The URL can be used to link to this page

Home My WebLink About8.3 Second Reading and Approval of AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2025, AND ENDING DECEMBER 31, 2025.All Item Cover Page Subject Second Reading and Approval of AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2025, AND ENDING DECEMBER 31, 2025. Meeting November 18, 2025 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Category OLD BUSINESS Type Ordinance Information The Village approves and files its levy and abatement ordinance each year with Cook County before December. This ordinance abates part of the debt service levy to be used for general obligation bonds. The Village has alternative revenue sources to pay for the debt service obligation for the year 2026. In the absence of the attached abatement ordinance, the County will levy on all the previously issued bonds, which could result in significant property tax increases for the Village's portion. The first reading of this ordinance was held on October 28, 2025. Discussion The proposed ordinance is a part of the annual budget process. The Village abates part of the debt service property tax levy every year. Several general obligation bonds have been issued in the past, and Cook County will levy debt service property tax levy unless the Village abates part of the bond levies. There are certain debt service payments which the Village pays from alternative revenue sources, and this eliminates the need to levy property taxes for such bond principal and interest amounts. For the assessment year 2025 (payable in 2026), the Village will be abating the following debt service payments. Seines 20116 l�1350, L1983 22111!367 411427�4 Seines 20117 ('1 3451369 3451369 Seines 20117 (WTR) 3351331 3351331 Seines 2018a ('1 526,1369 526,1369 34,41250, Seines 2018b, (new) III , III Ill' , r , - Series 20119aWT'II '. - Seines 2019B TIIF 52011100 , 11- Seines TII III , III , - Seines 2022A(Flood) 8791 8791 - The above table shows that the Village will levy only $221,367 in debt service levy, and the remaining $7,574,552 will be abated using the following alternative revenue sources. lilt k j The total debt service payments due during the fiscal year 2026 are $7,795,,919. The Village will be abating $7,,574,552 of this amount and levy only for one of the issued bonds in the amount of $221,367. Series 2017, 2018A, and 2019B are TIF bonds and will be paid with TIF increments from the Prospect & Main TIF District. Series 2017, Series 2018A, Series 2019A and Series 2022 are Water/Sewer Bonds and will be paid from utility service charges. Series 2018B was issued in 2018 for the Police and Fire Headquarters, as well as for refunding 2009 Series Bonds. The Village is using the General Fund revenues to abate these bonds. The video gaming tax and interest income totaling $323,,050 are used to abate part of the 2018B and 2016 bonds. After all the abatements, series 2016 bonds will have a net levy of $221,367 with a 2% provision for loss and costs, the final levy amount would be $225,794. The Finance Commission recommended adopting the attached ordinance as presented. Their final recommendation is attached along with the abatement ordinance. w I&AMMA&: L w,%,a. 1. Hold the first reading of the ordinance abating $7,574,,552 in 2025 debt service levy payable in 2026. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends holding the first reading of an ordinance abating $7,574,552 in 2025 debt service levy payable in 2026. Attachments 1. General Village Levy Abatement Ordinance - Nov 6 2024 2. Budget Recommendation from the Finance Commission 2025-10-25 ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2025 AND ENDING DECEMBER 31, 2025 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2025 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the day of , 2025. ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2025 AND ENDING DECEMBER 31, 2025 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Section 1: The President and Board of Trustees of the Village of Mount Prospect find as follows: A. That pursuant to Village Ordinance No. 6320 adopted May 2, 2017, authorizing the issuance of general obligation bonds series 2016 for refunding previously issued bonds in the Village, there was levied for the year 2025 the sum of $1,961,350 for bond principal and interest payments. B. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017, authorizing the issuance of general obligation bonds series 2017 for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2025 the sum of $335,331 for bond principal and interest payments. C. That pursuant to Village Ordinance No. 6347 adopted November 7, 2017, authorizing the issuance of general obligation series 2017 bonds for financing the costs of certain capital projects in the Village (TIF), there was levied for the year 2025 the sum of $345,369 for bond principal and interest payments. D. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018, authorizing the issuance of general obligation bonds series 2018A for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2025 the sum of $344,250 for bond principal and interest payments. E. That pursuant to Village Ordinance No. 6385 adopted April 17, 2018, authorizing the issuance of general obligation bonds series 2018A for financing the costs of certain capital projects in the Village (TIF), there was levied for the year 2025 the sum of $526,369 for bond principal and interest payments. F. That pursuant to Village Ordinance No. 6403 adopted September 4, 2018, authorizing the issuance of general obligation bonds series 2018B for financing the construction of Police and Fire HQ projects and refunding of certain bonds of the village there was levied for the year 2025 the sum of $1,682,500.00 for bond principal and interest payments. G. That pursuant to Village Ordinance No. 6449 adopted April 16, 2019, authorizing the issuance of general obligation bonds series 2019A for financing the costs of certain water and sewer capital projects in the Village, there was levied for the year 2025 the sum of $640,050 for bond principal and interest payments. H. That pursuant to Village Ordinance No. 6483 adopted October 15, 2019, authorizing the issuance of general obligation bonds series 2019B for financing the construction of various capital projects with the TIF District of Prospect and Main of the Village of Mount Prospect, there was levied for the year 2025 the sum of $5201100 for bond principal and interest payments. I. That pursuant to Village Ordinance No. 6594 adopted December 7, 2021, authorizing the issuance of general obligation bonds series 2022 for financing the construction of various water and sewer projects throughout the village there was levied for the year 2025 the sum of $561,300 for bond principal and interest payments. J. That pursuant to Village Ordinance No. 6622 adopted April 5, 2022, authorizing the issuance of general obligation bonds series 2022A for refunding Series 2013 G.O. Bond of the Village of Mount Prospect, levied for the year 2025 the sum of $879,300 for bond principal and interest payments. Section 2: Section 11: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,961,3 50.00 levied for G.O. Bond series 2016A interest and principal payments for the purpose of refunding prior bonds throughout the village pursuant to Ordinance No. 6320 be and the same is hereby abated in the amount of $1,739,983.00 being the partial amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 3: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $335,331 levied for G.O. Bond series 2017 interest and principal payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6347 be and the same is hereby abated in the amount of $335,331 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025, and ending December 31, 2025. Section 4: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $345,369 levied for G.O. Bond series 2017 principal and interest payments for the purpose of funding construction projects throughout the village (TIF) pursuant to Ordinance No. 6347 be and the same is hereby abated in the amount of $345,369 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2025, and ending December 31, 2025. Section 5: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $344,250 levied for G.O. Bond series 2018A interest and principal payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6385 be and the same is hereby abated in the amount of $344,250 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 6: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $526,369 levied for G.O. Bond series 2018A principal and interest payments for the purpose of funding construction projects throughout the village (TIF) pursuant to Ordinance No. 6385 be and the same is hereby abated in the amount of $526,369 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 7: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,682,500 levied for G.O. Bond series 2018 B interest payments for the purpose of funding construction projects and refunding of 2009 bonds for the Village pursuant to Ordinance No. 6403 be and the same is hereby abated in the amount of $1,682,500 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 8: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $640,050.00 levied for G.O. Bond series 2019A principal and interest payments for the purpose of funding water and sewer construction projects throughout the village pursuant to Ordinance No. 6449 be and the same is hereby abated in the amount of $640,050 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 9: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $520,100 levied for G.O. Bond series 2019B principal and interest payment for the purpose of funding construction projects in the area of Prospect & Main TIF of the Village of Mount Prospect pursuant to Ordinance No. 6483 be and the same is hereby abated in the amount of $520,100 being the entire amount levied for such bond principal and interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 10: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $561,300.00 levied for G.O. Bond series 2022 interest and principal payments for the purpose of funding the construction of various water and sewer projects throughout the village pursuant to Ordinance No. 6594 be and the same is hereby abated in the amount of $561,300.00 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 11: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $879,300 levied for G.O. Bond series 2022A interest and principal payments for the purpose of refunding general obligation bonds series 2013 pursuant to Ordinance No. 6622 be and the same is hereby abated in the amount of $879,300 being the entire amount levied for such bond interest payment purposes for the fiscal year commencing January 1, 2025 and ending December 31, 2025. Section 10: Village Ordinance Nos. 6320, 6347, 6385, 6403, 6449, 6483, 6594, and 6622 are hereby amended with respect to the tax abatements declared herein and set forth in Sections Two through Nine of this Ordinance. Section 11: The Village Clerk of the Village of Mount Prospect is hereby authorized and directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois within the time specified by law. Section 12: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form and filing as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of November 2025. Paul Wm. Hoefert, Mayor ATTEST: Karen Agoranos, Village Clerk Village of Mount Prospect Tax Levy - 2025 Debt Service Abatement Summary Series 2016 1,961,350 11739,983 221,367 41427 225,794 Series 2017 (TIF) 345,369 345,369 - - - Series 2017 (WTR) 335,331 335,331 - - - Series 2018a (TIF) 526,369 526,369 - - - Series 2018a (WTR) 3441250 3441250 - - - Series 2018b (new) 174447250 174443250 - - - Series 2018b (refi) 2387250 238,250 - - - Series 2019a (WTR) 6407050 6403050 - - - Series 2019B (TIF) 5207100 5203100 - - - Series 2022 (WTR) 5617300 561,300 - - - Series 2022A (Flood) 879,300 8793300 - - - H U LU a Ln Cj) N O O N a >, H Z J O x H LL O LU IZ (r) O J a J 0 0 0 0 \ \ \ \ \ -0-0 0 0 0 0 0 0 0 0 0 0 - - o - - o 0 O LO N - O O O O O O O O O O O - - O- - N O O CO M- O CD O O O O O O O O - - O- O CO N CO - O O O O O O O O O O O - - N - O O I� M M I� Ol Ol ' m O O m N N O Ln Ln 0 00 .. .. 00 (.0Tt Tt CO Ln L() l0 00 00 CO N N N N N N O Ln M r- M (.0 00 O •• 0) lfl m qzt Ln R* 0) I� ' ' ' ' ' ' ' ' ' ' 00 N M O 0) Lrn Ln O Ln M M N r-I - q:t ri N N - N CV 0) CV O N M N � Ln ft � N I- 00 O O O - Ln � N l0 0O • Ln O 0') 00 • O1 Ql N N 0) l0 N Ol Ln d7 Lr) O Ln Ol -1 "t - �O N r 07 - N (V r-I Ln N N Ln N LO M •. .. 1 ri 01 � N 00 00 N I` � Ol I� 9:t qzt 00 It ri l0 00 "t M ' ' ' ' ' ' ' ' ' ' r4 00 • •• Ln N • O1 N N O rl N Ln 00 4* Ol 00 O I` r- N N • • I% Ln al O 00 M N I- N 0) QO lO (10 •• N l0 M qt O M M 1 I- f 4 N r-I r-I r•I O m IZT r- l0 r-I O 00 fV N • 0) • CV N Ol N qzt RZT Ln M r-I • 00 � N ' 0 0 0- M O O D 01 al O r-I O O O O N 0 0 0 - 00 m m O l0 l0 O M Ln Ln O O Ln O Lii ui - m N N M m M r-I M N O m . . . . . . . . . . . ' O Ln O N N Ql � 00 Ql Ln l0 O Ln qt O r-I . . Ln IC* O tD (D O RIT l M M r- C N N m qt qt l0 N qt N 00 m Ln Ln cn rn (.0 Ln N N M Ln m O 00 m- O O O O al Ql O r O O O r-I - rl 01 I- N M CO M� LO 00 m m Ln O M N N M l0 l0 O m M r-I M Lid Ln O M N O M t.0 N r•1 N Ql . . I� N O . . . . r-I - 00 CT) . . . Ln l0 O .. U ' O r . r-I • • . . N Ln O rn O CY) • • 0 r-I LO (.0M l0 � M I- Q ) � N 00 qzl- N N m Ln Ln CM It It CO 'M M CCO Ln Q1 N • 00 00 � Lf) CO U r-I r-I r-I N N � M 0 cn Nc } , i 0= 0 4- 0 o2S ° a _ m O � OC E V . N O O O I` 000 m I` m m N m O LLI 'i O O r T- r r r r N J V CL N LL O O O N N N O O O O N N N N > N 0= ' m m m N l0 00 00 N (n to fn fn (n (n (n N > J m a ° c r-I r-I 0 0 0 0 J� > Ji LL C: m co CO( w w w w > � •JGVGJJ O .c C WO . L .I m ° c 0 v v a� LL i +-+ N > i — _ — O w ° J = a� -0 Q +-+ O ° -C O cn Cl) ° G) o > a >, > O o ++ Ct3 a v C� 0 �� z J d LL d LL i i i F- H OQ J F- F- F- > G From: Finance Commission, Village of Mount Prospect To: Mayor Paul Wm. Hoefert and the Village Board of Trustees Date: October 24, 2025 Subject: Finance Commission Budget Recommendation The Finance Commission met at its regularly scheduled meeting on October 23, 2025. All Commissioners were present except Commissioner Don Ocwieja. The Commission discussed the 2026 Budget, Property Tax Levy, and related abatements. Director of Finance Amit Thakkar provided a summary presentation covering these topics. The Commission had previously reviewed the draft budget presentation on September 25, 2025, at the Emergency Operations Center. Following the October 23 presentation, Commissioners offered several questions and recommendations: 1. Staffing and Overtime Chair Ken Arndt commended staff for overall fiscal management but encouraged each department to continue evaluating staffing levels to identify opportunities to reduce overtime while optimizing headcount. Director Thakkar noted that this review is performed annually during budget preparation with departments and the Village Manager's Office, and that practice will continue. 2. Advance Distribution of Budget Materials Chair Arndt requested that the budget slide deck be distributed to Commissioners in advance of future meetings to allow for more thorough review and informed discussion. Staff agreed and will implement this for the 2027 budget cycle. 3. Addition of Two Patrol Officers Staff informed the Commission that, at the direction of the Village Board, two patrol officer positions were added to the 2026 budget for seven months, increasing expenditures by $133,000. To offset this, staff also increased projected revenues by $133,000 based on updated forecasts for building and permit fees from the Cloud HQ project. Commissioner Sinan Khamo inquired how this figure was determined. Staff explained that the revenue forecast, which begins in July and finalizes in August, initially did not anticipate Cloud HQ fees due to uncertain timing. However, the project schedule has since been clarified, and staff now expects to collect more than $1 million in related fees during 2026. The conservative $133,000 estimate maintains a balanced General Fund and supports the Village's credit rating. 4. Property Tax Collection Timing Commissioners asked about the status of the second -installment property tax bills. Staff reported that the County has issued a rate report but not yet announced a tentative due date. The Village is hopeful that collections will occur by February 287 2025, to ensure recognition as current -year revenue. 5. Property Tax Levy and Abatements A detailed review was provided of the proposed property tax levy and abatements totaling $7.3 million. 6. Operating Budget and Pensions The Commission and staff also discussed operating budget trends, pension funding, and the long-term financial timeline. 7. Motions and Recommendations The following motions were unanimously approved: o Budget Approval: Motion by Commissioner Derfler, seconded by Commissioner Grochocinski, to recommend approval of the 2026 budget as presented. o Property Tax Levy Approval: Motion by Commissioner Rath, seconded by Commissioner Khamo, to recommend approval of the levy as presented. o Abatement Approval: Motion by Commissioner Derfler, seconded by Commissioner Grochocinski, to recommend approval of the abatements as presented. With these actions, the Finance Commission has completed its 2025 work plan. Please contact us with any questions or comments. Respectfully submitted, Finance Commission Village of Mount Prospect