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 2017 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2017. The total 2017 levy amount of $28,325,070 represents an anticipated tax rate of $1.34583. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.34583. The property tax rate for the City of Peoria has been relatively the last twenty years, with the lowest rate at $1.249 and the highest rate at $1.5619 which is due to impart 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.
City Tax Library Tax City Tax Library Tax
Year Levied Rate Rate Year Levied Rate Rate
2006 .9498 .3398 2011 .9694 .4402
2007 .9340 .3367 2012 .9619 .4443
2008 .9469 .4392 2013 .9662 .4455
2009 .9975 .3890 2014 .9565 .4405
2010 .9602 .4309 2015 1.1222 .4397
FINANCIAL IMPACT: Property Tax revenue in the amount $28,325,070.
NEIGHBORHOOD CONCERNS: No concerns expressed during citizens opportunity to address the budget. A Truth in Taxation hearing was not required as the increase in property taxes was less than 5%.
IMPACT IF APPROVED: Property taxes would be levied in the amount of $28,325,070 at an estimated rate of $1.34583. The City would be in compliance meeting statutory requirements for levying taxes and adopting a balanced budget.
IMPACT IF DENIED: Property taxes would not be levied in the amount of $28,325,070 and anticipated revenues included in the budget would not be realized. Th...
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