CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2017 property tax levies for Special Service Area (SSA) #21, SSA #23, SSA #25, and SSA #26, and direct staff to publish notice for a Truth-in-Taxation hearing on December 19, 2017.
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DEPARTMENT: Finance Department
SUBMITTED BY: Erik Hallgren, Financial Services Supervisor
BOARD/COMMISSION REVIEW:
None
BACKGROUND:
If an estimated special service area (SSA) tax levy is more than 105% of the amount needed for that special service area for the preceding year (in any year other than the initial year of the SSA) state statute requires notice, compliant with the Open Meetings Act, be given and a hearing held on reasons for the increase. 35 ILCS 200/27-75.
Since the City will be conducting a Truth-in-Taxation hearing for the aggregate City tax levy, it is recommended, and is past practice, for the City to provide the same Truth-in-Taxation notice for its SSAs, which notice meets and exceeds the notice requirements of the Open Meetings Act.
This agenda item includes the estimated levy for each of the City's four (4) SSAs. Staff will publish a Truth-in-Taxation notice for the SSA levies in the same manner identified in the agenda item summary for the aggregate City tax levy. On December 19, 2017, the City Council will conduct Truth-in-Taxation hearings for each SSA and adopt levies for each SSA.
DISCUSSION:
The City has four (4) SSA's and the Finance Department has estimated the 2017 property tax levy needed to support the proposed CY17 Annual Budget for each SSA listed below.
Purpose
2016
Extension
2017 Levy
Projected Change
SSA #21 (Van Buren Deck)
202,057
200,000
-1.02%
SSA #23 (Main Street Promenade)
76,761
98,939
28.89%
SSA #25 (Lacrosse Lane)
68,007
68,000
-0.01%
SSA #26 (Downtown Maintenance & Marketing)
942,931
1,013,351
7.47%
Two SSA's are estimated for a levy of more than 105%.
? SSA #26 (Downtown Maintenance and Marketing) has estimated levy of 107.5% of th...
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