FY24 Adopted Budget

Enterprise / Business Fund Overview Enterprise or Business Funds refer to specific operations intended to be self-sustaining without the need for subsidy from property taxes or revenue sources other than fee collection directly related to the operation. The budgeted revenues, expenditures, and corresponding fund balances 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

Unassigned Balance as % of Rev & Trans In

Restricted, Committed, Assigned

Estimated Revenues

Transfers In

Budgeted Expenditures

Transfers Out

Fund

Balance, 6/30/2024

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 adopts several rate and fee increases. Although some funds present stable or adequate positions, proactive, incremental increases to some rates are included 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 adopts 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

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