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HomeMy WebLinkAboutT18-82 Ordinance No. T18-82 AN ORDINANCE REDUCING THE 1982 TAX LEVY ORDINANCE WHEREAS, on September 8, 1982 the City Council of the City of Elgin passed an Ordinance No. T4-82 entitled "Ordinance for the Levy and Assess- ment of Taxes for the Fiscal Year Beginning January 1, 1982 and Ending December 31, 1982 of the City of Elgin, Kane and Cook Counties, Illinois (Tax Levy Ordinance); and WHEREAS, said tax levy ordinance levied upon all taxable property within the corporate limits of the City of Elgin, subject to taxation for the year 1982, the total sum of $6,813,631.00 for all purposes of the City of Elgin; and WHEREAS, said tax levy ordinance included a levy of $4,618,995.00 for general corporate purposes; and WHEREAS, said levy for general corporate purposes includes $4,572,805.00 as the amount to be raised by taxation for general corporate purposes plus an additional $46,190.00 to cover loss of collection; and WHEREAS, a portion of the levy of the tax for general corporate purposes as provided in said tax levy ordinance is unnecessary; and WHEREAS, the amount necessary to be raised by taxation for general corporate purposes is $4,531,760.00 plus an additional $45,775.00 to cover loss of collection. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1. That the County Clerks of Kane and Cook Counties, are hereby authorized and directed to abate a portion of the tax of $4,618,995.00 for general corporate purposes for the year 1982 as provided and levied in the tax levy ordinance T4-82 providing for the general levy upon all taxable property within the corporate limits of the City of Elgin, subject to taxa- tion for the year 1982, passed September 8, 1982, a copy of which was filed with each of said county clerks; said tax shall be abated by reducing said sum $41,460.00 and extending a tax for general corporate purposes for the year 1982 in the amount of $4,577,535.00 against all property within the corporate limits of the City of Elgin, Kane and Cook Counties, and subject to taxation for the year 1982. Section 2. That Section 1 of the tax levy ordinance T4-82 passed September 8, 1982 is hereby amended to read as follows: "That there be and there is hereby levied upon all taxable property within the corporate limits of said City, subject to taxation for the year 1982, the total sum of $6,772,171.00 for all purposes of the City of Elgin, mentioned in said budget as appropriated for the current fiscal year and in the specific amounts levied for the various purposes heretofore named being included herein by being placed in a separate column under the heading "To Be Raised By Taxation" which appears over the same, the tax so levied for the current fiscal year of said City for the certain appropriations specified herein to be collected from said tax levy, the total of which has been ascertained as afore- said and being summarized as follows:" Section 3. That the City Clerk is authorized and directed to file a certified copy of this ordinance with the County Clerks of Kane and Cook Counties, Illinois, prior to December 31, 1982. Section 4. That this ordinance shall be in full force and effect from and after its passage in the manner provided by law. s/ Richard L. Verbic Richard L. Verbic, Mayor Presented: December 22, 1982 Passed: December 22, 1982 Vote: Yeas 6 Nays 0 Recorded: Published: Attest: s/ Marie Yearman Marie Yearman, Cr - Clerk 47) 47) i ' . t , August 24, 1983 MEMORANDUM TO: Leo Nelson, City Manager FROM: James. Bolerjack, Finance Director RE: 1983 Tax Levy Ordinance The 1983 Tax Levy Ordinance must be filed with each County Clerk in Kane and Cook Counties by the second Tuesday of September or September 13, 1983. This means that the ordinance must be adopted at the September 12, 1983 City Council meeting. To prepare the tax levy ordinance, the amounts for each fund must be de- termined. Exhibit I compares the 1982 actual tax levy with the amount now recommended for the 1983 tax levy. The 1983 tax levy, as recommended, will be $104,556 less than the 1982 tax levy for a 1.5% decrease. Each increase or decrease is discussed below. The General Fund tax levy is recommended to increase $60,240 to pay agreed upon salary increases and other costs. The salary increases represent the last year of the employee agreements. The State Legislature also doubled the cost of unemployment compensation. The Illinois Municipal Retirement Fund (I.M.R.F. ) increases $181,300 be- cause of increased benefits (annual post retirement increases from 2% to 3%) granted by the State Legislature. The Legislature also opted out of reimburs- ing the cities under the State Mandates Act. The Police Pension Fund 1983 tax levy will be $293,000 less than the 1982 tax levy. This reduction resulted from a recommendation of A.S. Hansen, Inc. , actuaries. When studying the Police Pension Fund and the investments currently held, the actuaries said the tax levy can be reduced to $207,000 and remain well funded. The reduction will not effect policemen's benefits nor the City's ability to pay those benefits. The Fire Pension Fund 1983 tax levy will be $154,900 less than the 1982 tax levy. The 1983 tax levy may be further reduced if recommended by A.S. Hansen, Inc. Any further reduction will be in the form of an abatement ordinance later this year. Again, any reduction will not effect the firemen' s benefits nor the City's ability to pay those benefits. The Debt Service Fund 1983 tax levy will be $101,804 more than the 1982 tax levy. This increase primarily resulted from the 1982 G.O. bonds issued for the Sears Building remodeling and the Spring Street Improvements. Leo Nelson 1983 Tax Levy Ordinance August 24, 1983 eft Page 2 As recommended, the tax levy for 1983 will be reduced from $6,957,353 in 1982 to $6,852,797 in 1983. If the tax levy amounts are approved either as presented or changed to another amount by the City Council , I will prepare the 1983 Tax Levy Ordinance for adoption by the City Council at the September 12, 1983 meeting. In addition, the 1983 tax levy for Special Service Area #2 (Spring Street Parking Deck) should be adopted at the September 12, 1983 City Council meeting. No increase is proposed, so the tax levy remains at $150,000 in 1983 unless changed. JHB/daw Attachment r Exhibit I rRecommended Tax Levy Comparison of 1982 Actual To 1983 Recommended Recommended 1982 Tax Levy 1983 Tax Levy Increase Fund Net Net (Decrease) General Fund $4,531 ,760 $4,592,000 $ 60,240 Public Benefit 225,000 225,000 - I.M.R.F. 393,700 575,000 181 ,300 Police Pension 500,000 207,000 (293,000) Fire Pension 654,900 500,000 (154,900) Debt Service 651 ,993 753,797 101,804 Total $6,957,353 $6,852,797 $(104,556) r