Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
CLP
Agenda Item Title
Title
The Village of Oak Park's Tax Year 2017 Property Tax Levy Ordinance
End
Overview
Overview
Concurrent with the recommended adoption of the FY18 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY18 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.
Fiscal Impact
TAX LEVY SUMMARY
To Be Raised by
Fund No. Fund Name Tax Levy
1001 General Fund $18,068,000
5022 Police Pension Fund 5,470,687
5023 Firemen's Pension Fund 5,677,679
4025 Bond and Interest 3,933,801
3036 Public Library Fund 9,081,998
Total Tax Levy $42,232,165
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 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 a specific sum of money to the Village in order to pay the debt service the village issued on their behalf.
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.
Alternatives
While the Board could defer passage of the levy and/or change the amounts,a levy is requir...
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