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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 2019 - revised
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Topic:
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TAXES/TAX LEVIES - Levies - 2019
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Attachments:
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1. O2019-8520.pdf
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FiNi,
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
November 13,2019
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Budget Director, I transmit herewith a Revised Tax Levy for Fiscal Year 2019.
Your favorable consideration ofthis ordinance will be appreciated.
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago is a home rule unit of government as defined in Article VII, Section 6 (a) ofthe 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 2019, pursuant to its powers granted by the constitution and laws of the State of Illinois; and
WHEREAS, the City has amended its annual appropriation ordinance for the year 2019, in order to reflect savings expected to be realized by the refunding of the City's general obligation debt.
WHEREAS, it is now appropriate and in the best interests of the City of Chicago to amend its tax levy for the year 2019, to become effective as provided herein; and
WHEREAS, it is appropriate that the tax levy for the year 2019 receive expeditious consideration by the City Council; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The appropriated and levied sums shown below represent totals, meaning the sum of the original and supplemental, levy amounts.
SECTION 2. The sum of One Billion, Four Hundred Seventy-Four Million, Two Hundred Twenty-Two Thousand Dollars ($1,474,222,000) 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 2019, as supplemented by this ordinance is hereby levied for the year 2019 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 2019, 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, 2019, and Ending December 31, 2019
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Amounts to be levied in 2019 for 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
$464,929,122 $335,841,022 $155,144,900 $0 $13,992,978 $13,992,978
$634,067,000 $349,834,000
Specific Purposes - Financial
Total from Bond Redemption and Interest Fund - 0510
Code Description
Library Bond Redemption Fund - 0516
2005.0902 For interest on first lien bonds 2005.0912 For payment of bonds 2005.0960 For loss in collection of taxes
$0 $0 $0
Amounts Appropriated Amounts Levied
$2,488,000 $1,680,000 $0
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
2005.0960 For loss in collection of taxes
Amounts Appropriated Amounts Levied
$98,087,000 $96,883,000 $4,037,000 $4,037,000
$102,124,000 $100,920,000
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 2005.0960 For loss in collection of taxes
$25,052,000 $25,052,000 $10,117,000 $7,612,000 $1,367,000 $1,367,000
Specific Purposes - Financial
Total from City Colleges Bond Redemption and Interest Fund -0549
Amounts Appropriated Amounts Levied
$415,700,000 $172,909,000
Municipal Employees' Annuity and Benefit Fund - 0681
2005.0976 For the city's contribution to employees' annuity and benefit fund
2005 0976 ^or t'le 'l',rary's contribution to employees' annuity and benefit fund
$421,000,000 $178,209,000
Specific Purposes - Financial
Total from Municipal Employees' Annuity and Benefit Fund-0681
Amounts Appropriated Amounts Levied
Code Description
Laborers' and Retirement Board Employees' Annuity and Benefit Fund-0682
2005.0976 For the city's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Laborers' and Retirement Board Employees' Annuity and Benefit Fund-0682
Amounts Appropriated Amounts Levied
$579,000,000 $552,926,000
Code Description
Policemen's Annuity and Benefit Fund - 0683
2005.0976 For the city's contribution to employees' annuity and benefit fund
$579,000,000 $552,926,000
Specific Purposes - Financial
Total from Policemen's Annuity and Benefit Fund-0683
Amounts Appropriated Amounts Levied
$248,544,000 $229,420,000
Code Description
Firemen's Annuity and Benefit Fund-0684 2005.0976 For the city's contribution to employees' annuity and benefit fund
Specific Purposes - Financial
Total from Firemen's Annuity and Benefit Fund-0684
$2,085,439,000 $1,474,222,000
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 2019.
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 2019.
SECTION 4. This ordinance shall be in full force and effect from and after its passage and approval.
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