City Council Adopts Budget for FY2019
Jennifer Larson, Budget Director
March 1, 2018 -- For Immediate Release
DUBUQUE, Iowa – The Dubuque City Council held a final public hearing on Wednesday, February 28, on the operating and capital budgets for the City’s 2019 fiscal year, which runs July 1, 2018, to June 30, 2019. Following public input and discussion of the amended budget recommendation at the hearing, the City Council voted unanimously to adopt.
The City’s total budget for FY2019 is $174,801,105, a 3.00 percent increase from FY2018. The operating budget ($131,216,119) is a 1.37 percent increase from FY2018 and the capital budget ($43,584,986) represents an 8.23 percent increase from FY2018.
The adopted property tax rate for the City portion of property taxes is $10.59 per thousand dollars assessed value, a 2.79 percent reduction from FY2018. In terms of the impact on property owners in each of the four property classes, the $10.59 rate represents a 1.92 percent increase in property tax costs for residential properties due to an average increase of seven percent in assessed value due to revaluations in 2017. The reduced property tax rate results in a 3.92 percent reduction for commercial properties (or $128.66 less for the average commercial property), 3.54 percent reduction for industrial properties (or $174.32 less for the average industrial property), and a 7.21 percent reduction for multi-residential properties (or $145.27 less for the average multi-residential property).