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...
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