FY25 GFOA Budget - Flipbook - Page 64
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MAJOR REVENUE SOURCES
Property Tax
The District’s main revenue source is property tax. Property taxes become an enforceable
lien on January 1. Taxes are levied each year and collected in two installments in March and
August of the following year. The counties in the District that collect property tax are Cook
and DuPage. These counties are responsible for billing and collecting property tax from the
taxpayers. The tax payments are then remitted to the District.
The District is limited in the amount the tax levy can be increased each year by the
Property Tax Extension Limitation Law (PTELL) .35 ILCS 200/18-185. This law limits the
amount that the District can levy to 5% or the percentage increase in the Consumer Price
Index during the 2-month calendar year preceding the levy year, whichever is less. A higher
property tax can be levied in special community circumstances such as construction,
mergers, consolidations or if voters approve a higher levy by referendum. This year, the
percentage is estimated to be 3.64% based in the District’s CPI. However, conservative
estimates based on collections indicate that this percentage will likely be 3.5% instead.
Property tax revenue is found in the District’s two major operating funds, the Corporate
Fund and the Ambulance Fund. Property taxes account for 70% of the District’s FY25
budgeted revenues. Fund projections are based on county estimates and changes in the
Consumer Price Index. A conservative approach is used in all revenue projections.
For the second year since its dissolution, the District is seeing benefits from the conclusion
of the Village of Bartlett’s Brewster Creek Business Park Tax Increment Financing (TIF)
program. The program was started in 1999 to fund the development of a large business
park in the Village of Bartlett. The business park is now home to over 75 businesses and is
growing. Currently, the projected FY25 property tax revenue is showing a 4% increase
from the FY24 budget. Additionally, though the District is maintaining a conservative
approach to its budgeted revenue, it does anticipate total property tax revenues to exceed
projections in alignment with the current upward trends from FY18-FY23 as illustrated on
the following page. This is primarily due to housing developments within the Village of
Bartlett such as the Grasslands Subdivision. Note, pension property tax revenue is not added
to the FY24 estimates until it has been audited, making the figures appear lower.
P a g e 64 | BARTLETT FIRE PROTECTION DISTRICT | BUDGET OVERVIEW
