Submitted By
Steven Drazner, Finance
Reviewed By
LKS
Agenda Item Title
Title
The Village of Oak Park’s Tax Year 2016 Property Tax Levy Ordinance
End
Overview
Overview
On an annual basis during the budget process, the Village staff calculates the revenue needs for all funds of the Village. 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
Fiscal Impact
TAX LEVY SUMMARY
To Be Raised by
Fund No. Fund Name Tax Levy
1001 General Fund $15,232,408
5022 Police Pension Fund 4,940,474
5023 Firemen's Pension Fund 5,601,488
4025 Bond and Interest 4,510,099
3036 Public Library Fund 8,705,020
Total Tax Levy $38,989,489
Background
The Police and Fire Pension levies are collected by the Cook County Treasurer and paid directly into those funds. They have no impact on the overall operational budget of the Village.
The Library levy is also collected by the Cook County Treasurer and remitted to their account. The Library is then required to transfer money to the Village in order to pay the debt service on their behalf.
The Debt Service levy is collected by the Cook County Treasurer and paid directly into those funds held at First Merit Bank where deposits are backed by collateral agreements. The Village then wires the money to Seaway Bank when payments are due, who then makes payments directly to holders of general obligation (G.O.) debt.
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 27, 2016.
Previous Board Action
The Board approved last year’s levy at its meeting on December 7, 2015.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
N/A