7 years, 4 months ago by Scott Hardy
Updated actuarial figures from state means no tax hike
The city of Quincy will not be raising the property tax levy, after getting information from the state of Illinois. Scott Hardy explains.
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On Monday, the city got updated figures from the Illinois Department of Insurance about what the city should pay into its' police pension fund. Those actuarial numbers from the state mean the city won't have to raise the property tax levy, according to Mayor Kyle Moore.
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That amendment will be introduced at next week's Council meeting. Similar to the state of Illinois, pension funding will likely be a headache for the city for years to come. State law mandates that police and firefighter pensions be 90% funded by 2040. The City Council also approved a zoning variance for ADM to build a nearly 200 foot feed production tower on North 30th, as part of their $40 million expansion of their Quincy facility.
