FY2024 Proposed Budget

of the City’s enterprise funds are detailed in the following table. Each of the City's enterprise funds are in varying, yet stable conditions. A column has been added to indicate the approximate health of each fund (AAA = Good, AA = Adequate, A = Needs Monitoring).

Estimated Fund Balance 6/30/24

Unassigned Fund Balance, 6/30/2024

Unassigned Balance as % of Rev & Trans In

Restricted, Committed, Assigned

Estimated Revenues

Transfers In

Budgeted Expenditures

Transfers Out

Fund

Fund Health

Parking

5,611,532

1,000,000

4,359,209

2,378,595

2,301,704

463,702

1,838,002

28%

A

Transit

6,562,268

5,221,512

10,144,009

1,325,000

12,781,235

11,065,245

1,715,990

15%

A

Wastewater

12,548,301 6,077,875

8,183,257

8,530,000

22,510,530

10,621,201

11,889,329

64%

AA

Water

11,668,360 3,167,175

10,085,483

7,108,675

11,364,221

3,985,762

7,378,459

50%

AA

Refuse

4,968,435

8,125

4,627,383

250,000

1,355,425

0

1,355,425

27%

AA

Landfill

7,292,093

1,445,559

6,108,611

4,902,750

20,908,872

19,097,743

1,811,129

21%

AA

Airport

100,000

506,797

406,307

47,000

383,477

291,649

91,829

18%

AA

Stormwater

1,903,038

1,101,500

738,481

2,090,000

1,632,877

834,000

798,877

27%

AA

ICHA

12,274,066 -

11,686,204

54,791

6,759,039

1,341,073

5,417,967

44%

AAA

In response to some of current and anticipated pressures on many of the Enterprise Funds, this budget recommends several rate and fee increases. Although some funds present stable or adequate positions, proactive, incremental increases to some rates are recommended to avoid larger hikes when the fund is in a more critical condition.

• $2/month Refuse / Recycling Rate increase • $0.50/month Stormwater Rate increase

• 2% Wastewater Rate increase (approx. +$2.85/mo. per home) • 4% Water Rate increase (approximately +$1.50/mo. per home) • $5/month Monthly Parking Permit increase (impacts parking permit holders only) Additionally, this budget recommends an increase to special bulky item and 24-hour tagged curbside pickups, and an increase in the Landfill minimum tipping fee of $7 for Iowa City residents and $7.50 for all others. These changes address heightened demand in resource management operations and impact only those who take advantage of these services. Capital Improvement Plan (CIP) Highlights The capital budget for Fiscal Year 2024 totals $65,737,220 and the five-year CIP totals $253,000,100. The majority of CIP projects in the five-year period improve the local transportation network, municipal utility system, and public parks and open spaces. The five-year program continues to reflect the City Council’s priorities established in previous fiscal years. We are currently facing capital project budgets increase by 20-30% due to cost increases. As such, we are buying less and relying on reserves to keep projects underway moving forward in Fiscal Year 2023. The proposed Capital Improvement Budget delays several projects in order to balance the budget and to account for supply chain issues and labor shortages.

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