FY2024 Proposed Budget

Property Tax Rate: The property tax levy rate that is set by the City Council that is applied against the assessed taxable value of real and personal property to calculate property tax revenues. This rate is applied per $1,000 of taxable value. Proprietary Funds: Funds that are generally financed in whole or in part by fees charged to external parties for goods or services. These activities are reported as enterprise funds and internal service funds. Reserves: An account used to earmark a fund balance or a portion of a fund balance for a specific use. A reserve may be established formally by ordinance or resolution or informally by administrative action. Limitations imposed by creditors, grantors, contributors, laws and regulations of other governments or laws through constitutional provisions or enabling legislation. Restricted Fund Balance:

Revenue: Income derived from taxes, fees, grants and charges. In the broader sense, "revenue" refers to all government income, regardless of source, to fund services.

Revenue Bonds: A bond that is payable from a specific source of revenue and to which full faith and credit of the city is not pledged.

Services: A category of expenditures used for the purchase of services provided by individuals, businesses or agencies who are not in the direct employ of the city.

Self-Supporting Municipal Improvement District (SSMID): An area of contiguous property within the City that has an additional property tax levy. The added revenue can be used for improvements to the district, administrative fees, and debt for the cost of improvements. Special Assessment: A tax levied against a property owner to offset all or part of the cost of public capital improvements which are deemed to benefit that particular property. Special assessments are commonly used to finance improvement projects such as street construction, sidewalk construction, or installation of sewer lines. Special assessments are levied in addition to regular property taxes.

Subsidy: Financial aid given to a governmental unit by another governmental unit. For example, in Iowa City, the General Fund subsidizes the Airport with property tax monies.

Supplies: A category of expenditures used for the purchase consumable goods and materials that do not have a depreciable useful life and are less than $5,000.

SurePay: An application used within the City’s billing for residents to pay their utility bills automatically through their checking or savings account.

Tax Incremental Financing District (T.I.F.): A geographical area designated for public end private development. Public improvements are funded by debt which is repaid through segregating the increased property taxes resulting from private development.

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