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THIS MEETING OF THE CEDAR RAPIDS CITY COUNCIL SPECIAL SESSION WILL COME TO ORDER.
WELCOME TO THE SPECIAL CITY COUNCIL MEETING FOR TUESDAY, MARCH 26TH, 2024.
ALL COUNCIL MEMBERS ARE PRESENT TODAY.
I WILL NOW ACCEPT A MOTION TO APPROVE THE AGENDA.
[1. Motion to approve the agenda.]
SECOND. OKAY.FIRST BY POE SECOND BY VANORNY.
IT'S NOW TIME FOR A PUBLIC HEARING.
FIRST, A REMINDER TO STAY AT THE LECTERN.
PLEASE FEEL FREE TO HAND THEM TO OUR CITY MANAGER AND HE WILL MAKE SURE TO GET THEM TO US.
SECOND, COMMENTS ARE LIMITED TO FIVE MINUTES PER SPEAKER.
SO WHEN THE LIGHT OF THE COUNCIL TURNS YELLOW, YOU'LL HAVE ONE MINUTE TO FINISH YOUR COMMENTS.
AND WHEN IT'S RED, WE'LL ASK YOU TO TAKE YOUR SEAT ONCE AGAIN AND A REMINDER THAT ALL COMMENTS MUST BE DIRECTED TO THE MATTER OF THE OF THE PUBLIC HEARING TODAY, AND NO ABUSE OF PERSONAL, LOUD, THREATENING OR RELEVANT COMMENTS WILL BE ALLOWED.
DOES THE CLERK HAVE ANY WRITTEN COMMENTS OR OBJECTIONS IN REGARD TO THE PUBLIC HEARING ON TODAY'S AGENDA? YOUR HONOR, TWO WRITTEN OBJECTIONS WERE FILED.
THANK YOU. OKAY. TWO OBJECTIONS FILED.
[2. A public hearing will be held to consider the proposed property tax amount and property tax levy for fiscal year 2025 (Abhi Deshpande). CIP/DID #FIN2024-11]
ABHI DESHPANDE IS HERE.SO TODAY WE ARE GOING TO TALK ABOUT THE . WE'RE GOING TO.
ABHI, WHAT FUN WOULD IT BE FOR YOUR VERY FIRST CITY COUNCIL MEETING IN FRONT OF US WITHOUT SOME SORT OF TECHNICAL CHALLENGE? [INAUDIBLE] YEAH, IT LOOKS LIKE WE'RE GOOD TO GO.
OKAY, PERFECT. SO TODAY'S PUBLIC THE SPECIAL SESSION IS ABOUT THE PROPOSED PROPERTY TAXES AND THE LEVY RATE FOR FY 24 FY 25 FISCAL BUDGET.
IN CALENDAR YEAR 2023, THE STATE OF IOWA ENACTED A NEW LEGISLATION, [INAUDIBLE] SECTION 24.28.
AND THIS LEGISLATION CREATED A NEW REQUIREMENT FOR THE LOCAL GOVERNMENT IN THE LOCAL GOVERNMENT BUDGET PROCESS STARTING FROM FISCAL YEAR 2025.
SO THIS REQUIREMENT AIMED AT TO INFORM PUBLIC OF ANY KIND OF CHANGES IN THE IN THE PROPERTY TAX REVENUE LEVY RATES AS WELL AS THE ANY KIND OF RELATED RELATED REASONS FOR THAT LEVY RATE INCREASE OR DECREASE.
ALSO, AS A PART OF THIS PROCESS, THE COUNTY AUDITORS, THEY MAIL THE NOTICES TO EACH TAXPAYERS AND AS WELL AS SHOWING THE PROPERTY, THE PROPOSED CITY, COUNTY AND THE SCHOOL PROPERTY TAX RATES.
AND THE REVENUES FOR THE BUDGET YEAR.
THIS WILL GIVE AN OPPORTUNITY FOR ANY PROPERTY OWNER OR THE RESIDENT OF THE CITY TO PRESENT AN OBJECTION TO THE PROPOSED LEVY RATE OR, OR ALSO TO SHOW THE SUPPORT IN TO THE PROPOSED LEVY RATE AS WELL AS THE PROPERTY TAX.
AND TODAY'S THE THE PUBLIC HEARING FOR THIS NEW REQUIREMENT IN THE BUDGET PROCESS.
THOSE WERE PRESCRIBED BY THE THE STATE OF IOWA.
NOW, WHAT YOU SEE IN FRONT OF YOU IS THE THREE DIFFERENT COLUMNS.
BASICALLY, THE FIRST COLUMN IS THE CURRENT YEAR PROPERTY TAX FOR THE FY 2024.
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AS YOU CAN SEE IN THAT COLUMN NUMBER FOUR, NUMBER ONE, THE TOTAL THE CURRENT FISCAL YEAR 2024, PROPERTY REVENUE IS AROUND $117 MILLION, AND THE TAX RATE IS $16.24.NOW, WHAT YOU SEE IN THE COLUMN NUMBER THREE, THAT IS THE PROPOSED TAX REVENUE AND THE LEVY RATE BASED ON THE FY 24 FY 25 BUDGET.
AS YOU CAN SEE THAT BASED ON THE PROPOSED BUDGET, OUR TAX REVENUE WILL BE GOING FROM $117 MILLION TO $120 MILLION, $120.5 MILLION.
AND THE AND THE PROPOSED TAX LEVY RATE IS AROUND $16.46, $16.46.
OUT OF THAT $3.2 MILLION, $1.4 MILLION WILL BE GENERATED FROM THE PROPERTY INCREASE IN THE LEVY RATE, WHICH WILL ALLOW TO WHICH WILL ALLOW CITY TO ISSUE $36 MILLION IN GO BONDS.
THE GOVERNMENT THE GENERAL OBLIGATION BONDS TO SUPPORT THE FLOOD CONTROL SYSTEM AND THE REMAINING INCREASE, WHICH IS AROUND $1.8 MILLION, THAT WILL THAT IS DUE TO THE INCREASE IN THE TOTAL TAXES TAXABLE VALUE OR TAXABLE VALUATION OF THE CITY PROPER OF THE CITY.
AND THE SECOND COLUMN THAT YOU SEE IS BASICALLY THAT SHOWS THE FISCAL IMPACT IF THE CITY DECIDES TO KEEP THE PROPERTY TAX AT THE FY 24 LEVEL.
AND WHAT WOULD BE THAT IMPACT OF THAT? THE SAME LEVEL OF BUDGET, IF WE KEEP IT AS COMPARED TO THE FY 24 TO 25? AND THAT WILL TAKE ACTUALLY OUR PROPERTY TAX REVENUE THE LEVY RATE, IT WILL BE DECREASED TO $16.05.
NOW, THE THE CITY'S PROPOSED BUDGET DOESN'T INCLUDE THE OPTION NUMBER TWO.
RIGHT NOW, THE OPTION NUMBER THREE, THAT'S THAT IS THE BASE THAT IS THE BASIS FOR FY 25 BUDGET.
GOING FORWARD, WHAT YOU SEE IS THE TAX STATEMENT, THE STATEMENTS.
THE SAME INFORMATION WAS COMMUNICATED TO THE TAXPAYER THROUGH THE TAX STATEMENTS.
BASICALLY, IT SHOWS THE THE COMPARATIVE FISCAL IMPACT BETWEEN FY 24 AND 25 ON A RESIDENTIAL OR COMMERCIAL PROPERTY, WHICH IS ASSESSED AT THE 100, $100,000 LEVEL.
AS YOU CAN SEE THAT BASED ON THIS EXAMPLE ACTUALLY THE, THE IN FY 25 AND A RESIDENTIAL HOME OR RESIDENTIAL PROPERTY, WHICH IS ASSESSED AT THE $100,000 IS GOING TO SEE A 14% DECREASE IN THEIR TAXES. AND THAT'S DUE TO THE THE STATE ROLLBACK FORMULA.
BASICALLY THIS PUBLIC HEARING DOESN'T REQUIRE ANY RESOLUTION AT THIS POINT.
HOWEVER, THE NEXT STEP IN THIS PROCESS IS ON APRIL 9TH, 2024, WE'LL HAVE A MOTION FOR PUBLIC HEARING TO ADOPT THE FY 25 BUDGET AND FY 23 AND APRIL 23 OF 2024 WILL HAVE A PUBLIC HEARING AND THE FORMAL ADOPTION OF THE FISCAL YEAR 25 BUDGET.
WITH THAT I WILL OPEN UP FOR ANY QUESTIONS OR COMMENTS.
THIS IS A TIME AND A PLACE FOR A PUBLIC HEARING ON THIS MATTER.
DOES ANYONE HERE WISH TO ADDRESS COUNCIL ON THIS MATTER? OKAY. LET THE RECORD INDICATE A PUBLIC HEARING ON THIS MATTER HAS BEEN HELD WITH NO OBJECTIONS FOR THE RECORD.
THAT BRINGS US TO ANY COUNCIL COMMENTS OR CONSIDERATION.
THANK YOU. COUNCIL, WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.