Submitted By
Craig Lesner, Finance
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Providing For Abatement of $680,500 of the 2014 Tax Levy (2011A General Obligation Corporate Purpose Bonds)
End
Overview
Overview
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 general obligation (GO) debt is issued, it is presumed to be levied for unless the Village specifically directs the Cook County Clerk's Office to not levy or abate the amount needed for debt service.
The Village abates the tax levy needed to pay for certain issues depending on the purpose of the issue. For example, if GO debt is issued on behalf of the Water and Sewer Fund, it is expected that the Fund will pay for its portion of the debt expense.
Body
Staff Recommendation
Approve
Fiscal Impact
No fiscal impact. These technical changes do not affect the property tax levy as originally purposed and approved by the board on December 8, 2015.
Background
In reviewing the Village's original abatement schedule, the Cook County Clerk's office has requested a technical amendment. It states that the issue is this specific debt payment, while occurring in fiscal year 2015 partially occurs in tax years 2013 and 2014. The originally action calculates the payment coming fully from the 2014 tax year, therefore, while the overall debt service does not change, the abatement needs to be amended for tax year 2014.
Alternatives
The Board may defer action for discussion; however, the County has requested the amendment to be executed as soon as possible.
Previous Board Action
The Board approved the original abatement on December 8, 2015 as part of the overall budget approval process.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
None.
Intergovernmental Cooperation Opportunities
N...
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