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Why Compare with 2005 Budget?

Since 2005 the City Budget has dramatically increased anticipating rapid population growth. But there has been only 8% population growth with few new building permits. This means existing homeowners are shouldering more and more burden in property tax (assessments have increased substantially) and fees, as can be seen here.

Data Source Iowa Department of Management February 2015



















What exactly is "Other Financing"?


In the FY2015 City Budget as filed with the State of Iowa Department of Management, there is detail on long term debt financing most of which is with one company - Essen Corp. I was not able to find out who Essen Corp is, but assume they hold the TIF and other Mount Vernon Municipal bonds.
It would be helpful if the City Administrator would provide greater detail on "Other Financing" since it is growing at such a rapid rate and in the end must be paid by taxpayers in added taxes and fees. It would also be helpful to have more detail on Essen Corporation so we understand why they have become such an important part of Mount Vernon city finances.

Mount Vernon, Iowa

Population Growth 8.3% since 2005 4171 4510
Households/2.5 1668.4 1804

Actual FY
2005		 Budget FY
2015
Revenues & Other Financing Sources
Property Taxes 876,918 1,595,129   Up 82% since 2005
TIF Revenues 613,934 666,317
Other City Taxes 518,229 80,064
Licenses & Permits 72,072 70,000
Use of Money and Property 46,794 18,800
Intergovernmental 333,602 455,000
Charges for Fees & Service 1,133,627 2,085,000   Up 84% since 2005
Special Assessments 0 0
Miscellaneous 123,762 195,461
Other Financing Sources 1,843,773 4,275,518   Up 132% since 2005
TOTAL REVENUE 5,562,711 9,441,289