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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
Stacey L. Peterson, Director of Financial Operations
DATE: November 10, 2021
SUBJECT:
An Ordinance Levying Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2021 through December 31, 2021.
PURPOSE:
To facilitate the City Council's passage of the proposed 2021 property tax levies for the City.
BACKGROUND:
The city obtains the resources for its operations through a variety of sources. The annual property tax levy provides a major share of our revenue - approximately 20% of the revenue for all city funds and about 46% of the revenue for the General Fund.
35 ILCS 200/18-60 requires that each taxing district in Illinois determine an estimate of monies to be raised by the taxation of taxable property not later than 20 days prior to adoption of a tax levy. Estimates of the 2021 property tax levies for the city were included in the proposed 2022 City Budget released on October 22, 2021.
DISCUSSION:
Attached as Exhibit 1 is a schedule presenting historical information related to the city's annual tax levies, tax rates, and assessed valuation. Attached as Exhibit 2 is the proposed 2021 property tax levy ordinances for the city, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $83,477,500 (including city debt service). This is the same amount as the 2020 levy.
The following are the key dates leading to the passage of our 2021 property tax levies.
11/23/2021 Proposed tax levy ordinances considered by the Finance Committee.
12/7/2021 Proposed tax levy ordinances considered by the Committee of the Whole.
12/14/2021 City Council adopts tax levy ordinances during its regular meeting.
12/28/2021 Last day for filing tax levy ordinances with the county clerks.
IMPACT STATEMENT:
Adoption of the 2021 Tax Levy Provides required funding for the City's General Operating, Police, and Firefighter's Pension Funds.
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