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HomeMy WebLinkAbout01/17/2017Council Work Session January 17, 2017 Time indicated below Harold E. Getty Council Chambers Roll Call. Approval of Agenda, as proposed or amended. 15 Budget Work Session # 6 - Property Valuation Review minutes Submitted By: Michelle Weidner, Chief Financial Officer ADJOURNMENT Kelley Felchle City Clerk CITY OF WATERLOO Council Communication Budget Work Session # 6 - Property Valuation Review City Council Meeting: 1/17/2017 Prepared: 1/11/2017 REVIEWERS: Department nnce SUBJECT: Submitted by: Recommended Action: Summary Statement: Expenditure Required: Source of Funds: Policy Issue: Alternative: Background Information: Reviewer Action Date Weidner, Michelle approved 1112/2017 : h, e Q..,eAnn Approved I/l2/20l"/ .41:0( Budget Work Session # 6 - Property Valuation Review Submitted By: Michelle Weidner, Chief Financial Officer City of Waterloo FYE18 Budget Property Valuation and Process Updates 4,000 3,500 3,000 2,500 2,000 - 1,500 - 1,000 - 500 - oa 09 100% ASESSED PROPERTY VALUATION EXCLUDING TIF ASSESSMENT DATES 1/1/2007 THROUGH 1/1/2016 VALUATION (BILLIONS) TOTAL VALUATION -a-RESIDENTIAL -A-COMMERCIAL --INDUSTRIAL UTILITIES & RR +MULTI -RESIDENTIAL AG LAND A 10 11 12 13 14 FISCAL YEAR 15 - 16 17 18 $3.591 B $2.512 B $712.5 M $170.5 M $ 50.4 M $ 27.9 M VALUATION (BILLIONS) TAXABLE PROPERTY VALUATION EXCLUDING TIF ASSESSMENT DATES 1/1/2007 THROUGH 1/1/2016 2,500 2,000 1,500 1,000 500 - • o: TOTAL VALUATION —a—RESIDENTIAL —�— COMMERCIAL INDUSTRIAL UTILITIES & RR —♦MULTI -RESIDENTIAL AG LAND 09 10 11 12 13 MEW 14 FISCAL YEAR 15 16 17 18 $2,209.4 B $1,426.7 B $ 629 M $100.1 M $ 41.1 M $12.5M INCREMENTAL PROPERTY VALUATION IN TIF DISTRICTS ASSESSMENT DATES 1/1/2007 THROUGH 1/1/2016 300 VALUATION (BILLIONS) 250 200 150 100 50 0 , , 09 10 11 12 13 14 15 16 17 18 FISCAL YEAR ASSESSED $ 241.6 M TAXABLE $ 229.9 M VALUATION (BILLIONS) 4.5 4 3.5 3 2.5 2 1.5 1 0.5 Overall Property Valuation Trends 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 FISCAL YEAR Total $3.8 B Taxable $2.29 B TIF $242 M 100% ASSESSED -0-TAXABLE -A-TIF - -- �'` Jam■ This is a 0.73% increase in total assessed value and a 1.81% increase in taxable value for FYE18. 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 FISCAL YEAR Total $3.8 B Taxable $2.29 B TIF $242 M Total Assessed Values As of January 1. 2016 PROPERTY CLASS FYE2017 ASSESSED VALUES EQUALIZATION ORDER INCREASE (DECREASE) GNEW ROWTH INCREASE (DECREASE) FYE2018 NET INCREASE (DECREASE) FEY2018 ASSESSED VALUES PERCENTAGE OF NEW GROWTH RESIDENTIAL 2,493,002,680 0 19,233,477 19,233,477 2,512,236,157 0.77% COMMERCIAL 701,726,320 0 10,780,235 10,780,235 712,506,555 1.54% INDUSTRIAL 118,968,658 0 (1,817,613) (1,817,613) 117,151,045 -1.53% MULTI -RESIDENTIAL 51,547,226 (1,154,112) (1,154,112) 50,393,114 -2.24% MACHINERY & EQUIPMENT 0 0 0 0 0 UTILITIES 167,235,584 0 3,219,522 3,219,522 170,455,106 1.93% ADD: TIF 243,670,024 0 (2,631,097) (2,631,097) 241,546,579 -1.08% LESS: MILITARY CREDIT 0 0 0 SUBTOTAL 3,776,150,492 0 27,630,412 27,630,412 3,804,288,556 0.73% AGLAND 28,195,789 0 (328,210) (328,210) 27,867,579 -1.16% TOTAL 3,804,346,281 0 27,302,202 27,302,202 3,832,156,135 0.72% Growth Without TIF 30,261,509 0.86% Total Taxable Values As of January 1, 2016 PROPERTY CLASS TYE17 TAXABLE VALUES EQUALIZATION INCREASE (DECREASE) NET OF ROLLBACK ROLLBACK INCREASE (DECREASE) NEW GROWTH INCREASE (DECREASE) FYE2018 NET INCREASE (DECREASE) FYE2018 TAXABLE VALUES MET CHANGE PERCENTAGE OF NEW TAXABLE GROWTH RESIDENTIAL 1,383,126,41 0 32,654,322 10,951,369 43,605,691 1 426 732 106 t t , 3.15% 0.79% COMMERCIAL 620,075,361 0 (794,206) 9,702,212 8,908,006 628,983,367 1.44% 1.56% INDUSTRIAL 104,318,361 0 (83,743) (1,499,531) (1,583,274) 102,735,087 -1.52% -1.44% MULTI -RESIDENTIAL 44,459,524 0 (2,339,354) (995,422) (3,334,776) 41,124,748 -7.50% -2.24% MACHINERY & EQUIPMENT 0 0 0 0 0 0 0 0.00% UTILITIES 107,113,510 0 0 (7,003,184) (7,003,184) 100,110,326 -6.54% -6.54% ADD: TIF 229,899,157 0 1,397,167 (1,446,289) (49,122) 229,850,035 -0.02% -0.63% LESS: MILITARY CREDIT (6,008,327) 0 0 231,489 231,489 (5,776,838) -3.85% -3.85% SUBTOTAL 2'482'884'01 00 30,834,186 9,940,644 40,774,830 2,523,758,831 1.64% 0.40% AGLAND 12,372,578 0 0 148,784 148,784 12,521,362 1.20% 1.20% TOTAL 2,495,366,57 0 30,834,186 10,089,428 40,923,614 2 536 280193 t t t 1.64% ° 0.40% Taxable Growth Without TIF 29,437,019 11,155,444 0.51°/0i Budget Process • Department requests due December 24 (Early bird due date December 19) —Base requests held to prior budget level with personnel costs adjusted to new contractual provisions. — Revenue to be reviewed and budgeted realistically. —Additional needs requests allowed separately. Budget Process • Internal department budget review meetings held with department heads, Mayor Hart and CFO beginning the week of January 23 • Tentative Council Budget Work Session January 30 • Tentative Council/Public Department Review Meetings February 8 and February 11 • General Public Meetings — work sessions on Mondays • Published Budget — prepared by February 17 • Additional Council Suggestions — due February 23 • Budget Hearing — March 9 • Final budget filed with the State of Iowa — March 15 HISTORICAL TREND ANALYSIS OF CHANGES IN PROPERTY VALUATION - CITY OF WATERLOO Prepared by MWeidner 12/30/2016 Updated 1/9/2017 12/30/2016 ------000 ASSESSMENT DATE/ As of 12/15/2011 2011/FVE2013 VALUATION - - 4 C Estimated s• As of 72130/2012 '®I0 VALUATION Category % I - ®... Tax Dollars a--C-CI � -- As of 12/31/2013 2013/FVAT016 VALUATION --- 761,048,097 119,291,600 --I- Category % 69.56%- CI 3.46% Estimated CCM As of 12/30/2015 As of 12/29/2016 - -C CHANGE TAX DOLLARS Estimated 2015/FYATION �' �. -. 2016/FVE2018 Category Estimated FROM FYE201 FROM FYE2017 FROM FYE2017 BUDGET YEAR Tax Dollars VALUATION . e®.. VALUATION CC VALUATION % Tax Dollars --- TO FYE2078 MIC TO FYE2018 C 69.07%- CI C�Cir1- I- IC---- 2,502,264,967CII 800,057,810 TOTAL.-- 2,422,465,287 748,100,247 119,622,590 CI MIIIMITI-f --CC- 2,493,002,680 701,726,320 VALUE BY CLASS RESIDENTIAL 2,475,602,647 -- 70.01%- 19.71%- 3.34%757,157, -- - 2,512,241,137 712,508,675 045 50,393,114 69.97% ® 0% 1.40% 0.75% 0.78% -Clan -Cl - - 11,817,613) (1,154,712) 3,330,339 330,330 (2,123,445) =2111711r11� ® -1.55% -2.29%� 1.19% -1.19% -0.88% COMMERCIAL 813,065,056 INDUSTRIAL 121,443,090 MULTIRESIDENTIAL MACH. & EQUIP. UTILITIES8R.R. 155,489,401 121,297,890 0.59%-C 30,280,510 213,653,234 0.88%- -- 129,253,279 14,993,747 214,993,747243,670,024 0.84% 0.64% 167,235,584 �C- 127,465,459 41,546,579 46LAND 81,174,197 0.60%_� 21,297,890 183,333,664 0.59%-_ TIF TIF 181,174,197 -- Mill -- 241,546,579 3,832,199,172 TOTAL ASSESSED ---_ 00%== 100.00% VALUATION 3,768,126,991 100.00% 3,790,146,659 100.00%CI00 100.00% =10-= ROLLBACKS: 52.8166% 100.0000%-- 95.0000%-��-- 95.000056 naCI 90.0000% 90.0000%CI 86.2500%- 88.2500%-- 90.0000%�■� 82.500056 82.5000% ■a RESIDENTIAL 00.0000%- COMMERCIAL 100.0001%- MULTIRESIDENTIAL C--- TAXABLE MM O -- VALUATION -- CI 18.20505--=11JEFEEI- ---5- 17.95159 -nil MN 17.60522 -SCI 61.94%1 27.42%1 79% 25,117,983 11,073,428 ® 724,010 RESIDENTIAL 1,251,445,651 CC r 14,801,890 2,210,878® 1,316,533,993 800,057,810 55.90% 34.14% 23,030,379 13,995,563 ® MillErra CICIICI 112,118,499 57.95% 5.01% 23,404,042 (137,686) 1.111111111 664,936 1,347,497,993 662,021,833 105,004,150 C (6,267,608) 214,993,747 ®" ' roc �� 4.88% ®• ' 1,963,376 (137,888) rnmag®r 620,075 104,318,381 24..6356 463% MERIMENEI ' 11,836,548 1,836,548 1,426,734,942 628,985,48T 141,124,74 41.124.748 43,608,527 8,910,126 (3,334,776) 3.15% ®�. -7.5056 767,738 156,865 (27,874) (58,709) COMMERICIAL 813,065,056 INDUSTRIAL 121,443,090 MACH. & EQUIP. CM 4.86°°/a 2,027,457 ®i.: ------ 112,027,732 5.10% 10=== UTILITIES 111,367,841 107,113,510 (6,008,327)-] 4J5% 1,885,75716M1 100,143,383 15,776,838 - 100.00% 1,763,046 (137,686)0 �- (6,970,127) -6.514 (122,711) - LESS MILITARY (6,985,742) CCI MIS---- 10 (6,742,6231 2,343,242,271 100.0056 40,971,098 (6,558,362) 2,23= 207,637,570 TOTAL TAXABLE 715,308 VALUATION _. 2,290,336,896 t=Enic r r • • 229,899,157 100.00% 2,293,996,809 T.I.F. VALUATION Cral- 590,387 183,333,664 -* 728,720 229,850,035 - 4 49,122) 40,812,843 -0.02% 1.64% (155) ®e CIC C 2,446,131,446 2,433,777,550 -- 2,482,984,001 -- 2,523,796,844 _ AG LAND 11,719,349 �®- ----__ 35,201 -CI 12,239,386 91,621,292 MIIIIIIIM 36,763 41,576,222 12,734,095 93,980,956 -------� ------_�� � 38,249 40,867,757 12,372,578 94,068,178 2,218,783,803 -_ -_. 37,163 40,125,367 12,372,578 == 2,25 ■ -- 37,163 40,398,030 12,519,242 84,504,298 -1 37,604 41,113 624 146,664 -- 6,722,926) 1.1956 CC 441 715,594 UTILITIES VALUE FOR EXCISE TAX 92,297,461 TOTAL TAXABLE AND UTILITIES EXCISE 2,293,946,809 , 40,861,965 1.81% (EXCLUDING AG B TIF) 2,290,335,896 n TIF VALUATION FOR DE 179,551,015 --CI 207,637,570 214,993,747 243,670,024 -- 229,860,035 ASSESSEDFOR TOTALSES DEBT C 3,738,165,467 -- 3,762,106,346 3,623,346,971 3,656,417,436 3,770,142,165 3,786,855,331 1 s®'.. FYE2013 2,290,335,896 _-a- --CI FTE2015 2,238,493,876 -- FYE2016 2,218,783,803 C C-- FYE2018 2,293,946,809 TAX. VALUE/D.S. 2,469,886,911 3,768,126,991 -C-C- - 3,790,146,859 -- 3,666,201,507 _ 2,433,777,550 3,691,938,333 2,482,984,001 2,523,796,844 1- C�-�- TOTAL ASSESSED VAL 3,804,346,281 3,832,194,172 5.9979% 5,6636%-- TIF AS A % OF TOTAL A 4.7650% 4.837156 TIF AS A% OF TOTAL T 7.2696% flECEE1--S=I 8.8337% ®"r' 9,7073%-1 INCREASE IN TAXABLE 137,982,473 52,906,375 C --C/20/ (104,748,395)_- (19,710,073 0 34,301,041 17.60522 40,861,965 17.60522 -1- TIMES LEVY RATE 18.20505 --- CHANGE INTAXES 2,511,978 925,501 (1,880,401) (350,124 603,87] 719,384 K:\USERS\MICHELLE-W\Property Valuation\Valuation FY93 Through FYE2018.xlsx PROPERTY VALUATION ANALYSIS PROPERTY CLASS TOTAL ASSESSED VALUES FYE2018 AND FYE2017 BUDGETS Values as of January 1, 2016 EQUALIZATION : NEW FYE2018 FYE02017 ORDER GROWTH NET FYE2018 PERCENTAGE ASSESSED INCREASE INCREASE INCREASE ASSESSED OF NEW VALUES (DECREASE) (DECREASE) (DECREASE) VALUES GROWTH Updated by MWeidner 1/712017 TOTAL TAXABLE VALUES FYE2018 AND FYE2017 BUDGETS Values as of January 1, 2016 EQUALIZATION NEW FYE2018 FYE2017 INCREASE NET ROLLBACK GROWTH NET FYE2018 TAXABLE OF ROLLBACK INCREASE INCREASE INCREASE TAXABLE PROPERTY CLASS VALUES (DECREASE) (DECREASE) (DECREASE) (DECREASE) VALUES PERCENTAGE NET OF NEW TAXABLE CHANGE GROWTH RESIDENTIAL 2,493,002,680 0 19,233,477 19,233,477 2,512,236,157 0.77% RESIDENTIAL 1,383,126,415 0 32,654,322 10,951,369 43,605,691 1,426,732,106 3.15% 0.79% COMMERCIAL 701,726,320 0 10,780,235 10,780,235 712,506,555 1.54% COMMERCIAL 620,075,361 0 (794,206) 9,702,212 8,908,006 628,983,367 1.44% 1.56%. INDUSTRIAL 118,968,656 0 (1,817,613) (1,817,613) 117,151,045 -1.53% INDUSTRIAL 104,318,361 0 (83,743) (1,499,531) (1,583,274) 102,735,087 -1.52% -1.44% MULTI -RESIDENTIAL 51,547,226 (1,154,112) (1,154,112) 50,393,114 -2.24% MULTI -RESIDENTIAL 44,459,524 0 (2,339,354) (995,422) (3,334,776) 41,124,748 -7.50% -2.24%, MACHINERY & EQUIPMENT 0 0 0 0 0 MACHINERY & EQUIPMENT 0 0 0 0 0 0 0 0.00%, UTILITIES 167,235,584 0 3,219,522 3,219,522 170,455,106 1.93% UTILITIES 107,113,510 0 0 (7,003,184) (7,003,184) 100,110,326 -6.54% -6.54%! HADD: TIF 243,670,024 0 (2,631,097) (2,631,097) 241,546,579 -1.08% ADD: TIF 229,899,157 0 1,397,167 (1,446,289) (49,122) 229,850,035 -0.02% -0.63%i LESS: MILITARY CREDIT 0 0 0 LESS: MILITARY CREDIT SUBTOTAL (6,008,327) 2,482,984,001 0 0 0 30,834,186 231,489 9,940,644 231,489 40,774,830 (5,776,838) 2,523,758,831 -3.85% 1.64% -3.85%, 0.40% SUBTOTAL 3,776,150,492 0 27,630,412 27,630,412 3,804,288,556 0.73% AGLAND 28,195,789 0 (328,210) (328,210) 27,867,579 -1.16% •AGLAND 12,372,578 0 0 148,784 148,784 12,521,362 1.20% 1.20941' TOTAL 3,804,346,281 0 27,302,202 27,302,202 3,832,156,135 0.72% TOTAL 2,495,356,579 0 30,834,186 10,089,428 40,923,614 2,536,280,193 1.64% 0.40% Growth Without TIF Notes: 1) Assessed Values provided by Black Hawk County 2) No Equalization Orders were issued for FYE2016. 30,261,509 0.86% Taxable Growth Without TIF 29, 437, 019 11,155,444 0.51% Notes: 1) FYE2018 Rollback Factors = Residential 56.9391%, Commercial 90.00%, Industrial 90.00%, Multi -Residential 82.50% and Agland 47.4996% 2) FYE2017 Rollback Factors = Residential 55.6259%, Commercial 90.00%, Industrial 90.00%, Multi -Residential 86.25% and Agland 46.1068% 3) FYE2016 Rollback Factors = Residentlal 55.7335%, Commercial 90.00%, Industrial 90.00%, and Agland 44.7021% 4) FYE2015 Rollback Factors = Residentlal 54.4002%, Commercial 95.00%, Industrial 95.00%, and Agland 43.3997% K\USERSIMICHELLE-MProperly Valuation\Valuation Growth 2018 Revaluations Separate.xls Valuation Growth FYE2018