2020-166 Ordinance Levying Property Taxes for the City of Decatur, Illinois for the Purpose of Raising Revenue to Meet Certain Necessary Expenses of the City for the Fiscal Year Beginning January 1, 2021 and Ending December 31, 2021

Home Browse Search

Tax abatements in the 2020 Tax Levy are as follows: Debt Issue Abatement$ Abatement amount payable from 2010 Series C GO 137,300.00 Olde Towne TIF Fund 2012 Series GO Refunding 764,625.00 General Fund revenues 2013 Series GO Refunding 1,868,500.00 Water Fund—water projects 2014 Series GO 1,873,437.50 Water Fund—Lake dredging project 2015 Series GO 1,753,975.00 Water Fund—Lake dredging project 2016 Series GO 1,738,256.26 Water Fund—Lake dredging project 2017 Series GO Refunding 1,135,000.00 Water Fund—water projects 2018 Series GO 1,272,650.00 Water Fund—Lake dredging project 2019 Series GO Refunding 402,375.00 Pilot transfer and General Fund revenues 2019 Series B GO 248,510.00 Building Fund/Equipment Replacement Fund 2020 Series GO Refunding 2,054,050.00 Water Fund /Olde Towne TIF Fund Total Abatements 13,248,678.76 The 2020 tax levy presented herewith reflects an increase of 1.9% versus the 2019 tax levy. The increase is the result of anticipated assessed value gain from council actioned annexations and new construction increasing assessed values. On Tuesday December 15, 2020, the city will close on the debt transaction issuance of 2020 Series General Obligations Bonds. This debt transaction was approved with Council Ordinance 2020-85 passed and adopted on May 18, 2020. The 2020 Series GO is a refunding of the 2010 Series B GO, which financed dredging of Lake Decatur basins 5&6, dam repairs, secondary water supply, and Olde Towne TIF downtown streetscape. This debt service is abated from the property tax levy with debt service payable from the water fund and the Olde Towne TIF fund. The abatement of this debt from the property tax levy cannot be actioned at the council meeting on December 14, as the debt does not exist until December 15, 2020. An abatement ordinance will be brought before the Council in January for action. POTENTIAL OBJECTION: There are no known objections to this ordinance request. INPUT FROM OTHER SOURCES: No input from other sources. STAFF REFERENCES: Scot Wrighton, City Manager Gregg D. Zientara, City Treasurer& Director of Finance BUDGET/TIME IMPLICATIONS: Upon adoption of the City property tax levy, the City Clerk will file a certified copy with the Macon County Clerk, who shall use such certified property tax levy in the extension of property tax bills to be prepared and issued to property owners in calendar year 2021 with tax payable in calendar year 2021.