FY 2020 Budget

Fiscal Year 2018/2019 Operating Budget

Debt Service

EXPENDITURES AS % OF TOTAL BUDGET BY FUNCTION 

Departments:

The main department under Debt Service consist of the following:

* Debt Service

Debt Service 4%

The Debt Service Fund accounts for the activity servicing general obligation debt, primarily paid for the property taxes.   Pursuant to the Iowa Constitution, cities may issue up to 5% of their 100% valuation as General Obligation debt.  Any  debt issued that has pledged property taxes as the source of repayment is counted against this 5% limitation.  Pledging  TIF receipts for debt payment or as a tax rebate payment, also counts against this 5% limitation. In addition to issuing debt backed by property taxes, the City may also issue debt backed by future revenues of its  business‐type activities. These debt issuances do not count against the 5% limitation.  The City's revenue debt  payments are budgeted within the issuing department's budget. 

FY 2020 ANTICIPATED DEBT UTILIZATION

Debt Capacity  Utilized 18%

Debt Capacity  Remaining 82%

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