File #: 14-471    Version: 1 Name: Ord Levying Taxes for Fiscal Year 2015
Type: Ordinance Status: Adopted
File created: 11/19/2014 In control: City Council
On agenda: 11/25/2014 Final action: 11/25/2014
Title: Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE LEVYING the TAXES for FISCAL YEAR 2015 for MUNICIPAL PURPOSES for the City of Peoria, Illinois
Indexes: Goal 1 - Financially Sound City , Have an efficient government., Keep taxes and fees competitive
Attachments: 1. ORD NO 17,168, 2. 2015 Tax Levy Ord
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 2015 for MUNICIPAL PURPOSES for the City of Peoria, Illinois
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2015. The total 2015 levy amount of $25,509,183 represents an anticipated tax rate of $1.2899. The attached ordinance levies a dollar amount and does not cap the tax rate at a $1.2899. The property tax rate for the City of Peoria has been relatively stable over the last seventeen years, with the lowest rate at $1.2479 and the highest rate at $1.4117 which is due to the bond issued for the Peoria Public Library expansion in 2008. Below is the summary of real estate tax rates levied for the City of Peoria and the Library over the last ten years:
 Year Levied
City Tax Rate
Library Tax Rate
 
Year Levied
City Tax Rate
Library Tax Rate
2004
.9662
.3061
 
2009
.9975
.3890
2005
.9464
.3432
 
2010
.9602
.4309
2006
.9498
.3398
 
2011
.9694
.4402
2007
.9340
.3367
 
2012
.9619
.4443
2008
.9469
.4392
 
2013
.9662
.4455
 
 
FINANCIAL IMPACT: Property Tax revenue of $25,509,183
 
NEIGHBORHOOD CONCERNS:   No concerns expressed during budget hearing regarding the tax levy.
      
IMPACT IF APPROVED:  Property taxes would be levied in the amount of $25,509,183 at an estimated rate of $1.2899. The City would be in compliance in meeting statutory requirements for levying taxes and adopting a balanced budget.
 
IMPACT IF DENIED:   Property taxes would not be levied in the amount of $25,509,183 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:   N/A
 
EEO CERTIFICATION NUMBER: N/A
 
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
 
1. Financially Sound City Government, Effective City Organization      
 
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