The total value of all the property in Iowa Falls decreased last year, a change that would ordinarily result in higher property taxes. But city leaders, intent on keeping the city tax rate stable, have instead drafted a budget that provides relief, even if it’s so small most property owners probably won’t notice.
The Iowa Falls City Council met late last month to review a proposed budget presented by city staff. The document showed a balanced budget, with a surplus of more than $30,000 in the General Fund. The city has a number of funds, but the General Fund is the one used to pay employee salaries and expenses like insurance, utilities and maintenance. Property taxes, as well as revenue from things like fees, grants and fines, provide money for the General Fund. Each year, the city adopts a budget for the next fiscal year, which will begin on July 1, and sets the property tax levy – the amount of money it will collect on property inside city limits. That money is spent on everything from the police, fire and ambulance departments, to the library, parks, recreation and the swimming pool.