FY2022

$72,710,934; the revised budget includes the 2021 CIP expenditures of $30,224,050, prior year project carry forwards of $42,460,484, and internal loan interest payments of $26,400. The revised fiscal year 2021 Capital Projects Fund revenues and transfers in budget also includes totals from the carry forward of prior year projects. The amounts being carried forward from prior years are not included in the five-year CIP totals. The revised Capital Projects Fund revenues and transfers in for fiscal year 2021 are $39,328,303; the revised budget includes the 2021 CIP funding sources of $29,784,050, State sales tax grant funding of $1,213,954, a transfer in from the TIF funds to reimburse for prior year expenditures of $2,165, and prior year project carry forwards of $8,328,134. In fiscal year 2015, the North Treatment Plant Removal project received a 20-year internal loan from the Wastewater Treatment Fund which is being repaid with a State of Iowa sales tax grant. In fiscal year 2018, this was reduced to a 7-year loan due to better align with the anticipated timing of the state sales tax grant revenues. 2021 is the final year that the City will receive state sales tax grant revenues and the final year of the internal loan. The Capital Projects Fund’s 2021 budgeted expenditures include $26,400 for interest expense to be paid to the Wastewater Treatment Fund, and $1,375,000 in principal repayments, shown as transfers out. State sales tax grant revenues are budgeted at $1,213,954 in 2021. These amounts are not reflected in the five-year CIP totals. Fund balance in the Capital Projects Fund primarily represents unspent funding sources from the current year and prior years. This balance fluctuates based on the timing of the issuance of bonds and the timing of the project expenditures. The estimated ending fund balance for fiscal year 2022 is $3,218,042.

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