ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE LEVYING the TAXES for FISCAL YEAR 2020 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2020. The total 2020 levy amount of $27,057,301 represents an anticipated rate of $1.3466. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.3466. The property tax rate for the City of Peoria has been relatively stable the last twenty years, with the lowest rate at $1.29 and the highest rate at $1.5647 which is due in part to the bond issued for the Peoria Public Library expansion in 2008 and the additional funds levied for road projects beginning in fiscal year 2016. Below is the summary of real estate tax rates levied for the City of Peoria and Library over the last ten years.
|
Year Levied |
City Tax Rate |
Library Tax Rate |
Year Levied |
City Tax Rate |
Library tax Rate |
|
2009 |
.9975 |
.3890 |
2014 |
.9565 |
.4405 |
|
2010 |
.9602 |
.4309 |
2015 |
1.1222 |
.4397 |
|
2011 |
.9694 |
.4402 |
2016 |
1.1211 |
.4303 |
|
2012 |
.9619 |
.4443 |
2017 |
1.1228 |
.4269 |
|
2013 |
.9662 |
.4455 |
2018 |
1.1368 |
.4279 |
FINANCIAL IMPACT: Property tax revenue in the amount of $27,057,301.
NEIGHBORHOOD CONCERNS: Comments received requesting no increase in property taxes. A Truth in Taxation hearing was not required as there was a decrease in property taxes levied.
IMPACT IF APPROVED: Property taxes will be levied in the amount of $27,057,301 at an estimated rate of $1.3466. The City will be in compliance with statutory requirements of levying taxes and adopting a balanced budget.
IMPACT IF DENIED: Property taxes will not be levied in the amount of $27,057,301 and anticipated revenues included in the budget will not be realized. The City would fail to meet statutory requirements for levying taxes and adopting a balanced budget.
ALTERNATIVES: Provide an alternative amount to be levied. Should that amount cause the levy to increase by more than 5%, a truth in taxation hearing would be required.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance