Updated Fiscal Year 2022 Dollars & Cents Public Information BrochureCopyrighted
August 2, 2021
City of Dubuque Action Items # 3.
City Council Meeting
ITEM TITLE: Updated Fiscal Year2022 Dollars & Cents Public Information Brochure
SUMMARY: City Manager providing a copy of the updated Fiscal Year 2022 Dollars &
Cents public information brochure.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description Type
Dubuque Dollars & Cents Brochure - July 26 2021 Supporting Documentation
DOLLARS
� AND CENTS;
City of Dubuque FY2022
Property Tax Rate
• $9.8890 per thousand dollars assessed value
• Decrease of 2.51% from FY2021
Property
opProperty
Tax
Tax
Cost Change
from FY2021
Cost Change
from FY2021
Residential
$0
No change
Commercial
$50.64 less
1.6% decrease
Industrial
$88.98 less
1.9% decrease
Multi -Residential
1 $144.99 less
7.64% decrease
Current Property Next Year's Change
Tax Rate Property Tax Rate
The City of Dubuque survived the pandemic without
making service cuts, laying off employees, or increasing
taxes. This was possible because of important decisions
made by the mayor and city council creating the
City's strong financial position going into the crisis
-- with ample financial reserves, high credit ratings,
less than 50 percent use of the statutory debt limit,
very competitive property tax rates compared to other
cities in Iowa (second lowest), one of the lowest
unemployment rates in the country (under 2 percent
at one point), the willingness of City employees to not
take a pay raise in fiscal year 2021, freezing vacant
positions, and delaying some capital and equipment
projects and purchases. Now, with federal funding
from the American Rescue Plan and continued prudent
financial planning by the mayor and city council,
economic recovery efforts are under way.
on the Mississippi ,
W
FY2022 City Property Tax Rate Comparison
20 $19.24
$11.56 $18.26
$18.18
$15.11 $15.88
15 $14.45 $14.95
$11.77
10 9.81 $9.89 $9.95
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• Highest -ranked city (Waterloo, $19.24) is 94.56% higher than Dubuque
• Average of other 10 cities ($14.95) is 51.21%higher than Dubuque
*Includes the transit tax levy adopted by the Des Moines Area Regional Transit Authority for comparability.
City Saves $5 Million in Interest,
Credit Rating Upgraded
In May 2021, Moody's Investor Services upgraded the City's Water
Enterprise's outstanding revenue bonds to Al from A2 and affirmed the
Aa3 credit rating on general obligation bonds. That same month, the
City sold $29.5 million in tax-exempt general obligation bonds and
$12.5 million in taxable general obligation bonds, receiving a 1.36%
rate on the non-taxable bonds and 1.62% rate on taxable bonds. In
July 2021, the City sold $3.7 million in water revenue refunding
bonds, receiving a 1.04% rate. Of the $45.7 million in bond
revenues, nearly $41 million will be used to refund previously issued
debt. The favorable interest rates secured through strong credit
ratings will save the City nearly $5 million in interest over the life of
the current debt that is being refinanced.
What does it mean for our community? These credit ratings
are affirmation of the sound fiscal management of the mayor and city
council, put Dubuque in a strong position to capitalize on favorable
financial markets, borrow at low interest rates when necessary, and
make critical investments in the community.
Fiscal Year 2022
City Budget
The City of Dubuque's Fiscal Year (FY) 2022 budget runs from
July 1, 2021, through June 30, 2022. 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
Operating
$68,885,005
Capital
$2,354,811
Water Fund
$9,662,972
$3,279,268
Sanitary Sewer Fund
$11,488,643
$5,920,553
Stormwater Fund
$4,778,350
$3,810,977
Refuse
$3,133,490
$847,751
Parking
$2,826,227
$81,305
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.
147How General Fund Money is Spent
Category
Description
Portion of General Fund
Public Safety
(fire, police, ambulance services, 9-1-1 dispatch, animal control, building
42.3%
inspections, crime prevention, emergency management, flood control, etc.)
Culture & Recreation
(AmeriCorps, arts and cultural affairs, civic center, conference center, library,
1 9%
marina, parks, recreation, etc.)
General Government
(city attorney and legal services, city clerk, city council, City Hall and general
14.1 %
buildings, city manager, finance, information services, etc.)
Public Works
(airport, maintenance of streets, bridges, and sidewalks; snow removal,
$ 4%
street cleaning, street lighting, traffic control, etc.)
Community & Economic
(economic development, housing and community development, neighborhood
6.1%
Development
development, planning and zoning, etc.)
Transfers Out
(to funds other than General Fund)
6.1 %
Capital Projects
(City infrastructure improvements or major equipment purchases)
3.1 %
Health & Social Services
(community health, health regulation and inspection, human rights, etc.)
1.4%
Debt Service
(government capital projects, tax -increment financing [TIF] capital projects)
0.5%
WHAT'S INCLUDED IN YOUR MONTHLY UTILITY BILL?
dAmi6
Curbside Collection
Basic rate: $15.38 / month
4th Lowest
(trash and recycling)
(2.6% increase from FY2021)
(Highest, Ames, is 67.62% higher than Dubuque,
Curbside recycling collection is no extra charge.
and average is 14.46% higher than Dubuque)
Water
Avg. household rate: $31.67 / month*
2nd Lowest
(3.00% increase increase from FY2021)
(Highest, West Des Moines, is 27.04% higher than
Dubuque, and average is 10.85% higher than Dubuque)
Stormwater
Avg. household rate: $8.85 / month**
2nd Highest
(6.76% increase from FY2021)
(Highest, Des Moines, is 75.03% higher than Dubuque,
♦���
and average is 29.52% lower than Dubuque)
Sanitary Sewer
Avg. household rate: $43.51 / month***
4th Highest
(3.00% increase from FY2021)
(Highest, Ankeny, is 41.73% higher than Dubuque,
and average is 5.58% lower than Dubuque)
*Average household rate based on 6,000gallons per
month at $0.00528 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 $0.00674 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.
General Fund Reserve Projections
WE WANT YOUR IDEAS!
Residents are strongly encouraged to get
involved in next year's budget process!
Visit www.cityofdubuque.org/FY2022budget to
learn more about virtual community budget
input sessions and the following tools:
1. Balancing Act Budget Simulator
2. Taxpayer Receipt
3.Public Comments Form
The City maintains a general fund reserve, or working balance, to allow for unforeseen expenses that may occur. The
goal is to have at least a 20% reserve. In Fiscal Year 2022, it is projected that the City will have 24.72% in
How Your Property Tax Rate Is Split
FY2021 Consolidated Rate of 32.29306
Property taxes are collected by the County and distributed monthly to the City of
Dubuque and other taxing bodies. Property taxes are distributed among the Dubuque
Community School District (45.8%), City of Dubuque (30.9%), Dubuque County
(18.4%), Northeast Iowa Community College (3%), and independent authorities* (2%).
Property taxes are certified July 1 with the first half due on or before September 30
and the second half due on or before March 31. For more information, contact the City
Assessor at 563-589-4416.
* "Independent authorities" includes City Assessor, County Hospital (Sunnycrest Manor), Dubuque
County Agriculture Extension, and the Tuberculosis and Brucellosis Eradication Fund.
Dubuque
County
18.4%
NICC
3%
Independent
Authorities
2%
Inar in LIfT,
3n Fian
Total Debt (in millions)
Debt is being issued each year, but more is being retired than issued.
Statutory Debt Limit Used (as of June 30)
100 This chart shows the percentage of statutory debt limit in the Fiscal
Year (FY) 2022 adopted budget. By FY2031, the City will be at 18% of
80 the statutory debt limit.
s 60
CD
46%
CD
41%
40
FY2022 18%
20 Adopted
B FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31
Percentage of Legal Debt Limit Utilized
88 (FY2020)
70 64% 63%
57%
60
53%
49% 49%
50 46% 45%
40%
m 40
P
CD 30 27%
22% 22%
20
10
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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.
Top 10 Debt
(as of June 12021)
# Project Description and Amount Outstanding
1 Stormwater Improvements
$76,527,913
2 Water & Resource Recovery Center
$57,395,000
3 Water Improvements
$30,069,008
4 Parking Improvements
$23,769,184
5 Downtown TIF Incentives/Improvements
$20,177,588
6 Sanitary Sewer Improvements
$13,301,860
7 TIF Rebates/Bonds to Businesses
$8,216,815
8 Industrial Park Expansions
$6,413,953
9 Caradco Building Iowa Finance Authority Loan
$3,470,309
10 Street Improvements*
$2,941,387
Total $242,283,017
* $162 million has been spent on street improvements from 1997-2021
CM027-072621
Total Debt (in millions)
Debt is being issued each year, but more is being retired than issued.
Statutory Debt Limit Used (as of June 30)
100 This chart shows the percentage of statutory debt limit in the Fiscal
Year (FY) 2022 adopted budget. By FY2031, the City will be at 18% of
80 the statutory debt limit.
s 60
CD
46%
CD
41%
40
FY2022 18%
20 Adopted
B FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31
Percentage of Legal Debt Limit Utilized
88 (FY2020)
70 64% 63%
57%
60
53%
49% 49%
50 46% 45%
40%
m 40
P
CD 30 27%
22% 22%
20
10
0
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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.
Top 10 Debt
(as of June 12021)
# Project Description and Amount Outstanding
1 Stormwater Improvements
$76,527,913
2 Water & Resource Recovery Center
$57,395,000
3 Water Improvements
$30,069,008
4 Parking Improvements
$23,769,184
5 Downtown TIF Incentives/Improvements
$20,177,588
6 Sanitary Sewer Improvements
$13,301,860
7 TIF Rebates/Bonds to Businesses
$8,216,815
8 Industrial Park Expansions
$6,413,953
9 Caradco Building Iowa Finance Authority Loan
$3,470,309
10 Street Improvements*
$2,941,387
Total $242,283,017
* $162 million has been spent on street improvements from 1997-2021
CM027-072621