2022-48 An 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, 2023, and Ending December 31, 2023

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LETTER to the DECATUR CITY COUNCIL Finance Department DATE: December 7,2022 TO: Honorable Mayor Moore Wolfe and City Council Members FROM: Scot Wrighton, City Manager Gregg D.Zientara, City Treasurer&Director of Finance SUBJECT: Property Tax Levy for AV Year 2022 Pay Tax Year 2023 SUMMARY RECOMMENDATION: It is recommended that the City Council approve the attached series of Ordinances,which set the property tax levy for the City of Decatur for assessed value year 2022 pay tax year 2023 and abate certain of the general obligation bond debt service payments, whereby such abatement will exclude said debt service payment from inclusion in the property tax levy. At the council meeting of October 17, 2022, the City Manager presented property tax levy options to the Council for discussion and direction for city preparation of the 2022 Property Tax Levy. City Council directed the tax levy be prepared in accordance with Option 2, a tax levy increase of 2.5%versus the 2021 tax levy. The property tax levy presented herewith for approval reflects the direction provided by the council. The property tax levy presented in the ordinance for Council consideration is $31,433,493.02 and includes tax levy amounts for the Decatur Police Pension, Decatur Firefighter Pension, Decatur Public Library, Decatur Municipal Band, and debt service payments for all General Obligation Debt due in the fiscal year covered by the tax levy. Abatement ordinances included amount to $16,110,365.02 of general obligation bond debt service payments. Such tax abatement from the property tax levy is possible as the City has secured alternative revenue sources sufficient to pay certain General Obligation debt service amounts in the fiscal period 2023. The resulting net tax levy after abatement is $15,323,128.00, a 2.5% increase versus the prior year tax levy: $ (whole) Tax levy Tax Abatement(s) Tax Levy After Abatement(s) 2022 Tax Levy 31,433,493.02 16,110,365.02 15,323,128.00 2021 Tax Levy extended 28,533,436.18 13,584,135.26 14,949,393.50 2022 vs. 2021 - 10.2% 18.6% 2.5%