A es m D u q bu ue (F 0 Y2 ) A n n ke y tD s e W es ne oi M s C e rR da
a ds pi A vg /o .w D ub u uq e ou i S x C ity a w o I C ity D av en rt o
p o lo r e at W D es ne oi M C ou B il c n 4 PROPERTY TAXES Dubuque is the SECOND LOWEST in the state for property tax rate of the 11 largest cities. The highest (Council Bluffs) is 77% higher than Dubuque and the average is 47% higher than Dubuque. 5 PROPERTY TAXES PER CAPITA $1,400 $1,200 $1,000 $1,149.36 $907.74
$800 $695.91 $600 $455.27 $525.91 $545.75 $762.71 $769.30 $784.03 $824.24 $824.55 $600.35 $400 $200 $0 D ub uq ue (F 0 Y2 ) A es m ou i S x C
ity o lo r e at W D es ne oi M s A vg /o .w D ub u uq e D av en rt o p A e nk
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6 PROPERTY TAXES PER CAPITA Dubuque is the LOWEST in the state for property taxes per capita. The highest (West Des Moines) is 153% higher than Dubuque and the average is 68% higher than Dubuque. 7 CITY DEBT City will issue $44,941,848 in new debt in the recommended 5-year CIP City will access $18,868,490 of previously issued State Revolving Rund (SRF) loans as related capital improvement projects progress 8 CITY DEBT: FY2020-2024 The City will retire $91,655,428 of existing debt over the next five years 9 CITY DEBT: FY2020-2024 New Debt Being Issued Purpose Amount Sanitary Sewer Improvements $16,687,926 Fire Equipment/Improvements $6,785,346 Five Flags Improvements $5,025,000 Street Improvements
$4,402,400 Economic Development Initiatives $2,957,495 City Building/Property Improvements $1,781,000 Airport Improvements $1,127,538 General Ledger Software Upgrade $1,000,000 Transit Bus Replacements $986,143 Park Improvements $600,000 Parking Improvements Total New Debt: FY2020-FY2024 $3,589,000 $44,941,848 10 CITY DEBT SRF Debt Being Accessed Project FY2020 FY2021 FY2022
$- $21.6 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Retired Debt FY24 FY25 FY26 New Debt $1.0 FY27 $1.0 FY28 $1.0 FY29 13 CITY DEBT: RETIRED vs. NEW
FY2016 FY2020 $28,800,000 (9.77%) Reduction in Debt 14 CITY DEBT: RETIRED vs. NEW FY2020 - FY2024 City will retire $91,655,928 of existing debt City will issue $44,941,848 in new debt City will access $18,868,490 of previously issued State Revolving Fund (SRF) loans Net change is a reduction of $27,865,590 (10.44%) of debt over the next five years 15 CITY DEBT Net Debt Reduction: FY2020 - FY2024 Project New Debt Previously Issued SRF Draw Downs FY2020 FY2021 FY2022 FY2023 FY2024 Total $2,836,487 $13,777,669 $9,363,511 $5,186,976 $13,777,204 $44,941,848
$14,709,868 $3,128,622 $1,030,000 --- --- $18,868,490 -$19,853,388 -$18,868,537 -$91,675,928 Retired Debt -$17,618,998 -$18,014,968 -$17,320,037 Net Debt Reduction -$72,643 -$1,108,677 -$6,926,526 -$13,681,561 -$6,076,183 -$27,865,590 16 CITY DEBT Projected Outstanding General Obligation Debt on June 30, 2020: $116,425,803 (51% of statutory debt limit) Available debt capacity = $111,235,671 FY2016: Dubuque was at 86.13% of statutory debt limit FY2020 = 35% decrease in use of statutory debt limit Outstanding Revenue Bonds Debt on June 30, 2020 =
$150,450,197 17 CITY DEBT Statutory Debt Limit Used (as of June 30th) 100% 90% 90% 90% 87% 86% 82% 70% 60% 50% 40% 79% 79% 80% 74% 72% 69% FY20 Recommended FY16 Adopted 70% 66% 63% 66% 62% 56%
$245,580,138 $126,830,000 51.65% 5 West Des Moines $359,449,675 $184,720,000 51.39% 4 Dubuque (FY20) $227,661,474 $116,425,803 51.14% Dubuque (FY24) $246,428,101 $105,406,783 42.77% 3 Ames $209,227,522 $65,480,000 31.30% 2 Council Bluffs
$241,950,558 $68,725,096 28.40% Dubuque (FY29) $272,076,536 $76,004,423 27.93% Iowa City $274,723,837 $66,945,000 24.37% 1 19 GENERAL FUND RESERVE The reserve will increase by $2,800,000 (20.3%) from Fiscal Year 2019 - Fiscal Year 2024. FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Contribution $1,050,000 $1,700,000 $1,000,000 $100,000
$100,000 $100,000 $100,000 General Fund Reserve $16,460,491 $15,485,326 $16,185,326 $16,285,326 $16,385,326 $16,485,326 $16,585,326 % of Projected Revenue (Moodys) 23.81% 22.02% 22.86% 22.93% 23.46% 22.92% 22.25% 20 General Fund Reserve as a Percent of General Fund Revenue 30% 25%
Solid Waste Collection: 1.63% increase Stormwater: 6.83% increase* *Recommendation does not change amount previously approved by City Council 22 IMPROVEMENT PACKAGES 116 of 142 requested are recommended $830,923 recurring from general fund $442,051 non-recurring from general fund $304,768 from non-property tax support 23 FY2020 BUDGET PUBLIC MEETINGS Thursday, Feb. 7 Wednesday, Feb. 13 Monday, Feb. 25 Monday, Feb. 11 Thursday, Feb. 21 Wednesday, Feb. 27 Thursday, March 7: Public Hearing to Adopt the FY2020 Budget Meetings start at 6 p.m. and will be broadcast on CityChannel Dubuque 24
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