cover
TO: Mayor Robert J. O'Connor
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: December 2, 2016
SUBJECT:
An Ordinance Levying Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2016 through December 31, 2016.
PURPOSE:
To facilitate the City Council's passage of the proposed 2016 property tax levies for the city and 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 23% 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 95% of library revenues.
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 2016 property tax levies for both the city and library were included in the proposed 2017 City Budget released on October 31, 2016. 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 2016 property tax levy ordinances for the city and the library, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $72,592,600 (including city debt service). This is $1,841,602 or 2.60% higher than the 2015 levy extension. As reflected in Exhibit 3, the proposed library General Fund tax levy is $9,500,000. The 2016 library debt service levy will be $1,313,493. The total dollar increase in the library's levy will be $1,29...
Click here for full text