Levies required in order to meet the City's contribution obligations under the Illinois Pension Code, 40 ILCS 5/1-101, et seq., are not included in the aggregate levy when computing the limitation on increases from year to year. From 2021 through 2058, such levies are expected to increase on a regular basis, due to the requirements of the Pension Code. For all four City funds (The Policemen's Annuity and Benefit Fund; The Firemen's Annuity and Benefit Fund; The Municipal Employees', Officers', and Officials' Annuity and Benefit Fund; and The Laborers' and Retirement Board Employees' Annuity and Benefit Fund), the Pension Code provides that the City's required annual contribution shall be sufficient to cover its annual costs and, at the same time, bring the total assets of the fund up to 90% of its total actuarial liabilities by the mid-2050s. Beginning with the budget for fiscal year 2021, therefore, the City will include in each year's budget an increase in the property tax levy equal to the lesser of the most recently reported annual increase in the Consumer Price Index (CPI) or five percent, unless and until the Pension Code requirements set forth above have been met. For purposes of this section, CPI shall mean the national CPI-U for All Urban Consumers for the most recently reported December-to-December period. This section does not limit the authority of the City Council to make such other adjustments in the property tax levy as it may deem appropriate at any time.
(Added Coun. J. 11-24-20, p. 24619, Art. I, § 5)