R2023-243 Resolution Estimating Amounts Necessary to be Raised by the 2023 Tax Levy 3% Increase

Home Browse Search

in Financial Management DATE: 11/20/2023 MEMO: TO: Honorable Mayor Moore Wolfe and City Council Members FROM: Scot Wrighton,City Manager Ruby F James,City Treasurer&Chief Financial Officer SUBJECT: 2023 Notification of Proposed Tax Levy for property taxes to be billed and collected by the Macon County Treasurer in calendar year 2024. SUMMARY RECOMMENDATION: The City of Decatur hereby proposes to the City Council the 2023 Tax Levy, for taxes to be extended by the Macon County Clerk with Equalized Assessed Values as determined by the Macon County Office of Assessment and certified by the State of Illinois Department of Revenue,for property taxes to be billed and collected by the Macon County Treasurer in calendar 2024. BACKGROUND: The City Manager presented the 2023 proposed tax levy at the 2024 budget session on November 15, 2023. The original proposal at that time was a 7%increase over the 2022 tax levy with an estimated increase in the equalized assessed valued(EAV)of 10.82% for Decatur Township. Per the City Council's request,two additional proposals were requested for a 3%increase and a 5%increase over the 2022 tax levy and are provided as an attachment. Per state statute, the Council is required to adopt a resolution of Notification of Proposed Tax Levy at least 20 days prior to adoption of the tax levy at the December 20, 2023 council meeting, to provide notice of the 2023 proposed tax levy increase. The Council is not bound by this resolution but rather it is notice of the intention to adopt the levy set forth in the resolution. On December 9, 2023, the city will publish notification in the Decatur Herald & Review newspaper of a public hearing in the matter of the annual tax levy ordinance to be held at the council meeting of December 20,2023. The Tax Levy will be presented to the City of Decatur City Council for approval at the December 20,2023 meeting. POTENTIAL OBJECTIONS: None anticipated INPUT FROM OTHER SOURCES: None STAFF REFERENCE: Ruby F. James, CFO and City Treasurer BUDGET/TIME IMPLICATIONS: The 2023 tax levy is a vital source of income to the City's 2024 budget and is used to support Fire Pension,Police Pension,Library Budget,the Municipal Band Budget and GO bonds. ATTACHMENTS: Description Type Resolution Estimating Amounts Necessary to be Raised by the 2023 Tax Levy 5%Increase Resolution Letter 2023 Proposed Property Tax Levy ummaryQptions Backup Material