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An Ordinance Providing for the Abatement of the $765, 231 Against the 2025 Tax Levy (2016E General Obligation Corporate Purpose Bonds)
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Introduction
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On an annual basis, Village staff recommends the abatement or cancellation of various tax levies that were originally pledged to pay the debt service of a specific bond issue. By default, whenever a General Obligation (GO) bond is issued, the annual debt service is automatically levied by the County unless the Village directs the Cook County Clerk’s Office to abate some or all of the annual levy amount. When other non-property tax Village revenues are available to pay all or a portion of the debt service, the Village abates the tax levy.
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Recommended Action
Adopt the ordinance.
Prior Board Action
The Village Board last approved the annual statements at its meeting held on December 3, 2024.
Background
Abatements come before the Village Board for review and approval annually as the Village sets its property tax levy necessary to pay the annual debt service.
Timing Considerations
There are no specific timing considerations associated with this item.
Budget Impact
This ordinance will reduce the necessary property levy for debt service by $765,231, so that the final year 2025 levy for said bonds shall $0, as recommended in the FY26 Budget.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department’s core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Adopt the Ordinance.
Advantages:
• This action will reduce the overall property tax burden on residents and businesses.
Disadvantages:
• There are no disadvantages to this action.
Alternatives
The Village Board is not required to abate any of the pre-filed debt levies with the County, and by doing so, the abated amounts reduce the debt service portion of the Village levy. Prior to abating the debt service on a particular bond issue, there must be an alternative revenue source to pay that annual debt service.
Alternative 1:
The Board can elect to reject the Ordinance.
Advantages:
• There are no advantages to this action.
Disadvantages:
• The Village would not be acting fiscally responsible in the Village’s authority to levy against residents and businesses.
Anticipated Future Actions
There are no anticipated future actions in relation to this item.
Prepared By: Donna M. Gayden, Interim Chief Financial Officer
Reviewed By: Ahmad M. Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Ordinance