pandemic and an estimated increase in interest income. The decrease in Intergovernmental is related to one-time federal COVID relief dollars in Fiscal Year 2021 and lower state rollback estimate in Fiscal Year 2022. The increases in both Charges for Services and Miscellaneous also result from COVID-related revenue shortfalls in Fiscal Year 2021 for decreased charges and fee collections for services such as recreation programs, parking fees, and code enforcement. Overall, the City’s revenue is projected to decrease 1.6%.

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