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Financial Management <br /> DATE: 12/12/2021 <br /> MEMO: Finance Department <br /> TO: Honorable Mayor Moore Wolfe and City Council <br /> FROM: Scot Wrighton,City Manager <br /> Gregg Zientara,City Treasurer&Director of Finance <br /> SUBJECT: An Ordinance Levying Property Taxes for the City of Decatur,Illinois for the Purpose of Raising Revenue to <br /> Meet Certain Necessary Expenses of the City for the Fiscal Year Beginning January 1,2022,and Ending December 31,2022. <br /> SUMMARY RECOMMENDATION: See attached memo. <br /> BACKGROUND: The proposed tax levy ordinance reflects the direction of the City Council during discussion items and <br /> budget study sessions on this topic. Despite rapidly increasing police and fire pension costs that are consuming two-thirds of the <br /> entire property tax levy,the City Council is committed to keeping the city tax levy comparatively flat,by capturing an <br /> inflationary increase of only 2%,plus added values from annexation,new construction and property that used to be in a tax <br /> increment financing district. This approach to fiscal restraint should keep the city from getting a windfall from a short-term spike <br /> in equalized assessed values that may have occurred recently as a result of a nation-wide increase in property values due to <br /> reduce supply. <br /> ATTACHMENTS: <br /> Description Type <br /> Council letter Cover Memo <br /> Ordinance Cover Memo <br />