FY24 Adopted Budget

4. Use of Money & Property - This revenue source consists of interest income and rents and is budgeted at $1,033,209 for fiscal year 2024. The fiscal year 2024 budget is an increase of 42.8% of the fiscal year 2023 revised budget of $723,383; additionally, there is an average decrease of 0.6% over the last five years. The increase from the fiscal year 2023 estimate is from an increase in estimated interest income; the average slight decrease over the last five years is a result of decreased interest income and rent revenue from COVID-19 impacts. 5. Intergovernmental - This revenue category includes state and federal grants, 28E agreements, and contracts with local governmental entities. Intergovernmental revenue is budgeted at $4.2 million in fiscal year 2024. The fiscal year 2024 budget is an increase of 9.2% of the fiscal year 2023 revised budget of $3.9 million, and there is an average increase of 3.7% over the last five years. The increase in fiscal year 2024 is from an increase in Property Tax Credits with the addition of the Business Property Tax Credit Backfill, and the average increase over the last five years is from the increases in state and local 28E agreements. The majority of intergovernmental revenue is the result of 28E agreements with local entities for services provided to area residents, as shown in the following schedule. The largest of these agreements is for fire protection services to the University of Iowa, estimated at $2.6 million in fiscal year 2024, with $1.8 million receipted into the General Fund. The remainder is deposited into the Employee Benefits Fund as reimbursement for a percentage of Fire employee benefits and into the Capital Projects Fund as reimbursements for a percentage of Fire capital asset replacement.

322