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Home My WebLink About8.3 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, 2020 AND ENDING DECEMBER 31, 2020Item Cover Page wubject 1st reading of AN ORDINANCE AUTHORIZING THE LEVY ' COLLECTION R THE BEGINNINGCORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR DECEMBER 2020 Meeting November 4. 2020 - REGULAR MEETING OF THE MOUNT PROSPECT BOA. .!• ry NEW BUSINESS Type Consent Information Prior to December 29,, 2020,, the Village must have on file with the County Clerk its 2020 . ordinances. This inclu! ' •' ! • . and abatement ordinances. The Village will receive proceeds from the 2020 tax levy in 2021. The Village Board discussed the proposed 2020 tax levy at the Joint Village Board and Finance Commission Workshop meeting of October 13,, 2020. The Village's 2020 levy presented by staff provides for a zero percent (0%) increase over the final 2019 levy extension and totals $19,,469,004. The Library also approved a levy with a zero percent increase over the 2019 extension. The 2020 Library levy extension will be $11,798,,434. In order to achieve a zero percent levy increase,, a total subsidy of $633,419 is used from the General Fund. Of this amount., $491,,497 is utilized to hold the pension levies at 2019 level. The total debt service levy is increasing by $144,760. The Fire Protection levy is reduced by the same amount in order to achieve a zero percent levy increase. The total debt service budget for the year 2021 is $7,r321,771. Of this amount,, $722,125 will be paid from capitalized interest., 1 $2,,743,,975 will be paid from the Property Taxes and the remainder of the amount, $3,,909,,475, is abated and will be paid from various alternative sources. The Library levy is marginally decreasing by $459. The Village's 2019 equalized assessed valuation (EAV) is $1,971,307,340 and the current property tax rate is 0.988%. The Village's property tax levy accounts for 10.5% of the total property tax bill. For illustration purposes, a house with a market value of $300.,000, paid $864 in property taxes to the Village for the assessment year 2019. The taxes are expected to be the same for the assessment year 2020 (payable in ! Village Police Protection Fire Protection Debt Service Police Pension Firefighters' Pension Total Village Levy Library Library Services Library Debt Service Total Library Levy 2019 20200/0 Extension Proposed Levy � Change Change 4,433,430 4,433,430 - 0.0% 5,150, 565 5,005,805 (144,760) -2.8% 2, 599, 215 2,743,975 144,760 5.6% 3,842,397 3,842,397 - 0.0% 3,443, 397 3,443,397 - 0.0% 19,469,004 19,469,004 - 0.0% 10,191,526 10,190,608 (918) 0.0% 1,607,826 459 0.0% 1,607,367 11,798,893 11,798,434 (459) 0.0% reflectingAlternatives 1. Approve the 2020 property tax levy increase finalthe i . 2. Action i ion of the Village Board. reflectingStaff Recommendation Approve the 2020 property tax levy increase finali . RAI Levy Ordinance - Final.pdf 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, 2020 AND ENDING DECEMBER 31, 2020 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of '12020 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2020. Ell 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, 2020 AND ENDING DECEMBER 31, 2020 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 Six Hundred and Fifty Four Thousand Three Hundred and Fifty Dollars ($30,654,350) 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, 2020 and ending December 31, 2020 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 2020. 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. 6485 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 19' day of November, 2019, and amended by Ordinance No. 6506 and Ordinance No. 6531, passed and approved on the 3rd day of March, 2020 and 15th September, 2020 respectively, 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 2020 TAX LEVY ARTICLE I - POLICE PROTECTION Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Insurance Commodities & Supplies Office Equipment Other Equipment Total Police Department TOTAL BUDGET FOR POLICE PROTECTION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PROTECTION ARTICLE II - FIRE PROTECTION Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities & Insurance Insurance Commodities & Supplies Building Improvements Office Equipment Other Equipment Total Fire Department TOTAL BUDGET FOR FIRE PROTECTION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIRE PROTECTION 2 Amount Amount Budgeted Levied 11,003,277 4,346,500 612391775 0 185,985 0 119851666 0 50,307 0 170,524 0 230,565 0 46,070 0 28,430 0 19,940,599 4,346,500 4,346,500 4,433,430 9,3761248 4,907,652 51529,388 0 167,127 0 114701089 0 67,858 0 211,619 0 179,330 0 8,300 0 3,000 0 1651433 0 1751781392 4,9075652 4,907,652 5,005,805 no VILLAGE OF MOUNT PROSPECT, ILLINOIS 2020 TAX LEVY ARTICLE III - DEBT SERVICE 00 Debt Service 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 00 00 566 G.O. Bonds - Series 2018A - TIF Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018A - TIF 3 Amount Amount Budgeted Levied 8601000 86000 54.096 54.096 9141096 914,096 570,000 0 3.53.306 0 923,306 0 9651000 96500 100.650 100.650 1,065,650 1,065,650 0 0 265.800 265.800 2651800 26500 140,000 0 1.59.369 0 299,369 0 150,000 0 150.531 0 300,531 0 180,000 0 273.369 0 453,369 0 7 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2020 TAX LEVY ARTICLE III - DEBT SERVICE (continued) 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 00 565 G.O. Bonds - Series 2019A - Water Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2017 00 00 565 G.O. Bonds - Series 2019B - TIF Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2017 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 4 Amount Amount Budgeted Levied 1351000 0 174,750 0 0 0 309,750 0 0 0 1,444,250 0 0 0 114441250 0 3601000 36000 1421500 84,625 0 0 502,500 444,625 240,000 0 337,800 0 0 0 577,800 0 0 0 265,350 0 0 0 265,350 0 7,321,771 2,690,171 53,804 2,743,975 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2020 TAX LEVY ARTICLE IV - POLICE PENSION 00 Police Pensions Pension Benefits Contractual Services Insurance 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 ARTICLE V - FIREFIGHTERS' PENSION 00 Fire Pensions Pension Benefits Contractual Services Insurance 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 5 Amount Amount Budgeted Levied 611061434 3,7671056 169,140 0 15,000 0 12,000 0 6,3021574 3,767,056 6,302,574 3,767,056 75,341 3,842,397 6,4391854 3,375,879 144,280 0 15,000 0 6,609,134 3,375,879 6,609,134 3,375,879 3,443,397 X VILLAGE OF MOUNT PROSPECT, ILLINOIS 2020 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 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 T Amount Amount Budgeted Levied 1315561556 9,9901792 1151500 1,51500 611300 61,300 i c 1 27 Qcti 1 1 cti7 n01) 15,132,856 9,990,792 1,576,300 I'll QAI 11,798,434 10 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2020 TAX LEVY SUMMARY Article Fund I Police Protection II Fire Protection III Debt Service IV Police Pension V Firefighters' Pension Budgeted Village Totals VI Mount Prospect Library Library Services $ 191940,599 Library Debt Service 861930.00 Library Totals 171178,392 Village and Library Totals 7 Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Budgeted Tax Levy and Cost and Cost $ 191940,599 4,3461500 861930.00 4,433,430 171178,392 419071652 98,153.00 5051805 7,321,771 216901171 531804.00 2,7431975 61303,574 317671056 751341.00 3,842,397 6,609,134 3,3751879 671518.00 3,443,397 571353,470 19071258 381,746.00 19,46904 1315561556 9,9901792 1991816.00 10,190,608 11576,300 115761300 311526.00 1,607,826 1511321856 1115671092 2311342.00 11,798,434 $ 721486,326 3016541350 6131088.00 31,267438 7 Section I. The sum of $360,000 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2020 and ending December 31, 2020 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 S: 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: NAYE S : ABSENT: PASSED and APPROVED this day of November, 2020. ATTEST: Karen Agoranos, Village Clerk P Arlene A. Juracek, Mayor 12 Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54% Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45% 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% 13 VILLAGE OF MOUNT PROSPECT Property Tax Levy - 2020 2% 2019 Tax Extension Gross Levy After Net Provision Total Total 2020 Capitalized Capitalized Subsidy/ 2020 Loss and 2020 2019 $ % Levy Interest Interest Abatements Levy Costs Extension Extension Inc/ Dec. Inc/ Dec. VILLAGE OF MOUNT PROSPECT Police Protection 4,346,500 - 4,346,500 - 4,346,500 86,930 4,433,430 4,433,430 - - Fire Protection 5,049,574 - 5,049,574 141,922 4,907,652 98,153 5,005,805 5,150,565 (144,760) - Police Pension Fund 3,985,302 - 3,985,302 218,246 3,767,056 75,341 3,842,397 3,842,397 - 0.00% Firefighters' Pension Fund 3,649,130 - 3,649,130 273,251 3,375,879 67,518 3,443,397 3,443,397 - - Total Operational Levy 17,030,506 - 17,030,506 633,419 16,397,087 327,942 16,725,029 16,869,789 144,760 0.86% Debt Service Funds Series 2011B - - - - - - - 8101421 (810,421) -100.00% Series 2012 914,096 - 914,096 - 914,096 18,282 932,378 55,177 877,201 1589.79% Series 2013 923,306 - 923,306 923,306 - - - - - - Series 2014 1,065,650 - 1,065,650 - 1,065,650 21,313 1,086,963 901,119 185,844 20.62% Series 2016 265,800 - 265,800 - 265,800 5,316 271,116 271,116 - - Series 2017 (TIF) 299,369 - 299,369 299,369 - - - - - - Series 2017 (WTR) 300,531 - 300,531 300,531 - - - - - - Series 2018a (TIF) 453,369 - 453,369 453,369 - - - - - - Series 2018a (WTR) 309,750 - 309,750 309,750 - - - - - - Series 2018b (new) 1,444,250 722,125 722,125 722,125 - - - - - - Series 2018b (refi) 502,500 - 502,500 57,875 444,625 8,893 453,518 561,382 (107,864) -19.21% Series 2019a (WTR) 577,800 - 577,800 577,800 - - - - - - Series 2019B (TIF) 265,350 - 265,350 265,350 - - - - - - Total Debt Service Levy 7,321,771 722,125 6,599,646 3,909,475 2,690,171 53,804 2,743,975 2,599,215 (144,760) -5.57% Total Village Levy 24,352,277 722,125 23,630,152 4,542,894 19,087,258 381,746 19,469,004 19,469,004 - 0.00% Mount Prospect Public Library Library Levy Fund 9,990,792 - - - 9,990,792 199,816 10,190,608 10,191,526 (918) -0.01% Library Debt Service 1,576,300 - - - 1,576,300 31,526 1,607,826 1,607,367 459 0.03% Total Library Levy 11,567,092 - - 11,567,092 231,342 11,798,434 11,798,893 459 0.00% Total Village and Library Combined 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% Total Operating Levy 27,021,298 - 17,030,506 633,419 261387,879 527,758 26,915,637 27,061,315 (145,678) -0.54% Total Debt Service Levy 8,898,071 722,125 6,599,646 3,909,475 4,266,471 85,330 4,351,801 4,206,582 145,219 3.45% 35,919,369 722,125 23,630,152 4,542,894 30,654,350 613,088 31,267,438 31,267,897 (459) 0.00% 13