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