FY2024 Proposed Budget

Iowa City’s levy rate dropped approximately six tenths of a percent (0.6%) in fiscal year 2022 to $15.673, and another two tenths of a percent (0.2%) in fiscal year 2023 to $15.633.

City pension contributions has grown seven of the last ten years at a rapid pace, except fiscal years 2016, 2017 and 2020 contributions that were a decrease of two and one half of a percent (2.5%), eight-tenths of a percent (.8%) and one-tenth of a percent (.1%), respectively.

*FY14 is first period reported on an accrual basis. MFPRSI employee

contributions are set by statute, currently nine and four-tenths percent (9.4%). City contributions are determined by the system’s actuary. IPERS City and employee contributions are currently a sixty/forty split (60/40), with the City paying sixty percent of total contributions.

City Pension Contribution Rates

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

FY13 FY14 FY15 FY16 FY18 FY19 FY20 FY21 FY22 FY23 IPERS 8.67% 8.93% 8.93% 8.93% 8.93% 9.44% 9.44% 9.44% 9.44% 9.44% MFPRSI 26.12% 30.12% 30.41% 27.77% 25.68% 26.02% 24.41% 25.31% 26.18% 23.90% 0.00%

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