HomeMy WebLinkAbout8.3 2nd reading and Approval 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•' reading and Approval of
AUTHORIZING THE LEVY AND COLLECTION OF
TAXES FOR CORPORATE AND MUNICIPAL
PURPOSES OF THE VILLAGE OF MOUNT
FISCALPROSPECT FOR THE ■ BEGINNING
JANUARY1 ' 31,
2022
Meeting November1 A' MEETING OF •
PROSPECT VILLAGE BOARD
Fiscal Impact
Dollar Amount
Budget Source
CategoryOLD BUSINESJ
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 second reading and approval of the tax levy ordinance. The first
reading of this ordinance occurred at the October 18, 2022 Village Board Meeting
(Meeting Video). The Village Board also 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
$22,681,812. That includes, $4,346,500 for Police Protection,
Protection, $4,760,936 for Police Pension and $4,427,561
Additionally, the amount includes $3,652,500 in debt servic(
bond issues. The proposed total levy for the Mount F
$10,751,098. Since Mount Prospect Public Library will no
outstanding as of December 31, 2022, there is no
Library. Before abatements, the total levy will show an
abatements) totals
$5,049,574 for Fire
for Fire Pension.
levies for various
rospect Library is
t have any bonds
debt service levy for the
increase of $2,017,666 or
1
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
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
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 41433,430
1001991.00 51150565
44,165.00 212521415
87,719.00 414731655
81,051.00 4333,612
55,614,728 20,042,821 400,856.00 20,443,677
1616161600 1015371000 2101740.00 1017471740
161616,600 10,537,000 210,740.00 10,747,740
Village and
Library Totals $ 72,231,328 30,579,821 611,596.00 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
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 41433,430
1001991.00 51150565
44,165.00 212521415
87,719.00 414731655
81,051.00 4333,612
55,614,728 20,042,821 400,856.00 20,443,677
1616161600 1015371000 2101740.00 1017471740
161616,600 10,537,000 210,740.00 10,747,740
Village and
Library Totals $ 72,231,328 30,579,821 611,596.00 31,191,417
2
The Finance Commission discussed the property tax levy for the year 2022 at its regularly
scheduled meeting. Finance Commission recommended approval of the levy as presented
with an additional recommendation that the staff clarifies that the zero percent tax levy
increase is a result of combined levy and as a stand -along unit, the Village will have a 5.01
percent increase, offset by a reduction of 10% decrease in the Library levy. A full
recommendation is attached herewith.
The aforesaid ordinance will be approved after a public hearing, which is also
scheduled for the same date (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 11 2022.pdf
Budget Recommendation from the Finance Commission 2022-10-28.pdf
3
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
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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
From: Finance Commission, Village of Mount Prospect
To: Paul Wm. Hoefert — Mayor, and the Village Board of Trustees
Date: October 28, 2022
Subject: Budget Recommendation from the Finance Commission
At the Finance Commission's regularly scheduled meeting on October 27, 2022, the
Commission discussed the proposed budget for year 2023. A synopsis of the discussion
as well as formal recommendation on the proposed property tax levy, proposed
abatements, and the overall Annual Budget is as follows:
The Finance Discussion discussed the property tax levy for the year 2022, payable in
2023. The Commission acknowledged that the property tax levy is increasing primarily
due to an increase in public safety pension costs. In discussing the proposed levy, the
Commission noted the manner in which the Village is achieving a zero percent levy, which
is the result of combining it with the Mount Prospect Public Library. However, when
considering both entities as stand-alone units (as has been the case in the past), the
Village is in actuality showing a 5.01 % increase in its portion of the levy while the Village
Library is showing a 10% reduction in their portion as a result of not having a debt service
payment beginning in 2023. While the average resident may not fully understand the
nuances of this reporting and our combined levy, they will see it as two separate line items
on their property tax bill despite messaging or the perception that the Village is once again
moving forward with a zero percent tax levy. Specifically, they will see an increase in the
Village portion and a decrease in the Mount Prospect Public Library portion on their tax
bill. The Finance Commission acknowledges that the Police and Fire HQ Bonds were
issued in such a way that a major portion of their payment starts when Library bonds are
paid off and, as such, this shift in the levy was an expected item. Nevertheless, at a time
when our fellow residents continue to feel the financial and economic impacts of high
inflation and possible recession, the Commission feels it is important to be clear in both
messaging and public expectations when it comes to this important issue. A Motion was
made to recommend approval of the Levy Ordinance as presented with the 5.01%
increase in the Village Levy offset by a 10% decrease in the Library levy, thereby
achieving a net decrease of 0.71% in the combined levy, with the additional
recommendation that staff clearly clarify the increase in the Village levy at the second
reading of the Levy Ordinance.
The Finance Commission also discussed the property tax levy abatements as presented.
After a discussion, the Finance Commission unanimously recommended the debt service
levy abatements as presented by staff.
Finally, the Finance Commission discussed the overall budget for the year 2023. The
Finance Commission during its July 28, 2022, meeting had recommended against the
suspension of the Vehicle Sticker. The Commission acknowledges that the proposed
Budget includes suspension of the vehicle sticker program as recommended by the
Village Board at its Committee of the Whole meeting. The Finance Commission reiterates
its position that vehicle sticker revenues are a significant revenue source dedicated to the
Village's Street Reconstruction Program, as articulated in its September 2, 2022 memo
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to the Village Board. Nevertheless, the Finance Commission unanimously recommended
approval of the proposed 2023 budget with the recommendation that staff continue its
review of the vehicle sticker program along with alternative methods to make the existing
program run more efficiently and provide a final report before the next budget cycle (2024
budget).
With this meeting, the Finance Commission has concluded our work plan for the fiscal
year 2022. Please let us know if you have any questions or concerns.
Respectfully Submitted
Trisha Chokshi
Chair — Finance Commission
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