Title
ADOPTION OF THE 2022 ANNUAL TAX LEVY ORDINANCE
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners adopt the attached Chicago Park District (the "District") 2022 Annual Tax Levy Ordinance (the "2022 Tax Levy Ordinance").
II. Public Hearing
A Public Hearing is being held prior to the adoption of the 2022 Tax Levy Ordinance in order to comply with the Truth and Taxation Act, 35 ILCS 18-55, et seq., (the "Act"). The Act requires taxing districts to disclose by publication and by public hearing an intention to adopt an aggregate levy in amounts more than 105% of the property taxes to be extended or estimated to be extended.
Overall, the 2022 Tax Levy Ordinance is only 2.5% higher than the previous 2021 Annual Tax Levy. However, the District's 2022 Tax Levy Ordinance is directed by statute to determine an aggregate levy, which encompasses the following: (1) the annual corporate levy of the taxing district; (2) liability insurance; (3) pension; and (4) the aquarium and museums. These levies were more than 105% compared to prior year, and therefore requires a Public Hearing. The notice of the Public Hearing must be published in a local newspaper of general circulation not less seven (7) and not more than fourteen (14) days prior to the Public Hearing.
III. Budget and Financial Information
Budget Classification: Operating Funds
Fiscal Year: 2022 Operating Budget
Source of Funds: Property Taxes
IV. Explanation
The District is empowered by Section 19 of the Chicago Park District Act, 70 ILCS 1505/19, to levy a real estate tax on property located in the District's boundary for the necessary expenses of the District. In addition, state statute requires an approval of the property tax levy separate from the annual budget process. The attached 2022 Tax Levy Ordinance sets the dollar amount and purpose for t...
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