Aurora finance committee approves bond levy abatement, OKs property tax levy and forwards 2026 budget to COW

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 gaming tax, real estate transfer tax and other funds to cover the abatement.

On the broader property tax levy (ordinance 25-0875), Peterson said the city's levy is composed mainly of the general city operations levy, police and fire pension costs and debt service. She told members the debt service portion is increasing to support public facilities projects and that "the overall tax rate for the city will increase by approximately, 0.0603," while noting that counties finalize final rates in spring.

Committee members asked detailed questions about a dip in pension contributions reported in 2022; Peterson said the anomaly was tied to a misallocation of Personal Property Replacement Tax (PPRT) by the state and shifts in actuarial assumptions, and that pension contribution amounts should stabilize.

The committee voted to approve the abatement ordinance (25-0874) and the levy ordinance (25-0875) by recorded voice votes that passed unanimously, 5-0. The committee also approved extension of Special Service Area No. 90 (Plum Street) to collect a remaining balance on local improvements.

Peterson presented the proposed 2026 budget as an overview: total budgeted expenditures of $680,800,000 and budgeted revenues of $537,300,000, a difference Peterson said reflects carryovers, timing and planned bond proceeds. The presentation listed departmental reorganizations, and a net reduction of 135 positions (54 seasonal/intern/cadet positions and 81 full- and part-time positions), plus a plan to monitor new casino/gaming revenues and data-center-related electricity tax receipts.

After discussion and several proposed amendments from aldermen focused on reallocations and priorities, the committee voted 5-0 to forward the budget package to the Committee of the Whole for additional review and a public hearing schedule in December. Next formal steps Peterson outlined: COW on Dec. 2, public hearing Dec. 9 and City Council consideration of the levy Dec. 16.

Votes at a glance: authorization for Alderman Edward J. Bugg to participate remotely (motion carried 4-0); approval of ordinance 25-0874 (abatement) 5-0; approval of ordinance 25-0875 (property tax levy) 5-0; approval of ordinance 25-0954 (SSA 90 extension) 5-0; motion to forward the 2026 budget to Committee of the Whole 5-0.