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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
DATE: November 14, 2024
SUBJECT:
An Ordinance Levying Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2024 through December 31, 2024
PURPOSE:
To facilitate the City Council's passage of the proposed 2024 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 10% of the revenue for all city funds and about 35% 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 2024 property tax levies for the city were included in the proposed 2025 City Budget released on October 11, 2024.
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 2024 property tax levy ordinances for the city, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $92,529,600 (including city debt service). This is $4,293,299 or 4.87% higher than the 2023 extensions. This change is due to a $3.119 million increase in the Police/Firefighter Pension Fund Levies. The City's required contribution for public safety pension levies is increasing mainly due to changes to the model calculating benefits and the poor returns prevalent in the investment markets during 2023. Additionally, the debt service portion of the levy will increase to $5,750,000. The difference between the levy amount and the amount extended is an allowance for uncollectable taxes as added by the counties.
We anticipate that the 2024 property tax levy will result in an approximate 5.6% increase ...
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