HomeMy WebLinkAboutCity-Open Public Notice of FY24 ICDD Budget.docx► r 1
CITY OF IOWA CITY
UNESCO CITY OF LITERATURE
1
IOWA CITY DOWNTOWN DISTRICT
OOWNTOWNIOWACITY. COM
Open Public Meeting to Review Fiscal Year 2024
Preliminary Budget of the Iowa City Downtown District
9:00 am
Thursday November 10, 2022
Emma Harvat Hall — City Council Chambers
410 E. Washington Street, Iowa City
AGENDA:
1. Call to Order
2. New Business
a. Review of the Preliminary Draft FY24 ICDD Budget provided by ICDD Advisory
Committee
b. Discuss possible SSMID Levy Rate change
c. Recommendation to Approve / Deny / Amend to the ICDD Board of Directors
3. Public Comment
4. Adjourn
If you need disability -related accommodations in order to participate in this program/event, please contact Wendy Ford, Economic Development
Coordinator at 319-356-5248 or wendy-ford@iowa-city.org. We ask that you contact us early to allow sufficient time to meet your access
needs.
Iowa City Downtown District
FY24 Preliminary Draft Budget comparison to FY23 Budget
November 2022
INCOME
1 SSMID Levy Collection
2 University of Iowa Contribution
3 Program & Initiatives Income
4 Events & Sponsor Income
5 TOTAL INCOME
FY23 Actual Percent
FY24 Budget w Budget Change @
$2.50 levy rate Comparison $2.50 Comments
$649,000 $548,858 18.2% No change anticipated in property valuations from FY23. Levy Rate change to $2.50 per 2016 Petition
$200,000 $200,000 0.0% Continuing steady; check annually
$95,000 $166,318 -42.9% One-time FY23 sponsored projects end. Resume pre-COVID program income.
$363,890 $406,284 -10.4% Estimating lower event income due to higher costs / sponsorship competition
$1,307,890 $1,321,460 -1.0%
EXPENSES
6 District -Wide Marketing
7 Event Expense
8 Programs & Initiatives
10 Office Administration
11 Personnel
12 Contingency
$130,360 $125,541 3.8% Slight increase in marketing
$391,100 $436,122 -10.3% Reflects Added Reserve / Buffer for High Risk Events. Down from FY23 due to one-time grants.
$247,100 $321,246 -23.1% One-time FY23 projects end. Resume pre-COVID program costs with an increase in clean initiatives.
$96,300 $90,405 6.5% Increase in insurance coverage & costs, increased engagement increases costs
$437,610 $382,096 14.5% Reflects new 1 new FTE
$5,420 $439 1135.0%
13 TOTAL EXPENSES
$1,307,890
$1,355,850 0.0%
14 NET GAIN / LOSS
$0 -$34,389
No major change in overal budget from FY23