HP_120816

More documents

Recommendations

Info

4 | December 8, 2016 | The highland park landmark news hplandmark.com Highland Park City Council FY17 budget approved, property tax levy proposed OPEN CONCEPT KITCHEN Sign a contract before January 15, 2017 for any remodeling project valued over $10,000, and receive a $1,000 Cash Allowance toward your project! Call us Today! 847.327.0203 DreamMakerNEChicagoland.com ® Kitchens • Baths • Whole House ® Remodeling Independently owned and operated franchise. Under New Management Phoenicia Mediterranean Restaurant The only fine dining mediterranean cuisine on the North Shore Continued Treasured Family Recipes Using Only The Finest Ingredients The Red Snapper and Lamb Shank Exceptionally Fresh Daily Dinner Specials Join us Tues. - Fri. 3-5pm Happy Hour Cocktail Specials & 1/2 Off Appetizers We Can Cater Your HOLIDAY Event Up To 200 Guests Lunch • Tues. through Sat. 11-3 Dinner Seven Days a Week Sun. - Thurs. 3 -9pm and Fri./Sat. until 10pm DELIVERY NOW AVAILABLE 1910 First Street, Highland Park Call (847) 266-9990 to make your reservation today! Erin Yarnall Freelance Reporter Round it up: • An ordinance was approved granting a three-year extension of the Ravinia Business District Special Service Area (SSA) through Dec. 31, 2019. The SSA was established to help coordinate events and marketing efforts for the Ravinia Business District. The Highland Park City Council held a public hearing on a proposed property tax levy and approved the budget for the 2017 fiscal year at its meeting Nov. 28. The budget of approximately $84 million was unanimously approved by the city council, and includes $14.4 million in infrastructure improvements, $3.4 million in street improvements, $3.4 million in sewer upgrades, $2.7 million in water upgrades, $1.1 million in bridge improvements and $1.2 million in other infrastructure updates. The budget will also include a tax levy increase of $524,000, which would impact a $500,000 household by approximately $10 a month. The tax levy will help provide funding for police and fire pensions. State law requires police and fire pensions to be 90 percent funded by 2040, so the City has been making “annual state-mandated contributions,” according to Highland Park Finance Director Julie Logan. The city council and Logan discussed how to efficiently raise funds for city pensions, while also minimizing the impact that it has on the taxpayers of the city. Instead of solely relying on property tax levy, Highland Park also funds its pension contributions from partial state income tax receipts and partial proceeds from the sale of assets, when available. In 2017, the City is responsible for a $6.4 million contribution to pension funds, which is $1.8 million lower than the estimated contribution due to budgeting by the city council. “This is due to the City’s decision in 2016 to accelerate contributions to the public safety pension funds using LGDF funds to minimize the long term impact to the property taxpayer,” Logan said. LGDF, local government distributive funds, is money received by local governments from the state from income taxes from individuals and corporations. “(Local government distributive funds are) the mechanism the State of Illinois uses to distribute local governments’ share of Illinois income tax receipts,” Logan said. The finance department recommended funding pension contributions partly through local government distributive funds and partly through a tax levy increase of $524,000. The increase would result in a pension contribution of more than $7.4 million. While the total contribution would be more than required by the state, Logan and the city council argued that it’s more financially sensible to make higher contributions earlier, so the contributions don’t substantially increase. “I think it’s safe to say that by making contributions at this level that we’re seeking to do, we’re seeking to help minimize the long-term impact of this obligation,” Councilman Daniel Kaufman said. “Staying on the path of only contributing on the state-mandated level, the contributions would start increasing substantially over time,” Logan said. “So, higher contributions now going forward will minimize that increase.” The city council says it has been planning for the long term, especially with the uncertainty in state finances. $1.7 million was cut from the 2014 fiscal year budget, and the budget was constrained for the 2015 fiscal year, allowing the council to have that money as a surplus to put into the pension fund. “We’re planning to keep that restraint on our spending, so we can put that money in (the pension fund),” Councilwoman Kim Stone said. Logan said the budgeting that the city is doing is “pretty progressive,” as other communities solely rely on property taxes to fund pensions. The tax levy will be voted upon Dec. 12.
hplandmark.com Highland Park the highland park landmark | December 8, 2016 | 5 Your Jumbo Lender As your jumbo lender, we understand that the mortgage process needs to be smooth and easy when buying in the luxury market. Our exceptional customer service, coupled with the right loan program, will make buying your home a worry-free experience. • Loan Amounts up to $10,000,000 • Down payments as low as 20% • Investment Properties Eligible • No Prepayment Penalty • Interest Only Options • 1-4 Units, Condos, & Second Homes Thomas Georges Fmr. U.S. Army Colonel Mortgage Banker, NMLS# 1437814 direct: (630) 780-1676 Dave Aumuller Fmr. Marine Corps Colonel Senior Vice President, NMLS# 1437759 direct: (847) 615-3429 /thefederalsavingsbank /thefedsavbank 664 N. Western Avenue, Lake Forest, IL 60045 Celestina Kwiecien Personal Banker direct: (847) 234-8484 Now Hiring Loan Originators! Bernie Miller Fmr. U.S. Army Captain Executive Vice President direct: (312) 738-6262 Copyright 2016 © The Federal Savings Bank | All rights reserved | TheFederalSavingsBank.com | Co. NMLS# 411500 Terms and conditions may vary. Subject to underwriting approval.
Page 1 and 2: TM Highland Park & highwood’s Hom
Page 3: hplandmark.com news the highland pa
Page 7 and 8: hplandmark.com highland park the hi
Page 15 and 16: hplandmark.com sound off the highla
Page 17 and 18: Merry market 22CM launches Winter M
Page 19 and 20: hplandmark.com life & arts the high
Page 23 and 24: hplandmark.com dining out the highl
Page 25 and 26: hplandmark.com real estate the high
Page 27 and 28: hplandmark.com classifieds the high
Page 29 and 30: hplandmark.com sports the highland

HP_120816

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?