City of DeKalb employees and the group Ellwood Historic Neighborhood have hatched a new plan just in time to take up a line item in the FY2014 budget: Buy up multi-family homes in the north 5th Ward, convert them to single-family and resell each property at a loss. In fact: “We have worked with a…
Category: Payment Due?
Library to Borrow $6 Million as Part of “Fundraising Strategy”
Once again let me express deep, deep skepticism that DeKalb Public Library will actually raise the stated goal of $6 million in private donations to contribute to its expansion costs. Witness the latest step toward putting it on the taxpayers. In order to meet a looming June 30 deadline, the DeKalb Public Library will borrow…
DeKalb’s Budgetary Reserves Do Not Mean What You Think They Mean
The City of DeKalb has been re-growing its post-recession General Fund reserve since FY2011, when a large reduction in force coupled with windfall revenues helped the city regain its financial footing. But are annual budget surpluses an indicator we’ve set out upon the right financial path? The latest Comprehensive Annual Financial Report (CAFR) is now…
DeKalb’s IMRF Contributions and Their Budget Impacts
Putting together DeKalb’s pension picture has been like a forestry hide-and-seek. Facts are the trees and while facts have been examined, there’s often an underlying feeling that the ecosystem has not yet been adequately described. So I keep going back in. One “specimen” whose significance I failed to fully appreciate earlier is the shortfall between…
Pensions & TIF in DeKalb
Except in the case of the Tax Increment Financing (TIF) districts, DeKalb’s property taxes go toward pensions and FICA almost exclusively, and its share of your annual property tax bill is about 7%. Using these facts along with TIF revenue data, I set out to estimate how much city property tax flows into TIF funds…
Property Tax Levy & IMRF Contributions
In “DeKalb Gives First Approval to Property Tax Levy,” we get this: The aldermen had previously set the ceiling for a property tax levy at $9.67 million, and were given two options by city staff to set the request at either $9.67 million or $9.63 million – the amount the city levied last year. According…
DeKalb Property Taxes & City Pensions
The agendas for the council meetings tonight include a public hearing about setting the city’s property tax levy, which they must think will be controversial because you must wade through 112 pages of the PDF file to get to the related items (also see page 114). I was surprised to find out that the levy…
Chronicle Editorial Board Hasn’t Lived Here Very Long
Chronicle staff should live in this county for awhile before commenting on certain issues, such as what one can find today in “Our View: Falling home values a trying trend in county“. When the housing market was healthy and new homes and businesses were built at a healthy clip, the opposite was true. Property values…
First Reading of Housing Ordinance Changes Comes Tomorrow
The agenda for tomorrow’s city council meetings is here. Now, it finally becomes apparent* that the $6 million they’ve got stockpiled in the TIF 2 fund is mostly going to go into the Municipal Building. Of course, the use of TIF money for this purpose will bring in all kinds of new private development and…
Special Meeting Tonight on Proposed Rental Inspection Staffing
DeKalb city staff want to hire five people and buy four vehicles in their quest to a) ignore recommendations of the Safe/Quality Housing Task Force and b) implement the rental housing licensing and inspection program they’ve wanted all along. According to the agenda backup, start-up costs would come to $135,000 and the annual outlay would…