G-1, I-1 - Resolution 2022-011 - Public Hearing for Maximum Tax Levy - FY 22-23

NOTICE OF PUBLIC HEARING - CITY OF TIFFIN - PROPOSED PROPERTY TAX LEVY Fiscal Year July 1, 2022 - June 30, 2023 The City Council will conduct a public hearing on the proposed Fiscal Year City property tax levy as follows: Meeting Date: 2/15/2022 Meeting Time: 07:00 PM Meeting Location: 300 Railroad Street At the public hearing any resident or taxpayer may present objections to, or arguments in favor of the proposed tax levy. After adoption of the proposed tax levy, the City Council will publish notice and hold a hearing on the proposed city budget. <table> <tr> <th></th> <th>Current Year Certified Property Tax 2021 - 2022</th> <th>Budget Year Effective Property Tax 2022 - 2023</th> <th>Budget Year Proposed Maximum Property Tax 2022 - 2023</th> <th>Annual % CHG</th> </tr> <tr> <td>Regular Taxable Valuation</td> <td>209,444,241</td> <td>244,986,975</td> <td>244,986,975</td> <td></td> </tr> <tr> <td colspan="5">Tax Levies:</td> </tr> <tr> <td>Regular General</td> <td>1,696,498</td> <td>1,696,498</td> <td>1,984,394</td> <td></td> </tr> <tr> <td>Contract for Use of Bridge</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Opr & Maint Publicly Owned Transit</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Rent, Ins. Maint. Of Non-Owned Civ. Ctr.</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Opr & Maint of City-Owned Civic Center</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Planning a Sanitary Disposal Project</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>Liability, Property & Self-Insurance Costs</td> <td>43,800</td> <td>43,800</td> <td>50,375</td> <td></td> </tr> <tr> <td>Support of Local Emer. Mgmt. Commission</td> <td>974</td> <td>974</td> <td>974</td> <td></td> </tr> <tr> <td>Emergency</td> <td>39,250</td> <td>39,250</td> <td>59,250</td> <td></td> </tr> <tr> <td>Police & Fire Retirement</td> <td></td> <td></td> <td></td> <td>0</td> </tr> <tr> <td>FICA & IPERS</td> <td>95,256</td> <td>95,256</td> <td>110,328</td> <td></td> </tr> <tr> <td>Other Employee Benefits</td> <td>115,599</td> <td>115,599</td> <td>112,856</td> <td></td> </tr> <tr> <td>Total Tax Levy</td> <td>1,991,377</td> <td>1,991,377</td> <td>2,318,177</td> <td>16.41</td> </tr> <tr> <td>Tax Rate</td> <td>9.50791</td> <td>8.12850</td> <td>9.46245</td> <td></td> </tr> </table> Explanation of significant increases in the budget: Increase due to 73 additional single-family dwellings being built which increased the total valuation. An increase in the City's liability and property insurance and the addition of two employees added to the increase in FICA and IPERS. If applicable, the above notice also available online at: tiffin-iowa.org and https://www.facebook.com/CityofTiffinIowa/ *Total city tax rate will also include voted general fund levy, debt service levy, and capital improvement reserve levy. **Budget year effective property tax rate is the rate that would be assessed for these levies if the dollars requested is not changed in the coming budget year