2013-91 LEVYING PROPERTY TAXES - Laserfiche WebLink

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FINANCIAL MANAGEMENT DEPARTMENT #2013-26 DATE: November 25, 2013 TO: Honorable Mayor McElroy and City Council Members FROM: Ryan P. McCrady, City Manager Gregg D. Zientara, City Treasurer& Director of Finance SUBJECT: Property Tax Levy for AV Year 2013 Pay Tax Year 2014 SUMMARY RECOMMENDATION: It is recommended that the City Council approve the attached series of Ordinan es, which set the property tax levy for the City of Decatur for assessed value year 2013 pay to year 2014, and abate certain of the general obligation bond debt service payments, whereby su h abatement will exclude said debt service payment from inclusion in the property tax levy. This tax levy and tax abatements will be used by County Officials to calculate tie tax extensions to appear on property tax bills issued to property owners in calendar year 2C 14 for tax due in calendar year 2014. The property tax levy presented in the ordinance for Council consideration is $17,970,943.82 and includes tax levy amounts for the Decatur IMRF contribution, 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. Tax Abatement Ordinances included amount to $6,186,943.82 of general obli ation debt service tax abatement. The resulting net tax levy after abatement is $11,784,000.00, with compariso as follows to the prior year tax levy: $ (whole) Tax levy Tax Abatement(s) Net Tax Levy 2013 Tax Levy 17,970,943.82 6,186,943.82 11,784,000.00 2012 Tax Levy 19,133,122.32 7,381,485.32 11,751,637.00 The tax levy reduction is the result of Council action in December, 2012to refund General Obligation bond debt 2004 Series A and 2004 series B, into General Obligati n bond debt 2012 Series and 2013 series, whereby such refunding resulted in lower Gene al Obligation debt service principal and interest costs. Attachments include schedules presenting additional information and details concerning the tax levy and tax abatements. council letter[1].doc Page 1 of 2 Page 1 of 2