ALGONQUIN – Algonquin trustees are expected to vote Tuesday to keep the village’s tax levy flat.
Village staff are recommending to ask for $5.6 million for the 2017 property tax levy, according to village documents. The amount is the same as the 2016 tax levy.
Trustees will vote on the levy at 7:15 p.m. Tuesday at the Ganek Municipal Center, 2200 Harnish Drive, Algonquin.
For fiscal 2018, property taxes – including a road and bridge tax levy by the township – comprise 31 percent of the village’s general fund revenue, village documents show.
Items taken into consideration for fiscal 2018 and fiscal 2019 planning include a recommendation to fund the Algonquin Police Pension Fund by 100 percent by 2033, a 10 percent reduction in the Local Government Distributive Fund and growth in equalized assessed valuation from both property value appreciation and new construction, documents show.
The Algonquin Police Pension Fund board requested a levy of about $2 million – a 4.4 percent increase from last year’s levy, documents show.
The pension fund is 62.95 percent funded, with a target to be 100 percent funded in the next 16 years, according to village documents. Funding is up 4.57 percent from last year.