The last few steps of completing the budget for the upcoming year that starts 7/1/21 is to have a public hearing on the proposed FY22 budget, have the Council approve the final amounts, and submit the documents to the County Auditor. The documents below have been updated to align with the outcome of the budget discussions during the January and February Council meetings. The first document here is the public notice that will be published in the newspaper the week of March 9. It is a summary of the the revenues and expenditures for the FY22 proposed budget, the FY21 re-estimated budget, and the FY20 actuals. The top of the page shows a total tax levy rate of 15.3777 per $1,000 valuation on regular property. In comparison, the levy rate this current year is $15.38434, so next year's rate will have a nominal decrease. This second document shows the amount of dollars for each levy on page 1. Page 2 is the maximum property tax levies for specific levies included on page 1 (this hearing already took place on Feb. 15). Page 3 shows the fund balances from FY20-FY22 by fund type (the ending fund balances agree with the cash balances). Page 4 shows the amount that the City levies and then pays to Marshall County Emergency Management Commission. Pages 5-7 are the re-estimated expenditures and revenues for the current fiscal year 2021. The re-estimated amounts account for items such as the Derecho, COVID, CARES act, new and refunded bonds, new grants, etc. Pages 8-10 are the expenditures and revenues for the next fiscal year starting 7/1/2021 (FY22). Page 11 is a summary of the revenues and expenditures. Page 12 shows that principal, interest, and bond agent fees for the long-term debt. The last column shows how much is going to be levied for debt service. 78% of local option sales tax or $2,879,760 is used for property tax relief, so this helps reduce this levy. Page 13 is a summary of the long-term debt by GO (General Obligation Debt) and Non-GO. Page 14 is the notice of public hearing. Transfers for FY22 are budgeted internal cash movements between funds. For the accounting line detail of the actual activity in FY20, the re-estimated budget for FY21, and the proposed budget for FY22 for just the City, please view the Budget Comparison Report. The budget for Marshalltown Water Works is also required to be included in the City's budget as they are considered a component unit (a legally separate organization for which the City is financially accountable).
There will also be a separate hearing for the 5 year Capital Improvement Plan (CIP) for FY21-FY25..
The public may send comments to the City Clerk prior to the Public Hearing at 5:30 pm on March 22, 2021, attend in person at City Council Chambers, or join the GoToMeeting as outlined in the Council agenda released prior to the meeting.