Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
AMZ
Agenda Item Title
Title
The Village of Oak Park's Tax Year 2021 Property Tax Levy Ordinance
End
Overview
Overview
Concurrent with the recommended adoption of the FY22 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY22 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.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
TAX LEVY SUMMARY
To Be Raised by
Fund No. Fund Name Tax Levy
1001 General Fund $17,900,604
7022 Police Pension Fund $7,319,950
7023 Firemen's Pension Fund $6,512,755
4025 Bond and Interest* $4,285,013
3036 Public Library Fund $9,740,364
Total Tax Levy ** $45,758,686
*After abatements
**The County will automatically increase each levy by an additional 3% (5% for Bond & Interest) to offset unpaid property taxes and appeals.
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 OP 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 ...
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