Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
The Village of Oak Park’s Tax Year 2024 Property Tax Levy Ordinance
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Overview
Overview
Concurrent with the recommended adoption of the FY25 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY25 Budget, as well as all Ordinances presented to abate the collection of property taxes for debt service due to the availability of other sources of revenues. In the case of funds fully or partially funded from property taxes, State law requires that property taxes are calculated after considerations of all other funding sources have been reviewed.
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Recommendation
Recommendation
Adopt the Ordinance.
Background
The Police and Fire Pension levies are collected by the Cook County Treasurer and paid directly into those funds. Thus, they have no impact on the overall operating budget of the Village.
The Library levy included in this Ordinance has previously been approved via a Resolution by the Oak Park Public Library Board. Tax revenues from this levy are distributed by the Cook County Treasurer directly to the Library’s bank account.
The Debt Service levy is collected by the Cook County Treasurer and periodically remitted to the Village along with the General Fund levy. The paying agent for the Village’s bond issues is Amalgamated Bank and the Village wires the exact amount of each bond payment to the bank the day before the due date for timely payment to investors by the paying agent.
Fiscal Impact
TAX LEVY SUMMARY
To Be Raised by
Fund No. Fund Name Tax Levy
1001 General Fund $18,529,522
7022 Police Pension Fund $ 7,639,547
7023 Firemen's Pension Fund $ 6,813,643
4025 Bond and Interest* $ 5,432,414
3036 Public Library Fund $11,404,000
Total Tax Levy** $49,818,126
*After abatements
**The County will automatically increase each levy by an additional 3% (5% for Bond & Interest) to offset unpaid property taxes and appeals.
DEI Impact
The Village strives to be responsive to the economic needs of its most vulnerable populations while ensuring said populations receive the services they need to thrive in Oak Park.
Alternatives
While the Board could defer passage of the levy and/or change the amounts, a levy is required to be filed with the Cook County Clerk’s Office no later than December 31, 2024.
Previous Board Action
The Board approved last year’s levy at its meeting on December 4, 2023.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A