ACTION REQUESTED:
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Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE the ESTIMATE OF TAXES TO BE LEVIED, in the Amount of $27,766,500.00 at a Rate of $1.34738 Pursuant to 35 ILCS 200/18-60.
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BACKGROUND: The Truth in Taxation Act provides Corporate Authorities determine the amount of the money necessary to be raised at least twenty (20) days before the adoption of the aggregate levy. If the proposed levy represents more than a 5% increase over the final aggregate levy of the preceding year, a Truth in Taxation Hearing would be required. The 2018 aggregate property tax levy collectible in 2019 is estimated at 27,766,500.00. This amount does not include property taxes levied for bonds as they are levied through the bond ordinance. The proposed rate is equal to the 2017 levy rate and the amount of taxes to be levied are 2.5% lower than the amount levied in 2017. The acceptance of this estimate does not bind the Council. The earliest the tax levy ordinance could be presented to Council for adoption is November 13, 2018.
The estimated levy represents a rate of $1.34738 (including the Library).
FINANCIAL IMPACT: $27,766,500 in property tax revenue or other amount determined by the Mayor and Council.
NEIGHBORHOOD CONCERNS: Public Hearing for the Budget to be held October 30, 2018.
IMPACT IF APPROVED: The budget and final tax levy adoption can be as soon as November 13, 2018.
IMPACT IF DENIED: A delay in the tax levy and budget adoption would result. If significantly delayed, the City would not meet legal mandates.
ALTERNATIVES: Establish a different amount of estimated taxes and tax rate.
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