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 2019 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2019. The total 2019 levy amount of $27,766,129 represents an anticipated rate of $1.34736. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.34736. 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 $1.5619 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 |
|
|
|
|
|
|
|
|
2008 |
.9469 |
.4392 |
2013 |
.9662 |
.4455 |
|
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 |
FINANCIAL IMPACT: Property tax revenue in the amount of $27,766,129.
NEIGHBORHOOD CONCERNS: No concerns expressed relating to the property tax levy during the budget hearing. A Truth and Taxation hearing was not required as the increase in property taxes was than 5%.
IMPACT IF APPROVED: Property taxes would be levied in the amount of $27,766,129 at an estimated rate of $1.34736. The City would be in compliance with statutory requirements for levying taxes and adopting a balanced budget.
IMPACT IF DENIED: Property taxes would not be levied in the amount of $27,766,129 and anticipated revenues included in the budget would not be realized. The City would fail to meet statutory requirements for levying taxes and adopting a balanced budget.
ALTERNATIVES: Provide and alternative amount to be levied.
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