Dollars and Cents Brochure D 0
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THE CITY OF L LA R
DUB EC E N S I FY2024
Masterpiece on the Mississippi lii
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FY2024 Property Tax Rate `'
• $9.9013 per thousand dollars assessed value
• Increase of 1.90% from FY2023
Where Do Your
Property Type Avg. Property Tax Cost %Property Tax Cost Change Property Taxes Go?
Change from FY2023 from FY2023 FY2023 Consolidated Rate 0130.55266
Residential $23.25 more 2.94% increase
Commercial $268.52 more 8.77% increase
Industrial $296.26 more 6.55% increase
-- City of Dubuque Dubuque
31.8% County
17.5%
NICC
$25 City Property Tax Rate Comparison 3.0%
$Y0.81 Dubuque Community Other
$20 School District 2.2%
$17.56 $18.26 45.5%
$144.79 $15.42 $15.63 $16.03 $16.78
$15
$11.76 um $9.96
$10.53
$10
• Highest-ranked city(Waterloo- $20.81) is
$5 110% higher than Dubuque
$6 ▪ Average of other 10 cities ($14.79) is
,4�' tp, P4k- °s,,,,s, ' ooa�JOJ�' S`°��c`� `°41:r m`4..`P �,°�Q°�` °�*'S' Asia\`�`S �.,t;-6 49% higher than Dubuque
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Moody's Upgrades Dubuque's Credit Rating
likely to remain strong because of
Moody's Investors Service upgraded "the City has strong financial its mix of commercial and industrial
the City of Dubuque's issuer rating and operations and ample revenue- industries, stable population and
outstanding general obligation unlimited raising flexibility, which has resulted steady tax base growth."
tax bonds in July 2023 from Aa3 to in steadily improved available fund
Aa2, the third-highest rating possible. Moody's credit analysis of the City of
The improved rating will assist the City balance and cash. The city serves as Dubuque states, "The City's healthy
a regional economic center and its
in securing the best terms for financial financial operations, with strong
regional economic growth rate has
products like loans, which will provide reserves, have resulted in steady
substantial savings for the Cityand outpaced the nation over the past five
g improvement in available fund
taxpayers. According to Moody's, years. The city's local economy is balance and cash ratios."
CITYBUDGET FY2024 City Budget
The City's total budget for CAPITAL
FY2024 is $237,525,419 BUDGET
$76,554,143
The City of Dubuque's Fiscal Year (FY) 2024 budget runs from OPERATING
July 1, 2023, through June 30, 2024. The budget has two BUDGET
primary components: the operating budget and the capital budget. $160,911,216
The operating budget includes personnel costs and annual facility
operating costs. It is funded primarily through local property and
sales taxes.
The capital budget funds major improvements to City facilities Major Funds Operating Capital
and infrastructure. The capital budget is supported through General Fund $81,022,408 $115,000
multiple funding sources, including federal and state grants. Water Fund $9,777,127 $11,658,760
Sanitary Sewer Fund $12,440,629 $9,560,442
Stormwater Fund $4,872,784 $524,920
Refuse $3,827,298 $462,454
Parking $2,832,267 $106,409
GENERAL FUND
The general fund is the operating fund for general City departments and their programs/services, such as
public safety, culture & recreation, health & social services, and general government.
How General Fund Money is Spent
Category Portion of General Fund
Public Safety 42.5%
Culture & Recreation 18.7%
General Government 15.3%
Public Works 8.9%
Community & Economic Development 6.6%
Capital Projects 0.1%
Health & Social Services 1.4%
Debt Service 0.2%
Other 6.3%
General Fund Reserve Projections FY2023 FY2024 FY2025 FY2026 FY2027
The City maintains a general fund reserve, City's Spendable General Fund
or working balance, to allow for unforeseen Cash Reserve Fund Balance $35,459,518 $29,659,518 $23,859,518 $18,059,518 $18,059,518
expenses that may occur. The goal is to %of Projected Revenue 5018% 41.97% 33.76% 25.56% 25.56%
have at least a 20% reserve.
What's Included in Your
MonthlyUtiiity Bill?
FY24 Rate: Ranking Among Iowa's Largest Cities:
Water Avg. Household Rate: 2nd Lowest
$35.82 / month* (Highest,West Des Moines, is 20%higher than Dubuque,
(8% increase from FY2023) and average is 8%higher than Dubuque)
Sanitary Avg. Household Rate: 4th Highest
Sewer $50.22 / month*** (Highest, Davenport, is 21%higher than Dubuque,
(6% increase from FY2023) and average is 15% lower than Dubuque)
Curbside Basic Rate $15.83/month* Lowest
(2.93% increase from FY2023) (Highest,Ames, is 84% higher than Dubuque,
Collection
Curbside collection of recycling is and average is 36% higher than Dubuque)
(Trash&recycling) no extra charge.
Stormwater
Avg. Household Rate: 2nd Highest
$10.00 / month** (Highest, Des Moines, is 64% higher than Dubuque,
(11.11%increase from FY2023) and average is 34%lower than Dubuque)
*Average household rate based on 6,000 gallons per month at$0.00597 per gallon
**Monthly rate for majority of Dubuque households based on usage of one single family unit. Stormwater fees are based on
the amount of impervious ground coverage on a property. Fees collected are only used for storm water management activities
such as the construction, maintenance and operation of the public stormwater management system.
***Average household rate based on 6,000 gallons per month at$0.00837 per gallon. The City's wastewater collection and
treatment system operates as a self-supporting enterprise fund which means that it is funded only with revenue from user fees.
cC� REDUCED FEES FOR INCOME-
E:03 ELIGIBLE RESIDENTS
The City offers income-qualified residential customers a reduction
in monthly fees for water, sanitary sewer, refuse collection, and
stormwater utilities. Customers must submit an application for
consideration. Applications are renewed on an annual basis.
LEARN MORE
www.cityofdubuque.org/UtilityBilling or 563-589-4144
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Adopted August 2015 • . °o00000000000 0 o
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Total Debt (in millions) ' zi90
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$35o Debt is being issued each year,but more is being retired than is issued. `` - °
$295.5 °4 ° -..r.' "_ r„ .a l
L j
$soo $277.2 F `c S= 'ate cl �"'.� .�
$250.0 llif 41 1 ' ' 11"1
$200
*Forgivable SRF debt is not shown Fire Department Ladder Trucks -
$150 (FY24$4,813,335;FY25$9,654,750;
FY26$9,694,980;FY27$4,655,835; $155.9 7.�
510o and FY28$157,500) _ {' f r !r_
ig.14,
$50 G i
— (FY2024 Adopted) , .- ----- 1, '�
FYI5 FY16 Fill FY10 FYI9 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY28 FY29 FY30 FY31 FY32 FY33 -- - - ! .
100% a Statutory Debt Limit Used 5lreetlmpravements _ .
90%
This chart shows the percentage of statutory debt limit in
so% the Fiscal Year(FY)2024 budget.By FY2033,the City will The City of Dubuque's use of debt
70% be at23%of the statutory debt limit. can be compared to many average
60% homeowners who borrow to buy
their home. The City has borrowed
6609° 41% money at low interest rates to
40% invest in infrastructure. Unlike
30% T 1 the federal government, the City
--4 does not borrow money to cover
20% _3
23% . operating expenses.
10% (FY2024 Adopted)
0%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Top 10 Debt Uses
Comparison of Statutory Debt Limit Utilized (as of June 30, 2023)
90%
81% (FY2022) # Project Description and Amount Outstanding
80% 1 Stormwater Improvements $70,680,924
70% 2 Water&Resource Recovery Center $50,195,000
60% 3 Water Improvements $27,025,430
60% 54% 54% 52% 51% 4 Sanitary Sewer Improvements $19,327,399
s0% 45% 41% 5 Parking Improvements $25,213,340
40% 37% 6 Downtown TIF Incentives/Improvements $19,327,482
Dubuque ranks as the fifth lowest and is below 7 Industrial Park Expansions $10,897,224
30�° the average of the other cities.The average is 24% °
19/° 19°/° 8 Park and Recreation Improvements $6,973,814
20% 10%higher than Dubuque and the highest(Des
Moines,81%)is 100%higher than Dubuque. 9 Public Safety improvements $4,406,310
10% 10 TIF Rebates/Bonds to Businesses $3,916,272
0% Total $239,824,195
\�QS \oo �ti� Q4aS Q& `�Qs Qe, \tip, �,� des �� <,,
�'2 • row¢, o�� ice, ,e4 �o boo e� Q�s Q •�' ova $167 million has been spent on street improvements from 1997-2022.
des y> S` ���� sib �p�S ��o� �Jo, o`�°G Over 52 miles of streets have been resurfaced or reconstructed
VS Qa iO° in the last 5 years.
CM034-072423