BACKGROUND

Attached is the 2016 Tax Levy Ordinance which was discussed at the November 14, 2016 Committee-of-the-Whole meeting. The Village’s total proposed tax levy, including the Library and Debt Service levies, reflects a 1.38% increase over the prior year levy. Attached is a schedule comparing the extended 2015 tax levy to the proposed 2016 tax levy. The Village portion of the levy will comprise only about 12% of a homeowner’s total tax bill. 

A summary of the levy request starts on Page 3. The Village is levying for Police and Fire protection, 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 $40,924,091. The Debt Service levies add another $6,803,950 bringing the total proposed tax levy to $47,728,041. 

RECOMMENDATION

It is recommended that the Village Board approve the proposed 2016 Tax Levy Ordinance.