ACTION REQUESTED:
Title
REPLACEMENT Communication from the City Manager and the Finance Director/Comptroller with a Request to ADOPT an ORDINANCE LEVYING the TAXES for FISCAL YEAR 2016 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2016. The total 2016 levy amount of $27,320,476 represents an anticipated tax rate of $1.2899. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.2899. The property tax rate for the City of Peoria has been relatively stable for the last eighteen years, with the lowest rate at a $1.249 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:
City Tax Library Tax City Tax Library Tax
Year Levied Rate Rate Year Levied Rate Rate
2005 .9662 .3432 2010 .9602 .4309
2006 .9498 .3398 2011 .9694 .4402
2007 .9340 .3367 2012 .9619 .4443
2008 .9469 .4392 2013 .9662 .4455
2009 .9975 .3890 2014 .9565 .4405
FINANCIAL IMPACT: Property Tax revenue of $27,320,476
NEIGHBORHOOD CONCERNS: No concerns expressed during the Truth and Taxation hearing regarding the tax levy.
IMPACT IF APPROVED: Property taxes would be levied in the amount of $27,320,476 at an estimated rate of $1.2899. 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 $27,32...
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