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Type:
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Ordinance
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Status:
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Passed
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Title:
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Property tax levy for Year 2023
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Topic:
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TAXES/TAX LEVIES - Levies - 2023
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Attachments:
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1. O2022-3467.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 26, 2022
TO THE HONORABLE. THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Budget Director, I transmit herewith the Fiscal Year 2023 Tax Levy. Your favorable consideration ofthis ordinance will be appreciated.
Very truly yours.
Mayor
ORDINANCE
WHEREAS, the City of Chicago is a home rule unit of government as defined in Article VII, Section 6 (a) of the Illinois Constitution, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City has adopted its annual appropriation ordinance for the year 2023, pursuant to its powers granted by the constitution and laws of the State of Illinois; and
WHEREAS, it is now appropriate and in the best interests of the City of Chicago to enact its tax levy for the year 2023, to become effective as provided herein; and
WHEREAS, it is appropriate that the tax levy for the year 2023 receive expeditious consideration by the City Council; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The sum of One Billion, Seven Hundred Thirty-Four Million, Three Hundred Eighty-Seven Thousand Dollars ($1,734,387,000) ascertained by the City Council as the total amount of appropriations heretofore legally made for all corporate purposes to be provided for by the tax levy of the year 2023, is hereby levied for the year 2023 upon all property within the City of Chicago subject to taxation. The purposes for which appropriations have been made and the amounts appropriated for such purposes, respectively, are hereinafter specified in detail in the manner authorized for the annual appropriation ordinance for the year 2023, annexed to and made a part ofthis ordinance. The amounts appropriated and levied for each of said purposes, respectively, are set forth below in separate columns.
Appropriations for Expenditures and Amounts Levied for the Fiscal Year Beginning January 1, 2023, and Ending December 31, 2023
Amounts Appropriated Amounts Levied
Description
Amounts lo be levied in 2023for the payment of bonds, notes and interest on bonds and notes
Bond Redemption and Interest Fund - 0510
2005.0902 For interest on first lien bonds 2005.0912 For payment of bonds 2005.0960 For loss in collection of taxes
S345.549.773 S 174,836,750 S6,974,477
$167,402,523 $0
$6,974,477
Specific Purposes - Financial
Total from Bond Redemption and Interest Fund-0510
Library Note Redemption and Interest Fund Tender Notes Series B-0521
2005.0961 For payment of term notes
2005.0960 For loss in collection of taxes
$114,582,000 S4,774,000
$114,582,000 $4,774,000
Specific Purposes - Financial
Total from Library Note Redemption and Interest Fund Tender Notes Series B - 0521
Code Description
City Colleges Bond Redemption and Interest Fund - 0549
2005.0902 For interest on first lien bonds 2005.0912 For payment of bonds 2005.0960 For loss in collection of taxes
$119,356,000 $119,356,000
$20,560,112 $7,079,262 $1,151,626
Amounts Appropriated Amounts Levied
$25,591,112 S7,079,262 Sl,151,626
Specific Purposes - Financial
Total from City Colleges Bond Redemption and Interest Fund-0549
$159,971,000 $0
$8,428,000 $7,017,000
Code Description Amounts Appropriated Amounts Levied
$967,600,000
$101,640,000
S8,428,000 $7,017,000
Municipal Employees' Annuity and Benefit Fund - 0681
2005 0976 ^or tne c'ty's contribution to employees' annuity and benefit fund
2005 097A F°r the city's advance payment to the employees' annuity and benefit fund
2005 0976 Forthc library's contribution toemployees' annuity and benefit fund
2005.0960 For loss in collection of taxes
Specific Purposes - Financial
Total from Municipal Employees' Annuity and Benefit Fund-0681
Code Description
Laborers' and Retirement Board Employees' Annuity and Benefit Fund - 0682
2005 0976 F°r me c'ty's contribution to employees' annuity and benefit fund
2005.097A For the city's advance payment to the employees' annuity and benefit fund
2005.0960 For loss in collection of taxes
$53,723,000 $0
$2,238,000
Amounts Appropriated Amounts Levied
Sl 11,975,000 $12,100,000
S2,238,000
Specific Purposes - Financial
Total from Laborers' and Retirement Board Employees' Annuity and Benefit Fund-0682
Code Description Amounts Appropriated Amounts Levied
Policemen's Annuity and Benefit Fund -0683
2005.0960 For loss in collection of taxes . S32,541,000
2005 0976 ^or ^c c'tv s contribution to employees' annuity and benefit fund
For the city's advance payment to the employees' annuity and benefit fund
S851,100,000 $780,977,000
S89,540,000 $0 $32,541,000
S973,181,000 $813,518,000
Specific Purposes - Financial
Total from Policemen's Annuity and Benefit Fund-0683
Code Description Amounts Appropriated Amounts Levied
Firemen's Annuity and Benefit Fund-0684
$429,100,000 $352,289,000
-irvAc nm/: F°r the city's contribution to employees' annuity and benefit 2005.09/6 , fund
-nn, 00-74 For the city's advance payment to the employees' annuity and $38,720,000 zuuj.uv//\ , fit* i benefit fund
2005.0960 For loss in collection of taxes $14,679,000 $14,679,000
$482,499,000 $366,968,000
Specific Purposes - Financial
Total from Firemen's Annuity and Benefit Fund-0684
Total $3,347,217,000 S 1,734,387,000
SECTION 2. In no event shall the amount levied for any purpose, as set forth in Section 1 hereof, exceed the amount appropriated for such purpose as set forth in the annual appropriation ordinance adopted for the year 2023.
SECTION 3. No later than ten days after its effective date, the City Clerk shall file with the County Clerk of Cook County and the County Clerk of Du Page County certified copies of this ordinance together with copies of the annual appropriation ordinance for the year 2023.
SECTION 4. This ordinance shall be in full force and effect from and after its passage, and approval.
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