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Financial Management <br /> DATE: 11/4/2024 <br /> MEMO: <br /> TO: Honorable Mayor Moore Wolfe and <br /> City Council Members <br /> FROM: Tim Gleason,City Manager <br /> Ruby James,City Treasurer&Chief Financial Officer <br /> SUBJECT: Resolution Estimating Amounts Necessary to be Raised by the 2024 Tax Levy <br /> SUMMARY RECOMMENDATION: <br /> The City of Decatur hereby proposes to the City Council the 2024 Tax Levy, for taxes to be extended by the Macon County Clerk <br /> with Equalized Assessed Values as determined by the Macon County Office of Assessment and certified by the State of Illinois <br /> Department of Revenue,for property taxes to be billed and collected by the Macon County Treasurer in calendar year 2025. <br /> BACKGROUND: <br /> The City Manager presented the proposed 2024 tax levy at the 2025 budget session on October 14,2024. The proposal at that time <br /> was a 9%increase over the 2023 tax levy with an estimated increase in the equalized assessed valued(EAV)of 5.14% for Decatur <br /> Township. <br /> Per state statute, the Council is required to adopt a resolution of Notification of Proposed Tax Levy at least 20 days prior to <br /> adoption of the tax levy at the December 2, 2024 council meeting, to provide notice of the 2024 proposed tax levy increase. The <br /> Council is not bound by this resolution but rather it serves as notice of the intention to adopt the levy set forth in the resolution. <br /> On November 23, 2024, the city will publish notification in the Decatur Herald & Review newspaper of a public hearing in the <br /> matter of the annual tax levy ordinance to be held at the council meeting of December 2,2024. <br /> The Tax Levy will be presented to the City of Decatur City Council for approval at the December 2,2024 meeting. <br /> POTENTIAL OBJECTIONS: None Anticipated. <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCE: Ruby F. James,Chief Financial Officer&City Treasurer <br /> BUDGET/TIME IMPLICATIONS: The final adopted Tax Levy will be provided to the Macon County Treasurer to be used for <br /> property taxes billed and collected by that office in calendar year 2025. <br /> ATTACHMENTS: <br /> Description Type <br /> Resolution Estimating Amounts Necessary to be Raised Resolution Letter <br /> by the 2024 Tax Levy_ <br />