United City of Yorkville officials unanimously supported a $3,650,692 estimated corporate and special purpose levy.
The estimated $3.6 million figure is 6.1 percent higher than the approved $3.55 million levy passed in 2011. City Administrator Bart Olson said the city always seeks a larger portion than it is likely to get.
Olson said he expects the levy to come in at approximately $3.5 million after the assessed value is known. Olson said they’re seeking more funds to “catch up” on police pension funding.
The police pension fund is currently funded at 40 percent. According to Pew Center on the States, 80 percent is the funding level most experts agree is fiscally sustainable for a pension system.
Olson said a funding level of 40 percent sounds bad, but the city did not have any officers nearing retirement age until 2005 and city officials delayed payments to the fund during tough economic times.
Now though is time for the city to catch up on those payments, otherwise the state can come in and enforce proper payment, Olson added.
"The property tax levy we approved gets us to the recommended yearly amount from the actuary," Olson said.
Alderman Carlo Colossimo speculated that once the city gets caught up on pension payments the levy can be reduced more.
The estimated property tax to be levied for debt service and public building commission leases is $1,257,909. Total property taxes estimated for the levy are $4.9 million, a .71 percent reduction in all city property taxes, according to city documents.
What this means for residents is if someone paid $780 to the city in 2011 property taxes, but their property value fell 6 percent, the average drop in the city, that resident can expect to pay $778.
If a resident’s property value increased, their payment will increase up to $850 from $780.
If a property value stayed the same, the resident can expect to see his payment range from $780 to $832.
The levy proposal has to be filed with the county by the end of December. Yorkville receives 10 percent of the total property tax levy residents pay. The school district receives the largest share of the levy.