Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
The Village of Oak Park's Tax Year 2018 Property Tax Levy Ordinance
End
Overview
Overview
Concurrent with the recommended adoption of the FY19 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY19 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 $17,486,431
7022 Police Pension Fund 6,211,250
7023 Firemen's Pension Fund 5,158,133
4025 Bond and Interest 4,104,170
3036 Public Library Fund 9,403,982
Total Tax Levy $42,363,966**
**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 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...
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