City Council Special Meeting

CITY COUNCIL SPECIAL MEETING CITY OF DAVENPORT, IOWA Wednesday, March 27, 2024; 5:00 PM City Hall | 226 West 4th Street | Council Chambers I. Moment of Silence II. Pledge of Allegiance III. Roll Call IV. Agenda Item 1. Public Hearing on the FY 2025 proposed property tax levy rate and amount. [All Wards] V. Adjourn  City of Davenport Department: Finance Action / Date Contact Info: Mallory Merritt | 563-326-7792 3/27/2024 Subject: Public Hearing on the FY 2025 proposed property tax levy rate and amount. [All Wards] Recommendation: Hold the Hearing. Background: The City has developed a proposed regular tax rate for affected property tax levies of 16.61059 per $1,000 of taxable value for FY 2025, which equals $83,725,626. The total regular tax rate of 16.61059 consists of the following individual levies: Consolidated General Fund: 8.47059 Transit: 0.91000 Tort Liability: 0.25000 Trust and Agency: 4.93000 Debt Service: 2.05000 Under the law of the State of Iowa, the City is required to hold a Public Hearing on the proposed property tax levy prior to the adoption of the annual budget. Attachments: 1. Proposed Property Tax Publication  CITY NAME: NOTICE OF PUBLIC HEARING - CITY OF DAVENPORT - PROPOSED PROPERTY TAX LEVY CITY #: 82-773 DAVENPORT Fiscal Year July 1, 2024 - June 30, 2025 The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows: Meeting Date: 3/27/2024 Meeting Time: 05:00 PM Meeting Location: Davenport City Hall, Council Chambers 226 W 4th St. Davenport, IA 52801 At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After the hearing of the proposed tax levy, the City Council will publish notice and hold a hearing on the proposed city budget. City Website (if available) City Telephone Number https://www.davenportiowa.com (563) 326-7789 Current Year Certified Budget Year Effective Property Budget Year Proposed Property Iowa Department of Management Property Tax 2023 - 2024 Tax 2024 - 2025 Tax 2024 - 2025 Taxable Valuations for Non-Debt Service 4,768,991,513 5,008,920,789 5,008,920,789 Consolidated General Fund 41,204,087 41,204,087 42,428,514 Operation & Maintenance of Public Transit 4,339,782 4,339,782 4,558,118 Aviation Authority 0 0 0 Liability, Property & Self Insurance 1,192,248 1,192,248 1,252,230 Support of Local Emergency Mgmt. Comm. 0 0 0 Unified Law Enforcement 0 0 0 Police & Fire Retirement 5,686,069 5,686,069 5,960,165 FICA & IPERS (If at General Fund Limit) 2,916,668 2,916,668 2,931,671 Other Employee Benefits 14,908,392 14,908,392 15,802,143 Capital Projects (Capital Improv. Reserve) 0 0 0 Taxable Value for Debt Service 4,994,809,679 5,264,773,055 5,264,773,055 Debt Service 10,239,360 10,239,360 10,792,785 CITY REGULAR TOTAL PROPERTY TAX 80,486,606 80,486,606 83,725,626 CITY REGULAR TAX RATE 16.78000 15.96931 16.61059 Taxable Value for City Ag Land 21,474,315 21,007,929 21,007,929 Ag Land 64,504 64,504 63,103 CITY AG LAND TAX RATE 3.00375 3.07046 3.00375 Tax Rate Comparison-Current VS. Proposed Residential property with an Actual/Assessed Value of Current Year Certified Budget Year Proposed Percent Change $100,000 2023/2024 2024/2025 City Regular Resident 917 770 -16.03 Commercial property with an Actual/Assessed Value of Current Year Certified Budget Year Proposed Percent Change $100,000 2023/2024 2024/2025 City Regular Commercial 917 770 -16.03 Note: Actual/Assessed Valuation is multiplied by a Rollback Percentage to get to the Taxable Valuation to calculate Property Taxes. Residential and Commercial properties have the same Rollback Percentage at $100,000 Actual/Assessed Valuation. Reasons for tax increase if proposed exceeds the current: No increase