Record #: O2015-7398   
Type: Ordinance Status: Passed
Intro date: 10/14/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 10/28/2015
Title: Property tax levy for Year 2018
Sponsors: Emanuel, Rahm
Topic: TAXES/TAX LEVIES - Levies - 2018
Attachments: 1. O2015-7398.pdf

OFFICE  OF THE MAYOR

CITY OF CHICAGO

RAHM EMANUEL MAYOR

■ October 14,2015

 

 

 

 

 

 

 

 

 

 

TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO

 

 

Ladies and Gentlemen:

 

At the request of the Budget Director, I transmit herewith ordinances authorizing a Supplemental Tax Levy for 2015 and Tax Levies for 2016, 2017 and 2018.

 

Your favorable consideration of these ordinances 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 established a funding plan for contributions to the Policemen's Annuity and Benefit Fund and Firemen's Annuity and Benefit Fund (the "public safety pensions") for the year 2018 pursuant to its powers granted by the Constitution and laws of the State of Illinois; and

 

WHEREAS, pursuant to State law, the City will be required to contribute funding for the public safety pensions for 2018 consistent with the amounts levied pursuant to this ordinance, and

 

WHEREAS, it is now appropriate and in the best interests of the City of Chicago to enact its tax levy related to the public safety pensions for the year 2018, to become effective as provided herein; and

 

WHEREAS, it is appropriate that the portion of the tax levy related to the public safety pensions for the year 2018 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 Seven Hundred Sixty-Six Million, Seven Hundred Thirty-Seven Thousand Dollars ($766,737,000), ascertained by the City Council as the total amount of appropriations hereby legally made and anticipated to be required for public safety pensions to be provided for by the tax levy of the year 2018, is hereby levied for the year 2018 upon all property within the City of Chicago subject to taxation. 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, 2018, and Ending December 31, 2018

 

Code

Description

Amounts Appropriated

Amounts Levied

 

Amounts to be levied in 2018 for the payment of public safety pensions

 

Code Description

Policemen's Annuity and Benefit Fund - 0683

 

Amounts Appropriated

 

Amounts Levied

 

 

- 1 -

 

 

2005.0976      I'01" ^fy'5 co»triblltion t0 employees' annuity and                     $557,000,000 $546,622,000

benefit fund

Specific Purposes - Financial

Total from Policemen's Annuity and Benefit                     $557,000,000 $546,622,000

Fund- 0683

 

Code Description

Firemen's Annuity and Benefit Fund - 0684

 

Amounts Amounts Appropriated Levied

 

2005.0976     FU°T ^J^8 contribution t0 employees' annuity and                     $235,000,000     $220,115,000

benefit fund

Specific Purposes - Financial

Total from Firemen's Annuity and Benefit Fund-                     $235,000,000     $220,115,000

0684

 

Total                     $792,000,000 $766,737,000

 

 

 

SECTION 2. 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 DuPage County certified copies of this ordinance.

 

SECTION 3. This ordinance shall be in full force and effect from and after its passage and approval.