FY2024 Proposed Budget

The Iowa City Property Management Fund accounts for the operations of the City-owned rental units in these four developments. Each development pays 9% of its gross rents towards administration which is accounted for in the Iowa City Property Management activity. Fund Balance: The fiscal year 2024 ending fund balance is projected at $268,936. The fund’s current fund balance level is necessary to be able cover the $210,784 loan balloon payment due in fiscal year 2025. Revenues: Rental income is projected at $253,392 in fiscal year 2024, an increase of 4.5% from fiscal year 2023. This is primarily due to the addition of the South District units and the Railroad rentals.

Expenditures: Expenditures are budgeted to grow by $253 or .10% in fiscal year 2024 primarily due to the same reason as the revenue growth.

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