2001-78 ABATING LEVY - Laserfiche WebLink

Home Browse Search

FINANCIAL MANAGEMENT DEPARTMENT #2001-09 DATE: November 13, 2001 TO: Honorable Mayor Howley and City Council FROM: Steve Gannan, City Manager Beth Couter, Director of Financial Management �� SUBJECT: 2001 Property Tax Levy Ordinances for Budget Yeaz 2002-2003 SUMMARY RECOMMENDATION: Staff recommends the passage of the attached property tax levy ordinances as discussed during the study session held on October 29, 2001. The second page of this memo is a copy of the schedule discussed from that study session. Then pages three through seven are: � 1 Ordinance establishing the 2001 corporate tax levy. 2. Ordinance partially abating the 1991 General Obligation Bonds with state income taxes. 3. Ordinance fully abating the 1998 General Obligation Bonds (Library bonds)with local sales taxes. 4. Ordinance fully abating the 2000 General Obligation Refunding Bonds (South Water Treatment Plant)with water revenues. BACKGROUND: Annually each fa11 the City Council authorizes a property tax levy for City functions. Once passed by the Council the ordinances will be submitted to the Macon County Clerk so he can extend the city's 2001 tax levy. POTENTIAL OBJECTIONS: � While there may be comments from residents regarding the payment of property taxes in general, as the City's properiy tax levy did not increase from last year's, it is hoped that the focus of any possible concern will not be directed towards the City. INPUT FROM OTHER SOURCES: Bond ordinances; police and fire pension fund actuarial reports; and Illinois Municipal Retirement Fund. � STAFF REFERENCE: Beth Couter at 424-2702, or email at bbcouter@decaturnet.org BUDGET/TIME IMPLICATIONS: Budget time is minimal; budget implications are positive as these ordinances are for revenues.