File #: 16-0591    Version: 1 Name: FOR THE LEVY OF TAXES FOR THE FISCAL YEAR 2016
Type: Ordinance Status: Approved
File created: 12/10/2015 In control: Finance Committee
On agenda: 12/16/2015 Final action: 1/13/2016
Title: PROPOSED ORDINANCE FOR THE LEVY OF TAXES FOR THE FISCAL YEAR 2016 WHEREAS, the Board of Commissioners and the Committee on Finance of the Board of Commissioners of Cook County, Illinois, have considered the subject of the Annual Tax Levy for the Fiscal Year A.D., 2016, and the several sums necessary to be levied to meet the needs and requirements of the County of Cook for said fiscal year, and have recommended that this Ordinance for the Levy of Taxes be adopted; and WHEREAS, the Board of Commissioners of Cook County, Illinois, approved, passed, and adopted the Annual Appropriation Bill of the County of Cook, for its Fiscal Year 2016, which said Appropriation Bill is hereinafter set forth and which contains a Revenue Estimate that includes an allocation of the 2016 Tax Levy by Fund together with additional columns captioned: "ANNUAL TAX LEVY", "APPROPRIATION ALLOWANCE FOR UNCOLLECTED TAXES" and "NET TAX LEVY FOR APPROPRIATION "; and WHEREAS, Cook County and its taxpayers ha...
Sponsors: TONI PRECKWINKLE (President)

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PROPOSED ORDINANCE

 

FOR THE LEVY OF TAXES FOR THE FISCAL YEAR 2016

 

WHEREAS, the Board of Commissioners and the Committee on Finance of the Board of Commissioners of Cook County, Illinois, have considered the subject of the Annual Tax Levy for the Fiscal Year A.D., 2016, and the several sums necessary to be levied to meet the needs and requirements of the County of Cook for said fiscal year, and have recommended that this Ordinance for the Levy of Taxes be adopted; and

 

WHEREAS, the Board of Commissioners of Cook County, Illinois, approved, passed, and adopted the Annual Appropriation Bill of the County of Cook, for its Fiscal Year 2016, which said Appropriation Bill is hereinafter set forth and which contains a Revenue Estimate that includes an allocation of the 2016 Tax Levy by Fund together with additional columns captioned: “ANNUAL TAX LEVY”, “APPROPRIATION ALLOWANCE FOR UNCOLLECTED TAXES” and "NET TAX LEVY FOR APPROPRIATION "; and

 

WHEREAS, Cook County and its taxpayers have benefited from Tax Increment Financing Districts (TIFs) by having the increment generated during the life of the TIFs invest in the specific area generating the increment; and

 

WHEREAS, the Cook County Board passed a Resolution on November 15, 2011 outlining that it is the policy of Cook County to recapture any property taxes at the termination of a TIF; and

 

WHEREAS, within the County of Cook, certain real-estate parcels, or a portion of the assessed valuation of certain real-estate parcels, are from time to time identified on the County real-estate tax rolls as deriving from new property, insofar as they were developed or substantially improved or are the subject of tax incentives that expired since the most recent assessment of real-estate taxes, the value of which has not heretofore been recaptured; and

 

WHEREAS, the interests of County taxpayers and the County itself are better served if the taxes on the additional value of said new property is captured.

 

THEREFORE, BE IT ORDAINED AND ORDERED BY THE BOARD OF COMMISSIONERS OF COOK COUNTY, ILLINOIS, that pursuant to its home rule powers, $720,483,542.00 as a base levy amount, plus a TIF value recapture sum of $15,640,899, an expiring incentives sum of $695,668, and a new-property value capture sum of $15,137,220, which aggregate amount of these sums is to be collected from the Annual Tax Levy for the Fiscal Year A.D. 2016 of the County of Cook for the Corporate Fund purposes of said County, and for the Public Safety Fund purposes of said County, and for the Health Enterprise Fund purposes of said County, and for the payment of principal and interest on general obligation bonds of said County as represented by the Bond and Interest fund purposes, and for Cook County Employees Annuity and Benefit Fund purposes, and for the Election Fund purposes, said aggregate amount being $751,957,329, which is the total amount of appropriations heretofore legally made from the Annual Tax Levy for the year 2016 and contained in the Annual Appropriation Bill (hereinafter set forth in the Ordinance) for the Fiscal Year 2016 duly adopted by the Board of Commissioners of Cook County on November 18, 2015, is hereby levied on and upon all taxable property in the said County of Cook for the Fiscal Year 2016. 

 

As provided in the  Fiscal Year 2016 Annual Appropriation Bill,  three percent of the property tax levy revenues separately allocated to the Public Safety Fund, Corporate Fund, Health Fund, and Election Fund are to be made available to each  Fund for purposes of covering the loss and cost of collecting taxes levied for said Funds, for the amounts of taxes for which the nonpayment will result in forfeiture of real estate, and for abatements in the amounts of such taxes as extended upon the collectors’ books.  To ensure the County meets its obligations for indebtedness as represented by the Bond and Interest Fund, and that the actual collections of property taxes received by the Annuity and Benefit Fund are commensurate with the amounts so levied, the County Clerk is authorized, in consultation with the County’s Chief Financial Officer, to extend loss and collections for these funds in a manner that is sufficient for these purposes.

 

The specific amounts herein levied for the various purposes heretofore named are stated in this Ordinance and Tax Levy, by being listed and itemized by Fund in the Revenue Estimate of the Annual Appropriation Bill, including a column captioned: “ANNUAL TAX LEVY”. The tax hereby levied for said Fiscal Year 2016 for said appropriations, to be collected from this Levy, being the aforesaid total, consists of the following specific amount levied for the various purposes hereinafter set forth:

 

 

Base Tax Levy

Expiring TIF

Expiring Incentives

New Property Value

Annual Tax Levy

 

Corporate Purposes Fund

$7,825,316

$169,879

$7,556

$164,408

$8,167,159

 

Public Safety Fund

178,718,789

$3,879,787

$172,563

$3,754,847

$186,525,986

 

County Health Fund

119,753,400

$2,599,714

$115,629

$2,515,996

$124,984,738

 

Bond and Interest Funds

239,536,046

$5,200,062

$231,286

$5,032,606

$250,000,000

 

Employees Annuity & Benefit Fund

132,519,601

$2,876,854

$127,955

$2,784,211

$138,308,621

 

Election Fund

42,130,390

$914,604

$40,679

$885,151

$43,970,825

 

Total

$720,483,542

$15,640,899

$695,668

$15,137,220

$751,957,329

 

 

 

                     

Effective date:  This ordinance shall be in effect immediately upon adoption

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