FY2022

Revenues: The Transit fund is funded through several revenue sources:

• Federal Operating Assistance: Based on an MPOJC formula, these funds are distributed annually between Cambus, Coralville Transit, and Iowa City Transit. State Operating Assistance: Job Access and Reverse Commute Program (JARC), is a Federally-funded, application-based grant program, with annual allocations. This is 34% of fiscal year 2020 budgeted revenue. • Transit Property Tax Levy: Iowa State Code chapter 384.12.10 provides the legal authority for municipalities to levy additional taxes, including “a tax for the operation and maintenance of a municipal transit system…” Iowa City transit property tax levy is $.95 per thousand of valuation. These property tax funds are collected in the General fund and transferred to the Transit fund. • Bus Fares: Fares amount to 10.7% of the Transit fund revenue. No fare increases are being proposed for fiscal year 2022. This share is lower than most years due to the CARES Act and electric bus grant funding. • Court Street Transportation Parking and Rent Revenues: These revenues include all hourly ($1.00 per hour after the first hour) and permit ($85 per month) parking as well as rent from the commercial properties. • Other Revenue: The Transit fund also receives revenue from advertising and other miscellaneous sources. Fiscal year 2022 revenue is projected to increase from the fiscal year 2021 revised revenue estimates by 152%. The increase is due to the CARES Act grant funding budgeted in fiscal year 2022.

Revenue Trends

$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000

2018 Actual

2019 Actual 2020 Revised 2021 Budget 2022 Projected 2023 Projected

Charges for Services

Intergovernmental

Use of Money & Property

Miscellaneous

Other Financial Sources

The Transit Property Tax Levy (including State backfill funds), estimated at $4,14 2,112 , will be transferred into the Transit fund from the General fund in fiscal year 2022. Combined with funding from other governments, approximately $13.3 million of the $15.5 million in revenues and transfers in (not including reserve transfers) or 85.8% is from sources of revenue not generated by transit operations. This is a higher than fiscal year 2021 funding due to the CARES Act and electric bus grant revenue.

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