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Home My WebLink About2024-09-17 Public hearing I0ea NOTICE OF PUBLIC HEARING-AMENDMENT OF CURRENT BUDGET City of IOWA CITY Fiscal Year July 1,2024-June 30.2025 The City of IOWA CITY will conduct a public hearing for the purpose of amending the current bud et for fiscal year ending June 30,2025 Meeting Date/Time:9/17/2024 06:00 PM I Contact:Kellie Grace Phone:(319)356-5041 Meeting Location:Emma Harvat Hall,410 E.Washington St., Iowa City There will be no increase in taxes.Any residents or taxpayers will be heard for or against the proposed amendment al She time and place specified above.A detailed statement of:additional receipts,cash balances on hand at the close of the preceding fiscal year,and proposed disbursements, both past and anticipated,will be available at the hearing.Budget amendments are subject to protest.If protest petition requirements are met,the State Appeal Board will hold a local hearing.For more information,consult htt s://dom.iowa.gov/local-gov-appeals. Total Budget Current Total Budget After REVENUES&OTHER FINANCING SOURCES as Certified Amendment Current Amendment or Last Amended Taxes Levied on Property 1 68.821,450 0 68.821 450 Less:Uncollected Delinquent Taxes-Lev Year 2 0 0 0 Net Current Property Tax 3 68,821.450 0 68.821,450 Delinquent Property Tax Revenue 4 0 0 0 TIF Revenues 5 4,388,100 0 4,388.100 Other City Taxes 61 3.576.298 0 3,576.298 Licenses&Permits 7 2,122,880 0 2,122,880 Use of Money&Property 8 3,171,385 0 3.171,385 Intergovernmental 9 65,768,611 9,904.371 75,672.982 Char es for Service 10 56.579.585 0 56,579,585 Special Assessments 11 2.000 0 2,000 Miscellaneous 121 10,151,601 1.871.610 12,023,211 Other Financing Sources 13 16,770,900 32,264.690 49,035,590 Transfers In 14 57,338.700 7,595,910 64,934,610 Total Revenues&Other Sources 15 288,691.510 51.636,581 340,328.091 EXPENDITURES&OTHER FINANCING USES Public Safety 16 31,911 220 365.172 32,276,392 Public Works 17 13,161.600 23.000 13,184.600 Health and Social Services 18 687.576 0 687.576 Culture and Recreation 191 17 695,590 30,870 17.726.460 Community and Economic Development 20 10,229,871 15,577,278 25,807,149 General Government 21 13,626,818 769,860 14,396,678 Debt Service 22 13,787.740 0 13.787.740 Capital Projects 23 41,047.794 38.305,860 79.353,654 Total Government Activities Expenditures 24 142,148.209 55,072,040 197,220,249 Business Type/Enterprise 251 99,559,142 63,669,539 163,228,681. Total Gov Activities&Business Expenditures 26 241,707,351 118,741 579 360.448.930 Transfers Out 27 57.338.700 7,595.910 64,934,610 Total Expenditures/Transfers Out 28 299,046.051 126,337,489 425.383.540 Excess Revenues&Other Sources Over 29 10,354,541 74,700,908 85,055,449 Under Expenditures/Transfers Out BeginningFund Balance July 1,2024 30 158,684,272 0 158.684,272 EndingFund Balance June 30.2025 31 148.329.731 -74,700,908 73,628,823 Explanation of Changes:Amendment includes carryover of revenues and expenditures for projects in the CIP plan,as well as expenditures carried forward for Black Lives Matter oUS648,100, CDBG/HOME of$2,698,000,and ARPA of$10,807,100 FILED AUG 2 2 2Q24 City Clerk Iowa MA Iowa 08/20/2024 04:36 PM Paae 1 of 1 Item: 10.a STAFF PRESENTATION TO FOLLOW : CITY OF lOVVA CITY 41❑ East Washington Street Iowa City, Iowa 5 2240-1 826 (319) 356-5000 Q 19) 356-5009 FAX www.icgov.org Angie Ogden, FY2025 BUDGET Budget Management Analyst AMENDMENT # 1 h\111111111M . ..... BUDGET PROCESS OVERVIEW • FY2025 Original Budget was approved April 16, 2024. Runs July 1 , 2024 to June 30, 2025. • City policy allows for amendments in the following situations: • Emergent situations • Transfer from contingencies • Expenditures with offsetting revenues or fund balance • Carry-over of prior year budget authority • Can amend anytime other than the last 30 days of the fiscal year. • Iowa City averages two amendments per fiscal year, typically in early fall and late spring of the following year with next year's budget. • Carry-forward requests from FY2024 Budget • Submitted by Departments and reviewed by City Manager's Office and Finance Department • Budget policy that carry-forwards must be $5,000 or 1 % of division budget or has already been ordered • Capital Improvement Project budget carry-forwards • CIP usually align more with calendar year vs fiscal year and multi-year projects • Other miscellaneous amendment items REVENUES Total Budget Current Total @udgetAtter • Intergovernmental REVENUES 8 OTHER FINANCING SOU RCES as Certified er g or Last Amended Amendment Current Amendment Revenues - $9,904,371 Taxes Levied on Property 1 68,821,450 6 6832t 450 Less:UncollectedDelinquentTaxes-Levy Year 2 0 0 0 State and Federal Net Current Propeo Tax 3 68 82,450 6 66021,450 Grants on C I P carry- Delinquent Property Tax Revenue 4 0 0 0 forwards TI F Revenues 5 4,388,100 0 4388,100 Other City Taxes 6 3,576,298 0 3576,29B Licenses&Permits 7 2,122,$$0 6 2122880 • Other Financing Sources - Use of Money sProperty a 3,171,385 a 3,171,385 $32,264,690 Intergovemmental 91 65 768 611 9 9CM 371 75,672,982 . W astewater C I P- Charges for Service 101 5C,579,5M 0 56,5T9,585 Special Assessments 11 2,000 6 2,00o Revenue Bond Misce❑therlFnaanncingSources 13 16,rra,900 32,264,g90 49,0 5,590 • Miscellaneous - $1 ,871 ,610 Transfers In 14 57,338,700 7,595,910 64,934,610 Reimbursements for Total Revenues&Other Sources 15 29B 691 51 01 51,536,5811 340 328 091 C I P EXPENDITURES • Governmental Capital Total Budget Current Total Budget After Projects - $38,305,860 as Certified Amendment Current Amendment • ar Last Amended Major CIP: Dubuque St. EXPENDITURES80THERFINANCINGUSES Reconstruction, Gilbert Public Safety 16 31,911,220 365,172 32,276,392 St. Bridge PubiicWorks 17 13161600 23000 13184600 Replacement, Terrell Mill Skate Park Hea0h and Social Services 18 687,576 0 687,576 Culture andRecreatian 19 17,695,590 30,870 17,726,460 • Business Me/ Enterprises- Communi and Economic Develo ment 20 10229871 15577278 25807149 $63,669, GeneralGovemment 21 13,626,810 769,860 14,396.678 MajorCIP: Wastewater Debt Service 22 13.787,740 0 13,787,740 Digester Gas CapdalPr ects 23 41047794 38305860 79353654 Improvements Projects, Total G 3vemment Activities Expenditures 24 142,140,209 55,072,040 197,220,249 La n d fl I I Eq u i p m e n BusnessTypeOEnterprise 25 99,559,142 63,669,539 163,228,681 Building and Transit Total Gov Activities&Business Expenditures 1 261 241 707 351 1 118 741 579 360,4U,93-Di Facility • Community and Economic Development- $15,577,278 • Car forwards for CDBG/HOME and ARPA funds CONCLUSION: • First budget amendment for FY2025 • Overall total impact to Fund Balance is a decrease of $74,700,908 • Covered through excess fund balances and bonds and will not affect property tax levies STAFF PRESENTATION CONCLUDED CITY OF IOWA CITY 410 East Washington Street Iowa City, Iowa 52240-1 826 (319) 356-5000 (319) 356-5009 FAX www.icgov.org