BACKGROUND

Attached is the 2014 Tax Levy Ordinance and Tax Abatement Ordinances which were discussed at the  November 10, 2014 Committee-of-the-Whole meeting. The Village’s total proposed tax levy, including the Library and Debt Service levies, reflects a 0% increase over the prior year levy. Attached is a schedule comparing the extended 2013 tax levy to the proposed 2014 tax levy. The Village will comprise only about 12% of a homeowner’s total tax bill.

A summary of the levy request starts on Page 3. The general corporate taxes have been levied only for police and fire salaries. In addition to the general corporate levy, the Village is levying for IMRF, FICA and Police and Fire pensions. These levies are identified as special purpose levies and deposited in the General Fund. They are directly related to personnel costs and are calculated as a percentage of eligible employees’ salaries or based on actuarial studies. Other special purpose levies are for the Library and for Capital Improvements. Total corporate and special purpose levies amount to $38,307,646. The Debt Service levies add another $6,713,508 bringing the total proposed tax levy to $45,021,154.

In addition to the tax levy, the annual tax abatement ordinances are included herein. The Village is abating debt service levies in the amount of $1,137,312.50 because revenue is available from other sources to pay the debt service. A schedule of the individual bond issues with the amounts levied and abated starts on Page 30 and the tax abatement ordinances start on Page 36.

RECOMMENDATION

It is recommended that the Village Board approve the proposed 2014 Tax Levy and Abatement Ordinances.