FY2024 Proposed Budget

The value of building permits issued reached an all-time high of $388 million in 2016. The value of building permits was at $135 million in 2021, which was below the ten year average of $190 million due to a lag in construction during the COVID-19 pandemc.

Building Permits Value in millions

$120 $160 $200 $240 $280 $320 $360 $400

$40 $80

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Permits 716 715 703 645 794 718 618 606 550 580 Value $169 $185 $153 $138 $388 $217 $193 $232 $87 $135 $0

One measure of local economic health is hotel/motel tax receipts. The City uses hotel/motel tax receipts to augment funds for public safety, parks & recreation services, and the Convention & Visitors Bureau. Generating revenue from non-Iowa City residents reduces the tax burden on residents. Fiscal year 2022 revenues were up and are a sign of recovery from the COVID-19 pandemic.

*FY14 is first period reported on an accrual basis.

In 2009, the State of Iowa enacted legislation establishing cities’ right to impose a franchise tax on gas and electric utilities. On February 16, 2010, the City Council passed and approved an ordinance establishing a one

Utility Franchise Fee Revenue in thousands

$1,000 $1,200

$200 $400 $600 $800

percent (1%) tax. Of the $1,149,000 for fiscal year 2022, $776,000 funded a

FY12 FY13 FY14 * FY15 FY16 FY17 FY18 FY19 FY20 FY21 Fee Revenue $826 $881 $1,031 $902 $874 $939 $976 $965 $884 $994 % Change 13.92% 6.58% 17.06% -12.51 -3.04% 7.45% 3.94% -1.13% -8.39%12.44% $0

portion of the operational costs associated with Fire Station #4

and maintenance of street right-of-way.

*FY14 is first period reported on an accrual basis.

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