HomeMy Public PortalAbout2024-026 Resolution Setting a Proposed Property Tax Levy Rate Public Hearing�+ O
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RESOLUTION 2024-026
Resolution Setting a Proposed Property Tax Levy Rate Public Hearing
WHEREAS, the City of Riverdale (hereinafter named "City") is required to hold a public hearing on the
proposed property tax levy rate for fiscal year 2025; and,
WHEREAS, the Quad City Times is one of the official publications of record for the City and is able to
publish said legal notice in a timely manner at a cost of $134.91; and,
WHEREAS, the funding source for this action is #001-699-6414, Genera( Fund, General Government,
Printing/Publishing.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA
THAT:
Section 1.
Section 3.
The Riverdale, Iowa, City Council will meet in the Council Chambers, City Hall, 110 Manor
Drive, Riverdale, Iowa 52722, on the 2nd day of April, 2024, at 6:00 p.m., at which time and
place a public hearing shall be held on the proposed property tax levy rate, at which hearing
all local residents who appear shall be given an opportunity to express their views for or
against the proposed property tax levy rate.
The City Clerk is hereby directed to give notice of the public hearing including the date,
time, and place where the hearing will be held, by publication at least once not more than
twenty (20) days prior and not less than ten (10) days prior to the date fixed for the hearing,
in The Quad -City Times, a newspaper published and having a general circulation within
Riverdale, Iowa. The form of the notice is attached to and made part of this Resolution.
Passed, approved, and adopted this 12th day of March 2024,
APPROVED: ATTESTED:
Anthony Heddlesten, Mayor Kelly Krell, ity lerk/Treasurer
City of Riverdale, Iowa
110 Manor Drive, Riverdale, lowa 52722 1 (563) 355-251 1 1 www.riverdaleia.org
CITY NAME:
RIVERDALE
NOTICE OF PUBLIC HEARING - CITY OF RIVERDALE - PROPOSED PROPERTY TAX LEVY CITY 8' 82-785
Fiscal Year July 1, 2024 - June 30, 2025
The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows:
Meeting Date: 4/2/2024 Meeting Time: 06:00 PM Meeting Location: Council Chambers, City Hall, 110 Manor Drive, Riverdale, Iowa 52722
At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After the hearing of the proposed tax
levy, the City Council will publish notice and hold a hearing on the proposed city budget.
City, Website (if available)
www.riverdaleia. org
i01511 Department of klanagement
Current Year Certified
Property Tax 2023 - 2024
Budget Year Effective Property,
Tax 2024 - 2025
Budget Year Proposed
Property Tax 2024 - 2025
Taxable Valuations for Non -Debt Service
68.758,408
84,623,254
84,623.254
Consolidated General Fund
510,532
510,532
610,027
Operation & Maintenance of Public Transit
0
0
0
Aviation Authority
0
0
0
Liability, Property & Self Insurance
0
0
67,733
Support of Local Emergency Mgmt. Comm.
0
0
0
Unified Law Enforcement
0
0
0
Police & Fire Retirement
0
0
0
FICA & IPERS (flat General Fund Limit)
0
0
34,833
Other Employee Benefits
0
0
0
Capital Projects (Capital lrnprov. Reserve)
46,412
46,412
57.121
Taxable Value 14r Debt Service
77,163,410
96,833,627
96,833,627
Debt Service
0
0
76,606
CITY REGULAR TOTAL PROPERTY TAX
556,944
_ 556,944,
846,320
CITY REGULAR TAX RATE
8.10001
6.03300
9.88689
Taxable Value for City Ag Land
0
0
0
Ag Land
0
0
0
CITY AG LAND TAX RATE
_ _ 0.00000
0.00000
0.00000
Tax Rate Comparison -Current VS. Proposed
Residential property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025
Percent Change
City Regular Resident
443
458
3.39
Commercial property with an Actual/Assessed Value of
$100,000
Current Year Certified
2023/2024
Budget Year Proposed
2024/2025
Percent Change
City Regular Commercial
443
458
3.39
Note: Actual/Assessed Valuation is multiplied by a Rollback Percentage to get to the Taxable Valuation to calculate Property Taxes. Residential and Commercial properties
have the same Rollback Percentage at $100,000 Actual/Assessed Valuation_
Reasons for tax increase if proposed exceeds the current:
Due to fact that the EIB817 now limits our levying capacity based on our % of growth, we have added separate levies for employee benefits and insurance to
counterbalance the deficit in taxes collected. We have also added a debt levy for new GO bond debt that we recently incurred
CityTelephone Numbe
(563)355-2511 ext:201