HomeMy WebLinkAboutFY2024 3rd Qtr Financial Summary
Date: April 25, 2024
To: City Manager, City Council
From: Angie Ogden, Budget Management Analyst
Re: Quarterly Financial Summary for Period Ending March 31, 2024
Introduction
Attached to this memorandum are the City’s quarterly financial reports as of March 31, 2024. The
quarterly financial report includes combined summaries of all fund balances, revenues, and
expenditures for Fiscal Year 2024 through the end of the third quarter, which is 75% of the way
through the fiscal year. The March quarterly report also incorporates the budget amendments
that were approved during the Fiscal Year 2025 budget process. Some of the highlights of the
City’s financial activity are discussed below.
Revenue Analysis
This revenue analysis pertains to the revenue reports, Revenues by Fund and Revenues by Type,
on pages 4-6. In these two reports, the actual revenues would ideally be near 75% of budget
since we have completed three-fourths of the fiscal year; however, due to accruals and timing
differences, many of these percentages may be above or below 75%.
Funds with budget anomalies on page 4 worth noting; the CDBG Fund and Home Fund revenues
are at 28.3% and 6.2%, respectively. Additionally, the Other Shared Revenue Fund is at 1726.2%
of budget. These funds’ revenues are primarily due to an increase in interest allocation.
The Transit fund has revenues at 28.8% due to the timing of receipt for the federal operating
grant. Finally, the Governmental Projects fund has revenues at only 10.5% of budget due to the
timing of the Bond issuance. This fund should come up closer to budget after the bond sale this
spring.
On page 5, a few examples of revenues that are below the 75% mark include property tax revenue
which is at 57.9% of budget and reflects the timing of the property tax receipts. The second half
property taxes are due in April and should increase this percentage substantially. Other revenues
affected by the timing of property tax receipts include TIF Revenues which are at 57.9% and
Property Tax Credits which are at 52.2% of budget.
Under Charges for Fees & Services, Building & Development fees are at 108.9% of budget.
Building & Development fees includes construction from last summer and fall and is a good
indicator of the amount of construction activity underway. Police Services is at 112.9% of budget.
This is due to timing of when police forfeiture and abandonments take place.
In addition, under Intergovernmental on page 5, Operating Grants are at 122.9% and Local 28E
Agreements are at 86.1% of budget. Iowa City School reimbursements came in higher than
expected as well as the timing of receipts of grants.
Finally, on page 6, Interest Revenues are 444.6%. Again, due to the increase in interest
allocations. Under Other Financing Sources, Debt Sales revenue is at 0% of budget. We are
currently preparing to sell the general obligation bonds which will bring this revenue source up to
100% of budget.
1
As of March 31, the combined total actual revenue for all budgetary funds is $118,845,115 or
53.1% of budget. Overall, the City’s revenues are not substantially different than projected, and
the anomalies and budget variances can be explained.
Expenditure Analysis
This expenditure analysis pertains to the expenditure reports, Expenditures by Fund and
Expenditures by Fund by Department on pages 7-9. The analysis of the City’s expenditures for
Fiscal Year 2024 through March is similar to the analysis for the City’s revenues. We generally
expect the actual expenditure levels to be around 75% of budget at this time of year.
Some funds have expenditure activity through the third quarter that differs significantly from the
75% mark. The following funds have a significant expenditure variance above or below 75%:
CDBG Fund and HOME Fund expenditures are at 32.4% and 7.4%, respectively, due to
the timing of the payout of loans and grants to applicants.
Other Shared Revenue Fund expenditures are at 3.9% of budget primarily because of
American Rescue Plan Act funds budgeted but not yet spent.
Iowa City Property Management Fund expenditures are at 56.2% of budget resulting from
lower R&M cost as well as timing of the property tax payment.
TIF Fund expenditures are at 4.0% due to timing of the TIF rebate payments.
Debt Service Fund expenditures are at 8.2%, because the general obligation bond
principal payments are not due until June 1.
Housing Authority expenditures are at 89.4% of budget due to increased landlord rents
and utility reimbursements.
Governmental Projects expenditures are at 19.0% and Enterprise Projects expenditures
are at 16.0% because many of the capital projects are scheduled for construction this
spring.
Overall, the combined total actual expenditures for all budgetary funds through March are
$175,970,733 or 42.4% of budget. The City’s expenditures through the third quarter have a few
major anomalies; however, these can be readily explained.
Conclusion
Generally, there are no major concerns to report with the City’s fund balances at the end of March.
The Community Development Block Grant (CDBG) Fund, and HOME Fund is presented (on page
3) with negative fund balance at ($12,748) and ($31,333). This negative fund balances should
be reversed following the next receipt of CDBG/HOME funds. The Mass Transit Fund also shows
a negative balance of ($520,468) due to the timing of federal grant receipts. The other fund
balances appear to be near expectations. Additional information is available from the Finance
Department upon request.
2
Beginning Ending Restricted, Unassigned
Fund Year-to-Date Transfers Year-to-Date Transfers Fund Committed, Fund
Balance Revenues In Expenditures Out Balance Assigned Balance
Budgetary Funds
General Fund
10** General Fund 59,638,625$ 40,038,055$ 10,628,687$ 51,965,881$ 5,394,956$ 52,944,530$ 25,756,182$ 27,188,348$
Special Revenue Funds
2100 Community Dev Block Grant 395 380,745 - 393,888 - (12,748) - (12,748)
2110 HOME 44 224,920 - 256,297 - (31,333) - (31,333)
2200 Road Use Tax Fund 6,170,699 7,230,623 572,986 5,665,238 2,977,181 5,331,889 - 5,331,889
2300 Other Shared Revenue 14,321,198 529,135 - 557,632 1,635,455 12,657,246 - 12,657,246
2350 Metro Planning Org of J.C. 537,565 429,007 320,715 586,427 - 700,860 - 700,860
2400 Employee Benefits 4,287,578 8,748,488 1,274 1,487,582 10,393,502 1,156,256 - 1,156,256
2450 Emergency Levy Fund 1,157,208 508,731 - 423,983 237,500 1,004,456 - 1,004,456
2500 Affordable Housing Fund 7,399,710 277,291 750,000 1,246,370 - 7,180,630 - 7,180,630
2510 Peninsula Apartments 345,486 191,285 - 139,008 - 397,763 - 397,763
26** Tax Increment Financing 186,089 2,429,673 - 87,164 - 2,528,598 - 2,528,598
2820 SSMID-Downtown District - 358,015 - 336,231 - 21,784 - 21,784
Debt Service Fund
5*** Debt Service 7,252,520 6,845,996 - 1,082,010 - 13,016,506 - 13,016,506
Enterprise Funds
710* Parking 2,074,298 4,161,409 796,022 3,015,204 1,994,362 2,022,162 328,285 1,693,877
715* Mass Transit 12,462,468 1,891,230 3,279,274 6,470,778 456,250 10,705,943 11,226,411 (520,468)
720* Wastewater 21,174,871 9,631,699 2,682,192 6,062,896 6,184,696 21,241,171 2,207,464 19,033,707
730* Water 15,824,989 9,008,131 2,949,587 8,492,771 5,267,853 14,022,084 5,569,713 8,452,371
7400 Refuse Collection 1,938,934 3,550,133 51,921 3,234,871 - 2,306,117 - 2,306,117
750* Landfill 24,087,723 6,254,293 1,551,767 4,446,933 5,982,385 21,464,466 18,612,667 2,851,799
7600 Airport 295,565 324,141 77,316 371,361 107,500 218,160 113,885 104,275
7700 Storm Water 1,284,753 1,342,579 830,525 421,660 1,704,746 1,331,451 378,215 953,235
79** Housing Authority 6,173,092 11,358,975 30,102 10,452,551 30,719 7,078,900 7,078,900
Capital Project Funds
Governmental Projects 32,475,993 2,360,195 4,001,276 12,831,466 - 26,005,997 - 26,005,997
Enterprise Projects 18,289,364 770,364 13,789,974 9,388,011 - 23,461,691 - 23,461,691
Total Budgetary Funds 237,379,166$ 118,845,115$ 42,313,616$ 129,416,214$ 42,367,105$ 226,754,577$ 64,192,821$ 162,561,756$
Non-Budgetary Funds
Internal Service Funds
810* Equipment 21,052,457$ 6,612,319$ 25,471$ 4,372,192$ -$ 23,318,054$ 19,798,288$ 3,519,767$
8200 Risk Management 4,257,230 1,212,520 4,168 1,782,455 - 3,691,464 - 3,691,464
830* Information Technology 4,258,905 2,474,530 97,692 2,298,524 75,000 4,457,603 1,734,893 2,722,710
8400 Central Services 877,316 167,856 1,158 127,219 - 919,111 - 919,111
8500 Health Insurance Reserves 16,400,412 10,217,158 - 7,911,514 - 18,706,056 8,730,093 9,975,963
8600 Dental Insurance Reserves 529,317 350,831 - 290,920 - 589,227 - 589,227
Total Non-Budgetary Funds 47,375,637$ 21,035,214$ 128,489$ 16,782,825$ 75,000$ 51,681,515$ 30,263,274$ 21,418,242$
Total All Funds 284,754,803$ 139,880,329$ 42,442,105$ 146,199,039$ 42,442,105$ 278,436,093$ 94,456,094$ 183,979,998$
City of Iowa City
Fund Summary
Fiscal Year 2024 through March 31,2024
3
2023
Actual
2024
Budget 2024 Revised
2024
Actual Variance Percent
Budgetary Fund Revenues
General Fund
10** General Fund 61,176,203$ 60,373,756$ 60,820,756$ 40,038,055$ (20,782,701)$ 65.8%
Special Revenue Funds
2100 Community Dev Block Grant 1,175,809 909,524 1,347,095 380,745 (966,350) 28.3%
2110 HOME 1,074,710 1,480,386 3,613,443 224,920 (3,388,523) 6.2%
2200 Road Use Tax Fund 10,511,555 10,078,709 10,078,709 7,230,623 (2,848,086) 71.7%
2300 Other Shared Revenue 608,543 30,654 30,654 529,135 498,481 1726.2%
2350 Metro Planning Org of Johnson Co 371,171 415,352 545,352 429,007 (116,345) 78.7%
2400 Employee Benefits 14,856,963 14,814,799 14,814,799 8,748,488 (6,066,311) 59.1%
2450 Emergency Levy Fund 868,282 868,626 868,626 508,731 (359,895) 58.6%
2500 Affordable Housing Fund 2,204,266 - - 277,291 277,291 0.0%
2510 Iowa City Property Management 264,453 266,988 266,988 191,285 (75,703) 71.6%
26** Tax Increment Financing 4,154,649 4,083,031 4,083,031 2,429,673 (1,653,358) 59.5%
2820 SSMID-Downtown District 552,028 634,124 634,124 358,015 (276,109) 56.5%
Debt Service Fund
5*** Debt Service 11,511,672 11,173,415 11,173,415 6,845,996 (4,327,419) 61.3%
Enterprise Funds
710* Parking 5,444,648 5,611,532 5,629,848 4,161,409 (1,468,439) 73.9%
715* Mass Transit 7,291,060 6,562,268 6,562,268 1,891,230 (4,671,038) 28.8%
720* Wastewater 12,897,699 12,548,301 12,548,301 9,631,699 (2,916,602) 76.8%
730* Water 11,730,665 11,668,360 11,668,360 9,008,131 (2,660,229) 77.2%
7400 Refuse Collection 4,635,713 4,968,435 4,968,435 3,550,133 (1,418,302) 71.5%
750* Landfill 8,069,944 7,292,093 7,292,093 6,254,293 (1,037,800) 85.8%
7600 Airport 410,662 406,797 406,797 324,141 (82,656) 79.7%
7700 Storm Water 1,765,023 1,903,038 1,903,038 1,342,579 (560,459) 70.5%
79** Housing Authority 11,923,721 12,274,066 12,274,066 11,358,975 (915,091) 92.5%
Capital Project Funds
Governmental Projects 16,926,266 15,940,000 22,516,194 2,360,195 (20,155,999) 10.5%
Enterprise Projects 1,227,866 28,420,000 29,636,471 770,364 (28,866,107) 2.6%
Total Budgetary Revenues 191,653,572$ 212,724,254$ 223,682,863$ 118,845,115$ (104,837,748)$ 53.1%
Non-Budgetary Fund Revenues
Internal Service Funds
810* Equipment 8,228,072$ 8,742,979$ 8,742,979$ 6,612,319$ (2,130,660)$ 75.6%
8200 Risk Management 1,395,250 1,111,193 1,111,193 1,212,520.17 101,327 109.1%
830* Information Technology 3,076,963 2,947,642 2,947,642 2,474,530.19 (473,112) 83.9%
8400 Central Services 262,194 232,764 232,764 167,855.59 (64,908) 72.1%
8500 Health Insurance Reserves 12,624,342 13,386,552 13,386,552 10,217,158.26 (3,169,394) 76.3%
8600 Dental Insurance Reserves 446,962 430,941 430,941 350,830.79 (80,110) 81.4%
Total Non-Budgetary Revenues 26,033,784$ 26,852,071$ 26,852,071$ 21,035,214$ (5,816,857)$ 78.3%
Total Revenues - All Funds 217,687,356$ 239,576,325$ 250,534,934$ 139,880,329$ (110,654,605)$ 55.8%
City of Iowa City
Revenues by Fund
Fiscal Year 2024 through March 31,2024
4
2023
Actual
2024
Budget 2024 Revised
2024
Actual Variance Percent
Budgetary Fund Revenues
Property Taxes 66,685,014$ 66,312,743$ 66,312,743$ 38,400,077$ (27,912,666)$ 57.9%
Other City Taxes:
TIF Revenues 4,086,247 4,083,031 4,083,031 2,364,793 (1,718,238) 57.9%
Gas/Electric Excise Taxes 783,781 680,064 680,064 374,401 (305,663) 55.1%
Mobile Home Taxes 52,975 56,797 56,797 36,025 (20,772) 63.4%
Hotel/Motel Taxes 1,885,263 1,708,100 1,708,100 1,258,910 (449,190) 73.7%
Utility Franchise Tax 1,116,963 1,151,500 1,151,500 525,593 (625,907) 45.6%
Subtotal 7,925,229 7,679,492 7,679,492 4,559,722 (3,119,770) 59.4%
Licenses, Permits, & Fees:
General Use Permits 104,127 102,610 102,610 64,027 (38,583) 62.4%
Food & Liquor Licenses 118,650 181,740 181,740 88,592 (93,148) 48.7%
Professional License 2,155 2,755 2,755 1,890 (865) 68.6%
Franchise Fees 508,934 540,200 540,200 372,424 (167,776) 68.9%
Construction Permits & Insp Fees 2,060,778 1,676,600 1,676,600 1,751,853 75,253 104.5%
Misc Lic & Permits 59,731 70,216 70,216 41,853 (28,364) 59.6%
Subtotal 2,854,375 2,574,121 2,574,121 2,320,639 (253,482) 90.2%
Intergovernmental:
Fed Intergovernmental Revenue 22,351,695 18,880,564 27,774,035 12,720,383 (15,053,652) 45.8%
Property Tax Credits 1,243,694 1,602,806 1,602,806 837,459 (765,347) 52.2%
Road Use Tax 10,346,324 9,900,316 9,900,316 6,827,478 (3,072,838) 69.0%
State 28E Agreements 2,200,799 2,632,892 2,957,892 2,408,480 (549,412) 81.4%
Operating Grants 71,122 55,875 55,875 68,697 12,822 122.9%
Disaster Assistance 15,297 - - 71,309 71,309 0.0%
Other State Grants 1,184,587 1,442,554 2,587,376 816,889 (1,770,487) 31.6%
Local 28E Agreements 1,259,516 1,410,659 1,410,659 1,214,984 (195,675) 86.1%
Subtotal 38,673,034 35,925,666 46,288,959 24,965,679 (21,323,280) 53.9%
Charges For Fees And Services:
Building & Development 2,631,328 532,214 532,214 579,707 47,493 108.9%
Police Services 101,476 80,000 80,000 90,540 10,540 113.2%
Animal Care Services 12,826 19,403 19,403 7,211 (12,192) 37.2%
Fire Services 9,060 9,300 9,300 10,680 1,380 114.8%
Transit Fees 1,054,035 927,000 927,000 64,504 (862,496) 7.0%
Culture & Recreation 637,499 594,123 594,123 477,574 (116,549) 80.4%
Misc Charges For Services 116,981 59,976 59,976 32,617 (27,359) 54.4%
Water Charges 10,477,522 10,555,850 10,555,850 7,704,054 (2,851,796) 73.0%
Wastewater Charges 12,332,334 12,359,703 12,359,703 8,819,458 (3,540,245) 71.4%
Refuse Charges 5,211,519 5,606,210 5,606,210 3,816,424 (1,789,786) 68.1%
Landfill Charges 6,594,015 6,148,000 6,148,000 5,015,174 (1,132,826) 81.6%
Storm Water Charges 1,729,888 1,880,000 1,880,000 1,299,438 (580,562) 69.1%
Parking Charges 5,595,020 5,825,255 5,825,255 4,299,552 (1,525,703) 73.8%
Subtotal 46,503,504 44,597,034 44,597,034 32,216,933 (12,380,101) 72.2%
Miscellaneous:
Code Enforcement 159,632 280,731 280,731 90,592 (190,139) 32.3%
Parking Fines 524,471 676,634 676,634 478,536 (198,099) 70.7%
Library Fines & Fees 1,576 1,000 1,000 704 (296) 70.4%
Contributions & Donations 586,167 532,735 551,051 437,999 (113,052) 79.5%
Printed Materials 18,676 20,340 20,340 15,268 (5,072) 75.1%
Animal Adoption 60,491 57,840 57,840 51,949 (5,891) 89.8%
Misc Merchandise 23,871 22,302 22,302 18,278 (4,024) 82.0%
Intra-City Charges 6,086,864 6,383,611 6,383,611 4,672,609 (1,711,002) 73.2%
Other Misc Revenue 1,616,048 936,093 1,066,093 1,035,024 (31,069) 97.1%
Special Assessments 2,003 1,381 1,381 354 (1,027) 25.6%
Subtotal 9,079,800$ 8,912,667$ 9,060,983$ 6,801,312$ (2,259,671)$ 75.1%
City of Iowa City
Revenues by Type
Fiscal Year 2024 through March 31,2024
5
2023
Actual
2024
Budget 2024 Revised
2024
Actual Variance Percent
City of Iowa City
Revenues by Type
Fiscal Year 2024 through March 31,2024
Use Of Money And Property:
Interest Revenues 5,948,797$ 1,663,327$ 1,663,327$ 7,395,657$ 5,732,330$ 444.6%
Rents 1,548,884 1,509,022 1,509,022 1,081,704 (427,319) 71.7%
Royalties & Commissions 99,854 126,915 126,915 80,724 (46,191) 63.6%
Subtotal 7,597,534 3,299,264 3,299,264 8,558,084 5,258,820 259.4%
Other Financial Sources:
Debt Sales 9,941,862 42,535,000 42,535,000 - (42,535,000) 0.0%
Sale Of Assets 1,931,799 445,400 892,400 634,642 (257,758) 71.1%
Loans 461,420 442,867 442,867 388,027 (54,840) 87.6%
Subtotal 12,335,081 43,423,267 43,870,267 1,022,669 (42,847,598) 2.3%
Total Budgetary Revenues 191,653,572$ 212,724,254$ 223,682,863$ 118,845,115$ (104,837,748) 53.1%
Non-Budgetary Fund Revenues
Internal Service Funds 26,033,784$ 26,852,071$ 26,852,071$ 21,035,214$ (5,816,858)$ 78.3%
Total Non-Budgetary Revenues 26,033,784$ 26,852,071$ 26,852,071$ 21,035,214$ (5,816,858)$ 78.3%
Total Revenues - All Funds 217,687,356$ 239,576,325$ 250,534,934$ 139,880,329$ (110,654,605)$ 55.8%
6
2023
Actual
2024
Budget
2024
Revised
2024
Actual Variance Percent
Budgetary Fund Expenditures
General Fund
10** General Fund 63,194,004$ 68,071,131$ 75,202,188$ 51,965,881$ 23,236,307$ 69.1%
Special Revenue Funds
2100 Community Dev Block Grant 1,075,683 778,376 1,215,947 393,888 822,059 32.4%
2110 HOME 1,187,632 1,348,625 3,481,682 256,297 3,225,385 7.4%
2200 Road Use Tax Fund 6,976,684 7,792,239 7,982,005 5,665,238 2,316,767 71.0%
2300 Other Shared Revenue 2,653,065 30,654 14,375,967 557,632 13,818,335 3.9%
2350 Metro Planning Org of Johnson Co. 769,755 830,005 1,085,005 586,427 498,578 54.0%
2400 Employee Benefits 1,209,467 1,338,854 1,338,854 1,487,582 (148,728) 111.1%
2450 Emergency Levy Fund 566,870 468,850 468,850 423,983 44,867 90.4%
2500 Affordable Housing Fund 1,086,455 1,000,000 1,000,000 1,246,370 (246,370) 124.6%
2510 Iowa City Property Management 151,997 247,229 247,229 139,008 108,221 56.2%
26** Tax Increment Financing 3,013,704 2,192,030 2,192,030 87,164 2,104,866 4.0%
2820 SSMID-Downtown District 552,028 634,124 634,124 336,231 297,893 53.0%
Debt Service Fund
5*** Debt Service 13,165,630 13,210,690 13,210,690 1,082,010 12,128,680 8.2%
Enterprise Funds
710* Parking 4,050,511 4,359,209 4,385,709 3,015,204 1,370,505 68.8%
715* Mass Transit 8,876,777 10,333,648 10,340,148 6,470,778 3,869,370 62.6%
720* Wastewater 10,849,521 8,183,257 8,224,237 6,062,896 2,161,341 73.7%
730* Water 9,454,497 10,085,483 10,221,728 8,492,771 1,728,957 83.1%
7400 Refuse Collection 4,077,516 4,627,383 4,902,383 3,234,871 1,667,512 66.0%
750* Landfill 5,631,227 6,108,611 6,108,611 4,446,933 1,661,678 72.8%
7600 Airport 450,629 406,307 406,307 371,361 34,946 91.4%
7700 Storm Water 613,262 738,481 738,481 421,660 316,821 57.1%
79** Housing Authority 11,921,444 11,686,205 11,686,205 10,452,551 1,233,654 89.4%
Capital Project Funds
Governmental Projects 22,949,801 31,178,470 67,411,738 12,831,466 54,580,272 19.0%
Enterprise Projects 11,186,857 34,458,750 58,526,829 9,388,011 49,138,819 16.0%
Total Budgetary Expenditures 185,665,018$ 220,108,611$ 305,386,947$ 129,416,214$ 175,970,733$ 42.4%
Non-Budgetary Funds Expenditures
Internal Service Funds
810* Equipment 6,325,457$ 6,554,320$ 8,888,125$ 4,372,192$ 4,515,933$ 49.2%
8200 Risk Management 1,196,091 1,771,250 1,771,250 1,782,455 (11,205) 100.6%
830* Information Technology 2,785,766 3,275,051 3,275,051 2,298,524 976,527 70.2%
8400 Central Services 199,503 212,479 212,479 127,219 85,260 59.9%
8500 Health Insurance Reserves 10,659,783 12,271,023 12,271,023 7,911,514 4,359,509 64.5%
8600 Dental Insurance Reserves 386,892 382,521 382,521 290,920 91,601 76.1%
Total Non-Budgetary Expenditures 21,553,492$ 24,466,644$ 26,800,449$ 16,782,825$ 10,017,624$ 62.6%
Total Expenditures - All Funds 207,218,510$ 244,575,255$ 332,187,396$ 146,199,039$ 185,988,357$ 44.0%
City of Iowa City
Expenditures by Fund
Fiscal Year 2024 through March 31,2024
7
2023
Actual
2024
Budget
2024
Revised
2024
Actual Variance Percent
Budgetary Funds Expenditures
General Fund
10** General Fund
City Council 174,794$ 178,611$ 178,611$ 126,292$ 52,319$ 70.7%
City Clerk 558,189 624,775 624,775$ 466,828 157,947 74.7%
City Attorney 896,859 914,555 914,555$ 678,741 235,814 74.2%
City Manager 4,623,699 5,148,457 10,921,528$ 8,260,973 2,660,555 75.6%
Finance 4,168,894 5,090,596 5,354,624$ 3,652,345 1,702,279 68.2%
Police 15,682,533 17,346,723 17,852,621$ 11,675,814 6,176,807 65.4%
Fire 9,506,985 10,313,473 10,326,070$ 7,106,919 3,219,151 68.8%
Parks & Recreation 10,338,539 10,567,119 10,642,829$ 7,077,392 3,565,437 66.5%
Library 7,226,829 7,877,340 7,877,340$ 5,389,881 2,487,459 68.4%
Senior Center 1,053,569 1,154,420 1,166,420$ 744,966 421,454 63.9%
Neighborhood & Development Services 5,162,196 4,830,294 5,296,181$ 3,969,035 1,327,146 74.9%
Public Works 3,092,286 3,339,887 3,349,887$ 2,336,199 1,013,688 69.7%
Transportation & Resource Management 708,629 684,881 696,747$ 480,497 216,250 69.0%
Total General Fund 63,194,004 68,071,131 75,202,188 51,965,881 23,236,307 69.1%
Special Revenue Funds
2100 Community Dev Block Grant
Neighborhood & Development Services 1,075,683 778,376 1,215,947 393,888 822,059 32.4%
2110 HOME
Neighborhood & Development Services 1,187,632 1,348,625 3,481,682 256,297 3,225,385 7.4%
2200 Road Use Tax Fund
Public Works 6,976,684 7,792,239 7,982,005 5,665,238 2,316,767 71.0%
2300 Other Shared Revenue
Neighborhood & Development Services 2,653,065 30,654 14,375,967 557,632 13,818,335 3.9%
2350 Metro Planning Org of Johnson Co
Neighborhood & Development Services 769,755 830,005 1,085,005 586,427 498,578 54.0%
2400 Employee Benefits
Finance 1,209,467 1,338,854 1,338,854 1,487,582 (148,728) 111.1%
2450 Emergency Levy Fund
City Manager 566,870 468,850 468,850 423,983 44,867 90.4%
2500 Affordable Housing Fund
Neighborhood & Development Services 1,086,455 1,000,000 1,000,000 1,246,370 (246,370) 124.6%
2510 Iowa City Property Management
Neighborhood & Development Services 151,997 247,229 247,229 139,008 108,221 56.2%
26** Tax Increment Financing
Finance 3,013,704 2,192,030 2,192,030 87,164 2,104,866 4.0%
2820 SSMID-Downtown District
Finance 552,028 634,124 634,124 336,231 297,893 53.0%
Total Special Revenue Funds 19,243,340 16,660,986 34,021,693 11,179,821 22,841,872 32.9%
Debt Service Fund
5*** Debt Service
Finance 13,165,630 13,210,690 13,210,690 1,082,010 12,128,680 8.2%
Total Debt Service Fund 13,165,630 13,210,690 13,210,690 1,082,010 12,128,680 8.2%
City of Iowa City
Expenditures by Fund by Department
Fiscal Year 2024 through March 31,2024
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2023
Actual
2024
Budget
2024
Revised
2024
Actual Variance Percent
City of Iowa City
Expenditures by Fund by Department
Fiscal Year 2024 through March 31,2024
Enterprise Funds
710* Parking
Transportation & Resource Management 4,050,511$ 4,359,209$ 4,385,709$ 3,015,204$ 1,370,505$ 68.8%
715* Mass Transit
Transportation & Resource Management 8,876,777 10,333,648 10,340,148 6,470,778 3,869,370 62.6%
720* Wastewater
Public Works 10,849,521 8,183,257 8,224,237 6,062,896 2,161,341 73.7%
730* Water
Public Works 9,454,497 10,085,483 10,221,728 8,492,771 1,728,957 83.1%
7400 Refuse Collection
Transportation & Resource Management 4,077,516 4,627,383 4,902,383 3,234,871 1,667,512 66.0%
750* Landfill
Transportation & Resource Management 5,631,227 6,108,611 6,108,611 4,446,933 1,661,678 72.8%
7600 Airport
Airport Operations 450,629 406,307 406,307 371,361 34,946 91.4%
7700 Storm Water
Public Works 613,262 738,481 738,481 421,660 316,821 57.1%
79** Housing Authority
Neighborhood & Development Services 11,921,444 11,686,205 11,686,205 10,452,551 1,233,654 89.4%
Total Enterprise Funds 55,925,386 56,528,584 57,013,809 42,969,026 14,044,783 75.4%
Capital Project Funds
Governmental Projects 22,949,801 31,178,470 67,411,738 12,831,466 54,580,272 19.0%
Enterprise Projects 11,186,857 34,458,750 58,526,829 9,388,011 49,138,819 16.0%
Total Capital Project Funds 34,136,658 65,637,220 125,938,567 22,219,477 103,719,090 17.6%
Total Budgetary Expenditures 185,665,018$ 220,108,611$ 305,386,947$ 129,416,214$ 175,970,733$ 42.4%
Non-Budgetary Funds Expenditures
Internal Service Funds
810* Equipment
Public Works 6,325,457$ 6,554,320$ 8,888,125$ 4,372,192$ 4,515,933$ 49.2%
8200 Risk Management
Finance 1,196,091 1,771,250 1,771,250 1,782,455 (11,205) 100.6%
830* Information Technology
Finance 2,785,766 3,275,051 3,275,051 2,298,524 976,527 70.2%
8400 Central Services
Finance 199,503 212,479 212,479 127,219 85,260 59.9%
8500 Health Insurance Reserves
Finance 10,659,783 12,271,023 12,271,023 7,911,514 4,359,509 64.5%
8600 Dental Insurance Reserves
Finance 386,892 382,521 382,521 290,920 91,601 76.1%
Total Internal Service Funds 21,553,492 24,466,644 26,800,449 16,782,825 10,017,624 62.6%
Total Non-Budgetary Expenditures 21,553,492$ 24,466,644$ 26,800,449$ 16,782,825$ 10,017,624$ 62.6%
Total Expenditures - All Funds 207,218,510$ 244,575,255$ 332,187,396$ 146,199,039$ 185,988,357$ 44.0%
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