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 Governme...
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