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Maywood trustees set estimated 2014 tax levy after pension cost increases
Summary
Trustees approved a resolution setting the village's 2014 estimated tax levy after staff said actuarial updates raised Police and Fire pension levy needs; officials also discussed reallocating levy to collect recovered-value EAV from a terminated TIF district and scheduled the public hearing notice.
The Village of Maywood Board of Trustees on Nov. 17 approved a resolution determining the village's estimated 2014 real property tax levy after staff outlined pension-driven increases and changes in equalized assessed value.
Finance Director Lanya Satchell told trustees that actuarial studies had increased levy needs for village pensions, with the Police pension up about 11.5% and the Fire pension up about 9.4%, which staff said were driven by salary increases. Nicholas Greifer of Kane & McKenna and Associates presented estimates for recovered-value equalized assessed value (EAV) tied to properties in a recently terminated St. Charles Tax Increment Financing (TIF) district and explained how recovered-value EAV affects levy allocation among taxing districts.
The discussion included procedural steps required to publish the required public hearing notice; Satchell said the notice will appear in the Chicago Sun-Times or the Chicago Tribune because Maywood lacks a local newspaper. Trustees asked staff for a numerical breakdown of the levy calculations and for a legal review of steps for levying property taxes; Village Attorney Michael Marrs and Satchell provided those clarifications during the meeting.
Trustees voted to move forward with the levy resolution. The board did not adopt final tax rates at the meeting; the action taken sets the estimated levy and schedules the public hearing and subsequent steps in the levy adoption process.
Next steps: the village will publish the public-hearing notice and return to the board for final levy adoption after the hearing and any adjustments required by final EAV figures or statutory deadlines.
