FY2023 Adopted Budget

Revenue Bonds: A bond that is payable from a specific source of revenue and to which full faith and credit of the city is not pledged. Services: A category of expenditures used for the purchase of services provided by individuals, businesses or agencies who are not in the direct employ of the city. Self-Supporting Municipal Improvement District (SSMID): An area of contiguous property within the City that has an additional property tax levy. The added revenue can be used for improvements to the district, administrative fees, and debt for the cost of improvements. Special Assessment: A tax levied against a property owner to offset all or part of the cost of public capital improvements which are deemed to benefit that particular property. Special assessments are commonly used to finance improvement projects such as street construction, sidewalk construction, or installation of sewer lines. Special assessments are levied in addition to regular property taxes. Subsidy: Financial aid given to a governmental unit by another governmental unit. For example, in Iowa City, the General Fund subsidizes the Airport with property tax monies. Supplies: A category of expenditures used for the purchase consumable goods and materials that do not have a depreciable useful life and are less than $5,000. SurePay: An application used within the City’s billing for residents to pay their utility bills automatically through their checking or savings account. Tax Incremental Financing District (T.I.F.): A geographical area designated for public end private development. Public improvements are funded by debt which is repaid through segregating the increased property taxes resulting from private development. Taxable Valuation: The amount of the estimated actual property value that is used for levying property taxes after it is reduced by limitations set under State law. Tort Liability: A tort is a wrong against an individual or property that is neither a crime nor a violation of a contract. The City could be found liable or responsible by a court when a tort occurs on City property, as a result of the actions of a City employee, or the function of a City operated activity. The City levies a special tax to purchase tort liability insurance and to cover the cost of tort damages for which the City is found responsible. Transfers (In/Out): Financial transactions that occur between City funds. Interfund transfers occur between two separate funds. Intrafund transfers occur within a single fund. Transfers may be for operating or capital purposes. Transfers “In” are those being received by a fund. Transfers “Out” are those being sent to another fund. Unassigned Fund Balance: Residual net resources. Total fund balance in the general fund in excess of non-spendable, restricted, committed and assigned fund balance.

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