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Home My WebLink About7.3 1st Reading of an Ordinance Authorizing he Levy and Collection of Taxes for 2018 Fiscal YearBoardDocs® Pro Agenda Item Details Meeting Category Subject Access Type Preferred Date Absolute Date Fiscal Impact Budgeted Recommended Action Public Content Page I of 2 7.3 1st reading of AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018 Public Action Nov 07, 2018 Nov 07, 2018 Yes Yes Approve the 2018 property tax levy reflecting an increase of 1.66 percent over the final 2017 levy extension. Information Prior to December 25, 2018 the Village must have on file with the County Clerk its 2018 tax levy ordinances. This includes the corporate levy and abatement ordinances. The Village will receive proceeds from the 2018 tax levy in 2019. a, The .• :• discussed the proposed 2018 tax levy at multiple public meetings • the •. year, most recently at thC Village Board Committee of the Whole meeting of October 23, 2018. The Village's 2018 levy presented by staff provides for a 1.66 percent increase over the final 2017 levy extension and totals $19,403,718. The library levy as approved by their Board provides for a 2.21 percent increase over the final 2017 levy extension and totals $11,619,202. A table showing the allocation for both of the proposed 2018 levies is attached. The source of funds for the police and fire pension subsidy ($420,000) is the General Fund. The source of funds for abatemen of debt service comes from the home rules sales tax ($369,956), Water/Sewer funds ($559,500), capitalized interest from TI bonds ($456,319), and a combination of General Fund reserves and capitalized interest from Police/Fire H bonds ($1,624,791). The Village's 2017 equalized • valuation (EAV) is $1,670,725,439. Total Village EAV for 2018 is estimated to • approximately 1.71 percent from the prior year to $1,642,202,841. Changes to the base EAV is projected using historical trends. Other factors such as annexation of the unincorporated areas and new development will work to prevent any decline in the EAV. The final EAV for 2018 will not be available until summer 2019. Using projections for the 2018 EAV and proposed levy, the Village's 2018 tax rate is estimated at $1.1816 compared to the 2017 rate of $1.1423. The Library's 2018 tax rate is estimated at $0.7075, compared to the 2017 rate of $0.6803. For illustration purposes only, a home with an EAV of $103,695 ($350,000 MV) will pay taxes of $1,123 in 2019 to the Village of Mount Prospect and $669 to the Library for the levy extended in 2018. Based on the assumptions used for EAV, and changes in the tax rate and state • the Village portion • the levy for a • home will increase $18 while the • portion of the levy will increase $11. Please note these amounts will vary based on eligible tax reductions for homeowner or senior exemptions or senior assessment freezes. Alternatives 1. Village Board approval of the 2018 property tax levy reflecting an increase of 1.66 percent over the final 2017 extension. 2. Action at discretion of Village Board. https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/9/2018 BoardDocs® Pro Page 2 of 2 Staff Recommendation It is recommended the Village Board approve the 2018 property tax levy reflecting an increase of 1.66 percent over the fin 2017 extension. At the Committee of the Whole budget review, Board members suggested a zero percent increase b considered. This suggestion was made by the Finance Commission. If the Board approves a zero percent increase to the lev staff recommends the use of excess general fund reserves to cover expenses related to Police and Fire pensions and deb service (approximately $318,000). 1 -iibit.pdf (1.9 KB) 201.8 Corporate L.evy Or&n&nce.pdf (1.65 KB) Proposed 201.8 L-evy--Ex[ Administrative Content Executive Content https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/9/2018 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2018 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2018. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018 NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1: That the sum of Thirty Million Four Hundred and Fourteen Thousand Six Hundred and Twenty -Seven Dollars ($30,414,627) the same being the total amount to be levied of budget appropriations heretofore made for the corporate and municipal purposes for the fiscal year beginning January 1, 2018 and ending December 31, 2018 as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Village of Mount Prospect according to the valuation of said property as is, or shall be assessed or equalized by the State and County purposes for the current year 2018. Section 2: The budgetary appropriations having been made by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 6352 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 5' day of December, 2017, and amended by Ordinance No. 6377 passed and approved on the 6th day of March, 2018, and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations are heretofore made and set forth under the column entitled "Amount Budgeted", and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied", in Articles I through VI. VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY Amount Amount Budgeted Levied ARTICLE I -POLICE PROTECTION Personal Services 10,486,697 4,931,686 Employee Benefits 5,946,309 0 Other Employee Costs 179,900 0 Contractual Services 1,716,648 0 Utilities 48,574 0 Commodities & Supplies 195,427 0 Office Equipment 15,835 0 Other Equipment 82,410 0 Total Police Department 18,671,800 4,931,686 TOTAL BUDGET FOR POLICE PROTECTION 18,671,800 AMOUNT TO BE RAISED BY TAX LEVY 4,931,686 ADD 2% FOR LOSS & COST OF COLLECTION 98,634 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PROTECTION 5,030,320 ARTICLE II -FIRE PROTECTION Personal Services 8,618,497 5,105,686 Employee Benefits 5,278,039 0 Other Employee Costs 173,665 0 Contractual Services 1,201,506 0 Utilities & Insurance 64,617 0 Commodities & Supplies 54,702 0 Other Expenditures 0 0 Building Improvements 15,828 0 Office Equipment 250 0 Other Equipment 240,912 0 Total Fire Department 15,648,016 5,105,686 TOTAL BUDGET FOR FIRE PROTECTION 15,648,016 AMOUNT TO BE RAISED BY TAX LEVY 5,105,686 ADD 2% FOR LOSS & COST OF COLLECTION 102,114 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIRE PROTECTION 5,207,800 2 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY Amount Amount Budgeted Levied ARTICLE III - DEBT SERVICE 00 Debt Service 00 00 514 G.O. Bonds - Series 201 IB Bond Principal 755,000 755,000 Interest Expense 38,556 38,556 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2011B 793,556 793,556 00 00 515 G.O. Bonds - Series 2012 Bond Principal 0 0 Interest Expense 54,095 54,095 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2012 54,095 54,095 00 00 516 G.O. Bonds - Series 2013 Bond Principal 0 0 Interest Expense 369,956 0 Bank and Fiscal Fees 1,000 0 Total G.O. Bonds - Series 2013 370,956 0 00 00 517 G.O. Bonds - Series 2014 Bond Principal 560,000 560,000 Interest Expense 140,250 140,250 Bank and Fiscal Fees 500 0 Total G.O. Bonds - Series 2014 700,750 700,250 00 00 518 G.O. Bonds - Series 2016 Bond Principal 0 0 Interest Expense 265,800 265,800 Bank and Fiscal Fees 500 0 Total G.O. Bonds - Series 2016 266,300 265,800 00 00 565 G.O. Bonds - Series 2017 - TIF Bond Principal 0 0 Interest Expense 159,369 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2017 159,369 0 00 00 565 G.O. Bonds - Series 2017 - Water Bond Principal 125,000 0 Interest Expense 161,131 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2017 286,131 0 3 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY ARTICLE III - DEBT SERVICE (continued) 400,000 00 00 566 G.O. Bonds - Series 2018A - TIF 0 0 Bond Principal 608,406 Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018A - TIF 00 00 566 G.O. Bonds - Series 2018A - Water Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018A - Water 00 00 519 G.O. Bonds - Series 2018B - New Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018B - New 00 00 519 G.O. Bonds - Series 2018 - Refi Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018B - Refi 00 00 650 IEPA Loans Loan Principal Loan Expense Bank and Fiscal Fees Total IEPA Loans 00 00 659 Flood Installment Loan Loan Principal Loan Expense Total IEPA Loans TOTAL BUDGET FOR DEBT SERVICE AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR DEBT SERVICE E Amount Amount Budgeted Levied 0 0 273,369 0 0 0 273,369 0 115,000 0 181,950 0 0 0 296,950 0 0 0 1,624,781 0 1,000 0 1,625,781 0 400,000 400,000 208,406 208,406 0 0 608,406 608,406 57,499 0 754 0 0 0 58,253 0 590,000 0 5,369 0 595,369 0 6,089,285 2,422,107 48,442 2,470,549 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY ARTICLE IV - POLICE PENSION 00 Police Pensions Pension Benefits Contractual Services Insurance Commodities & Supplies Other Expenditures Total Police Pensions TOTAL BUDGET FOR POLICE PENSION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION I\ NIY[a0wkTay1NDo01INso10DoWowWOO [00 00 Fire Pensions Pension Benefits Contractual Services Insurance Commodities & Supplies Other Expenditures Total Firefighters' Pensions TOTAL BUDGET FOR FIREFIGHTERS' PENSION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIREFIGHTERS' PENSION G7 Amount Amount Budgeted Levied 5,033,555 3,412,934 165,500 0 15,000 0 100 0 10,000 0 5,224,155 3,412,934 5,224,155 3,412,934 68,259 3,481,193 5,601,610 3,150,839 133,500 0 15,000 0 100 0 10,000 0 5,760,210 3,150,839 5,760,210 3,150, 839 63,017 3,213,856 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY Amount Amount Budgeted Levied ARTICLE VI - MOUNT PROSPECT LIBRARY 90 Mount Prospect Library Library Expenditures 10,037,300 9,817,775 Bond Principal 1,425,000 1,425,000 Interest Expense/Fiscal Charges 148,600 148,600 Total Library Services 11,610,900 11,391,375 TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY 11,610,900 AMOUNT TO BE RAISED BY TAX LEVY - Library Expenditures 9,817,775 AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest 1,573,600 ADD 2% FOR LOSS & COST OF COLLECTION 227,827 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR MOUNT PROSPECT LIBRARY 11,619,202 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY SUMMARY VI Mount Prospect Library Library Services 10,037,300 9,817,775 Amount 10,014,131 Total 1,573,600 1,573,600 31,471 to be Raised Amount Tax Levy 11,391,375 227,827 Amount by for Loss Incl. Loss Article Fund Budgeted Tax Levy and Cost and Cost I Police Protection $ 18,671,800 4,931,686 98,634 5,030,320 II Fire Protection 15,648,016 5,105,686 102,114 5,207,800 III Debt Service 6,089,285 2,422,107 48,442 2,470,549 IV Police Pension 5,224,155 3,412,934 68,259 3,481,193 V Firefighters' Pension 5,760,210 3,150,839 63,017 3,213,856 Village Totals 51,393,466 19,023,252 380,466 19,403,718 VI Mount Prospect Library Library Services 10,037,300 9,817,775 196,356 10,014,131 Library Debt Service 1,573,600 1,573,600 31,471 1,605,071 Library Totals 11,610,900 11,391,375 227,827 11,619,202 Village and Library Totals $ 63,004,366 30,414,627 608,293 31,022,920 VA Section 3: The sum of $425,000 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2018 and ending December 31, 2018 and has been included herein as funds to be derived from sources other than property taxes supporting expenses related to police and fire protection, general obligation bonds and interest, public safety pensions and library services. Section 4: That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 5: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 6: That, if any part or parts of this Ordinance shall be held to be unconstitutional or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance of they had known that such parts or parts thereof would be declared unconstitutional or otherwise invalid. Section 7: That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of November, 2018. ATTEST: Karen Agoranos, Village Clerk 8 Arlene A. Juracek, Mayor VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT PUBLIC LIBRARY PROPOSED 2018 TAX LEVY 2017 2018 Total Levy Amount 19,087,265 19,403,718 Increase Over Prior Year 316,453 1.66% 2% Gross Net Provision Total 2018 Subsidy/ 2018 Loss and 2018 Levy Abatements Levy Costs Extension VILLAGE OF MOUNT PROSPECT Police Protection 4,931,686 0 4,931,686 98,634 5,030,320 Fire Protection 5,105,686 0 5,105,686 102,114 5,207,800 Police Pension Fund 3,607,934 195,000 3,412,934 68,259 3,481,193 Firefighters' Pension Fund 3,375,839 225,000 3,150,839 63,017 3,213,856 Debt Service Funds Series 2011 B 793,556 0 793,556 15,871 809,427 Series 2012 54,095 0 54,095 1,082 55,177 Series 2013 369,956 369,956 0 0 0 Series 2014 700,250 0 700,250 14,005 714,255 Series 2016 265,800 0 265,800 5,316 271,116 Series 2017 (TIF) 159,369 159,369 0 0 0 Series 2017 (WTR) 286,131 286,131 0 0 0 Series 2018a (TIF) 273,369 273,369 0 0 0 Series 2018a (WTR) 296,950 296,950 0 0 0 Series 2018b (new) 1,624,781 1,624,781 0 0 0 Series 2018b (refi) 608,406 0 608,406 12,168 620,574 Total Village 22,453,808 3,430,556 19,023,252 380,466 19,403,718 MOUNT PROSPECT PUBLIC LIBRARY Library Operations 9,817,775 0 9,817,775 196,355 10,014,130 Library Debt Service 1,573,600 0 1,573,600 31,472 1,605,072 Total Library 11,391,375 0 11,391,375 227,827 11,619,202 TOTAL - VILLAGE OF MOUNT PROSPECT AND PUBLIC LIBRARY 33,845,183 3,430,556 30,414,627 608,293 31,022,920 2017 2018 Total Levy Amount 19,087,265 19,403,718 Increase Over Prior Year 316,453 1.66%