FY24 Adopted Budget

• Collector Well #2 cleaning and upgrade • Wastewater Digest Gas improvements • Peterson St. storm Sewer improvements

• Landfill Equipment building replacement • Court Street reconstruction • Dubuque Street reconstruction

2025

City Park pool replacement

Wastewater Return Activated Sludge Pump replacement

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Senior Center interior improvements

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Library carpet and furnishings

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Dodge Street reconstruction

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College Green Park playground Upper City Park improvements

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Westside Park Land Acquisition

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North Gilbert Street reconstruction

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• Airport Terminal Building remodel and reconstruction

Bradford Dr water main replacement

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Transit Facility Relocation

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2026

Highway 6 trail extension

Reno Street Park renovations

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Taft Avenue reconstruction

Carson Lake Park

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• Napoleon Park softball field renovation • River Street Storm Sewer improvements • N. Market Square playground

Water Plant roof replacement

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Airport apron expansion

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Recreation Center Improvements

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2027

Airport runway extension

• Market & Jefferson two-way conversion • Burlington Street bridge replacement • Wastewater Lift Station improvements • Water GSR upgrade and repairs

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Fire Station #5 and #3 construction

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Iowa River Trail extension

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Dog Park improvements

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Debt Service

Staff is projecting general obligation bond issues of $9.7 million in Fiscal Year 2023 and $14.8 million in Fiscal Year 2024, including 2% for bond issuance costs. The use of G.O. bonds is required to carry out the planned projects. This level of bonding projected is well below the thresholds established by the State and is consistent with Iowa City’s debt policies. The State of Iowa limits city debt to no more than 5% of the total assessed value of taxable property within the corporate limits as established by the City Assessor. The City Council’s Debt Management policy follows best practices for Aaa rated communities and aims to limit outstanding general obligation and tax increment revenue bonded debt to no more than 0.75% of total assessed property valuations. The budget anticipates outstanding debt of $68 million at Fiscal Year 2024 year-end, which is approximately 0.92% of total valuations and equal to roughly 18.3%

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