Corrected Fiscal Year 2025 Dollars & Cents BrochureCopyrighted
June 17, 2024
City of Dubuque Consent Items # 012.
City Council Meeting
ITEM TITLE: Corrected Fiscal Year2025 Dollars & Cents Brochure
SUMMARY: City Manager providing a copy of the corrected Fiscal Year 2025 Dollars
and Cents brochure. This updated version displays the correct FY25 City
Property Tax Payment for the average residential property of $855.82. A
previous version of the brochure listed an incorrect amount of $885.22.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description Type
Corrected FY2025 Dollars & Cents Brochure Supporting Documentation
THE CITY OF
.A
Masterpiece on the Mississippi
FISCAL YEAR
OF- 2025
& I
FY2025 CITY PROPERTY TAX RATE • $9.92638 per thousand dollars assessed value
• Increase of 0.25% from FY2024
Property Type
FY24 City
Property
FY25 City
Property
Difference
No. of
Tax Payment
Payment
Properties
Residential: Avg. value = $196,508
$815.07
$855.82
+$40.75
-
Commercial: $150,000 value
$649.33
$690.02
+$40.69
648
Commercial: $300,000 value
$1,613.67
$2,030.08
+$416.41
265
Commercial: $450,000 value
$2,683.02
$3,370.14
+$687.12
149
Commercial: Avg. value = $540,594*
$3,328.86
$4,179.41
+$850.63
66
Industrial: Avg. value = $632,952
$4,817.26
$5,004.59
+$187.33
-
*There are 541 commercial properties over the average value of $540,594.
CITY PROPERTY TAX RATE COMPARISON WHERE PROPERTY TAXES GO
$25 Waterloo = 725.8% higher than Dubuque FY25 Consolidated Rate of $30.13293*
Average = 58.3% higher than Dubuque *Not certified until May/June 2024.
$20
$1647 116.61 $17'56 $17'85 $18.16
$1563 $1571 =
$15
�93 $10.09
$10.53 $11.76
$10
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Moody's Upgrades Dubuque's Credit Rating
Moody's Investors Service upgraded
the City of Dubuque's issuer rating
and outstanding general obligation
unlimited tax bonds in July 2023
from Aa3 to Aa2, the third -highest
rating possible. The improved rating
will assist the City in securing the
best terms for financial products like
loans, which will provide substantial
savings for the City and taxpayers.
According to Moody's,"the City has strong
financial operations and ample revenue -raising
flexibility, which has resulted in steadily
improved available fund balance and cash. The
city serves as a regional economic center and its
regional economic growth rate has outpaced the
nation over the past five years. The city's local
economy is likely to remain strong because of
its mix of commercial and industrial industries,
stable population and steady tax base growth."
NICC
3.1 %
Other
2.1 %
Moody's credit analysis of the City of
Dubuque states, "The City's healthy
financial operations, with strong
reserves, have resulted in steady
improvement in available fund balance
and cash ratios.'
CITY BUDGET
The City's total budget for FY25 is
$263,563,969
The City of Dubuque's Fiscal Year (FY) 2025 budget
runs from July 1, 2024, through June 30, 2025. The
budget has two primary components: the operating
budget and the capital budget.
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 and infrastructure. The capital
budget is supported through multiple funding
sources, including federal and state grants.
GENERAL FUND
FY25 CITY BUDGET
Operating Budget 0 Capital Budget
MajorOperating
General Fund
$88,382,931
Capital
$3,060,000
Water Fund
$10,490,348
$5,758,977
Sanitary Sewer Fund
$14,686,578
$24,377,460
Stormwater Fund
$4,741,714
$744,828
Refuse
$3,773,749
$1,116,643
Parking
$3,060,958
$86,282
UPDATED: 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
Public Safety
PORTION OF
GENERALFUND
42.1 %
Culture & Recreation
General Government
Public Works
Community & Economic
Development
18.5%
15.8%
9.1%
6.5%
Capital Projects
3.2%
Health & Social Services
1.3%
Debt Service
0.1
3.3%
Other
ACCURAL RESERVE PROJECTIONS
The City maintains a general fund accrual reserve,
or working balance, to allow for unforeseen
expenses that may occur. The goal is to have at
least a 25% reserve.
4
What's Included in Your Monthly Utility Bill.
Water
Sanitary Sewer
Curbside Collection
r
Stormwater
0
�u00
FY25 RATE
Avg. Household Rate:
$40.14 / month*
($4.32 increase from FY2024)
Avg. Household Rate:
$54.78 / month***
($4.50 increase from FY2024)
RANKING AMONG IOWA'S
LARGEST CITIES:
2nd Lowest
(Highest, West Des Moines, is 11%
higher than Dubuque, and average is
2.67% higher than Dubuque)
3rd Highest
(Highest, Des Moines, is 10% higher
than Dubuque, and average is 16%
lower than Dubuque)
Basic Rate $17.25/month* 2nd Lowest
($1.42 increase from FY2024) (Highest, Ames, is 73% higher than
Curbside collection of recycling is Dubuque, and average is 27% higher
no extra charge. than Dubuque)
Avg. Household Rate:
$10.50 / month**
($0.50 increase from FY2024)
2nd Highest
(Highest, Des Moines, is 68% higher
than Dubuque, and average is 33%
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 stormwater
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.
DISCOUNTED CITY UTILITIES PROGRAM
O The City offers income -qualified residential
customers a reduction in monthly fees for all
four City utilities (water, sanitary sewer, curbside
collection, and stormwater) of up to 50% of
the base rate. Customers must submit an
application for consideration. Applications are
renewed on an annual basis.
LEARN MORE
www.cityofdubuque.org/UtilityBilling or 563-589-4144
$350 FY25 Total Debt (in millions)
$300 $295.5 $288.8
$274.9 A- � - _
$250
$200
$150 $173.5
$100 Debt is being issued each
year, but more is being
$50 retired than is issued.
$o
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
100% FY25 Statutory Debt Limit Used
so% 87%
This chart shows the percentage of statutory debt
80% limit in the FY2025 budget. By FY2034, the City will
70% be at 20% of the statutory debt limit.
60%
50%
40% 35°/
30%
20%
20%
10%
0%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Comparison of Statutory Debt Limit Utilized
80% (FY2023)
70% 67% 63%
0
60% 5 ° 54%51 % o
49 /o
50% 42%
ao^io 35%
Dubuque ranks as the fifth lowest
30% and is below the average of the other 26% 24%
20% cities. The average is 21% higher than 18% 16%
Dubuque and the highest (Des Moines)
10% is 91% higher than Dubuque.
0%
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The
The City of Dubuque's use of
debt can be compared to many
average homeowners who borrow
to buy their home. The City has
borrowed money at low interest
rates to invest in infrastructure.
Unlike the federal government, the
City does not borrow money to
cover operating expenses.
Project Description and Amount Outstanding
1 Stormwater Improvements $64,248,671
2 Water & Resource Recovery Center $47,502,000
3 Water Improvements
$30,750,599
4 Sanitary Sewer Improvements
$30,300,527
5 TIF Incentives/Improvements
$22,559,178
6 Parking Improvements
$19,818,474
7 Industrial Park Expansions
$12,167,689
8 Public Safety Improvements
$6,933,371
9 TIF Rebates/Bonds to Businesses
$6,720,914
10 Park & Recreation Improvements
$5,160,528
Total $246,161,951
* $173 million has been spent on street improvements
from 1997-202a Over 40 miles of streets have been
resurfaced or reconstructed in the last 5 years.
CM039-042924