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TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: November 16, 2015
SUBJECT:
An Ordinance Levying Library Fund Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2015 through December 31, 2015.
PURPOSE:
To facilitate the City Council's passage of the proposed 2015 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 22% 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 over 85% 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 2015 property tax levies for both the city and library were included in the proposed 2016 City Budget released on October 27, 2015. Because the aggregate levy amount (less general obligation debt service) will increase less than 5% from the prior year's extension, no notice or 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 2015 property tax levy ordinances for the city and the library, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $70,418,900 (including city debt service). This is $878,833 or 1.26% higher than the 2014 levy extension. As reflected in Exhibit 3, the proposed library General Fund tax levy is $8,305,000. The 2015 library debt service levy will be $1,246,819. The total lib...
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