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FY2021 2nd Qtr Financial SummaryDate: February 2, 2021 To: City Manager, City Council From: Dennis Bockenstedt, Finance Director Re: Quarterly Financial Summary for Period Ending December 31, 2020 Introduction Attached to this memorandum are the City’s quarterly financial reports as of December 31, 2020. The quarterly financial reports include combined summaries of all fund balances, revenues, and expenditures for fiscal year 2021 through the end of the second quarter. During last summer, an evaluation was done on the City’s financial operations to estimate the financial impact of the COVID-19 pandemic. Funds that were significantly impacted by the pandemic were highlighted and analyzed which included the General Fund, the Road Use Tax Fund, the Parking Fund, the Transit Fund, and the Water Fund. At the six-month or halfway point of the fiscal year, we can re-evaluate the pandemic’s financial impact on these funds against the initial estimates. General Fund The General Fund is the primary operating fund of the City and accounts for a wide variety of municipal operations from police and fire services to building and inspection services to parks, recreation, and library services. Consequently, the financial impact of the COVID-19 pandemic shows up in a variety of ways in the General Fund. One of the major financial impacts of the pandemic has been a substantial decrease in hotel/motel tax revenues. On page 7 of the quarterly financial reports, in the Revenues by Type report under Other City Taxes, actual hotel/motel tax revenue is at $238,753 or 18.3% of budget. This is 44% lower than this same point last year. These totals only represent one quarter of hotel/motel tax revenues for the year, because the first quarter’s tax receipt was accrued back to fiscal year 2020. If we compare the first two hotel/motel receipts of the year including the accrued receipt, the combined decrease compared to last year is $374,398 or 52.5%. In our original financial projections, we estimated a loss of hotel/motel tax revenue for the first half of fiscal year 2021 to be $350,000, and it appears that this will not be too far off. Other areas that were hit heavily by COVID-19 were parks and recreation, the Iowa City Public Library, and the senior center. The library and the senior center have been closed to the public since last March, and many of the parks and recreation programs were halted. Due to the extreme impact of the pandemic on these cultural and recreation activities, we had estimated a $500,000 decrease in their revenues over the first six months of the fiscal year. The actual shortfall in these revenues through December amounted to $398,796. An example of this is the Culture & Recreation charges on page 7 in the Revenues by Type report under Charges for Fees and Services. Culture & Recreation charges for the first half of fiscal year 2021 totaled $73,464 or 1 12.4% of the budget. Last year this revenue source totaled $312,099 or 40.1% of budget. This is a decrease of $238,635 or 76%. In addition to the culture and recreation-based revenue impacts, the City also experienced a decrease in construction and development related revenues and enforcement related revenues. Construction and development related revenues and enforcement related revenues were lower due to a sharp drop in construction activity and due to the curtailment of enforcement activities. A $550,000 decrease in these revenues was estimated for the first half of fiscal year 2021. The actual decrease in these revenues through December compared to last year was $419,567. Examples of this are on page 7 under Miscellaneous revenues such as Code Enforcement (fine) revenues of $24,190 or 9% of budget and Library Fines revenues of $2,174 or 4% of budget. Revenue shortfalls were also experienced in construction permits, food and liquor licenses, and plan review fees. The combined total of the above revenues in the General Fund through December was $1,192,761 lower that this time last year. The estimated shortfall in the General Fund for these revenues was $1,400,000. The General Fund did receive a CARES Act grant for public safety payroll expenditures totaling $1,785,582, however. This grant has helped the General Fund maintain a stable financial position. Other measures taken to help maintain the financial position in the General Fund included cutting capital outlay expenditures, leaving vacant positions unfilled, and reducing operating expenditures such as travel and training. In addition, some of these activities naturally had lower expenditures to offset lower revenues such as recreation programming which hired fewer seasonal staff and purchased less program supplies due to program cancellations. There are no immediate financial concerns in the General Fund, but revenues still require monitoring and evaluation as the pandemic persists. Road Use Tax Fund The Road Use Tax Fund is supported nearly 100% by State of Iowa gasoline and vehicle related taxes. The collection of these types of taxes was initially anticipated to be greatly reduced due to the pandemic; however, the actual reduction to date has been much less. The State of Iowa had projected Road Use Tax revenues to be down by 10% through December which translated into an estimated revenue shortfall of $440,000 for the first half of the fiscal year. In the Revenues by Type report on page 7 under Intergovernmental revenue, you can find that Road Use Tax revenues are actually at $3,946,060 or 44.7% of the budget. This only includes five months of receipts, because the July tax receipt was accrued back to last fiscal year since it was for June tax collections. This accrual reduces the year-to-date analysis to five months of collections (41.67%) instead of six (50%). Using this analytic, revenues are ahead of expectations. In addition, the City had received $4,081,424 in Road Use Taxes through December last year. The current year is only off that pace by $135,364 or 3.3%. If the second half receipts for fiscal year 2021 are the same as last year, we would finish very near 100% of budget. Combine this with the capital project cuts made last spring, the Road Use Tax Fund is in a stable financial position. Road Use Tax revenues will continue be analyzed monthly, however. 2 Parking Fund The Parking Fund is one of the City’s funds that has been hit hardest by the COVID-19 pandemic. Last spring when the pandemic hit, much of the City’s parking operations discontinued operating altogether which caused a dramatic drop in revenue. Gradually, the parking operations were able to resume, but the daily demand for parking has not returned to normal. In addition, the new fiscal year started by giving parking permit holders a credit for the period of time that the parking operations had been halted. The estimated revenue impact on the Parking Fund for the first half of fiscal year 2021 was a decrease of $1.5 million. In the Revenues by Fund report on page 6 under the Enterprise Funds, you can find that the Parking Fund’s revenues are at $1,899,161 or 36.9% of budget as of December 31. Last year at this time, Parking Fund revenues were at $3,147,438 or 51.7% of budget. Compared to last year, revenues are lower by $1,248,277 or 40% which is a significant decrease. The revenue shortfall is directly related to lower revenues from hourly and on-street parking fees. Although, the actual revenue shortfall is slightly better than we had estimated, it will be important to continue to monitor the Parking Fund’s revenue, because the fund still has an operating deficit. The Parking Fund also eliminated or delayed capital improvements, left vacant positions unfilled, cut operating expenditures, eliminated debt payments, and issued additional parking permits in order to help reduce its operating deficit. Transit Fund The Transit Fund is another fund that was greatly impacted by the COVID-19 pandemic. Transit bus fare and pass revenues and Transportation Center revenues were greatly reduced due to a decrease in bus ridership and downtown parking demand. As of December 31, the transit fare and pass revenues totaled $298,175 versus $544,982 at this same time last year, a shortfall of $246,804 or 45%. The original estimated revenue shortfall was $510,000. Transit Fees can be found on page 7 in the Revenues by Type report under Charges for Fees and Services. For Transportation Center revenues, parking charges at December 31 were at $500,230 versus $523,871 last year, a reduction of $23,641 or 4%. The original estimated impact was a decrease in revenues of $230,000. Additional monthly parking permits were issued, however, which boosted parking pass revenue and helped mitigate the decline in hourly parking fees. The Transportation Center also lost revenue due to lower building rental revenues which had not been included in the original revenue loss projections. Year-to-date building rental revenues are currently at $6,429 while last year, they were at $70,027 which is a decrease of $63,598 or 91%. Overall, Transit Fund revenues are down by $334,043, but it is significantly better than the estimated shortfall of $740,000. The Transit Fund also received a $5.1 million CARES Act grant which can be used to offset revenue shortages. As a result of the CARES Act grant, the Transit Fund’s bottom line should be unaffected by the pandemic despite the decrease in ridership. Water Fund Another fund that was greatly impacted by the COVID-19 pandemic was the Water Fund. The financial projections of the Water Fund had an estimated revenue shortfall of $460,000 from not charging late and shutoff fees and from postponing the 5% water rate increase that was approved for July 1, 2020. As of December 31, actual revenue shortfalls were very close to projections. 3 Late and shutoff fees were lower than last year by $241,882, and the 5% rate increase would have raised an additional $220,302. The shortfall from these items amounts $462,184. In addition to these revenue shortfalls, the Water Fund had lower revenues due to unpaid utility bills. The impact of these delinquencies is reflected in the Water Charges revenue on page 7 in the Revenues by Type report under Charges for Fees and Services. Water Charges at the end of December are shown at $4,595,408. Last year at the end of December, Water Charges were at $4,735,233. This is a decrease of $139,825 or 3%. If we factor in that uncollected revenue, the total financial impact on the Water Fund has been a decrease in revenue of $602,009. Despite these revenue impacts, the Water Fund has been financially stable. This stability is due to some positive operational changes at Procter & Gamble. Procter & Gamble decided to move new product lines and to retain other product lines at the Iowa City plant which has caused their water consumption to decline less than anticipated. This has also allowed the Water Fund to get by without budget or operating cuts. The Water Fund is still being monitored on a weekly basis. Other Other financial impacts stemming from COVID-19 include a reduction in Wastewater Charges in the Wastewater Fund. Last year at the end of December, Wastewater Charges were at $5,716,463 or 50.0% of budget, and this year they are at $5,400,850 or 46.4% of budget. This amounts to a decrease in revenue of $315,613 or 5.5%. This loss stems from decreased usage by the University of Iowa and Procter & Gamble and due to unpaid utility bills. Another major impact across all funds has been the decline in interest earnings. This can be found on page 8 in the Revenues by Type report under Use of Money and Property. Total interest earnings through December totaled $555,359. Last year, interest earnings totaled $1,883,450 at this time. This is a decrease in revenue totaling $1,328,091 or 71%. This has impacted nearly every fund. On a positive note, property tax collections are on pace with last year and appear to be near normal. Also, delinquent property taxes from fiscal year 2020 amounting to $678,917 have been collected this year. Unpaid property taxes from last year totaled $731,640. Conclusion Overall, the City’s funds are in good financial condition. Even though the COVID-19 pandemic has had a dramatic impact on revenue and operations, the City has been able to maintain a solid financial position. This has not been done entirely on its own, and the receipt of CARES Act grants in a variety of funds have helped keep those funds in a manageable financial position. This does not mean that the City is not facing financial risks ahead. If the pandemic persists, and operations and revenues do not return to normal, the City could start to see an erosion of fund balance. In addition, funds such as the Parking Fund never received CARES Act dollars and still require close monitoring and proactive management to ensure their financial stability. 4 Beginning Ending Restricted,Unassigned Fund Year-to-Date Transfers Year-to-Date Transfers Fund Committed,Fund Balance Revenues In Expenditures Out Balance Assigned Balance Budgetary Funds General Fund 10** General Fund 41,640,906$ 31,708,478$ 6,711,928$ 26,781,874$ 3,088,238$ 50,191,200$ 11,558,930$ 38,632,270$ Special Revenue Funds 2100 Community Dev Block Grant (17,210) 271,876 - 418,967 35,351 (199,653) - (199,653) 2110 HOME (37,396) 150,655 - 57,373 - 55,886 - 55,886 2200 Road Use Tax Fund 3,547,923 4,060,065 325,313 3,436,670 1,329,184 3,167,446 - 3,167,446 2300 Other Shared Revenue 2,639 - - - - 2,639 - 2,639 2350 Metro Planning Org of J.C.434,368 152,969 189,289 341,236 - 435,389 - 435,389 2400 Employee Benefits 3,584,853 7,920,478 - 1,130,122 6,932,358 3,442,851 - 3,442,851 2450 Emergency Levy Fund 2,613 545,714 - 10,714 50,000 487,613 - 487,613 2500 Affordable Housing Fund 1,622,344 14,947 500,000 683,730 - 1,453,561 - 1,453,561 2510 Iowa City Property Management 186,172 35,584 - 36,519 - 185,237 - 185,237 26** Tax Increment Financing 783,349 1,384,172 37,459 27,823 - 2,177,157 797,651 1,379,506 2820 SSMID-Downtown District 4,100 261,361 - 149,128 - 116,333 - 116,333 Debt Service Fund 5*** Debt Service 9,354,037 5,943,119 - 954,784 - 14,342,373 1,801,017 12,541,356 Enterprise Funds 710* Parking 2,171,685 1,899,161 250,000 1,743,806 524,202 2,052,838 112,500 1,940,338 715* Mass Transit 6,914,358 1,490,734 2,040,044 3,261,649 - 7,183,487 5,074,737 2,108,749 720* Wastewater 23,423,905 5,505,425 2,432,392 6,135,269 2,805,375 22,421,079 11,049,568 11,371,511 730* Water 13,016,182 4,625,941 1,381,782 5,418,743 1,416,027 12,189,135 5,760,592 6,428,543 7400 Refuse Collection 1,690,269 1,696,056 5,909 1,866,207 - 1,526,027 - 1,526,027 750* Landfill 24,875,610 4,341,879 787,528 2,758,042 559,011 26,687,964 23,707,955 2,980,009 7600 Airport 235,540 170,596 50,000 185,907 - 270,230 102,071 168,159 7700 Storm Water 1,088,776 747,385 501,114 344,589 622,303 1,370,383 490,000 880,383 79** Housing Authority 7,828,046 5,377,398 - 7,608,741 25,360 5,571,343 1,274,895 4,296,447 Capital Project Funds Governmental Projects 26,787,627 1,561,304 1,517,137 11,333,691 - 18,532,377 - 18,532,377 Enterprise Projects 10,086,942 46,276 668,495 2,032,125 - 8,769,588 - 8,769,588 Total Budgetary Funds 179,227,636$ 79,911,575$ 17,398,389$ 76,717,708$ 17,387,411$ 182,432,481$ 61,729,916$ 120,702,566$ Non-Budgetary Funds Internal Service Funds 810* Equipment 17,243,785$ 3,731,418$ -$ 2,650,998$ -$ 18,324,205$ 14,657,431$ 3,666,774$ 8200 Risk Management 4,113,594 1,599,184 - 742,924 - 4,969,854 - 4,969,854 830* Information Technology 3,254,738 1,007,289 - 1,401,980 - 2,860,047 802,598 2,057,449 8400 Central Services 756,956 95,341 - 69,482 10,978 771,837 - 771,837 8500 Health Insurance Reserves 12,300,290 5,313,774 - 5,869,742 - 11,744,322 8,627,420 3,116,902 8600 Dental Insurance Reserves 374,616 200,145 - 170,674 - 404,087 - 404,087 Total Non-Budgetary Funds 38,043,980$ 11,947,150$ -$ 10,905,801$ 10,978$ 39,074,351$ 24,087,448$ 14,986,903$ Total All Funds 217,271,616$ 91,858,725$ 17,398,389$ 87,623,509$ 17,398,389$ 221,506,832$ 85,817,364$ 135,689,468$ City of Iowa City Fund Summary Fiscal Year 2021 through December 31, 2020 5 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent Budgetary Fund Revenues General Fund 10** General Fund 54,093,751$ 59,264,838$ 61,070,420$ 31,708,478$ (29,361,942)$ 51.9% Special Revenue Funds 2100 Community Dev Block Grant 696,930 784,935 2,095,404 271,876 (1,823,528) 13.0% 2110 HOME 890,256 599,082 868,153 150,655 (717,498) 17.4% 2200 Road Use Tax Fund 9,343,122 8,935,700 8,935,700 4,060,065 (4,875,635) 45.4% 2300 Other Shared Revenue 12,500 - 39,927 - (39,927) 0.0% 2350 Metro Planning Org of Johnson Co 393,607 377,352 377,352 152,969 (224,383) 40.5% 2400 Employee Benefits 12,798,747 14,712,009 14,712,009 7,920,478 (6,791,531) 53.8% 2450 Emergency Levy Fund 2,613 1,001,442 1,001,442 545,714 (455,728) 54.5% 2500 Affordable Housing Fund (26,615) - - 14,947 14,947 0.0% 2510 Iowa City Property Management 65,497 68,430 68,430 35,584 (32,846) 52.0% 26** Tax Increment Financing 3,479,948 2,608,203 2,608,203 1,384,172 (1,224,031) 53.1% 2820 SSMID-Downtown District 371,277 492,596 492,596 261,361 (231,235) 53.1% Debt Service Fund 5*** Debt Service 12,084,974 11,450,899 11,450,899 5,943,119 (5,507,780) 51.9% Enterprise Funds 710* Parking 4,555,583 5,935,900 5,141,800 1,899,161 (3,242,639) 36.9% 715* Mass Transit 5,114,607 4,457,460 8,867,330 1,490,734 (7,376,596) 16.8% 720* Wastewater 12,854,265 11,895,436 11,895,436 5,505,425 (6,390,011) 46.3% 730* Water 10,398,875 9,985,860 9,985,860 4,625,941 (5,359,919) 46.3% 7400 Refuse Collection 3,808,883 3,886,220 3,886,220 1,696,056 (2,190,164) 43.6% 750* Landfill 7,273,518 7,202,311 7,136,351 4,341,879 (2,794,472) 60.8% 7600 Airport 444,564 364,820 414,820 170,596 (244,224) 41.1% 7700 Storm Water 1,749,864 1,714,700 1,714,700 747,385 (967,315) 43.6% 79** Housing Authority 10,379,669 10,236,271 10,581,385 5,377,398 (5,203,988) 50.8% Capital Project Funds Governmental Projects 16,828,142 18,167,000 25,661,307 1,561,304 (24,100,003) 6.1% Enterprise Projects 3,046,134 1,652,776 2,627,161 46,276 (2,580,885) 1.8% Total Budgetary Revenues 170,660,713$ 175,794,240$ 191,632,905$ 79,911,575$ (111,721,330)$ 41.7% Non-Budgetary Fund Revenues Internal Service Funds 810* Equipment 7,106,528$ 7,448,587$ 7,448,587$ 3,731,418$ (3,717,169)$ 50.1% 8200 Risk Management 1,741,050 1,646,580 1,646,580 1,599,184 (47,396) 97.1% 830* Information Technology 2,693,000 2,495,792 2,495,792 1,007,289 (1,488,503) 40.4% 8400 Central Services 243,536 255,988 255,988 95,341 (160,647) 37.2% 8500 Health Insurance Reserves 10,272,878 11,196,638 11,196,638 5,313,774 (5,882,864) 47.5% 8600 Dental Insurance Reserves 411,351 458,475 458,475 200,145 (258,330) 43.7% Total Non-Budgetary Revenues 22,468,344$ 23,502,060$ 23,502,060$ 11,947,150$ (11,554,910)$ 50.8% Total Revenues - All Funds 193,129,057$ 199,296,300$ 215,134,965$ 91,858,725$ (123,276,240)$ 42.7% City of Iowa City Revenues by Fund Fiscal Year 2021 through December 31, 2020 6 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent Budgetary Fund Revenues Property Taxes 59,360,168$ 65,849,136$ 65,849,136$ 35,103,625$ (30,745,511)$ 53.3% Other City Taxes: TIF Revenues 3,434,710 2,593,203 2,593,203 1,362,287 (1,230,916) 52.5% Gas/Electric Excise Taxes 677,091 633,387 633,387 322,255 (311,132) 50.9% Mobile Home Taxes 51,220 58,361 58,361 41,521 (16,840) 71.1% Hotel/Motel Taxes 1,134,864 1,301,820 1,301,820 238,753 (1,063,067) 18.3% Utility Franchise Tax 883,652 964,690 964,690 285,684 (679,006) 29.6% Subtotal 6,181,536 5,551,461 5,551,461 2,250,500 (3,300,961) 40.5% Licenses, Permits, & Fees: General Use Permits 15,063 85,410 85,410 5,403 (80,007) 6.3% Food & Liquor Licenses 95,476 126,710 126,710 11,676 (115,034) 9.2% Professional License 3,925 6,160 6,160 1,270 (4,890) 20.6% Franchise Fees 438,753 512,750 512,750 293,617 (219,133) 57.3% Construction Permits & Insp Fees 1,742,746 1,954,820 1,794,820 880,493 (914,327) 49.1% Misc Lic & Permits 68,060 49,620 49,620 39,181 (10,439) 79.0% Subtotal 2,364,024 2,735,470 2,575,470 1,231,640 (1,343,830) 47.8% Intergovernmental: Fed Intergovernment Revenue 15,404,149 16,820,081 30,534,533 8,603,449 (21,931,084) 28.2% Property Tax Credits 1,519,888 1,923,358 1,923,358 800,261 (1,123,097) 41.6% Road Use Tax 9,163,303 8,820,140 8,820,140 3,946,060 (4,874,080) 44.7% State 28E Agreements 2,107,692 1,976,419 2,014,419 2,127,228 112,809 105.6% Operating Grants 66,984 69,580 69,580 61,849 (7,731) 88.9% Disaster Assistance - - - 2,700 2,700 0.0% Other State Grants 5,510,294 3,069,046 6,479,392 370,733 (6,108,659) 5.7% Local 28E Agreements 1,280,923 2,883,620 2,883,620 833,171 (2,050,449) 28.9% Subtotal 35,053,234 35,562,244 52,725,042 16,745,451 (35,979,591) 31.8% Charges For Fees And Services: Building & Development 492,643 428,570 428,570 456,846 28,276 106.6% Police Services 188,901 100,000 100,000 9,372 (90,628) 9.4% Animal Care Services 13,484 14,920 14,920 5,900 (9,020) 39.5% Fire Services 8,880 9,060 9,060 4,860 (4,200) 53.6% Transit Fees 968,924 1,220,390 750,390 298,175 (452,215) 39.7% Culture & Recreation 467,105 776,548 591,548 73,464 (518,084) 12.4% Misc Charges For Services 53,024 68,820 68,820 29,098 (39,723) 42.3% Water Charges 10,051,603 9,748,310 9,748,310 4,595,408 (5,152,902) 47.1% Wastewater Charges 12,353,935 11,631,416 11,631,416 5,400,850 (6,230,566) 46.4% Refuse Charges 4,185,695 4,278,720 4,278,720 2,114,709 (2,164,011) 49.4% Landfill Charges 5,961,888 6,224,330 6,224,330 3,742,478 (2,481,852) 60.1% Storm Water Charges 1,730,056 1,700,000 1,700,000 741,775 (958,225) 43.6% Parking Charges 4,795,660 6,378,760 5,354,660 2,271,599 (3,083,061) 42.4% Subtotal 41,271,797 42,579,844 40,900,744 19,744,533 (21,156,211) 48.3% Miscellaneous: Code Enforcement 300,368 269,340 269,340 24,190 (245,150) 9.0% Parking Fines 438,244 585,000 585,000 253,167 (331,834) 43.3% Library Fines & Fees 60,545 100,000 50,000 2,174 (47,826) 4.3% Contributions & Donations 496,111 309,310 544,237 153,608 (390,629) 28.2% Printed Materials 39,128 46,710 46,710 9,721 (36,989) 20.8% Animal Adoption 62,646 35,000 35,000 32,165 (2,835) 91.9% Misc Merchandise 36,506 62,760 62,760 3,883 (58,877) 6.2% Intra-City Charges 4,667,718 5,090,750 5,090,750 2,552,561 (2,538,189) 50.1% Other Misc Revenue 913,580 795,155 795,155 295,668 (499,487) 37.2% Special Assessments 294 570 570 758 188 133.0% Subtotal 7,015,141$ 7,294,595$ 7,479,522$ 3,327,894$ (4,151,628)$ 44.5% City of Iowa City Revenues by Type Fiscal Year 2021 through December 31, 2020 7 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent City of Iowa City Revenues by Type Fiscal Year 2021 through December 31, 2020 Use Of Money And Property: Interest Revenues 3,277,337$ 1,705,802$ 1,639,842$ 555,359$ (1,084,483)$ 33.9% Rents 1,177,377 1,331,104 1,196,104 412,129 (783,975) 34.5% Royalties & Commissions 100,348 106,603 87,603 39,469 (48,134) 45.1% Subtotal 4,555,062 3,143,509 2,923,549 1,006,957 (1,916,592) 34.4% Other Financial Sources: Debt Sales 13,012,385 11,871,140 11,871,140 - (11,871,140) 0.0% Sale Of Assets 901,476 501,700 1,051,700 115,837 (935,863) 11.0% Insurance Recoveries 2,258 - - - - 0.0% Loans 943,633 705,141 705,141 385,138 (320,003) 54.6% Subtotal 14,859,751 13,077,981 13,627,981 500,975 (13,127,006) 3.7% Total Budgetary Revenues 170,660,713$ 175,794,240$ 191,632,905$ 79,911,575$ (111,721,330) 41.7% Non-Budgetary Fund Revenues Internal Service Funds 22,468,344$ 23,502,060$ 23,502,060$ 11,947,150$ (11,554,910)$ 50.8% Total Non-Budgetary Revenues 22,468,344$ 23,502,060$ 23,502,060$ 11,947,150$ (11,554,910)$ 50.8% Total Revenues - All Funds 193,129,057$ 199,296,300$ 215,134,965$ 91,858,725$ (123,276,240)$ 42.7% 8 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent Budgetary Fund Expenditures General Fund 10** General Fund 57,237,520$ 63,133,164$ 63,586,483$ 26,781,874$ 36,804,609$ 42.1% Special Revenue Funds 2100 Community Dev Block Grant 710,805 734,915 1,916,454 418,967 1,497,487 21.9% 2110 HOME 864,090 471,281 739,827 57,373 682,454 7.8% 2200 Road Use Tax Fund 6,541,337 6,860,459 6,918,828 3,436,670 3,482,158 49.7% 2300 Other Shared Revenue 1,810 - 39,927 - 39,927 0.0% 2350 Metro Planning Org of Johnson Co.666,417 785,929 784,616 341,236 443,380 43.5% 2400 Employee Benefits 1,380,902 1,321,730 1,321,730 1,130,122 191,608 85.5% 2450 Emergency Levy Fund - 900,800 900,800 10,714 890,086 1.2% 2500 Affordable Housing Fund 986,779 1,000,000 1,000,000 683,730 316,270 68.4% 2510 Iowa City Property Management 60,567 57,548 57,548 36,519 21,029 63.5% 26** Tax Increment Financing 1,545,792 1,240,029 1,240,029 27,823 1,212,206 2.2% 2820 SSMID-Downtown District 367,177 492,596 492,596 149,128 343,468 30.3% Debt Service Fund 5*** Debt Service 13,038,331 14,519,819 14,519,819 954,784 13,565,035 6.6% Enterprise Funds 710* Parking 13,153,203 6,937,252 4,393,602 1,743,806 2,649,796 39.7% 715* Mass Transit 8,285,908 7,988,973 7,823,943 3,261,649 4,562,294 41.7% 720* Wastewater 8,928,996 9,904,664 9,916,480 6,135,269 3,781,211 61.9% 730* Water 8,512,594 9,048,440 9,087,438 5,418,743 3,668,695 59.6% 7400 Refuse Collection 3,687,875 3,920,390 3,920,077 1,866,207 2,053,870 47.6% 750* Landfill 5,337,862 5,456,843 5,470,086 2,758,042 2,712,044 50.4% 7600 Airport 421,723 367,708 367,283 185,907 181,376 50.6% 7700 Storm Water 603,911 679,879 679,161 344,589 334,572 50.7% 79** Housing Authority 9,904,793 10,139,876 10,483,388 7,608,741 2,874,647 72.6% Capital Project Funds Governmental Projects 24,661,959 22,705,470 57,625,115 11,333,691 46,291,424 19.7% Enterprise Projects 5,947,033 6,834,650 16,560,490 2,032,125 14,528,365 12.3% Total Budgetary Expenditures 172,847,385$ 175,502,415$ 219,845,720$ 76,717,708$ 143,128,012$ 34.9% Non-Budgetary Funds Expenditures Internal Service Funds 810* Equipment 5,786,860$ 6,156,284$ 8,406,224$ 2,650,998$ 5,755,226$ 31.5% 8200 Risk Management 1,511,332 1,623,630 1,623,630 742,924 880,706 45.8% 830* Information Technology 2,430,267 2,513,842 2,513,842 1,401,980 1,111,862 55.8% 8400 Central Services 188,400 225,477 251,671 69,482 182,189 27.6% 8500 Health Insurance Reserves 9,129,477 11,070,318 11,070,318 5,869,742 5,200,576 53.0% 8600 Dental Insurance Reserves 295,202 449,071 449,071 170,674 278,397 38.0% Total Non-Budgetary Expenditures 19,341,538$ 22,038,622$ 24,314,756$ 10,905,801$ 13,408,955$ 44.9% Total Expenditures - All Funds 192,188,923$ 197,541,037$ 244,160,476$ 87,623,509$ 156,536,967$ 35.9% City of Iowa City Expenditures by Fund Fiscal Year 2021 through December 31, 2020 9 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent Budgetary Funds Expenditures General Fund 10** General Fund City Council 149,211$ 159,554$ 157,929$ 81,954$ 75,975$ 51.9% City Clerk 491,473 524,699 523,494 260,798 262,696 49.8% City Attorney 836,849 867,117 871,776 414,438 457,338 47.5% City Manager 3,727,694 4,286,206 4,541,791 1,840,093 2,701,698 40.5% Finance 4,089,409 4,631,600 4,908,111 2,294,390 2,613,721 46.7% Police 14,503,070 15,667,193 15,757,905 6,874,605 8,883,300 43.6% Fire 8,477,009 9,035,169 9,048,784 4,407,998 4,640,786 48.7% Parks & Recreation 8,574,238 10,443,623 10,340,271 3,837,392 6,502,879 37.1% Library 6,327,197 7,092,059 6,949,366 2,852,231 4,097,135 41.0% Senior Center 913,616 1,038,668 1,036,718 435,407 601,311 42.0% Neighborhood & Development Services 6,066,892 5,614,025 5,709,960 1,938,437 3,771,523 33.9% Public Works 2,478,292 3,117,289 3,084,416 1,284,479 1,799,937 41.6% Transportation & Resource Management 602,569 655,962 655,962 259,652 396,310 39.6% Total General Fund 57,237,520 63,133,164 63,586,483 26,781,874 36,804,609 42.1% Special Revenue Funds 2100 Community Dev Block Grant Neighborhood & Development Services 710,805 734,915 1,916,454 418,967 1,497,487 21.9% 2110 HOME Neighborhood & Development Services 864,090 471,281 739,827 57,373 682,454 7.8% 2200 Road Use Tax Fund Public Works 6,541,337 6,860,459 6,918,828 3,436,670 3,482,158 49.7% 2300 Other Shared Revenue Neighborhood & Development Services 1,810 - 39,927 - 39,927 0.0% 2350 Metro Planning Org of Johnson Co Neighborhood & Development Services 666,417 785,929 784,616 341,236 443,380 43.5% 2400 Employee Benefits Finance 1,380,902 1,321,730 1,321,730 1,130,122 191,608 85.5% 2450 Emergency Levy Fund City Manager - 900,800 900,800 10,714 2500 Affordable Housing Fund Neighborhood & Development Services 986,779 1,000,000 1,000,000 683,730 316,270 68.4% 2510 Iowa City Property Management Neighborhood & Development Services 60,567 57,548 57,548 36,519 21,029 63.5% 26** Tax Increment Financing Finance 1,545,792 1,240,029 1,240,029 27,823 1,212,206 2.2% 2820 SSMID-Downtown District Finance 367,177 492,596 492,596 149,128 343,468 30.3% Total Special Revenue Funds 13,125,677 13,865,287 15,412,355 6,292,282 9,120,073 40.8% Debt Service Fund 5*** Debt Service Finance 13,038,331 14,519,819 14,519,819 954,784 13,565,035 6.6% Total Debt Service Fund 13,038,331 14,519,819 14,519,819 954,784 13,565,035 6.6% City of Iowa City Expenditures by Fund by Department Fiscal Year 2021 through December 31, 2020 10 2020 Actual 2021 Budget 2021 Revised 2021 Actual Variance Percent City of Iowa City Expenditures by Fund by Department Fiscal Year 2021 through December 31, 2020 Enterprise Funds 710* Parking Transportation & Resource Management 13,153,203$ 6,937,252$ 4,393,602$ 1,743,806$ 2,649,796$ 39.7% 715* Mass Transit Transportation & Resource Management 8,285,908 7,988,973 7,823,943 3,261,649 4,562,294 41.7% 720* Wastewater Public Works 8,928,996 9,904,664 9,916,480 6,135,269 3,781,211 61.9% 730* Water Public Works 8,512,594 9,048,440 9,087,438 5,418,743 3,668,695 59.6% 7400 Refuse Collection Transportation & Resource Management 3,687,875 3,920,390 3,920,077 1,866,207 2,053,870 47.6% 750* Landfill Transportation & Resource Management 5,337,862 5,456,843 5,470,086 2,758,042 2,712,044 50.4% 7600 Airport Airport Operations 421,723 367,708 367,283 185,907 181,376 50.6% 7700 Storm Water Public Works 603,911 679,879 679,161 344,589 334,572 50.7% 79** Housing Authority Neighborhood & Development Services 9,904,793 10,139,876 10,483,388 7,608,741 2,874,647 72.6% Total Enterprise Funds 58,836,864 54,444,025 52,141,458 29,322,952 22,818,506 56.2% Capital Project Funds Governmental Projects 24,661,959 22,705,470 57,625,115 11,333,691 46,291,424 19.7% Enterprise Projects 5,947,033 6,834,650 16,560,490 2,032,125 14,528,365 12.3% Total Capital Project Funds 30,608,993 29,540,120 74,185,605 13,365,816 60,819,789 18.0% Total Budgetary Expenditures 172,847,385$ 175,502,415$ 219,845,720$ 76,717,708$ 143,128,012$ 34.9% Non-Budgetary Funds Expenditures Internal Service Funds 810* Equipment Public Works 5,786,860$ 6,156,284$ 8,406,224$ 2,650,998$ 5,755,226$ 31.5% 8200 Risk Management Finance 1,511,332 1,623,630 1,623,630 742,924 880,706 45.8% 830* Information Technology Finance 2,430,267 2,513,842 2,513,842 1,401,980 1,111,862 55.8% 8400 Central Services Finance 188,400 225,477 251,671 69,482 182,189 27.6% 8500 Health Insurance Reserves Finance 9,129,477 11,070,318 11,070,318 5,869,742 5,200,576 53.0% 8600 Dental Insurance Reserves Finance 295,202 449,071 449,071 170,674 278,397 38.0% Total Internal Service Funds 19,341,538 22,038,622 24,314,756 10,905,801 13,408,955 44.9% Total Non-Budgetary Expenditures 19,341,538$ 22,038,622$ 24,314,756$ 10,905,801$ 13,408,955$ 44.9% Total Expenditures - All Funds 192,188,923$ 197,541,037$ 244,160,476$ 87,623,509$ 156,536,967$ 35.9% 11