Budget and Fiscal Policy Guidelines for Fiscal Year 2019

Budget and Fiscal Policy Guidelines for Fiscal Year 2019

FISCAL YEAR 2020 BUDGET RECOMMENDATION Feb. 4, 2019 1 PROPERTY TAXES FY2020 Recommended City Tax Rate = $10.3314 per thousand 2.43% decrease from FY2019 2 PROPERTY TAX RATE Property Tax Rate Decrease of 2.43% Impact: % Change Property Tax Rate $ Change -2.43% -$0.26 --- --- Average Commercial Payment -1.48% -$48.53 Average Industrial Property -1.79% -$87.16 Average Multi-Residential Property -7.07% -$132.29 Average Residential Payment

3 PROPERTY TAXES $20 $18 $16 $15.22 $14 $16.78 $16.18 $18.16 $18.26 s ffs lu $12.57 $11.39 $12 $10 $15.22 $16.07 $17.46 $10.07 $10.33 $8 $6 $4 $2 $0

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

ny C R ar d e s id p a C ou B il c n ffs lu a w o I C ity es W tD es ne oi M s

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

FY2023 FY2024 Total Sanitary Sewer: Kerper Blvd. SRF $1,390,000 Stormwater: Upper Bee Branch & Sponsor SRF $247,668 $247,664 $495,332 Stormwater: Flood Mitigation Project SRF $9,000,000 $1,820,958 $10,820,958 Water: Roosevelt St. Tower SRF $2,982,200 Water: CIWA Purchase & Improvements $1,090,000 $1,060,000 $1,030,000 $3,180,000 Total Draw Downs $14,709,868

$3,128,622 $1,030,000 $18,868,490 $1,390,000 $2,982,200 11 CITY DEBT Total Debt (in Millions) 350 $295.5 $295.5 300 250 200 $281.3 $268.6 $266.1 $266.9 $266.5 $260.4 $247.5 $242.2 $241.4 $221.8 $201.8 $181.3 $160.7 150 100 50 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 12 CITY DEBT: RETIRED vs. NEW $25

$20 $16.4 Millions $15 $17.4 $14.3 $13.0 $17.1 $18.0 $17.6$17.5 $16.9 $17.3 $18.9 $20.5 $19.9 $14.2 $21.3 $22.0 $22.0 $19.0 $13.8 $10.4 $10 $5.2 $5 $5.2 $4.1 $1.0

$- $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%

51% 50% 47% 43% 43% 46% 41% 37% 32% 30% 28% 20% 10% FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 18 CITY DEBT: Rank City FY2018 DEBT LIMIT COMPARISON Legal Debt Limit (5%) Statutory Debt Outstanding % of Legal Debt Limit Utilized 11 Des Moines $569,816,717 $416,130,930

73.03% 10 Sioux City $213,569,727 $144,100,000 67.47% 9 Davenport $330,626,114 $211,165,000 63.87% 8 Waterloo $191,406,282 $108,225,490 56.54% 7 Cedar Rapids $518,039,169 $271,585,000 52.43% 6 Ankeny

$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%

23.81% 23.46% 22.92% 22.93% 22.86% 22.25% 22.02% FY18 FY19 20.09% 20% 17.52% 15% 10% 5% 0% FY16 FY17 FY20 FY21 FY22 FY23 FY24 21 CITY UTILITIES FY2019 Rate Recommendations: Sanitary Sewer: 4.5% increase Water: 5% increase

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

Recently Viewed Presentations

  • Why is the power of judicial review key to the system of ...

    Why is the power of judicial review key to the system of ...

    Why is the power of judicial review key to the system of checks and balances? Because the power of judicial review can declare that laws and actions of local, state, or national government are invalid if they conflict with the...
  • The EML coded on UCMS will be $200.00. We don't prorate the child support amount, but they are still eligible for the disregard. The maximum grant for two in the household and one in the benefit group would be $228....
  • 24/7 Care and home monitoring Stephanie R. Bruce,

    24/7 Care and home monitoring Stephanie R. Bruce,

    "Providing after hours, urgent or emergency care is a serious business; patients accessing it are usually doing so at their most frightened and vulnerable, and we have a duty of care to ensure that the system is as seamless and...
  • Cómo hablar con padres sobre el Tablero de mando - ELPAC (CA ...

    Cómo hablar con padres sobre el Tablero de mando - ELPAC (CA ...

    [El predio escolar puede hablar más sobre el color, qué significa para la escuela y qué se hará para mejorar en forma continua]. [No está claro todavía cómo el CDE mostrará los datos para escuelas que cubren múltiples grados (como...
  • PLEXUS SACRALIS - Masarykova univerzita

    PLEXUS SACRALIS - Masarykova univerzita

    PLEXUS SACRALIS PLEXUS SACRALIS Foramen suprapiriforme Foramen infrapiriforme N. GLUTEUS SUP. (L4 - S1) N. GLUTEUS INF. (L5 - S2) N. CUTANEUS FEMORIS POST.
  • 5 Kingdoms Classification  Typically, classification is considered to

    5 Kingdoms Classification Typically, classification is considered to

    History of Classification. Early classification systems probably grouped organisms as to whether they were beneficial or harmful. Another ancient classification system recognized 5 animal groups - domestic animals, wild animals, creeping animals, flying animals, and sea animals.
  • Kein Folientitel - Max Planck Society

    Kein Folientitel - Max Planck Society

    15.3 Knowledge Harvesting. IRDM WS 2015. 15-Automaticconstructionof large. knowledgebasesabout. entities, classes, relations. from Web sources (incl. Wikipedia ...
  • The Essay Process - Mrs. Brown's English Classes

    The Essay Process - Mrs. Brown's English Classes

    This idea is made even better by the amount of salt, which is ten pounds, which might show the amount of sadness in Tita's life will be a great amount too. The fact that Tita's birth caused her mom not...