File #: 14-439    Version: 1 Name: 2014 Estimate of Taxes to be Levied
Type: Action Item Status: Approved
File created: 10/16/2014 In control: City Council
On agenda: 10/28/2014 Final action: 10/28/2014
Title: Communication from the City Manager and the Finance Director/Comptroller Requesting the following: A. A PRESENTATION of the Recommended REVISED 2015 ANNUAL BUDGET. B. APPROVE the ESTIMATE OF TAXES TO BE LEVIED, in the Amount of $25,333,673, at a RATE of $1.2899 Pursuant to 35 ILCS 200/18-60.
Indexes: Goal 1 - Financially Sound City , Have an efficient government., Keep taxes and fees competitive
ACTION REQUESTED:  
Title
Communication from the City Manager and the Finance Director/Comptroller Requesting the following:
 
A.      A PRESENTATION of the Recommended REVISED 2015 ANNUAL BUDGET.
 
B.      APPROVE the ESTIMATE OF TAXES TO BE LEVIED, in the Amount of $25,333,673, at a RATE of $1.2899 Pursuant to 35 ILCS 200/18-60.
 
Body
BACKGROUND: The City Manager and Finance Director will provide an overview of the revisions to the adopted 2015 Budget. Staff recommends that Policy Sessions be held on November 11th and 18th with the adoption of the revised 2015 Budget and Tax Levy on November 25, 2014.
 
The Truth in Taxation Act provides that the Corporate Authorities determine the amount of the money estimated to be necessary to be raised by taxes 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 2014 aggregate property tax levy collectible in 2015 is estimated at $25,333,673. This acceptance of this estimate does not bind the Council. The tax levy ordinance is scheduled to be presented to Council for adoption on November 25, 2014.
 
The estimated levy represents a rate of $1.2899 (including the Library)
 
FINANCIAL IMPACT: $25,333,673 in property tax revenue or other amount determined by the Mayor and Council.
 
NEIGHBORHOOD CONCERNS:   Public Hearing for the Budget to be held November 11, 2014.
      
IMPACT IF APPROVED:  The budget and final tax levy adoption can occur on November 25, 2014.
 
IMPACT IF DENIED:   A delay in the tax levy and budget adoption would result. If sufficiently 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 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. Keep taxes and fees competitive.      
2. Have an efficient government.      
 
DEPARTMENT: Finance