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Directing the Use of the Consumer Price Index Increase in the County Budget Process as Addressed in the Kane County Board Fiscal Year 2024 Budget Policy
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WHEREAS, Kane County is a taxing district that is subject to the Property Tax Extension Limitation Law (“PTELL”) (35 ILCS 200/18-185 through 18-245); and
WHEREAS, a taxing district subject to the PTELL is limited to an extension limitation of 5% or the percentage increase in the Consumer Price Index (“CPI”) during the 12-month calendar year preceding the levy year, whichever is less, without referendum approval; and
WHEREAS, the Illinois Department of Revenue has indicated that, for 2023 extensions (payable in 2024), the Consumer Price Index to be used for computing the extension limitation and debt service extension base is 5.0%; and
WHEREAS, the Kane County Board Fiscal Year 2024 Budget Policy approved by the Kane County Board on June 13, 2023, by Resolution 23-268, provides that “[a] resolution passed by simple majority of the County Board at the May Board Meeting shall be the determining factor if the CPI allowed under PTELL shall be utilized”; and
WHEREAS, this resolution fulfils the directive established by the Kane County Board Fiscal Year 2024 Budget Policy and is intended only as direction to County officials and staff during the Fiscal Year 2024 budget process; and
WHEREAS, this resolution is not a formal decision as to the amounts of the applicable County tax levies for Fiscal Year 2024, which will be determined by the Kane County Board during the adoption of the Fiscal Year 2024 budget.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that, in order to comply with the Kane County Board Fiscal Year 2024 Budget Policy, the CPI increase of 5.0% authorized under PTELL may be utilized in a calculation of Kane County’s property tax levy request when carrying out the Fiscal Year 2024 budget process.
Passed by the Kane County Board on September 12, 2023.
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John A. Cunningham, MBA, J.D. Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: