2 years, 3 months ago by Bob Gough, QuincyJournal.com
Bulk of $5.69 million goes toward police and fire pensions
The City of Quincy plans to hold the line on the tax levy for the second consecutive year.
At Monday’s Quincy City Council meeting, the administration will present aldermen a $5.69 million levy for 2011 taxes. The proposed tax rate of $1.011 per $100 in assessed valuation is slightly lower than 2010’s $1.012.
The EAV for the City of Quincy is estimated at $562 million, an increase from 2010’s EAV of just under $559 million.
$5.69 million levy also includes $50,000 generated from the Special Service Area on properties within the Historic Quincy Business District that helps fund that organization.
The bulk of the levy goes toward the City’s police and fire pensions, although the City will pay less money into the funds than it did last year.
$1.9 million will go into the firefighters’ retirement fund. That’s $108,460 less than was contributed last year. $1.385 million will go into the police retirement fund, a decrease of $219,092 from last year’s contribution.
The City also pays into those levies from the Personal Property Tax Replacement revenue stream, with another $416,020 going into the fire pension and another $288,920 going into the fire pension.
Director of Administrative Services Gary Sparks said a change in the contribution laws allowed the City to pay less into the pension funds, but the city opted to pay more than the minimum contribution allowed by law.
In a letter to the City Council, Mayor John Spring said “…we will be able to meet all of our debt service as well as increase our police and fire pension’s annual contribution above the minimum actuarial required amounts. By doing this, we are not placing additional liability off for future Councils.”
The levy for the library is increasing by $82,914 to $793,804.
For the third consecutive year, no property tax revenue is levied for the City’s general operations. That $27.3 million in funding comes from other taxes and fees imposed by the City and the State of Illinois.