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HomeMy WebLinkAboutBudget.pptFY 2010 Budget General Fund Revenue $48,835,019 Other City Taxes 2% Use of Money & Property 2% Charges For Services 11% Property Taxes 67% Misc. 4% Other Financing Sources 3% Licenses & Permits 3% Intergovt. 8% General Fund Revenue FY2008 FY2009 FY2010 FY2011 FY2012 Actual Budget Projected Projected Projected 1. Property Taxes 30,107,850 31,834,083 33,160,803 34,593,812 35,014,009 2. Other City Taxes 1,160,175 1,202,531 1,205,530 1,226,298 1,247,413 3. Licenses & Permits 1,284,874 1,308,040 1,325,023 1,400,023 1,336,523 4. Use Of Money & Property 1,717,117 1,218,544 819,755 719,755 619,755 5. Intergovernmental 3,957,610 9,775,331 3,696,660 3,642,244 3,710,024 6. Charges For Services 4,372,269 4,433,802 5,573,939 5,573,939 5,573,939 7. Miscellaneous 1,590,785 1,835,501 1,829,453 1,829,453 1,829,453 8. Other Financing Sources 2,691,775 1,256,689 1,223,856 368,318 330,274 Total Revenue: $46,882,455 $52,864,521 $48,835,019 $49,353,842 $49,661,390 change from prior year 5.0% 12.8% -7.6%* 1.1% 0.6% * The % increase from FY09 - 2010 is 3.4% when excluding state and federal disaster relief funds from FY2009. Iowa Prope Assessments Completed - Assessments Taxpayers begin Notified Dec 2007 Jan 1, 2008 ~ Feb ~ Mar ~ Apr 15 ization rty Tax Ass Apr 16 -May 5 Taxpayers may appeal assessments to local Boards of Review ~essment Cycle Local Local Boards of Review Boards of Review consider appeals submit reports to director May6-31 ~ June 15 Assessing jurisdictions may apply for Local alternative methods of Boards of Review implementing meet to hear equalization orders equalization protests Eq ual izaton hearings held for County Auditor Taxpayers may protest Taxpayer input publishes notices of final equalization order final equalization order to local Boards of Review County Treasurer receives authorization to collect taxes July 1 ~ Aug ~ Sept 30 First half of taxes are due Oct ~ Nov ~ Dec ~ Jan 2009 ~ Feb Dart re: stion to the March 31 Second half of taxes are due LEGEND FY08 Q FY09 Q FY10 Q Q City Assessor Q Taxpayer Q Local Boards of Review 0 City Council Q Iowa Dept of Revenue Q County Board of Supervisors Q County Auditors 0 County Treasurer levies Taxable vs. 100% Assessed Valuations 4 60 . 4 10 . 3 60 . N 0 10 3 . m ~ 2.60 c 0 ~ 2.10 a > 1.60 1.10 0.60 10 0 . ~~^ ~~~ ~~~ ~~~ ~~~ ~~~ ~~~ ~~~ ~~~ ~^o ti ti ti ti ti ti ti ti ti ti Fiscal Year (FY) ~, ~~~ -~ ~_ ~~/ - s ~ ® ® ~ 100% Assessed Valuation Taxable Valuation Commercial Valuation Increment $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $- F~ F 06 FY07 FY09 Y10 $(20,000,000) Fiscal Years ~ Revaluations Annexations ~I~Construction Transfers Annual Building Permit Valuations $100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $- Residential ~I~Commercial -~ Industrial fNon-taxable 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Calendar Years The City's property tax requests for FY2010 through FY2012 including the FY2009 certified tax request, are as follows: a. ~~ ~, ~ ~ ~ General Fund Tax Levies: General $ 19,514,706 8.100 $ 20,359,489 8.100 Transit 2,288,762 0.950 $ 2,387,841 0.950 Tort Liability 1,008,356 0.419 $ 1,057,160 0.421 Library 650,490 0.270 $ 678,650 0.270 Subtotal: 23,462,314 9.739 $ 24,483,140 9.741 Special Revenue Levies: Emergency 120,461 0.050 $ 125,676 0.050 Employee Benefits 8,734,590 3.625 $ 9,178,334 3.652 Subtotal: 8,855,051 3.675 $ 9,304,010 3.702 Debt Service 10,846,138 4.303 $ 11,677,278 4.435 ~.- ~~ ~ . . ~. ; Change from 7.99% 2.43% 5.33% 0.91 prior ear: A land Lev $ 4,235 3.004 $ 4,235 3.004 Total Property Taxes $ 43,167,738 ---- $ 45,468,663 ---- Estimated Property Tax on $100,000 Residential Valuation (Iowa City portion) FY2010 $815.02 Taxable Valuation City Levy Property Taxes FY2009 FY2010 $ 44,080 $ 45,589 $ 17.717 $ 17.877 $ 780.96 $ 815.02 General Fund Revenue 1. Property Taxes 2. Other City Taxes 3. Licenses & Permits 4. Use Of Money & Property 5. Intergovernmental 6. Charges For Services 7. Miscellaneous 8. Other Financing Sources Total Revenue: change from prior year FY2008 FY2009 FY2010 FY2011 FY2012 Actual Budget Projected Projected Projected 30,107,850 1,160,175 1,284,874 1,717,117 3,957,610 4,372,269 1,590,785 2,691,775 31,834,083 1,202,531 1,308,040 1,218,544 9,775,331 4,433,802 1,835,501 1,256,689 33,160,803 1,205,530 1,325,023 819,755 3,696,660 5,573,939 1,829,453 1,223,856 34,593,812 1,226,298 1,400,023 719,755 3,642,244 5,573,939 1,829,453 368,318 35,014,009 1,247,413 1,336,523 619,755 3,710,024 5,573,939 1,829,453 330,274 $46,882,455 $ 52,864,521 $48,835,019 $49,353,842 $ 49,661,390 5.0% 12.8% -7.6%* 1.1 % 0.6% * The % increase from FY09 - 2010 is 3.4% when excluding state and federal disaster relief funds from FY2009. Fed Funds Rate 5.25% 5.25% 5.25% 4.25% 4.25% 3.25% 2.25% 2.00% 1.25% 0.00% Jun-04 Jan-05 Jun-05 Jan-06 Jun-06 Jan-07 Jun-07 Jan-08 Jun-08 Dec-08 ~raovernmenta~ Revenue ~~~s~r 'a o ~. ®: ~~• r.' ~ ;~ Local Governmental: 28E Agreements Coralville, Johnson County & Other Governments -Animal Services 159,903 131,000 131,000 131,000 131,000 IC Comm. Schools -Mercer Pool 91,159 86,766 100,384 104,567 109,006 County, Univ Heights, Hills -Library 365,353 394,491 427,598 441,954 442,594 Johnson County -Senior Center 75,000 75,000 75,000 75,000 75,000 University Heights -Transit Services 29,804 29,804 29,804 29,804 29,804 University Heights -Emergency Radio 52,844 42,275 42,275 - - University of Iowa -Fire Protection 1,206,986 1,330,136 1,398,138 1,394,376 1,457,024 Local Governmental Revenue: * $ e' * ! ~ * ® * * * ~ ~ a ~ a State Revenue: Monies & Credits 31,217 13,000 13,000 13,000 13,000 Transit Assistance 383,078 364,492 364,492 364,492 364,492 Transit -Federal Pass-thru 200,257 179,998 60,832 60,832 60,832 Public Safety Grants 166,553 81,417 134,987 134,987 134,987 FEMA Match -State Portion 6,606 710,000 - - - Total State Revenue: ~ ~ ~ * ~ Federal Revenue: Transit FTA Operating Grants 1,104,494 873,006 873,006 873,006 873,006 Transit -Route Expansion Grant (JARC) - 120,000 - - - Public Safety Grants 14,090 16,306 16,328 16,328 16,328 FEMA Assistance 52,685 5,325,000 - - - Total Federal Revenue: * * * ®m * :: * ~ :: • Misc. Other Intergovernmental 17,581 2,640 29,816 2,898 2,951 revised -see handout. p.5 ~ J~1'"~~~' f ~rJll 60 50 40 30 20 10 General Fund Expenditures by Category FY2008 FY2009 FY2010 Fscal Year (Fly FY2011 FY2012 pitai outlay: ~i.4 mnuor .n,~ [l00 J