Master Proposed Book FY2023

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 28% of fiscal year 2023 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 14.87% of the Transit fund revenue and transfers in. No fare increases are being proposed for fiscal year 2023. This share is lower than most years due to the CARES Act and electric bus grant funding.  Court Street Transportation Parking and Rent Revenues: These revenues include all hourly ($1.00 per hour after the first hour) and permit ($85 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 2023 revenue is projected to decrease from the fiscal year 2022 revised revenue estimates by $6,268,542 or 55%. The decrease is due to the CARES Act grant funding budgeted in fiscal year 2022.

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