FY2024 Proposed Budget

Revenues: The Transit fund is funded through several revenue sources:

 Federal Operating Assistance: Based on an MPOJC formula, these funds are distributed annually between Cambus, Coralville Transit, and Iowa City Transit. State Operating Assistance: Job Access and Reverse Commute Program (JARC), is a Federally funded, application-based grant program, with annual allocations. This is 15.5% of fiscal year 2024 budgeted revenue and transfers in.  Transit Property Tax Levy: Iowa State Code chapter 384.12.10 provides the legal authority for municipalities to levy additional taxes, including “a tax for the operation and maintenance of a municipal transit system…” Iowa City transit property tax levy is $.95 per thousand of valuation. These property tax funds are collected in the General fund and transferred to the Transit fund.  Bus Fares: Fares amount to 7.9% of the Transit fund revenue and transfers in. No fare increases are being proposed for fiscal year 2024.  Court Street Transportation Parking and Rent Revenues: These revenues include all hourly ($1.00 per hour after the first hour) and permit ($90 per month) parking as well as rent from the commercial properties.  Other Revenue: The Transit fund also receives revenue from advertising and other miscellaneous sources. Fiscal year 2024 revenue is projected to decrease from the fiscal year 2023 revised revenue estimates by $467,286 or 6.7%. The decrease is due to the COVID-19 relief grant funding budgeted in fiscal year 2024.

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