City of University Heights, Iowa
University Heights City Hall | 1004 Melrose Avenue, University Heights (Iowa City) 52246 | 319-337-6900
Jim Lane, Finance Committee chair
The main objective of this historical financial study for the City of University Heights was to break out our regular revenues and expenses (e.g. property taxes, fees, licenses, public safety, public works) versus non-regular revenue and expenses (local option sales tax, government grants, bonds, capital projects, bond repayments).
This was important to do now since for the last four years we have received Local Options Sales Tax revenues totaling approximately $500,000 for the period and that has now ceased. In addition two major sidewalk expansion projects in the same time period have brought in over $590,000 in government grants and subsequent expenses. Both of these large revenue sources and expenses needed to be factored out of our city budget figures to understand the city’s regular revenue and expenses which will be more of the norm going forward.
University Heights current reserves are more than adequate. There are mixed opinions on how long these reserves will be sustained. That is why it will be important to revisit these figures every two years at a minimum to see how changes in revenues and expenses have affected the town budgets and reserves.
I want to thank Pat Bauer and Steve Kuhl for their great work in putting this study together.