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 22-36    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/5/2022 Final action: 12/5/2022
Title: The Village of Oak Park's Tax Year 2022 Property Tax Levy Ordinance
Attachments: 1. Regular Levy Ordinance FY23
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
A.M. Zayyad

Agenda Item Title
Title
The Village of Oak Park's Tax Year 2022 Property Tax Levy Ordinance

End
Overview
Overview
Concurrent with the recommended adoption of the FY23 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY23 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 $19,147,982
7022 Police Pension Fund $6,497,788
7023 Firemen's Pension Fund $5,973,017
4025 Bond and Interest* $4,399,535
3036 Public Library Fund $10,227,382

Total Tax Levy ** $46,245,704

*After abatements
**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 operating budget of the Village.

The Library levy included in this ordinance has previously been approved via a Resolution by the OP Public Library Board. Tax revenues from this levy are distributed by the Cook County Treasurer directly to the Library's bank account.

The Debt Service levy is collected by the Cook County Treasurer and periodically ...

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