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Home My WebLink About2007-01-04 Correspondence :Y;~ C fIlL Y'IIt) 7 BUDGET 08 Fiscal Policies Inflation, market adjustments Direct Cost Items Pensions Insurance - property, health Fuel No new State aid Commercial Property Task Force Capital Plan Road Use Tax - no growth Rollback Operations - substantially unchanged I , ! I , I I I Average Rack Price I for Gasohol and Diesel FY2001 - 2007 , I $2.50 I $2.00 ~Gasohol ~ -e- Diesel .,. $1.50 ~ f! .!! 0 c ui $1.00 ::i e- I I $0.50 .-...---.---.--.,.,. I $0.00 I rJ'<$ c.... rJ'fJ- rJ'~ # c':> rJ''O (\ I <t' <t' f:)<:> 'P 'P 'P 'P 'P 'P I Fiscal Year (FY) I * Average based on six months' data. - "'p U:\$\Analysls\8nergylluel rack prices doc 06.xls 12l2Ol2OO63:54 PM ROAD USE TAX Fiscal Year Current mOT per November 2005 mOT Capita forecast per capita forecast 2007 $82.20 $83.30 2008 $84.40 $84.40 2009 $85.40 $84.80 . 2010 $85.50 $85.20 2011 $85.60 NA 1- Rollback - Recent History 1998 .588284 1999 .549090 down 7.1 % 2000 .564789 up 2.85% 2001 .548525 down 2.96% 2002 .562651 up 2.57% 2003 .516676 down 8.89% 2004 .513874 down .5% 2005 .484558 down 6.05% 2006 .479624 down 1.03% 2007 .45996 down 4.28% 2008 .45559 down .09% average decline 2.8% annually '!J CITY OF lOW A CITY. lOW A FINANCIAL PLAN FOR 2008 - 2010 Fund: 1000 General Beginning Balance Current Taxes Other City Taxes General Use Permits Food & Liquor Licens Professional Licenses Mise Permits & Licen Construction Permits & Inspections Misc. Lie. & Permits Fed. Intergov. Rev. Property Tax Credits State 28e Agreements Other State Grants Local Govt 28e Agreements Bld~ & Development poll.ce Services Animal Care Servs Fire Services Transit Fees CUlture And Recreation Misc. Chg. For Ser. Water Charges For Services Code Enforcement Parking Fines Library Fines & Fees Contrib & Donations Printed Materials Animal Adoption Mise Merchandise Intra-city Charges Other Mise Revenue Interest Revenues Rents Parking Lot Revenue Pkg Ramp Revenue Royalties & Commissions Sale Of Assets Empl Benefits Levy Emergency Levy Road Use Tax Mise Other Operating Transfers From Water operations From Wastewater Operations From Parking operations From Airport Operations From Broadband Transfers From GO Bonds Interfund Loans Mise Transfers In Loans Total Receipts Personnel Services supplies Capital Outlay Transfers Out Contingency , Total Expenditures Ending Balance Reserved / Designated Unreserved Balance % of Expenditures 2006 Actual 2007 Estimate 2008 Budget 2009 2nO Projection Projection 17,989,182 19,761,364 18,118,644 18,087,150 18,483,721 19.772.004 1,076,393 42,656 95,798 45,495 2,675 1,069,280 30,432 702,988 13,709 1,114,740 458,963 640,566 391,846 56,217 6,763 10,888 857,998 638,831 60,478 3,955 449,429 533,701 203,926 67,761 24,822 11,567 24,856 1,603,263 225,618 1,101,093 211,485 8,723 190,817 33,340 93,830 7,585,382 566,642 3,829,636 379,273 21,725,341 1,057,692 34,080 96, 17 3 50,410 1,925 1.000,175 37,455 789,009 24,739 1,148,140 451,682 618,427 347,374 33,330 8,000 16,300 801,745 677,209 63,968 3,912 390,050 550,000 207,432 269,800 22,505 15,000 21,306 1,612,027 188,559 1,303,221 287,668 8,666 310,000 23,425 285,216 8,210,493 87,827 3,979,975 309,010 12,518 12,518 200,000 6,259 152,821 23,840 7,500 22.407.611 1,133,676 42,629 97,680 45,495 2,675 1,036,762 31,325 785,000 24,739 1,182,700 497,456 606,945 369,093 61,110 8,000 11,528 855,994 652,842 60,826 3,955 452,392 550,000 203,926 235,384 24,632 15,000 24,998 1,643,531 197,606 1,253,221 352,288 8,723 345,000 27,377 101,330 8,495,028 234,574 4,174,201 557,452 14,699 14,699 200,000 7,350 152,821 320,000 25,054 3,500 23,063,307 1,153,361 42,629 97,680 45,495 2,675 1,036,762 31,325 785,000 24,739 1,218,181 497,456 626,881 369,093 61,110 8,000 11,528 855,994 652,842 60,826 3,955 452,392 550,000 203,926 227,384 24,632 15,000 24,998 1,643,531 197,606 1,253,221 352,288 8,723 345,000 27,377 101,330 8,890,001 241,439 4,243,607 495,357 16,001 16,001 200,000 8,001 152,821 23,738,416 1,173,397 42,629 97 ,680 45,495 2,675 1,036,762 31,325 785,000 24,739 1,254,726 497,456 627,215 369,093 61,110 8,000 11,528 855,994 652,842 60,826 3,955 452,392 550,000 203,926 227,384 24,632 15,000 24,998 1,643,531 146,256 1,250,000 352,288 8,723 345,000 27,377 101,330 9,298,731 250,000 4,262,778 432,179 17,323 17,323 200,000 8,661 152,821 200,000 162,821 460,000 22,679 101,335 9,225 45,193,899 47,484,722 49,552,827 50,369,310 51,397,016 30,503,770 8,454,301 2,010,938 1,524,344 928,364 o 32,801,850 9,631,718 2,256,571 2,206,212 2,034,591 196,500 33,730,753 9,872,066 2,420,487 1,828,280 1,363,505 369,230 26,335 3,500 34,890,263 9,752,452 2,520,057 1,419,126 1,016,341 374,500 3,500 36,028,511 9,973,462 2,625,349 1,174,646 1,166,806 384,860 43,421,717 49,127,442 49,584,321 49,972,739 51,353,634 19,761,364 18,118,644 18,087,150 18,483,721 18,527,103 2,027,516 1,780,986 2,355,713 2,870,796 3,304,950 17,733,848 16,337,658 15,731,437 15,612,925 15,222,153 41% 33% 32% 31% 30% -19 - '-\ 12/29/2006 FY2008 PROPOSED BUDGET I FINANCIAL PLAN Description * Fllcal V..r 2008 100% Assessment State rollback Less: Exemptions Less Gas & Electric Re.ldentlal Commercial, Indultrlal & Utllltl.. Ln,: Exemptlona Milito.. & TIF Valu.. Tnablt A......d Valuation (3,463,240) (43,260,974) $3,923,219,913 (1,467,681,488) (3,463,240) (43,280,974) $2,733.046,578 $1,190,173,335 0.455596 Taxable AU.'led Value - for Debt Levy $1,245,165,090 $1.190,173,335 $ less TIF Increment - available for debt only (46,744,214) $2,368,594,211 (86,131,938) (86,131,936) Taxable Au..aed Value. Regular Levies $2.302.462.273 "Stale roUed back Commercial and Railroads to 99.1509% for this year, Other Utilities and Industrial are aI100%. Fllcal Year 2007 100% Assessment State rollback Less: Exemptions Less Gas & Electric (3,462,684) (42,641,354) $3,603,093,046 (1,436,694,520) (3,462,684) (42,641,354) $2,844.229,211 $1,158,863,835 0.45996 Taxable A.s.laed Value - for Oebt Levy $1,216,097.484 $1,150,301,042 $ less TIF Increment. available for debt only (46,104,038) $2,320,2",488 (77,784,899) (77,764,699) Taxable Assessed Value. Regular Levl.s $2.242,509,589 "State rolled back Commercial and Railroads to 99.1509% for this year, Other Utilities and Industrial are at 100%. Fiscal Vear 2006 100% Assessment State rollback Less: Exemptions Less Gas & Electric Taxable Assessed '('alue - for Debt Levy Less TIF Increment - available for debt only $1,044,125,682 $1,032.424,900 $ $3,294,163,749 (1,167,920,826) (3,464,353) (3,464,353) (42,834,191) (42,634,191) (46,318,544) $2,079,944,379 (31,026,292) (31,028,292) $2,048,916,087 $3,193,203,010 (1,116,652,428) (3,627,327) (3,627,327) (45,612,494) (45,612,494) (49,239,821) $2,027,310,761 (23,439.402) (23,439,402) $2,236,610,259 $1,057,573,490 0.479624 Taxable Assessed Value - for Debt Levy Less TIF Increment - available for debt only $1,072,773,878 $1,053,489,045 $ Taxable Assessed Value - Regular Levies Fiscal Vear 2005 100% Assessment State rollback Less: Exemptions Less Gas & Electric $2,154,800,557 $1,038,402,453 0.484558 Taxable Assessed Value - Regular Levies $2.003,871,359 "State rolled back Commercial and Railroads to 99.257% for this year. Other Utilities and Industrial are at 100%. Fiscal Vear 2004 100% Assessment $1,985,685,748 $974,592,309 $2,960,278,057 State rollback 0,513874 (965,293,449) Less: Exemptions (3,701,778) (3,701,778) Less Gas & Electric (45,505,049) (45,505,049) Taxable Assessed Value - for Debt Levy $1,020,392,299 $974,592,309 $ (49,206,827) $1,945,777,781 Less TIF Increment - available for debt only (13,156,396) (13,156,396) Taxable Assessed Value - Regular Levies $1,932,621,385 uCommercial, Industrial and Utilites are at 100% for this year. Fiscal Year 2003 100% Assessment $1,932,822,466 $974,518,848 $2,907,341,314 State rollback 0,516676 (953,312,414) Less: Exemptions (3,750,300) (3,750,300) Less Gas & Electric (45,012,616) (45,012,616) Taxable Assessed Value. for Debt Levy $998,643,120 $955,385,780 $ (48,762,916) $1,905,265,984 Less TIF Increment - available for debt only (5,087,715) . (5,087,715) Taxable Assessed Value - Regular Levies $1,900,178,269 0 V AL.XLS BUDGET BOOK VAL PG (KO) 12/29/2006 FY2008 PROPOSED BUDGET I FINANCIAL PLAN -.State rolled back Commercial and Railroads to .977701. Other Utilities and Industrial are at 100%. Fiscal V.ar 2002 100% AUBurnenl $1,719.115,220 $971.071.124 $2,690,186,344 State rollback 0.562651 (751,853,372) Less: Exemptions (3,807,712) (3,807,712) Le.. Ga. & Electric (45,363,926) (45,363,926) Taxable A......d Value - for Debt Levy $967.261.848 $971.071,124 $ (49.171,640) $1.889,181.332 Less TIF Increment - available for debt only (11,774,108) (11,774,108) Taxable A......d Value. Regular Levies $1.877,387,224 Fiscal Ve.r 2001 100% Assessment $1,668,069,820 $920,524,896 $2,588.594.716 State rollback 0.548525 (762,723.826) Less: Exemptions (3,866.050) (3.866,050) Less Gas & Electric (45,404.500) (45.404,500) Taxable AII...ed Value. for Debt Levy $914,978,054 $910,892.836 $ (49,270,550) $1,778.800.340 Less TIF Increment - available for debt only (11,604.365) (11,604,365) Taxable A..elled Value - Regular Levi.. $1,764.995,975 .State rolled back Railroads and Commercial to .987732; other Utilities and Industrial are at 100%. Fiscal Year 2000 100% Assessment $1,542.400,050 $872,308.484 $2,414.708.534 State rollback 0.564789 (671,269.394) Less: Exemptions (3.930,870) (3.930,870) Less Gas & Electric 0 Taxable Assessed Value - for Debt Levy $871.130,656 $872,308.484 $ (3,930,870) $1,739.508.270 Less TIF Increment - available for debt only (13,399,128) (13,399,128) Taxable As.essed Value. Regular Leyles $1.726.109.142 Fiscal Vear 1999 100% Assessment $1,500,669,280 $868.475,578 $2,369,144,856 State rollback 0.54909 (695,304,253) Less: Exemptions (3,986.430) (3,986.430) Less Gas & Electric 0 Taxable Assessed Value -for Debt Levy $824,002.432 $849,838.171 $ (3,986.430) $1.889,864.173 less TIF Increment - available for debt only (18.061,137) (18.061,137) Taxable Assessed Value - Regular Levies $1.651.793,036 *State rolled back Railroads and Commercial to .973606; Agland to .964206; Other Utilities and Industrial are at 100%. Fiscal Year 1998 100% Assessment $1,381,920.090 $801,176.898 $2,183.096,988 State rollback 0.588284 (568.958.498) Less: Exemptions (4,063,288) (4.063,288) Less Gas & Electric 0 Taxable Assessed Value - for Debt Levy $812,961,592 $801.176,898 $ (4.063,288) $1,610.075,202 Less TIF Increment - available for debt only (16.470,791) (16,470,791) Taxable Assessed Value. Regular Levies $1,593,604,411 Fiscal Year 1997 100% Assessment $1.343,692.710 $800,633,095 $2,144.325,805 State rollback 0.59318 (563,841.269) Less: Exemptions (4,156,814) (4.156,814) Less Gas & Electric 0 Taxable Assessed Value - for Debt Levy $797,051.880 $783,432,856 $ (4,156,814) $1,676.327,722 Less TIF Increment - available for debt only (16.147.980) (16,147.980) Taxable Assessed Value - Regular Levies $1,560,179,742 *State rolled back Railroads and Commercial to .972824; other Utilities and Industrial are at 100%. 0Pr VAL.XLS BUDGET BOOK VAL PG (KO) Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 City of Iowa City Residential Property Growth Revaluation 490,048 88,764,374 8,250,627 89,327,308 7,401,184 179,797,776 7,795,321 117,939,844 (455,265) 359,306,980 24,643,508 New Construction 37,743,170 26,020,834 29,322,360 34,563,180 45,031,450 34,002,340 39,217,590 49,152,027 79,346,724 39,031,842 68,730,102 Total Residential Valuation 1,382,385,030 1,500,758,870 1,542,647,920 1,668,300,540 1,719,544,600 1,932,715,150 1,986,809,060 2,156,326,000 2,237,603,740 2,644,533,750 2,737,907,360 Source: City Assessor's Abstract Reconciliation reports 400,000,000 350,000,000 III 300,000,000 l'lI ~ 250,000,000 .E c:: 200,000,000 o i 150,000,000 :l iii 100,000,000 > 50,000,000 o Residential Growth __ Revaluation ___ New Construction % change from prior year 8.56% 2.79% 8.15% 3.07% 12.40% 2.80% 8.53% 3.77% 18.19% 3.53% ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Fiscal Year (p S:IBudgetlbudgetpermlptaxlASSESRCN HISTORY.xls Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 City of Iowa City Commercial Property Growth Revaluation 1,365,622 44,893,176 949.271 60.671.937 43,031,397 2,224,017 (6.216,982) 39,412.349 (3,201.390) 95,303,570 2.793.190 New Construction 14,836,150 18,695.820 17.618.305 9.542,280 8,753,580 29,328,870 21.094,490 31.394,840 30,866,457 11,512.050 23.681.960 Source: City Assessor's Abstract Reconciliation reports $100.0 $90.0 $80.0 Gl l!! $70.0 III III Ill: I!! 0 $60.0 uC .5 '0 $50.0 C III ~ g $40.0 Ill: :l = $30.0 Cii:ii >.5 $20.0 $10.0 $0.0 ($10.0) n.'?J'?J ,-J Commercial Growth __ Revaluation Total Commercial Valuation 648.238.303 709,209,833 723,017,343 788,437.890 838.701.140 866,583,720 871,328,950 937,455.670 960.088.790 1,056.931,990 1,083,407,140 __ New Construction % change from prior year 9.41% 1.95% 9.05% 6.38% 3.32% 0.55% 7.59% 2.41% 10.09% 2.50% !::)I:) !::), "I:)'/, !::)":> !::)b< "I:)<=> '/,<J '/,<J '/," '/,<J '/,<J '/," Fiscal Year !::)~ !::)'\ !::)'O '/,<J '/,<J '/,<J '1 The City's property tax requllta for FY2008 through FY2010 Including the FY2007 certified tax requllt, are as follows: . FY2007 FY2008 LEVIES Tax Rate Tax Rate Dollars per $1,000 Dollars per $1,000 General Fund Tax Levi..: General $ 18,164,328 8.100 $ 18,649,944 8.100 Transit 2,130,384 0.950 2,187,339 0.950 Tort Liability 820,400 0.366 944,056 0.410 Librarv 605,478 0.270 621,665 0.270 Subtotal: 21,720,590 9.686 22,403.004 9.730 Special Revenue Levies: Emergency 86,180 0.Q38 230,246 0.100 Employee Benefits 8,288,406 3.696 8,646,943 3.156 Subtotal: 8.374586 3.734 8.877.189 3.856 Debt Service 8,994,181 3.876 9,940,684 4.162 Total City Levy Property 39,089,357 17.297 41,220,677 17.747 Taxes: % Change from 7.23% -2.44% 5.45"10 2.61"10 prior vear: Agland Levy 4,751 3.004 4,607 3.004 Total Property Tax.. 39,094,108 - 41,225,484 - FY2009 FY2010 LEVIES Tax Rate Tax Rate Dollars per $1,000 Dollars per $1,000 General Fund Tax Levies: General $ 19,200,748 8.100 $ 19,767,457 8.100 Transit 2,251,940 0.950 2,318,405 0.950 Tort Liability 965,987 0.408 989,032 0.405 Librarv 640,025 0.270 658,915 0.270 Subtotal: 23,058 700 9.728 23,733,809 9.725 Special Revenue Levies: Emergency 237,046 0.100 245,507 0.100 Emplovee Benefits 8,942,215 3.772 9,224,301 3.780 Subtotal: 9,179,261 3.872 9,469,808 3.880 Debt Service 11,295,709 4.590 12,080,486 4.765 TOID l;ny Levy property Taxes: 43.533,670 18.190 45.284.103 18.370 "10 Change from 5.61"10 2.49% 4.02% 0.99% prior vear: Agland Levy 4,751 3.004 4,751 3.004 Total Property Taxes 43,538,421 ..-.- 45,288,854 ......- -14 - <3 Tort Uablllty InaurlInca fr1222 rr= EG2!!i fIl!!!!i! E!1lIl!! Em!!!! Em!!!! FY11Jf17 FY200I FY2000 FY2010 T orllevy - Cerlihed Request 381,367 391,600 385,916 410,266 470,748 696,225 632,357 620,400 944,056 965,987 989,032 Tort levy Rate 0222 0,222 0.215 0.216 0.244 0.347 0309 0,386 0.410 0.408 0405 Self.lnsured Retention (SIA)' liability 100,000 100,000 150,000 200,000 500,000 500,000 500,000 500,000 Worker's Comp 100,000 100,000 200,000 250,000 300,000 500,000 500,000 400,000 Property 50,000 50,000 100,000 200,000 200,000 100,000 100,000 100,000 The Ton Levy was not utilized in FY97 and FY98, Tort liability insurance was paid for out 01 General Levy tax dollars EsllrnalNl . q IPERS Contribution Rate Employee Rate Employer Rate Combined Rate Current 3.70% 5.75% 9.45% 7/01/07 3.90% 6.05% 9.95% 7/01/08 4.10% 6.35% 10.45% 7/01/09 4.30% 6.65% 10.95% 7/01/10 4.50% 6.95% 11.45% to PoUe. & Fl,.. ~Ion - Contribution RIIt.. Ac1ual Con1ribution Conlribution Aale !'ll2\!2 = ~ ~ ill2IM $ 964,095 $ 972,042 $1,022,400 $1,059,538 $1,316,072 $1,703,621 17.00% 17.00% 17.00% 17,00% 20.48% 24.92% Ern!IIl $1,925,331 $2,023,103 $1,915,587 $1,989,915 $2,061,744 26.21% 2775% 2548% 25.48% 25.48";. Ern!IIl FV2Wf FV201. I Estlmate11 FV.... FV.... l \ Helitth Insurance Ccm:s Heal,h Insurance Claims & Admin %lncre8HO\Ierprio'ye8r ill!!!!!! 2,762,696 3,196,3n 121% 157% = Em!11 3,705,291 1511'Y. ~ 4,211,426 4,899,143 13.7% HI.3% EUl!!M . ~ 4,541,429 .73% Ea!!l!l! ESlunated FY20:- 5,711,500 258% FY2007 5,661,071 .'" FY2008 FY2000 6,187,214 \),3.., 6,187,312 00% I '2---- 8,187,413 00% E. DEBT SERVICE FUND This fund accounts for annual principal and interest payments due on general obligation debt of the City. Funding is provided by the debt service property tax levy, transfers from proprietary funds (Parking, Wastewater, and Water) and 64-1A TIF district tax revenue. Debt Service issuance in FY2007 includes a $3.35 million refunding of GO Bonds from 1997 and $8.8 million in general purpose bonds. FY2008through 2010 issues are estimated at $9.95 million, $10.5 million and $7.45 million, respectively. As stated in the City's Fiscal Policy, "Debt incurred as a general obligation of the City of Iowa City shall not exceed statutory limits: presently 5% of the total assessed value of property within the corporate limits as established by the City Assessor" The following schedule and graph depict current and estimated future debt margins for the City. Property valuations for FY2008 - 2010 have been estimated with the assumption of three percent (3%) growth, annually. Debt as % Allowable Debt Margin Outstanding of Fiscal Total Property (5% of Total Property Debt Allowable Year Valuation Val.) at JulY 1 Debt Maraln FYOO 2,416,782,699 120,839,135 46,165,000 38% FYOI 2,591,030,038 129,551,502 41,190,000 32% FY02 2,692,448,464 134,622,423 61,565,000 46% FY03 2,909,644,383 145,482,219 85,260,000 59% FY04 2,962,505,107 148,125,255 79,100,000 , 53% FY05 3,195,170,779 159,758,539 85,085,000 53% FY06 3,295,985,553 164,799,278 85,290,000 52% FY07 3,883,087,391 194,154,370 85,060,000 44% *FY08 3,924,753,762 196,237,688 85,770,000 44% *FY09 4,042,496,375 202,124,819 87,425,356 43% *FYIO 4,163,771,266 208,188,563 86,950,995 42% * Estimate 13 - 25- 250 i 200 G.O. Debt Outstanding . by Fiscal Year. ~ !! 150 .!lI '0 o - o II! 100 .2 a :Ii 50 c Allowable Debt Margin' . Outstanding Debt at July 1 o ~~... i" i" ~~~ ~~.. ~~'o ~~ .~~'" .~~'" .~...~ . Estimate Rlcal Vea, (FYI Iowa City's Fiscal Policy also includes the guideline that "the debt service levy shall not exceed 25% of the city levy in anyone fiscal year." The following chart shows the debt service levy as a percentage of the city levy for FY99through FY10. The levies for FY01-FY07 are certified; the levies for FY08, FY09, and FY10 are projected. Debt Service Levy As a Percentage of Total Property Tax Levy 30% 1- -----.- 26% ~ (26% Recommended Maximum) 26% 26% i 200/0 25% 20% -200/0. 23" 22". 23% 23% I. 11 - ___.._ n___._..___._____.__ 16% 10% 6% OOfc. r$l'" '" ,f'" ,f ",# I' ...# I' ....# ....#' ,,0 ....0 Fiscal Year (FY) . Estimated - 26- )~ D. GENERAL FUND YEAR-END CASH BALANCE The City Council General Fund balance policy was revised in FY2007 to establish an optimum fund balance of 30% of expenditures. The policy ensures that operating cash balances will be maintained at a level to ensure sufficient cash now throughout the fiscal year. The following table depicts the General Fund Operating cash position for fiscal years 2006 through 2010. FY06 FY07 FY08 FY09 FY10 Actual Budget Budget Estimeted Estimated Beginning Balance 17,989.182 19,761.364 18,118,644 18,087,150 18,483.721 Receipts 45,193,899 47,484,722 49,552,827 50.369,310 51,397.016 Expenditures (43,421,717) (49,127,442) (49,584,321 ) (49.972.739) (51.353,634) Ending Balance 19,761,364 18.118,644 18,087,150 18,483,721 18.527.103 'Reserved 2,027,516 1,780,986 2,355,713 2,870,796 3,304.950 Unreserved 17,733,848 16,337,658 15,731,437 15,612.925 15.222.153 Unreserved Balance as % of 41% 33% 32% 31% 30% Expenditures 'Reserved includes: Library Computer and Equipment reserves, Park Land Acquisition & Development, Transit Equipment reserve, Fire Equipment Replacement reserve and restricted Escrow I Deposits. The cash fund balance is used to provide cash now during the first quarter of the fiscal year because the majority of property taxes are received in October/November, causing the cash balance to be drawn down. The following chart shows cash now needs or how expenditures have exceeded receipts in the first three months for the past five years. 3 Months @ Receipts Expenditures Shortfall in Sept. 30 Receipts FY07 $ 7,881,225 $ 13,014,632 (5,133,407) FY06 6,315,525 12,105,987 (5,790,462) FY05 6,040,943 10,889,278 (4,848,334) FY04 4,595,488 11,049,590 (6,454,102) FY03 4,806,797 9,410,440 (4,603,643) FY02 4,387,107 8,818,510 (4,431,403) FYOl 4,449,250 9,233,286 (4,784,036) - 24- IS City of Iowa City Ten-Vear HIatory CartIfted Tax Levy Aatea Eml!l! f!E Enl!l!i fXilI!!l Wl!l!! fnl!!!l Wl!l!I En.l!!!l Enl!l!I En!Il!!! Eml2 GenenlI Fund Tu LlIYles General 8.100 8.100 8.100 8.100 8.100 8.100 8.100 8.100 8.100 8.100 8.100 Transn 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950 Tor! Uability 0.222 0.222 0.215 0.216 0.244 0.347 0.309 0.366 0.410 0.408 0.405 Ubrary 0.270 0.270 0.270 0.270 0.270 0.270 0.270 0.270 0.270 0.270 0.270 Special RlIYenue LlIYIes: Emergency 0.270 0.270 0.270 0.270 0.270 0.270 0.038 0.100 0.100 0.100 Employee Benefns 2.009 1.955 2.113 2.847 3.192 3.423 3.681 3.696 3.756 3.772 3.780 Debt Service Levy 2.300 2.990 2.945 4.161 4.570 3.954 4.149 3.876 4.162 4.590 4.765 Total Levy -low8 City: 13.861 14.767 14.883 - 18.813 17.688 17.314 17.7211 17.297 17.748 18.110 18.370 U:\$\Tueo\plax levy hlatory.xl_1evy h'-Y.xloSh_11 12/14/200S4:34 PM 112 C. GENERAL FUND - EXPENDITURES The General Fund expenditure budget in FY2008 is $49.584,321 compared to the amended FY2007 budget of $49,127,442 and represents a 0.9% increase in expenditure levels. A comparison of dollars by major expenditure classification is provided below: FY06 FY07 FYOB FY09 FY10 Actual Amended Budget Estimated Estimated Personnel 30,503,770 32,801,850 33,730,753 34,890,263 36,028,511 Services 8,454,301 9,631,718 9,872,066 9,752,452 9,973,462 Supplies 2,010,938 2,256,571 2,420,487 2,520,057 2,625,349 Capital Outlay 1 ,524,344 2,206,212 1,828,280 1.419,126 1,174,646 Other Financial Uses. Transfers 928,364 2.231.091 1,732,735 1,390,841 1,551.666 TOTAL EXPENDITURES 43,421,717 49,127,442 49,584,321 49,972.739 51,353,634 % Change 5.7% 13.1% 0.9% 0.8% 2.8% FY2008 Proposed Budget General Fund Expenditures by Category 50 ~ 51 Transfers . . Capital Outlay Cl Supplies Ii!! Services . Personnel 60 ~ 40 e .!! '0 o .. o .. c ~ 20 :Iii 10 4,,:;'0 << 4,,:;"- 4,,:;'0 4,,:;0; << << << Fiscal Year (FY) 4,"':; << - 21 - 11 RoIId UN Tax ReceIpts lli2Q2 ffi221 ill2!li llil!l!il illl!lM ill!m Rete pet" C.JHt. 73.15 N.12 82.58 711.711 80.80 83.50 'lIoCMngeIn ,.la ".70'" S.le' "37"" .70~ . as"" 3.73"" Actuatl Receipts 4,878,981 4,886,043 5,018,575 5,144,348 5,278,324 5,271,744 %CMf9lIln.C1ulllre.enue 575% -<)27% 313% 2.51% '''"' .,'" . ill!m EsllJn;)tcd ro22Z ill!m ms fm1R 88.5. 83.80 84.40 88.40 88.00 ,- .1W% 072"- 118' 0.12' 5,307,149 5,303,115 5,341,086 5,404,388 5,410,97 0,117% -<),08% 0.72'% 118% 0.12'% l~ CIlA t/~/CJ7 2006 Valuations pel' Auditor Commercial Industrial RaIII'Ollds Gaa&ElectrIe Other Utilities Total $ 1,069,506,880 $ 66,631,900 $ 819,399 $ 43,476,704 $ 9,738,452 $ 1,190,173,335 Rollback One percent $ 1,058,811,811 $ 65,965,581 $ 811,205 $ 43,041,937 $ 9,641,067 $ 1,178,271,602 0ifIerentia1 $ 10,695,069 $ 666,319 $ 8,194 $ 434,767 $ 97,385 $ 11,901,733 City tax levy rate of $17.75 $ 189,805 $ 11,825 $ 145 $ 7,716 $ 1,728 $ 211,220 DI\IL t( f' 107 The tol8l 2008 ..lessed value 01 condominiums owned by deedhoklers wllh more than one unlt .........2fO. TaKes at the current rates on that value. with the residential rollback would be $3.647.925. $209.484.250 X. .4U5116% (2006 r88ldentlal rollback) $ 95,431.074 X .MA"576 (2006-2007 tax rate) $ 3.647.925. We estimate that assessed values of residential condos In Iowa City are approKlmately 251*1*11 ...... _ condos than they would be as apartments. For example. If a 12 unit building were aseelHd _... . l __ building and the a....sment was $1.200,000 ($100.000 per apartment). Its value as oondoI might be $121,000 per apartment ($1,500.000 total.) Therefore. for our comparison we should probably reduce the value of the condos by 25% bekn we epply the commerctal rollback and the taK rate. $209.484.250 : 1.25 $167.571.400 X 100% (2006 commerctal rollback) $167,571.400 X jMAlI?!;76 (2006-2007 till( rate) $ 6.405.544 ~ That Indicates a tax loss to all taKing bodies of $2.757.619. ($6,405.544 - $3.647.925.. $2.757.6111) :.if!. Iowa City's portion of that Is $1.248.190 ($167.571.400 - $95,431.074 = $72.140.326 X .017301225.. $1~1" , . ..' ...._--~-,._--_._-.---_._-----"~--~._-------------"-_..-~---------------~._-----_..~._,~-_._-_..,._--_..__. . ,---,-."-.--.-.-