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Aurora finance committee approves bond levy abatement, OKs property tax levy and forwards 2026 budget to COW
Summary
The Aurora Finance Committee on Nov. 20 approved an ordinance to abate most 2025 general obligation bond tax levies, approved the city's 2025 property tax levy to be billed in 2026, and forwarded the proposed 2026 budget to the Committee of the Whole after debate over downtown arts funding and public safety priorities.
The Aurora Finance Committee on Nov. 20 approved an ordinance abating a portion of the city's 2025 general obligation bond tax levy and approved the companion property tax levy that will be billed in calendar 2026. The committee then forwarded the proposed 2026 city budget to the Committee of the Whole for further review.
Stacy Peterson, the city's chief financial officer, told the committee that the city plans to abate $14,905,998.86 of the general obligation bond levy and that about $12,000,691 will remain on the 2025 levy payable in 2026. "When general obligation bonds are issued, there's a requirement to automatically impose a tax levy to make the principal and interest payments," Peterson said, and the city will use revenue sources including…
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