Council approves FY25 street and annual financial reports and certifies TIF payments

The Marshalltown City Council on Nov. 24 approved routine but substantive financial documents for fiscal year 2025 and certified tax-increment financing items for multiple urban renewal areas.

Finance Director Diana Steiner reviewed the annual street financial report, noting that the city transfers road use tax to fund street-related salaries and expenses and that the city paid nearly $3.5 million in debt service. She reported $3.9 million in road-use-tax receipts for FY25 and listed recurring street costs including approximately $269,000 in street lighting, $165,000 in snow removal and equipment purchases such as two International dump trucks and a John Deere compact track loader.

Steiner also presented the city's annual cash-basis financial report for the year ended June 30, 2025, citing $14.8 million in property tax revenue, $94.7 million in cash and about $77 million in total outstanding debt (approximately $51 million of that as general obligation debt). She explained that the council has a self-imposed restriction at about 70% of the statutory general-obligation limit. Council then considered and approved the annual report by roll call.

Separately, Steiner presented the required certification under Code of Iowa 403.19 to the county auditor for multiple TIF/urban renewal areas. The certification included a set of payments and appropriations: the Marshalltown Chamber of Commerce ($100,000 annually cited), McFarland Clinic developer payment ($290,000), Rise VA medical center ($100,000), and payments related to the Holiday/Express hotels (listed at $120,000), among other items. Council approved the TIF certification by roll call.

All three financial resolutions were approved at the meeting by recorded roll calls.