ACTION REQUESTED:
Title
Communication from the City Manager and the Finance Director/Comptroller with a Request to APPROVE the ESTIMATE OF TAXES TO BE LEVIED, in the Amount of $29,089,071.00, at a Rate of $1.4456 Pursuant to 35 ILCS 200/18-60.
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BACKGROUND: The Truth in Taxation Act provides that Corporate Authorities determine the amount of the money 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 2016 aggregate property tax levy collectible in 2017 is estimated at $29,089,071. The acceptance of this estimate does not bind the Council. The tax levy ordinance is scheduled to be presented to Council for adoption on November 15, 2016.
The estimated levy represents a rate of $1.4456 (including the Library).
FINANCIAL IMPACT: $29,089,071 in property tax revenue or other amount determined by the Mayor and Council.
NEIGHBORHOOD CONCERNS: Public Hearing for the Budget to be held October 25, 2016
IMPACT IF APPROVED: The budget and final tax levy adoption can occur on November 15, 2016.
IMPACT IF DENIED: A delay in the tax levy and budget adoption would result. If significantly 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. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance