HomeMy WebLinkAbout01.12.2004• •
COUNCIL WORK SESSION
January 12, 2004
4:30 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid, Cole, Greenwood, Clark, Gunderson, Welper.
Michelle Weidner, Chief Financial Officer, gave a presentation on how the budget works and
reviewed the property tax valuation for the budget year ending June 30, 2005. Ms. Weidner
reviewed the following: the City's Mission, the Mayor and Council's Top Strategic Priorities
and funding to accomplish the Strategic Priorities, the tax levy, special tax levies used by the
city, the State of Iowa's impact on the tax levy, and the Garbage, Sewer, Road Use Tax, Local
Option Tax, Capital Projects, Community Development and Debt Service Funds. Ms. Weidner
explained what general fund property tax dollars are used for, how the city provides services
through the general fund which is funded primarily by property taxes. Ms. Weidner reviewed
how property taxes are calculated, who pays property taxes, and how the tax bill is determined.
Ms. Weidner explained how the state's equalization order affects the tax bill. Ms. Weidner
reviewed charts showing the percentage of tax dollars received by Black Hawk County,
Waterloo Schools and the City of Waterloo. A chart explaining what the city does with the
property taxes was reviewed. Mr. Weidner explained in addition to property taxes, the city will
use debt proceeds, charges for services, federal and state funds, interest, licenses and permits to
pay all of its expenses for the year ending June 30, 2004. Ms. Weidner reviewed property taxes
collected from 1994 through 2004, property tax levy trends from FY94 through FY04 and
valuation trends from 1995 through 2005.
The city received information from Black Hawk County regarding our property valuations for
the fiscal year ending June 30, 2005. This is the valuation used to determine property taxes for
the budget year ending June 30, 2005. Gross assessed valuation, including property in TIF
districts, increased $324,897,267, an increase of 13.08 percent. This is a substantial increase
over FYE04, which saw an increase in gross valuation of 1.13 percent. Much of the increase
arose from the equalization order issued by the State of Iowa. After adjusting for the increase in
the rollback factor, actual new property valuation totals $20,627,236 or .83 percent.
Taxable property valuation, excluding TIF district property, increased $146,483,520 or 8.93
percent. The portion arising from new property valuation ($8,946,444) totals 0.5 percent.
Total property valuations have grown $1,115,465,555 since 1993, while taxable property
valuations have grown $533,550,199. This is an annual average total valuation growth of 6.6
percent during the ten-year period.
The value of property included in the city's tax increment financing districts has nearly
quadrupled since a low point in 1998, creating additional tax base of $47,877,536.
With no further business before the council, it was moved by Welper, seconded by Clark that the
meeting be adjourned at 5:09 p.m. Ayes: Six. Motion carried.
Nancy Eckert
City Clerk