HomeMy WebLinkAboutTab 4: 2013 Proposed Property Tax LevyVillage of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR
DATE: APRIL 18, 2013
SUBJECT: PROPOSED 2013 PROPERTY TAX LEVY
The Forecast Budget for 2014 included a projected amount for property taxes to be derived from
the 2013 property tax levy. Included with this memo for your review is the proposed 2013 levy.
Also included for reference are the final 2012 levy and a levy history for the period 2008 -2012.
Below are a few points on each of these items to help facilitate discussion at the April 23
financial planning workshop.
Final 2012 Levy
Corporate Levy - The total extended levy for 2012 was $16,477,872. This represented an
increase of $625,518, or 3.95% from the prior year. The levy is set for the purpose of funding
refuse collection, debt service, police and fire pensions and general municipal services. The
general portion of the levy increased by 4.4% while the refuse portion increased 3.0 %. The
portions of the levy for police and fire pensions both increased by 5.1% while the debt service
was essentially flat from the prior year. Increases to the tax levies for 2007 through 2011 are
shown below.
2007 3.76%
2008 3.26%
2009 4.99%
2010 0.00%
2011 4.33%
Special Service Area #5 Levy — The total extended levy for 2012 was $1,545,773. There was
no increase in the special service levy from the prior year. This levy has remained at this level
since before 1997.
Proposed 2013 Levy
Corporate Levy - This proposed levy for 2013 reflected in the 2014 Forecast Budget shows an
increase of 4.74% from the 2012 levy and totals $17,258,573. This proposed levy is showing an
adjustment for debt service based on the repayment schedule for each bond. The annual
required contribution for public safety pensions are projected to increase by 7.0% so the levy
amount is being increased accordingly. The refuse portion of the levy is increased by 3.0%
while the general portion increased 4.7 %. The total rate increase of the proposed 2013 levy of
4.74% falls within the self- imposed limits of between 3.5% and 5.0 %.
Special Service Area #5 Levy — The proposed levy for 2013 again will be $1,545,773. The
final year of the levy for SSA #5 is 2017.
Proposed 2012 Property Tax Levy
April 18, 2013
Page 2 of 2
Property Tax Lew History
A five -year history of the property tax levy is included with this memo that shows the total annual
levy, proportional share of each component of the levy and percent increase in the levy, by
component and in total. The average annual increase in the levy from 2008 -2012 is 3.31%,
below the self- imposed limits of between 3.5% and 5.0 %. The portion of the levy allocated to
general municipal services remains below 2009 levels. Increases to the required contribution
for public safety pensions account for drop in the general allocation.
This information should provide a good stepping -off point for discussion at the financial planning
workshop on April 23. A more detailed presentation on the proposed property tax levy for 2013
will be made at that time. Let me know if you have any questions.
David O. Erb
Finance Director
DOE/
I: \Property Taxes \2012 Levy\April 2013 Workshop - Proposed 2013 Levy.docx
VILLAGE OF MOUNT PROSPECT
FINAL 2012 PROPERTY TAX LEVY
VILLAGE CORPORATE
General Corporate Fund
Refuse Fund
Police Pension Fund
Firefighters' Pension Fund
Debt Service Funds
Series 2009
Series 2009B
Series 2009C
Series 2011 B
Series 2012
Total Village
SPECIAL SERVICE AREA NO. 5
Net
2012 2012
Levy Abatement Levy
2%
Provision Total
Loss and 2012
Costs Extension
7,700,264
0
7,700,264
154,005
7,854,269
1,856,575
0
1,856,575
37,132
1,893,707
2,606,583
45,721
2,560,862
51,217
2,612,079
2,334,443
40,947
2,293,496
45,870
2,339,366
417,263
0
417,263
8,345
425,608
377,850
0
377,850
7,557
385,407
135,023
47,258
87,765
1,755
89,520
167,386
0
167,386
3,348
170,734
693,315
0
693,315
13,866
707,181
16,288,702
133,926
16,154,776
323,096
16,477,872
SSA #5 1,515,464 0 1,515,464 30,309 1,545,773
INCREASE /(DECREASE) FROM PRIOR YEAR
2011 2012 % Change
Village Corporate 15,852,354 16,477,872 3.95%
Special Service Area No. 5 1,545,773 1,545,773 0.00%
Total 17,398,127 18,023,645 3.60%
H:\ACCT\BUDGET\Budget 2013 \Q1 and Mid -Year Review \Q1 \Proposed 2013 Levy.xlsx
VILLAGE OF MOUNT PROSPECT
PROPOSED 2013 PROPERTY TAX LEVY
VILLAGE CORPORATE
General Corporate Fund
Refuse Fund
Police Pension Fund
Firefighters' Pension Fund
Debt Service Funds
Series 2009
Series 2009B
Series 2009C
Series 2011 B
Series 2012
Total Village
SPECIAL SERVICE AREA NO. 5
SSA #5
Net
2013 2013
Levy Abatement Levy
2%
Provision Total
Loss and 2013
Costs Extension
8,058,547
0
8,058,547
161,171
8,219,718
1,912,272
0
1,912,272
38,245
1,950,517
2,789,044
46,832
2,742,212
54,844
2,797,056
2,497,854
41,942
2,455,912
49,118
2,505,030
417,263
0
417,263
8,345
425,608
380,725
0
380,725
7,615
388,340
160,023
47,258
112,765
2,255
115,020
786,378
0
786,378
15,728
802,106
54,095
0
54,095
1,082
55,177
17,056,201
136,032
16,920,169
338,404
17,258,573
1,51 5,464 0 1,51 5,464 30,309 1,545,773
INCREASE /(DECREASE) FROM PRIOR YEAR
Village Corporate
Special Service Area No. 5
Total
2012 2013 % Change
16,477,872 17,258,573 4.74%
1,545,773 1,545,773 0.00%
18,023,645 18,804,346 4.33%
H:\ACCT \BUDGET\Budget 2013 \Q1 and Mid -Year Review \Q1 \Proposed 2013 Levy.xlsx
Village of Mount Prospect
Property Tax Levy History
2008-2012
Average Increase in Total Levy - 2008 -2012
Year by Year Increase to Tax Levy
5.50% - -- -- - -- - - -- - - - -- -- -- -- -
5.00% -- - - - - -- - - -- - - - -- - --
4.50% - - - - -- - - - - - - - - - - - -- -- - -. -.._
4.00% - - -- - - -- - - - -- - -- -- - - - -- - - --
3.50% - - - - - -- - -- -- - - - - -- - - -- - - - - - -- - -- --
3.00% -- - -- -- - - - -- - ----
2.50% - - - -- - - - -- -- - - -- -- - --
2.00% - - - -- - -- - - -- - --
1.50% - -- - - -. - - -- .. - -- - -- -- - -- - - - - -- - - - --
1.00% .._ _- - - - - -- -- -
0.50% - - - -- - - -- - - - - -- -- - - - - -- -- - --
0.00% - -- - - -- -- - - -- _ -- --- -
2012
3.31%
H:WCCT \BUDGET\Budget 2013 \Q1 and Mid -Year Review \Q1 \Proposed 2013 Levy.xlsx
2008 2009 2010 2011
Increase to Tax Levy
2008
2009
2010
2011
2012
Total Annual Levy
General Corporate
7,772,448
8,044,484
6,921,545
7,521,422
7,854,269
Refuse
1,785,000
1,785,000
1,785,000
1,838,550
1,893,707
Police Pension
1,551,518
2,055,987
2,516,878
2,484,780
2,612,079
Fire Pension
1,531,040
1,767,533
2,183,477
2,225,356
2,339,366
Debt Service
1,832,263
1,541,634
1,787,738
1,782,246
1,778,451
Total
14,472,269
15,194,638
15,194,638
15,852,354
16,477,872
% of Total Levy
General Corporate
53.7%
52.9%
45.6%
47.4%
47.7%
Refuse
12.3%
11.7%
11.7%
11.6%
11.5%
Police Pension
10.7%
13.5%
16.6%
15.7%
15.9%
Fire Pension
10.6%
11.6%
14.4%
14.0%
14.2%
Debt Service
12.7%
10.1%
11.8%
11.2%
10.8%
Total
100.0%
100.0%
100.0%
100.0%
100.0%
% Increase from PY
General Corporate
0.0%
3.5%
- 14.0%
8.7%
4.4%
Refuse
-13.6%
0.0%
0.0%
3.0%
3.0%
Police Pension
8.0%
32.5%
22.4%
-1.3%
5.1%
Fire Pension
8.0%
15.4%
23.5%
1.9%
5.1%
Debt Service
38.6%
-15.9%
16.0%
-0.3%
-0.2%
Total
3.26%
4.99%
0.00%
4.33%
3.95%
Average Increase in Total Levy - 2008 -2012
Year by Year Increase to Tax Levy
5.50% - -- -- - -- - - -- - - - -- -- -- -- -
5.00% -- - - - - -- - - -- - - - -- - --
4.50% - - - - -- - - - - - - - - - - - -- -- - -. -.._
4.00% - - -- - - -- - - - -- - -- -- - - - -- - - --
3.50% - - - - - -- - -- -- - - - - -- - - -- - - - - - -- - -- --
3.00% -- - -- -- - - - -- - ----
2.50% - - - -- - - - -- -- - - -- -- - --
2.00% - - - -- - -- - - -- - --
1.50% - -- - - -. - - -- .. - -- - -- -- - -- - - - - -- - - - --
1.00% .._ _- - - - - -- -- -
0.50% - - - -- - - -- - - - - -- -- - - - - -- -- - --
0.00% - -- - - -- -- - - -- _ -- --- -
2012
3.31%
H:WCCT \BUDGET\Budget 2013 \Q1 and Mid -Year Review \Q1 \Proposed 2013 Levy.xlsx
2008 2009 2010 2011
Increase to Tax Levy