2016-92 Ordinance Levying Property Taxes for FIscal Year 2017

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Item Coversheet Page 1 of 2 Financial Management DATE: 11/14/2016 MEMO: Letter to the Decatur City Council Financial Management Department#2016-26 TO: Honorable Mayor Moore Wolfe and City Council Members FROM: Tim Gleason,City Manager Gregg D.Zientara,City Treasurer&Director of Finance SUBJECT: Property Tax Levy for AV Year 2016 Pay Tax Year 2017 SUMMARY RECOMMENDATION: It is recommended that the City Council approve the attached series of Ordinances,which set the property tax levy for the City of Decatur for assessed value year 2016 pay tax year 2017,and abate certain of the general obligation bond debt service payments, whereby such 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 the tax extensions to appear on property tax bills issued to property owners in calendar year 2017 for tax due in calendar year 2017. The property tax levy presented in the ordinance for Council consideration is$24,943,558.32 and includes tax levy amounts for the Decatur Police Pension, Decatur Firefighter Pension, Decatur Public Library, Decatur Municipal Band, General Fund 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$11,080,558.32 of general obligation debt service tax abatement. The resulting net tax levy after abatement is$13,863,000.00,with comparison as follows to the prior year tax levy: $(whole) Tax levy Tax Abatement(s) Net Tax Levy 2016 Tax Levy 24,943,558.32 11,080,558.32 13,863,000.00 2015 Tax Levy 22,320,344.13 8,795,394.32 13,524,997.73 extended 2015 extended tax levy includes a$47.92 extension rounding adjustment BACKGROUND: By State of Illinois statute,the City is required to adopt the annual property tax levy prior to December 31 of the year of assessed value with property tax payable in the subsequent year.In the event that the City fails to adopt the property tax levy,the previously adopted property tax levy remains in full force and effect. POTENTIAL OBJECTIONS: There are no known objections to this ordinance request. INPUT FROM OTHER SOURCES: No input from other sources. STAFF REFERENCE: Tim Gleason,City Manager Gregg D.Zientara,City Treasurer&Director of Finance BUDGET/TIME IMPLICATIONS: City is required to adopt the property tax levy prior to December 31 of the year of assessed value. Upon adoption of the City property tax levy,the City Clerk will file a certified copy with the Macon County Clerk,who shall use such certified property tax levy in the extension of property tax bills to be prepared and issued to property owners in calendar year 2017 with tax payable in calendar year 2017. https:Hdecatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=916 12/2/2016 i