11/13/2012 9:45:00 PM Proposed tax levy seeks $1.5 million
Ann Gill Editor
Trustees in the village of Coal City have reviewed the town's tentative property tax levy that seeks $1.54 million for village services, a 3.16 percent increase from the previous year.
Based on figures presented to the Village Board on Monday, the tax rate is expected to go from 1.3252 to 1.4037 per $100 of assessed valuation generating an additional $47,266.
According to Village Administrator Matt Fritz, the tentative levy takes into account a 4.89 percent reduction in the town's equalized assessed value (EAV) from $118.65 million to $112.8 million.
In configuring the 2012 levy, the administrator utilized a further reduction taking the projected EAV to $110 million, as he believes the EAV will drop below the county's preliminary projections.
"This can be a moving target and affect the final rate, but not the levy. We are awaiting a final EAV from the county and we'll review this information before adoption," Fritz said.
According to the administrator current weaknesses in revenue, which come from property taxes, include no growth in the EAV.
"This creates an inability to keep up with increases in the cost of providing services, especially the cost of personnel which is 90 percent of the police department's overall budget. Furthermore, investment within the police pension at an earlier time rather than waiting for future minimum contribution limits can assist in attainment of the 100 percent funding requirement, which must occur by 2040," Fritz said.
The tentative levy calls for a 24 percent increase in funding for the police pension fund. At a proposed rate of .1888, the fund would take in $207,750.
In addition to the police pension fund, the levy includes dollars for various funds including police protection, insurance, auditing, street lights, parks, bonds, Social Security, workman's compensation and corporate purposes.
The 2012 levy, payable in 2013, seeks $275,059 for corporate purposes including $128,586 for salaries and $146,473 for health and life insurance benefits.
The village seeks to collect $41,497 for workman's compensation, an increase of 7.49 percent over the 2011 levy.
After holding the Illinois Municipal Retirement Fund (IMRF) levy last year, the village is now calling for .43 percent increase.
Village officials are also calling for an increase in the Social Security levy, up 5.89 percent, to a funding level of $90,000.
The park levy which collects dollars for personnel, activities, improvements, maintenance, equipment and electricity, is projected to be reduced by .93 percent from $83,291 to $82,518.
Police protection is also slated to drop by .93 percent for a total request of $82,518.
Town officials are projecting a tax rate of .0553 for liability insurance for a total request of $60,879, a 5 percent increase.
The levied amounts set for auditing and street lighting were decreased this year. Village officials seek $16,284 for auditing services a .96 percent decrease, while street lighting is slated to drop by .94 percent to a request of $55,893.
The final levy item seeks $556,913 to repay the principal and interest on the storm water referendum bonds approved by village voters.
The tentative levy will be reviewed by the Finance Committee prior to its passage by the full board on Dec. 10. The village is required to submit its approved levy to the county clerk's office in Grundy and Will counties prior to the end of the calendar year.