FY2023 Adopted Budget

HOUSING AUTHORITY FUND The Housing Authority Fund is an enterprise fund that accounts for the public housing programs operated by the Iowa City Housing Authority (ICHA) including the rental assistance programs and the City-owned public housing units. These programs are primarily funded through Federal funds from the U.S. Department of Housing and Urban Development (HUD). The Housing Authority Fund’s total fund balance on June 30, 2021 was $5,925,598, a decrease of $1,902,448 or 24.30% from the fiscal year 2020 year-end fund balance. The decrease in fiscal year 2021 was primarily due to purchase of housing units in the Augusta Place and the Chauncey. At the end of fiscal year 2021, $1,281,657 in fund balance was restricted for maintenance and development of Public Housing units and the development of affordable homeownership opportunities. Fund balance history and projections are as follows:

Fund Balance (1)

$9,000,000

$8,000,000

$7,000,000

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

FY2019 FY2024 Unassigned $4,070,553 $4,485,858 $4,643,941 $5,166,425 $5,483,912 $5,593,730 Restricted $3,268,537 $3,342,188 $1,281,657 $1,319,997 $1,352,997 $1,385,997 $0 FY2020 FY2021 FY2022 FY2023

(1) FY22 – FY24 are estimates

Fiscal year 2022 revised year-end fund balance increased by 9.46% or $560,824 over the fiscal year 2021 ending balance. The fiscal year 2022 increase is also due to a surplus generated in the Housing Voucher Program due to expanded Federal funding for vouchers. In fiscal year 2023, the Housing Authority’s fund balance is projected to increase by $350,487 or 5.40%. The fiscal year 2023 increase in fund balance is also projected due to a surplus generated in the Housing Voucher Program. Revenues: HUD allocations account for approximately 96% of ICHA revenue. ICHA is projected to receive $10,464,171 in federal funding through HUD in fiscal year 2023. This is an 8.97% percent

507