D Dubuque dvertiser A A The
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www.DubuqueToday.com β’
2966 J.F.K. Rd., Dubuque, IA 52002
β’
MEATS Family Owned & Raised!
+ tax
5.00
at Sidβs
All Day! Everyday See Page 5
βThe Little Paper with the Big Impactβ
Vol. 58 - No. 26
LP Gas 20 lbs. $ 15.88
LARGE
PEPPERONI
OUR FARM
Matinees Sat., July 3rd & July 4th!!
Gambling a Problem? Call 1-800 BETS OFF
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Ph. (563) 588-0162 β’ e-mail: dbqadvertiser@dbqadvertiser.com
June 30, 2021
DOLLARS
AND CENTS
CITY PORTION OF PROPERTY TAXES
Fiscal Year
2022
FY2022 City Property Tax Rate Comparison
The Cityβs fiscal year (FY) 2022 is July 1, 2021 to June 30, 2022.
20
$14.45
15
$15.77 $15.88
$14.95
$17.56
$16.78
$19.24
$18.26
$11.77 $9.87
10
$9.89
$9.95
FY2022 Property Tax Rate β’ $9.8890 per thousand dollars assessed value β’ Decrease of 2.51% from FY2021
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7.64% increase
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$144.99 less
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1.9% decrease
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1.6% decrease
$88.98 less
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$50.64 less
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No change
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Residential
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% Property Tax Cost Change from FY2021
DU
Average Property Tax Cost Change from FY2021
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Highest-ranked city (Waterloo, $19.24) is 94.56% higher than Dubuque Average of other 10 cities ($14.95) is 51.21% higher than Dubuque
*Includes the transit tax levy adopted by the Des Moines Area Regional Transit Authority for comparability.
City Saves $4.5 Million in Interest, Credit Rating Upgraded
Crisis Reveals Character The City of Dubuque survived the pandemic without making service cuts, laying off employees, or increasing taxes. This was possible because of important decisions made by the mayor and city council creating the Cityβs strong financial position going into the crisis -- with ample financial reserves, high credit ratings, less than 50 percent use of the statutory debt limit, very competitive property tax rates compared to other cities in Iowa (second lowest), one of the lowest unemployment rates in the country (under 2 percent at one point), the willingness of City employees to not take a pay raise in fiscal year 2021, freezing vacant positions, and delaying some capital and equipment projects and purchases. Now, with federal funding from the American Rescue Plan and continued prudent financial planning by the mayor and city council, economic recovery efforts are under way.
In May 2021, Moodyβs Investor Services upgraded the Cityβs Water Enterpriseβs outstanding revenue bonds to A1 from A2 and affirmed the Aa3 credit rating on general obligation bonds. That same month, the City sold $29.5 million in taxexempt general obligation bonds and $12.5 million in taxable general obligation bonds, receiving a 1.36% rate on the non-taxable bonds and 1.62% rate on taxable bonds. Of the $42 million in bond revenues, nearly $37 million will be used to refund previously issued debt. The favorable interest rates secured through strong credit ratings will save the City $4.5 million in interest over the life of the current debt that is being refinanced.
What does it mean for our community? These credit ratings are affirmation of the sound fiscal management of the mayor and city council, put Dubuque in a strong position to capitalize on favorable financial markets, borrow at low interest rates when necessary, and make critical investments in the community.
FINANCIAL ASSISTANCE PROGRAMS FOR THOSE IMPACTED BY COVID-19 Do you need help with your rent, mortagage, or utility bills? Iowa Rent & Utility Assistance Program
FREE COVID-19 VACCINES STILL AVAILABLE!
www.iowahousingrecovery.com or 1-855-300-5885 (or dial 2-1-1)
Iowa Homeowner Foreclosure Prevention Program www.iowahousingrecovery.com or 1-855-300-5885 (or dial 2-1-1)
Utility Crisis Program www.hacap.org/energy or 563-556-5130
City of Dubuque Utility Assistance Programs www.cityofdubuque.org/utilitybilling or 563-589-4144
To find out where you can get your vaccine, with or without an appointment, call 563-690-MAKE (6253) or visit www.dubuquecounty.org/sleevesup
Many local providers are offering incentives!