FY2024 Proposed Budget

Principal Outstanding as of 6/30/23

Total Payment FY24

Final Payment

FY24 Principal

FY24 Interest

Loan

Date

Loan Amount

Parking Fund 2009F Revenue Bond Defeasance General Fund 2019 Public Works Facility Loan Road Use Tax Fund 2019 Public Works Facility Loan

11/1/2014

$ 2,495,350

2025

$ 482,443

$ 289,143

$ 283,831

$ 5,312

6/30/2019 $ 2,100,000

2036

$ 1,686,629

$ 139,759

$ 115,178

$ 24,581

6/30/2019

$ 1,400,000

2036

$ 1,047.634

$ 93,172

$ 77,990

$ 15,182

Parking Fund Parking Gate Equipment

6/30/2022

$ 1,000,000

2032

$ 906,571

$ 107,750

$ 94,763

$ 12,987

The City also maintains separate reserves as required by State law. Iowa State law requires landfill fund balance restrictions as follows:  Closure and Post-Closure Reserves: The State of Iowa requires that the owner/operator of a landfill set aside funds to provide assurance for the costs associated with closing the landfill and ongoing maintenance of the closed landfill site. The City is mandated to provide for the future costs associated with closing the landfill in a manner that satisfies State environmental and safety requirements, including minimizing infiltration and erosion; and sufficient to provide for the costs related to post-closure requirements.  Solid Waste Surcharge Reserve: Landfill operators are also required to retain a portion of user fees for environmental protection, waste reduction, and recycling programs. The Solid Waste Surcharge Reserve balance in the Landfill Fund is reserved for these uses and is not accessible for other City projects. The Landfill has estimated restricted fund balances at the end of fiscal year 2024 of $15,386,139 for Closure/Post-Closure Reserves and $737,366 in the Solid Waste Surcharge Reserve. Revenues: The Landfill Fund is primarily supported by user fees. Fee increases are budgeted for fiscal year 2024 of $7 for trash disposal tipping me for Iowa City residents and $7.50 for Non-Iowa City residents. The major landfill fees charged are summarized as follows: Trash Disposal Rates (per ton): Iowa City residents: $45.00 Non-Iowa City residents: $50.00 Other Disposal Rates: Iowa City Community Compost (per ton) $20 Iowa City Community Compost (minimum) $2 Wood chip mulch (per ton) $10 Wood chip mulch (minimum) $2 TV or monitors (includes peripherals) $20 Bulk electronic waste (no TV or monitor) $3 per item

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