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Record #: O2014-8816   
Type: Ordinance Status: Passed
Intro date: 11/5/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 11/19/2014
Title: Property tax levy for Year 2015
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Levies - 2015
Attachments: 1. O2014-8816.pdf, 2. O2014-8816.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
 
November 5, 2014
 
 
 
 
 
 
 
 
 
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 2015 Tax Levy. Your favorable consideration of this ordinance will be appreciated.
 
Mayor
 
 
 
Very truly yours,
 
 
 
 
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 2015, 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 2015, to become effective as provided herein; and
 
WHEREAS, it is appropriate that the tax levy for the year 2015 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 Eight Hundred Sixty-Eight Million, One Hundred Fifty-Six Thousand Dollars ($868,156,000) 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 2015, is hereby levied for the year 2015 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 2015, annexed to and made a part of this 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, 2015, and Ending December 31, 2015
 
Description
Code
Amounts Appropriated
Amounts Levied
 
Amounts to be levied in 2015 for the payment of bonds, notes and interest on bonds and notes
 
 
2005.0902 2005.0912
2005.096
Bond Redemption and Interest Fund - 0510
For interest on first lien bonds
For payment of bonds
For loss in collection of taxes
 
$429,495,000 $179,544,000 $14,819,000
 
$176,121,600 $179,544,000 $14,819,400
 
 
- 1 -
 
$623,858,000 $370,485,000
Specific Purposes - Financial
Total from Bond Redemption and Interest Fund 0510
 
0509
Bond Redemption and Interest Fund
2005.0961      For payment of term notes 2005.096       For loss in collection of taxes
 
$19,308,000 $805,000
 
$19,308,000 $805,000
 
$20,113,000 $20,113,000
Specific Purposes - Financial
Total from Bond Redemption and Interest Fund 0509
 
Code Description
Library Bond Redemption Fund - 0516
2005.0902      For interest on first lien bonds 2005.0912      For payment of bonds 2005.096       For loss in collection of taxes
Amounts Appropriated
 
$2,706,000 $1,460,000 $173,000
Amounts Levied
 
$2,706,000 $1,421,000 $173,000
 
$4,339,000
$4,300,000
Specific Purposes - Financial
Total from Library Bond Redemption Fund - 0516
 
Code Description
Library Note Redemption and Interest Fund Tender Notes Series B - 0521
2005.0961      For payment of term notes
2005.096       For loss in collection of taxes
 
Amounts Levied
Amounts Appropriated
 
$75,994,000 $74,491,000 $3,104,000 $3,104,000
 
$79,098,000 $77,595,000
Specific Purposes - Financial
Total from Library Note Redemption and Interest Fund Tender Notes Series B - 0521
 
City Colleges Bond Redemption and Interest Fund-0549
2005.0902      For interest on first lien bonds 2005.0912      For payment of bonds 2005.096       For loss in collection of taxes
 
 
$22,457,000 $12,713,000 $1,462,000
 
 
$22,457,000 $12,713,000 $1,462,000
 
$36,632,000 $36,632,000
Specific Purposes - Financial
Total from City Colleges Bond Redemption and Interest Fund -0549
 
 
 
- 2-
 
Amounts Levied
Code
 
 
2005.0976 2005.0976
Description
Municipal Employees' Annuity and Benefit Fund -0681
For the city's contribution to employees' annuity and benefit fund
For the library's contribution to employees' annuity and benefit fund
Amounts Appropriated
 
 
$237,400,000 $119,406,000
 
$5,300,000 $5,300,000
 
$242,700,000 $124,706,000
Specific Purposes - Financial
Total from Municipal Employees' Annuity and Benefit Fund- 0681
 
Amounts Levied
Code
2005.0976
Description
Laborers' and Retirement Board Employees' Annuity and Benefit Fund - 0682
For the city's contribution to employees' annuity and benefit fund
Amounts Appropriated
 
 
$24,019,000 $11,070,000
 
$24,019,000 $11,070,000
Specific Purposes - Financial
Total from Laborers' and Retirement Board Employees' Annuity and Benefit Fund- 0682
 
Code
Amounts Levied
2005.0976
Description
Policemen's Annuity and Benefit Fund - 0683
For the city's contribution to employees' annuity and benefit fund
Amounts Appropriated
 
$194,122,000 $140,080,000
 
$194,122,000 $140,080,000
Specific Purposes - Financial
Total from Policemen's Annuity and Benefit Fund-0683
 
 
.      „     .       Amounts      Amounts
Code      Description      A      . ^ , ...
Appropriated      Levied
Firemen's Annuity and Benefit Fund - 0684
2005.0976      l°T *f,ci,y's contribution t0 employees' annuity and      $96,300,000 $83,175,000
benefit fund
Specific Purposes - Financial
Total from Firemen's Annuity and Benefit Fund-      $96,300,000       $83,175,000
0684
 
 
Total      $1,321,181,000 $868,156,000
 
 
 
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 2015.
 
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 2015.
 
SECTION 4. This ordinance shall be in full force and effect from and after its passage and approval.