HomeMy WebLinkAbout8.4 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, 2021 AND ENDING DECEMBER 31, 2021Mr�GauC �'d'+rt;�iect
Subjectdof ORDINANCE AUTHORIZING
THE LEVY AND COLLECTION OF .
CORPORATE AND MUNICIPAL PURPOSES OF THE
VILLAGE OF MOUNT PROSPECT FOR THE FISCAL
YEAR BEGINNING JANUARY 1, 2021 AND ENDINT
DECEMBER 31, 2021
Meeting November.■ MEETING OF •
PROSPECT : •
Fiscal Impact
Dollar Amount
Budget Source
Category NEW BUSINESS
Type Ordinance
Information
Prior to December 21, 2021, the Village must have on file with the County Clerk
its 2021 tax levy ordinance. This includes the corporate levy and abatement
ordinances. The Village will receive proceeds from the 2021 tax levy in 2022. The
Village had two joint workshops with the Village Board and the Finance
Commission in October 2021 discussing the 2021 levy and the 2022 budget. (Oct.
12 Budget Workshop Video / Oct. 19 Budget Workshop Video).
The proposed 2021 levy totals at $19,469,004 and it reflects a zero percent
increase over the 2020 extended taxes. The Village had a zero percent levy
increase for 2020 levy as well. This marks a third year with a zero percent levy in
last four years. The below -mentioned levy amounts are the proposed amount after
an abatement of $625,334 in public safety pensions and $4,293,025 abatement of
the debt service levy. The debt service levy abatements are presented on a
separate ordinance. In absence of these abatements, the property tax burden will
increase by 25.3 percent.
Mount Prospect Library has adopted a levy totaling $11,712,000. With a 2%
amount for loss and costs, the total levy for the Library will be $11,946,240,
1
which shows an increase of 1.25 percent over the 2020 extended taxes.
The total Equalized Assessed Value of the Village of Mount Prospect is $1.97
billion. The most recent tax rate for the Village of Mount Prospect is 0.978%. The
Village's current share in the total property tax bill is 10.3 percent. An average
house with a value of $330,200 pays an average of $1,031 in the property tax for
the Village services.
A public hearing, second reading of the ordinance and the final approval of the
levy is expected to be on November 16, 2021. A public notice for the public
hearing on the 2021 levy will be published in the Daily Herald Newspaper on
November 4, 2021.
Village and 67,326,734 30,799,259 615,985.00 31,415,244
Library Totals
Alternatives
1. Village Board approval of the 2021 property tax levy reflecting an increase of
zero percent over the final 2020 extension.
2. Action at the discretion of the Village Board.
Staff Recommendation
Approve the 2021 property tax levy reflecting a 0 percent increase over the 2020
2
Fund
Budgeted
Levy Amount
Amount for
Net Tax Levy
Amount
Loss & Cost
I
Police Protection
20,379,573
4,346,500
86,930.00
4,433,430
II
Fire Protection
17,260,061
510491574
100,991.00
511501565
III
Debt Service
7,12111711
2,828,686
56,574.00
2,885,260
IV
Police Pension
3,8201,016
314951016
69,900.00
315641916
V
Firefighters'
Pension
3,667,817
3,3671483
67,350.00
3,434,833
Village Totals
52,249,178
19,087,259
381,745.00
19,469,004
VI
Mount Prospect
Library
Library Services
13,496,556
10,131,000
202,620.00
10,333,620
Library Debt
Service
1,581,000
1,581,000
311620.00
11612,620
Library
Totals
15,077,556
11,712,000
234,240.00
11,946,240
Village and 67,326,734 30,799,259 615,985.00 31,415,244
Library Totals
Alternatives
1. Village Board approval of the 2021 property tax levy reflecting an increase of
zero percent over the final 2020 extension.
2. Action at the discretion of the Village Board.
Staff Recommendation
Approve the 2021 property tax levy reflecting a 0 percent increase over the 2020
2
levy extension.
ATTACHMENTS:
2021 Levy Ordinance.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, 2021 AND ENDING
DECEMBER 31, 2021
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the day of 12021
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the day of , 2021.
4
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, 2021 AND ENDING
DECEMBER 31, 2021
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 Seven Hundred and Ninety Nine Thousand Two
Hundred and Fifty Nine Dollars ($30,799,259) 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, 2021 and ending December 31, 2021 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 2021.
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.
6544 at a meeting hereof regularly convened and held in said Village of Mount Prospect,
Illinois, on the 17' day of November, 2020, and amended by Ordinance No. 6558 on the
2nd day of March, 2021, 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
V1.
5
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2021 TAX LEVY
Amount Amount
Budgeted Levied
ARTICLE I -POLICE PROTECTION
Personal Services
11,386,727
4,346,500
Employee Benefits
6,456,709
0
Other Employee Costs
173,485
0
Contractual Services
1,865,933
0
Utilities
37,000
0
Insurance
190,661
0
Commodities & Supplies
228,535
0
Office Equipment
25,785
0
Other Equipment
14,738
0
Total Police Department
20,379,573
4,346,500
TOTAL BUDGET FOR POLICE PROTECTION 20,379,573
AMOUNT TO BE RAISED BY TAX LEVY 4,346,500
ADD 2% FOR LOSS & COST OF COLLECTION 86,930
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PROTECTION 4,433,430
ARTICLE II -FIRE PROTECTION
Personal Services
9,660,962
5,049,574
Employee Benefits
5,747,796
0
Other Employee Costs
155,240
0
Contractual Services
1,266,692
0
Utilities
21,000
0
Insurance
157,182
0
Commodities & Supplies
78,135
0
Building Improvements
5,500
0
Office Equipment
1,500
0
Other Equipment
166,054
0
Total Fire Department
17,260,061
5,049,574
TOTAL BUDGET FOR FIRE PROTECTION 17,260,061
AMOUNT TO BE RAISED BY TAX LEVY 5,049,574
ADD 2% FOR LOSS & COST OF COLLECTION 100,991
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIRE PROTECTION 5,150,565
2
6
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2021 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
885,000 885,000
27,436 27,436
0 0
912,436 912,436
585,000 0
336,206 0
0 0
921,206 0
1,125,000 1,125,000
71,700 71,700
0 0
1,196,700 1,196,700
0 0
265,800 265,800
0 0
265,800 265,800
155,000 0
153,769 0
308,769 0
160,000 0
144,531 0
0 0
304,531 0
205,000 0
264,369 0
0 0
469,369 0
7
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2021 TAX LEVY
ARTICLE III - DEBT SERVICE (continued)
00 00 566
G.O. Bonds - Series 2018A - Water
124,500
Bond Principal
0
Interest Expense
124,500
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 2018B - 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
150,000 0
168,000 0
318,000 0
0 0
1,444,250 329,250
0 0
1,444,250 329,250
0
0
124,500
124,500
0
0
124,500
124,500
265,000 0
325,800 0
0 0
590,800 0
0 0
265,350 0
0 0
265,350 0
7,121,711
2,828,686
56,574
2,885,260
M
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2021 TAX LEVY
ARTICLE IV - POLICE PENSION
00 Police Pensions
Amount Amount
Budgeted Levied
Annual Pension Costs 3,820,016 3,495,016
Total Police Pensions 3,820,016 3,495,016
TOTAL BUDGET FOR POLICE PENSION 3,820,016
AMOUNT TO BE RAISED BY TAX LEVY 3,495,016
ADD 2% FOR LOSS & COST OF COLLECTION 69,900
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION 3,564,916
ARTICLE V - FIREFIGHTERS' PENSION
00 Fire Pensions
Annual Pension Costs 3,667,817 3,367,483
Total Firefighters' Pensions 3,667,817 3,367,483
TOTAL BUDGET FOR FIREFIGHTERS' PENSION 3,667,817
AMOUNT TO BE RAISED BY TAX LEVY 3,367,483
ADD 2% FOR LOSS & COST OF COLLECTION 67,350
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
FIREFIGHTERS' PENSION 3,434,833
ARTICLE VI - MOUNT PROSPECT LIBRARY
90 Mount Prospect Library
Library Expenditures 13,496,556 10,131,000
Bond Principal 1,550,000 1,550,000
Interest Expense/Fiscal Charges 31,000 31,000
Total Library Services 15,077,556 11,712,000
TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY 15,077,556
AMOUNT TO BE RAISED BY TAX LEVY - Library Expenditures 10,131,000
AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest 1,581,000
ADD 2% FOR LOSS & COST OF COLLECTION 234,240
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
MOUNT PROSPECT LIBRARY 11,946,240
5
0
Article
I
Police Protection
11
Fire Protection
III
Debt Service
IV
Police Pension
V
Firefighters' Pension
for Loss
Village Totals
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2021 TAX LEVY SUMMARY
Fund
VI Mount Prospect Library
Library Services
Library Debt Service
Library Totals
Village and Library Totals
iF
Amount
Total
to be Raised
Amount
Tax Levy
Amount
by
for Loss
Incl. Loss
Budgeted
Tax Levy
and Cost
and Cost
$ 20,379,573
4,346,500
86,930.00
4,433,430
17,260,061
5,049,574
100,991.00
5,150,565
7,121,711
2,828,686
56,574.00
2,885,260
3,820,016
3,495,016
69,900.00
3,564,916
3,667,817
3,367,483
67,350.00
3,434,833
52,249,178
19,087,259
381,745.00
19,469,004
13,496,556
10,131,000
202,620.00
10,333,620
1,581,000
1,581,000
31,620.00
1,612,620
15,077,556
11,712,000
234,240.00
11,946,240
$ 67,326,734
30,799,259
615,985.00
31,415,244
iF
Section 3: The sum of $384,200 is budgeted to be received from personal property
replacement tax revenue during the fiscal year commencing January 1, 2021 and ending
December 31, 2021 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:
NAPES:
ABSENT:
PASSED and APPROVED this day of November 2021.
ATTEST:
Karen Agoranos, Village Clerk
s
Paul Wm. Hoefert, Mayor
11
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