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Home My WebLink About8.1 st 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, 2022 AND ENDING DECEMBER 31, 2022Mr�GauC �'d'+rt;�iect Item Cover Page Subject Ist reading of AN ORDINANCE AUTHORIZING THE LEVY AND • • OF •. THE CORPORATE AND MUNICIPAL PURPOSESOF VILLAGE OF •UNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2022 AND r DECEMBER 31, 2022 Meeting October1 A' MEETING OF • PROSPECT VILLAGE BOARD Fiscal Impact Dollar Amount Budget Source Category NEW BUSINESS Type Ordinance Information Prior to December 2022, the Village must file its 2022 tax levy ordinance with Cook County. The filing includes corporate tax levy and abatement ordinances. The Village will receive proceeds from the 2022 tax levy in 2023. This agenda item covers the first reading of the tax levy ordinance. The Village Board had a joint workshop with the Finance Commission on October 11 to preview and discuss the 2023 budget and 2022 levy. (Oct. 11 Budget Workshop Meeting Video). The overall 2022 property tax levy for the Village (before abatements) totals $22,681,812. That includes, $4,346,500 for Police Protection, $5,049,574 for Fire Protection, $4,760,936 for Police Pension and $4,427,561 for Fire Pension. Additionally, the amount includes $3,652,500 in debt service levies for various bond issues. The proposed total levy for the Mount Prospect Library is $10,751,098. Since Mount Prospect Public Library will not have any bonds outstanding as of December 31, 2022, there is no debt service levy for the Library. Before abatements, the total levy will show an increase of $2,017,666 or 6.42 percent over 2021 extended taxes. The main reason for an increase in the levy amount is increased pension costs of $2,372,518, due to changes in the 1 mortality tables and interest rate assumptions. The proposed budget provides public safety pension abatements totaling $750,000. Additionally, the Village is pledging the General Fund revenues totaling $1,400,000 towards series 2018b bonds issued for Police and Fire Headquarters. The total abatement of $2,150,000 will limit the property tax increases for the Village to $974,673 or 5.01 percent. With a decrease in the Library's debt service levy by $1,612,620, the overall levy is expected to show a decrease of $223,827 or 0.71 percent over the extended 2021 property taxes. This will be the third year in a row, and the fourth year in last five years, where the Village has achieved a combined zero percent rate increase for the Village and Library. Recent growth in the intergovernmental revenues has allowed the Village to abate $2,150,000, that otherwise would have been levied and resulted in an increase of 6.42 percent in overall property tax bills. Article Fund VI Mount Prospect Public Library Library Services Library Debt Service Library Totals Village and Library Totals Amount Budgeted Amount to be Raised by Tax Levy $ 20,332,237 4,346,500 18,478,069 7,615,925 4,760,936 4,427,561 5,049, 574 2,208,250 4,385,936 4,052,561 Total Amount Tax Levy for Loss Incl. Loss and Cost and Cost 861930.00 414331430 1001991.00 51150565 441165.00 21252,415 871719.00 41473,655 819051.00 491339612 551614,728 20,042,821 400,856.00 20,443,677 1616161600 105371000 210,740.00 10,7471740 16,616,600 10,537,000 210,740.00 10,747,740 $ 721231,328 301579,821 611,596.00 31,191,417 2 Police I Protection II Fire Protection III Debt Service IV Police Pension Firefighters' V Pension Village Totals VI Mount Prospect Public Library Library Services Library Debt Service Library Totals Village and Library Totals Amount Budgeted Amount to be Raised by Tax Levy $ 20,332,237 4,346,500 18,478,069 7,615,925 4,760,936 4,427,561 5,049, 574 2,208,250 4,385,936 4,052,561 Total Amount Tax Levy for Loss Incl. Loss and Cost and Cost 861930.00 414331430 1001991.00 51150565 441165.00 21252,415 871719.00 41473,655 819051.00 491339612 551614,728 20,042,821 400,856.00 20,443,677 1616161600 105371000 210,740.00 10,7471740 16,616,600 10,537,000 210,740.00 10,747,740 $ 721231,328 301579,821 611,596.00 31,191,417 2 A public hearing and the second reading of this ordinance, and the final approval for the property tax levy is schedules for November 1, 2022. A public notice for the public hearing will be published on October 20, 2022 in the Daily Herald Newspaper. Alternatives 1. Village Board approval of the 2022 property tax levy reflecting a decrease of 0.71 percent over the 2021 extended taxes. 2. Action at the discretion of the Village Board. Staff Recommendation Approve the 2022 property tax levy for the Village of Mount Prospect and Mount Prospect Public Library as attached. ATTACHMENTS: Final 2022 Levy Ordinance - October it 2022.pdf KI 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, 2022 AND ENDING DECEMBER 31, 2022 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2022 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2022. 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, 2022 AND ENDING DECEMBER 31, 2022 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 Five Hundred and Seventy Nine Thousand Eight Hundred and Twenty One Dollars ($30,579,821) 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, 2022 and ending December 31, 2022 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 2022. 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. 6588 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 16' day of November, 2021, and amended by Ordinance No. 6612 on the 1st day of March, 2022 and by Ordinance No. 6637 on June 21, 2022, 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. 5 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2022 TAX LEVY ARTICLE I - POLICE PROTECTION Amount Amount Budgeted Levied Personal Services 11,761,959 4,346,500 Employee Benefits 6,274,980 0 Other Employee Costs 176,360 0 Contractual Services 1,571,806 0 Utilities 13,500 0 Insurance 241,437 0 Commodities & Supplies 243,285 0 Office Equipment 33,830 0 Other Equipment 15,080 0 Total Police Department 20,332,237 4,346,500 TOTAL BUDGET FOR POLICE PROTECTION 20,332,237 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 10,413,581 5,049,574 Employee Benefits 5,890,234 0 Other Employee Costs 157,507 0 Contractual Services 1,459,464 0 Utilities 16,000 0 Insurance 234,722 0 Commodities & Supplies 89,295 0 Building Improvements 3,500 0 Office Equipment 1,500 0 Other Equipment 212,266 0 Total Fire Department 18,478,069 5,049,574 TOTAL BUDGET FOR FIRE PROTECTION 18,478,069 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 2022 TAX LEVY ARTICLE III - DEBT SERVICE 00 Debt Service 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 C.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 605,000 318,656 0 923,656 0 0 0 0 1,265,000 1,265,000 37,950 37,950 0 0 1,302,950 1,302,950 515,000 515,000 265,800 265,800 170,000 147,569 0 317,569 0 0 0 0 175,000 0 138,131 0 0 0 313,131 0 225,000 0 254,119 0 0 0 479,119 0 7 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2022 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 00 00 G.O. Bomds - Series 2022 - Water/Sewer Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2022 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 160,000 0 160,500 0 0 0 320,500 0 0 0 1,444,250 0 1,444,250 0 0 0 124,500 124,500 0 0 124,500 124,500 290,000 0 312,550 0 0 0 602,550 0 210,000 0 265,350 0 0 0 475,350 0 215,000 0 316,550 0 0 0 531,550 0 7,615,925 2,208,250 44,165 2,252,415 8 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2022 TAX LEVY ARTICLE IV - POLICE PENSION 00 Police Pensions Annual Pension Costs 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 Annual Pension Costs 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 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 5 Amount Amount Budgeted Levied 4,760,936 4,385,936 4,760,936 4,385,936 4,760,936 4,385,936 87,719 4,473,655 4,427,561 4,052,561 4,427,561 4,052,561 4,427,561 4,052,561 81,051 4,133,612 16,616,600 0 0 i c c i c cnn 16,616,600 10,537,000 0 0 1 n zl- nnn 10,537,000 0 210,740 10,747,740 9 Article VILLAGE OF MOUNT PROSPECT, ILLINOIS 2022 TAX LEVY SUMMARY Fund I Police Protection II Fire Protection III Debt Service IV Police Pension V Firefighters' Pension for Loss Village Totals VI Mount Prospect Library Library Services Library Debt Service Library Totals Village and Library Totals 10 Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Budgeted Tax Levy and Cost and Cost $ 20,332,237 4,346,500 86,930.00 4,433,430 18,478,069 5,049,574 100,991.00 5,150,565 7,615,925 2,208,250 44,165.00 2,252,415 4,760,936 4,385,936 87,719.00 4,473,655 4,427,561 4,052,561 81,051.00 4,133,612 55,614,728 20,042,821 400,856.00 20,443,677 16,616,600 10,537,000 210,740.00 10,747,740 16,616,600 10,537,000 210,740.00 10,747,740 $ 72,231,328 30,579,821 611,596.00 31,191,417 10 0 O 0 N n L 0 LS 0 0 0 0 0 0 0 0 V D1 C7 O O O V 0) 0 G o O o 0 O O 't CO 0 0 LO o V 00 N N C O LD 111 C F U O 0o OLT N t) O M r C N yN n r +O+ UT 0 N 00 00 O O O r, M 9 IL T N L(1 W () F>N O D X W 0) O n Z J H O N O L!1 LD M O C O c-7 M D M N O (� N J V L!1 O M M C1V m aR+ N y F M L!1 lfl m o O F N LL r V Ln M M X W O `m i > O 111 Ln N C O O f6 16 M O co co N y M .1 r- co 7 F NC X -t a V V W > d J L) ,O WC 7 Fli 10CL O .ti O r C O O a y M C u7 O O n O 0 .Ln m N U '6 L > LD O I- N>O O C c 01 O 00 0 o O o U > � � d J m NO C •� 0 O O r M LD Ln u7 Lr Lri a)LL lD Ql L11 N N V a 0 111 cu u M O M O Z o m NN J -qui 0 O 0 N n L 0 LS 0 0 0 0 o � D1 C7 j, C O O o O o 0 ri d 00 L6 Lo 0 c -I O LD 111 M M F U U Q 0o n o LU N O M M W yN oo Ln Ln 0 N O N O O O r, M 9 IL T N L(1 Ln Ln rn Ln F>N N i Lr) O i W 0) O n Z J O G O M O V 0 O yl O c-7 a O R (� N J M N tri V V F M N LL r O `m i > W Q O 16 > J d d _J > d J L) ,O WC 7 Fli 10CL 0 O 0 N n L 0 LS 0 0 0 0 o � D1 C7 co O O 0C? ri 0 0 00 0 0 c -I O V LD 111 N Ln O 0o n o M O M M W O oo Ln Ln M O N M Ol N L(1 M Ln �t O i Lr) O i oo M c -I M O O O 0 O O O c-7 111 LD M N r, M N l71 N N M N c -I O LD i O i i O � D1 C7 co N 0) N ri O O i i O Ln c O LD O V LD 111 N N c -I C O m o O u7 N O :t O 0 N c -I LD LT 1-I Ql O O ' O O O u') lD M c -I O Ln LO LO LO LD Ln c -I c -I LPI N Ln M M T M m 7 O O V Ln LD O O O N LT 0 0 0 0 0 0 Ln Ln O LD M N O m O Ln Ln Ln LD m w L11 c -I N Ln N Ln Ln co Ln M N O n M O 0 7 V N Ln N O W. r n N 7 N O n M m M r• M M -;t m 7 (D V Ln N r LL N CN O O O O N N N N N N N N N N N N N N y y y y y y y y y (n N N N N N 0) Cl) N N N N tU N N N Ln Ln N (n fn Cn (n Cn (n Cn (n Cn (n 0 O LO 0 C ti C O C zil c c O C N r c -I U a O c N r LD U m r m m it O c -I 0 a r` O N O O N O O o ' r` m O c -I O 0 0 N N Ln O1 � of a 00 M m N L!1 N ZT O N N N V O M 000 n- cni rn v r v N N u1 o v Ci N CMi N N N N N en ko en rl N N O P, Ln In N N 00 n O M N 00 N N O LM o n o Lo Ln LA N lM n N Ln 61 N M N t0 N n 0 LO t0 n r to t0 M ti M M O1 C E O a V i > > 16 > J d > d J L) ,O WC 7 Fli 10CL an y U '6 L > J OJ y O C c 01 O Li _U •� > � � 3 N � m NO C •� 0 O a)LL N cu u W CL 46 vfl. > v F z a a t 0 L °A n D > a J > O O 0 'U N 'V N Y9 Y Y Y Y N +�+ +�+ L.L d LL d LL F O F F J J F F F F W l (D 15 J0 J_ 0 0 LO t0 n r to t0 M ti M M Section 3: The sum of $475,000 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2022 and ending December 31, 2022 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 2022. ATTEST: Karen Agoranos, Village Clerk s Paul Wm. Hoefert, Mayor 12