The Finance Department has a variety of financial roles to help keep the city financially responsible and provide high quality cost effective services
- Assisting the City Council and City Administrator in developing the budget and future financial plans.
- Providing monthly and annual financial reports to assist staff and the City Council in monitoring budgeted expenditures.
- Safeguarding the City’s financial assets through safe and prudent investing and accurate accounting.
- Billing residents and businesses for water, sewer, storm drainage, and street lighting utilities.
Learn about the Adopted 2020 Budget
During the 2020 IGH budget process, City Council members listened to constituents’ concerns and developed budget priorities that include:
- Increase funding for our Pavement Management Program. An additional $500,000 will go into this fund to help with street repair and replacement. This will mean more roads fixed faster!
- Supporting a new Police Cadet Program, which will bring on board employees in non-sworn positions, who can assist with issues such as animal control, parking and traffic control.
- Create a joint position, shared between Parks and Storm Water Management, for improved, more effective maintenance.
The City tax levy for 2020 is $24,747,680. This is a 6% increase over 2019. However, the tax levy rate changed from .53537 to .50881 or a 4.96% DECREASE! This is due in part to tax capacity of properties in the City increasing 6.1% overall. When tax capacity increases, it is because of growth in terms of market value added from new homes and businesses, and the value of previously existing homes and businesses going up.
“...our bond rating [is] at AAa+, which makes it easier for the City to access financing...Overall, IGH continues to grow, with new business and housing capacity added each year.”
Other good news is that the City is good at managing debt, with our debt-to-operating budget ratio capped at just 15%. This keeps our bond rating at AAa+, which makes it easier for the City to access financing it might need. Overall, IGH continues to grow, with new business and housing capacity added each year. Did you know that our community added more than 500 new homes in the last 5 years? Our City Council and staff share your priorities regarding pavement management, community safety and the environment. We are eager to move forward into a new decade full of opportunities for IGH.
Should you have any questions about how our budget process works, call City Hall at 651-450-2500.