Committee of the Whole

Village of Brookfield Agenda Committee of the Whole Meeting Monday, October 23, 2023 @ 7:00 PM or Immediately Following Village Board Meeting Edward Barcal Hall 8820 Brookfield Avenue Brookfield, IL 60513 I. ROLL CALL II. REGULAR BUSINESS 1. Approval of Estimated 2023 Tax Levy as required under the Truth in Taxation Act Committee Item Memo 2023 Tax Levy III. PUBLIC COMMENT IV. EXECUTIVE SESSION 1. Pursuant to Section 2(c)(5) of the Open Meetings Act to discuss purchase or lease of real property for the village’s use V. ADJOURNMENT Page 1 of 7  Committee Item Memo Meeting Date: October 23, 2023 Staff Contact: Doug Cooper, Finance Director Department: Finance Subject: Approval of Estimated 2023 Tax Levy as required under the Truth in Taxation Act Background Information: The Village is required to pass a Resolution estimating the amount of the 2023 Tax Levy. Under the Property Tax Extension Limitation Law (PTELL or the Tax Cap), the Village is allowed to increase its levy from the previous year’s levy by an amount of the lower of the Consumer Price Index (CPI) or 5%. For the 2023 Tax Levy, the CPI was 6.5%--allowing the Village to increase the Tax Levy up to 5%, exclusive of any new growth. New growth in property value is exempt from PTELL, and the Village historically has set its levy request at an amount that will ensure full capture of that growth. The 5% PTELL increase allowed for the 2023 Tax Levy is the same amount allowed in the previous year. The estimated levy for the Village’s tax levy has been set at a 6.2% growth level in order to capture any new growth. The estimated total levy increase for the Village is $753,000. The Library Board approved the annual Library levy at its October 18, 2023 Board meeting. The 2023 Library Levy request was a 6.1% increase over the last year’s extended levy. For purposes of the Truth in Taxation Resolution the Village’s 2023 estimated tax levy is $13,004,193. This represents a 6.1% increase over the 2022 extended levy. The total Village and Library Levy combined amounts to $15,740,975--an increase of 6.1% over the previous year’s levy. Financial Impact: $13,004,193 Total Estimated Village Tax Levy. Recommendation(s): Page 2 of 7 Approval of the Resolution Estimating the 2023 Tax Levy. Attachments: RESOLUTION FOR COW 10-23-2023 Page 3 of 7  RESOLUTION NO. R-2023 - xxxx A RESOLUTION DETERMINING THE ESTIMATED PROPERTY TAXES TO BE LEVIED FOR THE 2023 TAX YEAR OF THE VILLAGE OF BROOKFIELD, ILLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 13th DAY OF NOVEMBER 2023 Page 4 of 7  RESOLUTION NO. R-2023- xxxx A RESOLUTION DETERMINING THE ESTIMATED PROPERTY TAXES TO BE LEVIED FOR THE 2023 TAX YEAR OF THE VILLAGE OF BROOKFIELD, ILLINOIS WHEREAS, the Truth-in-Taxation Law, (35 ILCS 200/18-55 et seq.) requires corporate authorities to determine the amounts of money, exclusive of any portion attributable to the cost of conducting an election required by the Election Code, estimated to be necessary to be raised by taxes from year to year; NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Brookfield as follows: Section 1. Determination of Estimate of Taxes to be Levied. The corporate authorities of the Village of Brookfield, Illinois, do hereby determine that the estimated aggregate tax levy amount for the 2023 tax year, exclusive of any portion of that levy attributable to the cost of conducting an election required by the general election law, is $15,740,975. Section 2. Public Hearing. A public hearing on the intent to adopt the aggregate tax levy for the 2023 tax year is hereby set to be held on Monday, December 11, 2023, at the hour of 6:30 p.m., in the Village Hall Board Room in the Municipal Building, 8820 Brookfield Avenue, Brookfield, Illinois. Page 5 of 7  Section 3. Notice. The notice of the time and place of such public hearing shall be prepared and published in the Landmark newspaper (published by Growing Community Media, NFP.) not more than 14 days nor less than 7 days before the date of the public hearing in the form and manner provided by law. Section 4. Effective Date. This Resolution shall take effect upon its passage, approval in the manner provided by law, and publication in pamphlet form. ADOPTED this 13th Day of November 2024, pursuant to a roll call vote as follows: AYES: ____________________________________ NAYS: ____________________________________ ABSENT: __________________________________ ABSTENTION: ______________________________ APPROVED by me this 13th Day of November 2024. ___________________________________ Michael J. Garvey, President of the Village of Brookfield, Cook County, Illinois ATTESTED this 13th Day of November 2024. ____________________________________ Brigid Weber, Clerk of the Village of Brookfield, Cook County, Illinois Page 6 of 7  LEVY REQUEST TO COOK COUNTY 2023 2022 Proposed Extended Dollar Percent Specific Tax Tax Levy Tax Levy Difference Difference General Corporate 1,780,162 1,695,392 84,770 5.0000% Police Protection 2,389,349 2,275,570 113,779 5.0000% Fire Protection 2,389,349 2,275,570 113,779 5.0000% Police Pension 2,415,065 2,137,214 277,851 13.0006% Firefighters Pension 1,219,457 1,022,836 196,621 19.2231% Firefighter's Pension PA 93-0689 Levy--from independent actuaries From Independent Actuaries 23,062 34,914 (11,852) -33.9463% Handicapped Fund 150,000 0 150,000 Debt Service Levies 2,637,750 2,809,382 (171,632) -6.1092% TOTAL VILLAGE LEVY 13,004,193 12,250,878 753,315 6.1491% LIBRARY LEVY per Board Resolution 10-26-2022 2,736,782 2,578,616 158,166 6.1338% TOTAL LEVY 15,740,975 14,829,494 911,481 6.1464% page 1 Page 7 of 7