FY2023 Adopted Budget

OTHER SHARED REVENUE FUND This fund accounts for federal, state, local, and private grants, including Hazard Mitigation Grant Project (HMGP) Buyout, Supplemental Community Development Block Grants (CDBG), Invest Health, and American Rescue Plan Act (ARPA). Individual programs may provide public assistance for business and residential flood recovery efforts, the acquisition and removal of properties within the flood plain, down payment assistance for owner-occupied affordable housing, and a variety of other purposes to improve living and housing in Iowa City. The City’s role in many of grant programs is to manage pass-through grants and distribute them to Iowa City businesses and residents. Currently active grants: • Invest Health: This is an initiative that brings together diverse leaders from mid-sized U.S. cities across the nation to develop new strategies for increasing and leveraging private and public investments to accelerate improvements in neighborhoods facing the biggest barriers to better health. The City received $60,000 in fiscal year 2016 and has been spending down proceeds slowly in the past three fiscal years. This grant is expected to be completed in fiscal year 2021. • Hazard Mitigation Grant Project (HMGP) Buyout: The City received a flood mitigation buyout grant to purchase and remove three homes in the flood plain in fiscal year 2017. The federal grant share is $1,153,761, the State of Iowa’s share is $146,871, and the City’s share will be $224,042. The City’s share may be in kind or in cash and is shown as a transfer-in from the General Fund. The total project is $1,524,674. The City has received prior HMGP grants as well. This grant was completed in fiscal year 2018. The American Rescue Plan Act (ARPA) funds are being housed within this fund. On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. This legislation established the Coronavirus State and Local Fiscal Recovery Fund (SLFRF), which provides significant resources to state, local, territorial, and Tribal governments to support urgent COVID 19 response efforts, replace lost public sector revenue and restore service levels, support immediate financial stabilization for households and businesses, and address public health and economic challenges caused by the pandemic and that have disproportionately impacted certain populations. The U.S. Treasury has allocated $18.3 million to the City of Iowa City. The City received approximately half of this amount in May 2021 and anticipates receiving the remaining balance around May 2022. SLFRF dollars are intended to both address emergency stabilization needs and help localities make long-term, transformative investments (especially in underserved populations) through careful planning and extensive public input.

393