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Home My WebLink About8.2 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, 2023, AND ENDING DECEMBER 31, 2023.M+awn �'xyt�lts�=e Item Cover Page Subject 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, 2023, AND ENDING DECEMBER 31, 2023. Meeting November 7, 2023 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Dollar Amount Budget Source Category OLD BUSINESS Type Ordinance Information Prior to December 2023, the Village must file its 2023 tax levy ordinance with Cook County. The filing includes corporate tax levy and abatement ordinances. The Village will receive proceeds from the 2023 tax levy in 2024. 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 10 to preview and discuss the 2024 budget and 2023 levy. The first reading of this ordinance was presented to the Village Board at the October 17 regular meeting. The overall 2023 property tax levy for the Village is $19,087,259. The levy includes $4,346,500 for the Police Protection, $5,049,574 for the Fire Protection, $1,234,925 for the Debt Service, $4,629,067 for the Police Pension and $3,827,193 for the Fire Pension. The above levy amounts are after abatements of $2,000,000 in pension costs and $2.4 million in additional debt service abatements. The overall Village Levy shows a reduction of 4.8 percent or $992,791 over the 2022 extended taxes payable in 2023. The Village has seen a consistent growth in its sales tax revenues and has allowed the Village to not only hold the property tax line but to reduce it by 4.8 percent. The proposed levy amount now reflects the same levy as it was for the years 2019, 2020 and 2021. 20,22 Tex E.xtension Provision G,ross 2023, 8 uuba idyl Net 2023, Loss & Total 23 Total 20122 Ilncl Levy Ablatefnients Levy Costs Extension Extension S lncl(Dec) (Diec) Ec Da Fr on 4„345,500, - 4,345„500 86,930 4,433,43 4,433,430 ,3 Faire Frotpedorn 5,049,574 - 5,049,574 1 w ,90'1 5,150,565 5,,150,56,5 - 0 Fobs Pen, nm n F und 5„529,057 11,W,M 4,529„057 92,581 4,721,548 4,473,555 247,993 5.54% Rreilgiartnars' Eenwrn F und 4„327,193 11,000,M, 3,327„193 75,5441 3,908,737 4,133,512 (229,875) -5.56% Total Operational Levy 191-57,334 Z000W 17,85 ,3-34 35:7046 1209,180 1 9,19,tW2 1 G,,19,1„W2 0.10,% Total Debt e iee Lem 7„ 42,309, 6,407,3,U 1,2`34,925 24,ti9"3, 1,259,624 2252415, (992,29,1) 44.08% Total o,peralling Levy 30,75,384 2,NO,HO 28,705,334 5:74,1N, 2%279,40 29 939,, DD2 3411,418, 11.1B% Total Debt SeivkeLem 7,542,319, 5,4HJU 1,234,9 5 MAN 1259,624 2252415, (990„791) -44.18 18,,347,5i41 8,4DTJU 29,940,259, 598,9115 30,53 ,064 31 , 19,11,417 (65,353) -2.0 VM a e Prol:aeivy "Fax LeA/fir _e.0196 The Village also approves and reports the annual levy for the Mount Prospect Library to Cook County. The Mount Prospect Library will have an annual levy of $10,853,000, which shows a 3.0 percent increase over the 2022 extended taxes payable in 2023. The Village will be deploying $2.0 million from its current revenues for pension abatements and $2.4 million in debt service abatements. In the absence of $2.0 million in pension abatements and $2.4 million in debt service abatements, the property tax levy for the Village comes out to be $23,971,462 - 17.3 percent increase over the 2022 levy amount. With abatements, an average household will see a reduction of $53 in their annual property tax bill (of the Village's portion only). In the absence of these abatements, the average household will see an increase of $193 for the Village portion. Without Abatements With Abatements 2022 Payable 2023 2023 Payable 2024 2023 Payable 2024 Average House Value 336,000 336,000 336,000 Assessed Value - 10% 33,600 33,600 33,600 Equalization Factor 3.0027 3.0027 3.0027 Equalized Assessed Value 100,891 100,891 100,891 Village Rate 1.107 1.298 1.054 Property Tax 11117 1,310 1,063 Increase/( Decrease) 173 (53) Percent Increase/(Decrease) 17.3% -4S% The Finance Commission met on October 26, 2023, and discussed the levy, amendments, and budget and recommended the approval of these items as presented. The Public Hearing for the 2023 property tax levy is scheduled on November 7, 2023. The second reading and approval will be executed by the Village Board after the conclusion of the Public Hearing. nicr_ivccinn Alternatives 1. Approve the ordinance authorizing the levy and collection of 2023 property taxes payable in 2024 reflecting a decrease of 5.01 percent in the Village Levy and 3.0 percent increase in the Mount Prospect Library Levy. 2. Action at the discretion of the Village. Staff Recommendation Staff recommends the Village Board approve the ordinance authorizing the levy and collection of 2023 property taxes payable in 2024 reflecting a decrease of 5.01 percent in the Village Levy and 3.0 percent increase in the Mount Prospect Library Levy. Attachments 1. 2023 - Levy Ordinance - Nov 7 2023 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, 2023, AND ENDING DECEMBER 31, 2023 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2023 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of 2023. 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, 2023, AND ENDING DECEMBER 31, 2023 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 Twenty Nine Million Nine Hundred Forty Thousand Two Hundred Fifty Nine ($29,940,259) 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, 2023 and ending December 31, 2023 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 2023. 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 1st day of November, 2022, and amended by Ordinance No. 6671 on the 2211d day of March, 2023, by Ordinance No. 6680 on May 17, 2023 and by Ordinance No. 6681 on June 6, 2023, 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 2023 Tax Levy ARTICLE I -POLICE PROTECTION Amount Amount Budgeted Levied Personal Services 12,388,016 4,346,500 Employee Benefits 6,933,081 0 Other Employee Costs 181,540 0 Contractual Services 1,853,680 0 Utilities 13,500 0 Insurance 210,121 0 Commodities & Supplies 222,610 0 Office Equipment 25,975 0 Other Equipment 15,470 0 Total Police Department 21,843,993 4,346,500 TOTAL BUDGET FOR POLICE PROTECTION 21,843,993 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 10,922,940 5,049,574 Employee Benefits 6,267,878 0 Other Employee Costs 161,222 0 Contractual Services 1,970,791 0 Utilities 13,000 0 Insurance 202,375 0 Commodities & Supplies 69,850 0 Building Improvements 2,000 0 Office Equipment 1,000 0 Other Equipment 182,955 0 Total Fire Department 19,794,011 5,049,574 TOTAL BUDGET FOR FIRE PROTECTION 19,794,011 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 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2023 Tax Levy ARTICLE III - DEBT SERVICE 00 Debt Service 00 00 518 G.O. Bonds - Series 2016 Amount Amount Budgeted Levied Bond Principal 1,060,000 1,060,000 Interest Expense 250,350 174,925 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2016 1,310,350 1,234,925 00 00 565 G.O. Bonds - Series 2017 - TIF Bond Principal 185,000 0 Interest Expense 140,769 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2017 325,769 0 00 00 565 G.O. Bonds - Series 2017 - Water Bond Principal 190,000 0 Interest Expense 131,131 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2017 321,131 0 00 00 566 G.O. Bonds -Series 2018A - TIF Bond Principal 250,000 0 Interest Expense 242,869 0 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2018A - TIF 492,869 0 3 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2023 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 2018B - Refit Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2018B - Refr 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 00 00 G.O. Bomds - Series 2022B - Flood Control 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 175,000 0 152,500 0 0 0 327,500 0 0 0 1,444,250 0 0 0 1,444,250 0 770,000 0 124,500 0 0 0 894,500 0 315,000 0 298,050 0 0 0 613,050 0 235,000 0 254,850 0 0 0 489,850 0 235,000 0 305,800 0 0 0 540,800 0 670,000 0 212,240 0 0 0 882,240 0 7,642,309 1,234,925 24.699 1,259,624 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2023 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 5,629,067 4,629,067 5,629,067 4,629,067 5,629,067 4,629,067 92,581 4,721,648 4,827,193 3,827,193 4,827,193 3,827,193 4,827,193 3,827,193 76,544 3,903,737 16, 616, 600 10,853,000 0 0 0 0 16,616,600 10,853,000 16,616,600 10,853,000 0 217,060 11,070,060 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2023 TAX LEVY SUMMARY Article Fund I Police Protection 11 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 Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Budgeted Tax Levy and Cost and Cost $ 21,843,993 4,346,500 86,930.00 4,433,430 19,794,011 5,049,574 100,991.00 5,150,565 7,642,309 1,234,925 24,699.00 1,259,624 5,629,067 4,629,067 92,581.00 4,721,648 4,827,193 3,827,193 76,544.00 3,903,737 59,736,573 19,087,259 381,745.00 19,469,004 16,616,600 10,853,000 217,060.00 11,070,060 16,616,600 10,853,000 217,060.00 11,070,060 $ 76,353,173 29,940,259 598,805.00 30,539,064 Section 3: The sum of $825,000 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2023 and ending December 31, 2023 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 2023. ATTEST: Karen Agoranos, Village Clerk 8 Paul Wm. Hoefert, Mayor