Linn County's fiscal year 2024 (FY24) budget was developed through more than 20 public meetings between the Linn County Board of Supervisors, other Linn County elected officials, and department heads from November 2022 through March 2023.
The FY24 budget continues Linn County’s funding priorities of public health and safety, physical and mental health, roads and transportation, the environment, and necessary capital improvements. The budget includes funding for priorities identified by the Board of Supervisors that will have a positive impact on the County’s ability to serve residents.
Approximately 16% of property taxes paid by Linn County property owners in incorporated areas are used to fund County services. The remaining 84% of property taxes goes to the property taxpayer’s city of residence, school district, and other taxing bodies in the county. Linn County taxes represent slightly more than one-third of property taxes for rural residents.
Fiscal Year 2024 Budget
Fiscal Year 2024 Budget Summary
- Expenditure budget of $152.2 million – a decrease of $2.6 million or 1.7% from last year due to reductions made to accommodate Iowa Senate File 181 and a decrease in federal American Rescue Plan Act (ARPA) project appropriations
- An increase in the countywide levy rate from $5.85 to $5.96 per $1,000 of taxable value. This increase was necessary to maintain current services while meeting rising inflation costs.
- No increase in the rural levy rate of $2.71; rural levy rate includes a reduction of one dollar for rural residents from the Local Option Sales Tax allocation as voted on by rural residents
- Impact to homeowner: Property taxes will increase 2.8% due to the increase in the countywide levy rate and state rollback change. This is equal to $18 on a $200,000 home.
- Commercial and industrial property taxes will increase 1.9% due to the increase in the countywide levy rate. This is equal to $39 on a $400,000 business. Last year, commercial and industrial property taxes decreased by 6.3%.
- Farmland taxes will increase approximately 4.2% due to the annual change in the state agricultural rollback and the increase in the countywide levy rate. This is equal to $291 on a $900,000 farm.
- Property taxes levied: $78.2 million – an increase of 3.5% from last year due to the increase in the countywide levy rate and change in the state rollbacks
- Property taxes account for 51% of Linn County’s FY24 budget.
- Local Option Sales Tax revenue of $3.3 million is estimated for road construction projects; $1.5 million for Conservation projects; and $1.5 million in property tax relief for rural residents
- Achieves goal of general fund ending balance of 25%. This is important in maintaining Linn County's Aaa bond rating with Moody's Investors Service. The Aaa bond rating allows Linn County to issue debt at the lowest possible cost to taxpayers. The 25% fund balance also provides Linn County with flexibility needed to address unforeseen events, such as the destructive flooding that devastated Cedar Rapids and the surrounding area in 2008, the 2020 derecho, and the COVID-19 pandemic. The ability to finance the immediate disaster-related costs until short-term debt proceeds are received is critical to the County's recovery efforts.
- Linn County’s fiscal year runs July 1 through June 30.
Linn County has successfully maintained its Aaa bond rating (the highest rating possible) and has received the following awards from the Government Finance Officers Association for consistently exercising sound financial management and reporting:
- Certificate of Achievement for Excellence in Financial Reporting - 33 consecutive years
- Distinguished Budget Presentation Award - 27 consecutive years
- Outstanding Achievement in Popular Annual Financial Reporting - 23 consecutive years