Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ORD 17-281    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/11/2017 Final action: 12/11/2017
Title: The Village of Oak Park's Tax Year 2017 Property Tax Levy Ordinance
Attachments: 1. Regular Levy Ordinance FY18

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 required to be filed with the Cook County Clerk’s Office no later than December 26, 2017.

 

Previous Board Action

The Board approved last year’s levy at its meeting on December 5, 2016.

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A

 

Performance Management (MAP) Alignment

N/A