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Home My WebLink About6.2 2nd reading of an Ordinance Authorizing the Levy and Collection of Corporate and Municipal TaxesBoardDocs® Pro Agenda Item Details Meeting Category Subject Access Type Preferred Date Absolute Date Fiscal Impact Budgeted Recommended Action Public Content Page I of 2 6.2 2nd 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 20, 2018 Nov 20, 2018 Yes Yes Approve property tax levy for 2018. The Village portion of the levy reflects no increase from the 2017 levy. The Library portion of the levy reflects an increase of 2.21 percent from the prior yea r. 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. The Village Board discussed the proposed 2018 tax levy at multiple public meetings during the past year, most recently at the Village Board meeting of November 7, 2018. The Village's 2018 levy presented by staff at the November 7 Board meeting provided for a 1.66 percent increase over the final 2017 levy extension and totaled $19,403,718. During discussion that followed the presentation it appeared there was a consensus to hold the 2018 property tax levy at the 2017 levy amount. Attached is the modified tax levy ordinance for 2018. The Village portion of the levy now reflects no increase from the 2017 levy and totals $19,,087,,265. To return a levy with no increase from the prior year, the levy amounts for Police and Fire Protection were reduced $158,000 each from the proposed levy amount. Existing reserves in the General Fund will be used in lieu of property taxes to support a portion of these public safety expenses. The library levy as approved by their Board provides for a 2.21 percent increase over the final 2017 levy extension and totals $11f619f202. A table showing the allocation for both the Village and Library 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 abatement of debt service comes from the home rules sales tax ($369,956), Water/Sewer funds ($559,500), capitalized interest from TIF bonds ($456,319), and a combination of General Fund reserves and capitalized interest from Police/Fire HQ bonds ($1,624,791). The Village's 2017 equalized assessed valuation (EAV) is $1,670,725,439. Total Village EAV for 2018 is estimated to decrease 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 counter the projected decline in 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 $1.1622 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 Market Value) will pay taxes of $1,105 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 multiplier, the Village portion of the levy for a typical home will remain flat while the library portion of the levy shows an increase of $11.00. Please note these amounts will vary based on eligible tax reductions for homeowner or senior exemptions or senior assessment freezes. https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/27/2018 BoardDocs® Pro Page 2 of 2 Alternatives 1. Board approval of the Village's 2018 property tax levy reflecting no change from the 2017 levy. The Library portion of the levy for 2018 reflects and increase of 2.21 percent from the prior year. 2. Action at discretion of Village Board. Staff Recommendation It is recommended the Village Board approve the 2018 property tax levy for the Village of Mount Prospect and for the Mount Prospect Public Library. -iibit.pdf (1.6 KB) 201.8 Corporate I....,evy Or&n&nce.pdf (1 79 KB) Proposed 201.8 1....evy--Ex[ Administrative Content Executive Content Motion & Voting Approve property tax levy for 2018. The Village portion of the levy reflects no increase from the 2017 levy. The Library portion of the levy reflects an increase of 2.21 percent from the prior year. Motion by Richard Rogers, second by Paul Hoefert. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 11/27/2018 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 One Hundred and Four Thousand Three Hundred and Eighty Dollars ($30,104,380) 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. 1 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY ARTICLE I -POLICE PROTECTION Amount Amount Budgeted Levied Personal Services 10,486,697 4,776,562 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 4,776,562 TOTAL BUDGET FOR POLICE PROTECTION 18,671,800 AMOUNT TO BE RAISED BY TAX LEVY 4,776,562 ADD 2% FOR LOSS & COST OF COLLECTION 95,531 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PROTECTION 4,872,093 ARTICLE II - FIRE PROTECTION Personal Services 8,618,497 4,950,563 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 4,950,563 TOTAL BUDGET FOR FIRE PROTECTION 15,648,016 AMOUNT TO BE RAISED BY TAX LEVY 4,950,563 ADD 2% FOR LOSS & COST OF COLLECTION 99,011 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIRE PROTECTION 5,049,574 2 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY ARTICLE III - DEBT SERVICE 00 Debt Service 00 00 514 G.O. Bonds - Series 2011B Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2011B 00 00 515 G.O. Bonds - Series 2012 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2012 00 00 516 G.O. Bonds - Series 2013 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2013 00 00 517 G.O. Bonds - Series 2014 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2014 00 00 518 G.O. Bonds - Series 2016 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2016 00 00 565 G.O. Bonds - Series 2017 - TIF Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2017 00 00 565 G.O. Bonds - Series 2017 - Water Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2017 3 Amount Amount Budgeted Levied 755,000 755,000 38,556 38,556 0 0 793,556 793,556 0 0 54,095 54,095 0 0 54,095 54,095 0 0 369,956 0 1,000 0 370,956 0 560,000 560,000 140,250 140,250 500 0 700,750 700,250 0 0 265,800 265,800 500 0 266,300 265,800 0 0 159,369 0 0 0 159,369 0 125,000 0 161,131 0 0 0 286,131 0 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY Amount Amount Budgeted Levied ARTICLE III - DEBT SERVICE (continued) 00 00 566 G.O. Bonds - Series 2018A - TIF Bond Principal 0 0 Interest Expense 273,369 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2018A - TIF 273,369 0 00 00 566 G.O. Bonds - Series 2018A - Water Bond Principal 115,000 0 Interest Expense 181,950 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2018A - Water 296,950 0 00 00 519 G.O. Bonds - Series 2018B - New Bond Principal 0 0 Interest Expense 1,624,781 0 Bank and Fiscal Fees 1,000 0 Total G.O. Bonds - Series 2018B - New 1,625,781 0 00 00 519 G.O. Bonds - Series 2018 - Refi Bond Principal 400,000 400,000 Interest Expense 208,406 208,406 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2018B - Refi 608,406 608,406 00 00 650 IEPA Loans Loan Principal 57,499 0 Loan Expense 754 0 Bank and Fiscal Fees 0 0 Total IEPA Loans 58,253 0 00 00 659 Flood Installment Loan Loan Principal 590,000 0 Loan Expense 5,369 0 Total IEPA Loans 595,369 0 TOTAL BUDGET FOR DEBT SERVICE 6,089,285 AMOUNT TO BE RAISED BY TAX LEVY 2,422,107 ADD 2% FOR LOSS & COST OF COLLECTION 48,442 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR DEBT SERVICE 2,470,549 4 VILLAGE OF MOUNT PROSPECT, ILLINOIS ARTICLE IV - POLICE PENSION 00 Police Pensions Pension Benefits Contractual Services Insurance Commodities & Supplies Other Expenditures Total Police Pensions 2018 TAX LEVY 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 ARTICLE V - FIREFIGHTERS' PENSION 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 k, 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 ARTICLE VI - MOUNT PROSPECT LIBRARY 90 Mount Prospect Library Library Expenditures Bond Principal Interest Expense/Fiscal Charges Total Library Services TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY Amount Amount Budgeted Levied 10,037,300 9,817,775 1,425,000 1,425,000 148,600 148,600 11,610,900 11,391,375 11,610,900 AMOUNT TO BE RAISED BY TAX LEVY - Library Expenditures AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR MOUNT PROSPECT LIBRARY 6 9,817,775 1,573,600 227,827 11,619,202 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2018 TAX LEVY SUMMARY N Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Article Fund Budgeted Tax Levy and Cost and Cost I Police Protection S 18,671,800 4,776,562 95,531 4,872,093 II Fire Protection 15,648,016 4,950,563 99,011 5,049,574 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 18,713,005 374,260 19,087,265 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 S 63,004,366 30,104,380 602,087 30,706,467 N 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 VILLAGE OF MOUNT PROSPECT Police Protection Fire Protection Police Pension Fund Firefighters' Pension Fund Debt Service Funds Series 2011 B Series 2012 Series 2013 Series 2014 Series 2016 Series 2017 (TIF) Series 2017 (WTR) Series 2018a (TIF) Series 2018a (WTR) Series 2018b (new) Series 2018b (refi) Total Village MOUNT PROSPECT PUBLIC LIBRARY Library Operations Library Debt Service Total Library TOTAL - VILLAGE OF MOUNT PROSPECT AND PUBLIC LIBRARY 793,556 0 793,556 2% 809,427 Gross 0 Net Provision Total 2018 Subsidy/ 2018 Loss and 2018 Levy Abatements Levy Costs Extension 265,800 4,776,562 0 4,776,562 95,531 4,872,093 4,950,563 0 4,950,563 99,011 5,049,574 3,607,934 195,000 3,412,934 68,259 3,481,193 3,375,839 225,000 3,150,839 63,017 3,213,856 793,556 0 793,556 15,871 809,427 54,095 0 54,095 1,082 55,177 369,956 369,956 0 0 0 700,250 0 700,250 14,005 714,255 265,800 0 265,800 5,316 271,116 159,369 159,369 0 0 0 286,131 286,131 0 0 0 273,369 273,369 0 0 0 296,950 296,950 0 0 0 1,624,781 1,624,781 0 0 0 608,406 0 608,406 12,168 620,574 22,143,561 3,430,556 18,713,005 374,260 19,087,265 9,817,775 0 9,817,775 196,355 10,014,130 1,573,600 0 1,573,600 31,472 1,605,072 11,391,375 0 11,391,375 227,827 11,619,202 33,534,936 3,430,556 30,104,380 602,087 30,706,467 VILLAGE Total Levy Amount Increase Over Prior Year LIBRARY Total Levy Amount Increase Over Prior Year 2017 2018 19,087,265 19,087,265 - 0.00% 2017 2018 11,367,447 11,619,202 251,755 2.21%