The City of Iowa City's operating and capital budget for fiscal year 2014 has been posted to the City's website for public viewing at www.icgov.org/budget. The financial documents include the FY2014 budget, which has been approved and adopted by City Council, as well as the three-year FY2014-2016 financial plan and five-year 2013-2017 capital improvement program, which provide information on long-range financial plans. The budget went into effect on July 1, 2013, and will run through June 30, 2014.
The budget focuses on five priorities outlined in the City Council's strategic plan: economic and community development; development of the Downtown and near-Downtown areas; neighborhood stabilization; a strong and sustainable financial foundation; and coordinated communication and customer service efforts. Four separate financial goals were also outlined, including reducing the City's property tax levy rate for the second year in a row, and maintaining the top-tier Moody's Aaa bond rating for the 37th consecutive year.
This year's 594-page document differs from previous year's budgets in its visual presentation and the level of detail provided. Enhancements that were introduced with the FY2013 budget have been further augmented for FY2014, with more in-depth background about each City department, a list of accomplishments and challenges from the previous year, and information for the new fiscal period, including goals, objectives, performance measures, descriptions of projects and expenditures, and what funding sources will be used. The enhanced presentation offers citizens and taxpayers a transparent view of how tax dollars and other sources of revenue are used to support local government, services, and programs.
For more information, contact Finance Director Dennis Bockenstedt at 319/356-5053 or e-mail dennis-bockenstedt@iowa-city.org.