R2020-157 Resolution Estimating Amounts Necessary to be Raised by the 2020 Tax Levy

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City of Decatur, Illinois 2020 Property Tax Levy Tax Levy Options for Council Consideration Background City property tax levy provides funding for: 1 Non self supporting General Obligation debt service obligations 2 Public Safety(police and firefighter)pension obligations 3 Public Library funding 4 Municipal Band funding Baseline Numbers Assessed Value 2019 Tax Levy 2019 pay tax in 2020 x $ 14,187,159 City Property Tax Rate 2019 tax le a tax in 2020 ► n s $ 1.70346 Funding Requirements Decision required on"How and From Where to Fund" necessary from the tax levy Increases from the 2019 tax levy Debt service change on existing debt issues $ 42,506 Public Safety pension obligations $ 999,934 Library/Municipal Band $ (91) Increased funding requirement $ 1,042,349 Property tax levy necessary to fund $ 15,229,508 Options Option 1 Flat Tax Levy$ $ 14,187,159 AV growth 1%+annexation&new construction Assessed value growth $ 16,156,297 AV will increase to $ 849,000,000 Tax rate will decrease to $ 1.67104 Individual property owner tax will decrease (theoretically) Option 1 Issue General Fund is obliglated to fund $ 1,042,349 Option 2 Flat Tax Rate Levy$ $ 14,462,508 AV growth 1%+annexation&new construction Assessed value growth $ 16,156,297 AV will increase to $ 849,000,000 Tax rate is flat $ 1.70348 Individual property owner tax will increase (theoretically) Option 2 Issue General Fund is obligated to fund $ 767,000 Option 3 Tax levy$ required to meet funding comittments 15,229,508 AV growth 1%+annexation&new construction Assessed value growth $ 16,156,297 AV will increase to $ 849,000,000 Tax rate will increaase to $ 1.79382 Individual property owner tax will increase(theoretically) Option 3 Result General Fund is obligated to fund $ - Office of the City Treasurer November 2, 2020