FY25 Proposed Budget

2025

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Equipment building replacement Transit building replacement

Court Street reconstruction N. Gilbert Street reconstruction

 Airport terminal building reconstruction  Landfill Compost pad expansion  City Park Pool replacement

Parkland acquisition

 Bradford Drive water main replacement  Carson Lake buildout

2026

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Dodge Street reconstruction

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Library carpet and furnishings Library carpet and furnishings Napoleon Park field renovation

Senior Center interior improvements

Highway 6 trail extension

 Fire Department apparatus replacement  Benton Hill Park playground  N Market Square Park playground

River Street storm sewer Collector Well upgrade

2027

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Fire Station #5 and #3 construction Taft Avenue reconstruction Iowa Avenue improvements Columbarium expansion Mercer Park shelter replacement

Palisades Park buildout

Napoleon lift station improvements Water Plant roof replacement Ground storage reservoir upgrade

2028

 Market & Jefferson two-way conversion  Burlington Street bridge replacement  Reno Street Park improvements  Lower City Park restrooms and shelters

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Tower Place ramp drainage repair Wastewater plant upgrades Water Plant treatment upgrades

Debt Service

Staff is projecting general obligation bond issues of $9.98 million in Fiscal Year 2024 and $16.35 million in Fiscal Year 2025, including 2% for bond issuance costs. The use of G.O. bonds is required to carry out the planned capital 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 $67.6 million at Fiscal Year 2025 year-end, which is approximately 0.78% of total valuations and equal to roughly 15.5% of the allowable debt level established by the State. Iowa City's internal fiscal policy also specifies

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