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TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: November 29, 2014
SUBJECT:
An Ordinance Levying Library Fund Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2014 through December 31, 2014.
PURPOSE:
To facilitate the City Council's passage of the proposed 2014 property tax levies for the Aurora Public Library.
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 40% of the revenue for the General Fund. The library is heavily reliant upon property tax revenues. Property taxes account for about 80% of library revenues (outside of the library's bond project 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 2013 property tax levies for both the city and library were included in the proposed 2015 City Budget released on October 15, 2014. Because the aggregate levy amount (less general obligation debt service) will increase more than 5% from the prior year's extension, a notice and public hearing pursuant to the Truth in Taxation Act is required.
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 Exhibits 2 and 3 are the proposed 2014 property tax levy ordinances for the city and the library, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $69,179,900 (including city debt service). This is $3,205,200 or 4.86% higher than the 2013 levy extension. As reflected in Exhibit 3, the proposed library General Fund tax levy is $8,000,000. The 2014 library debt service levy will be $1,253...
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