Oglesby approves tax levy, discusses Wastewater Treatment Plant upgrades

Upcoming financial decisions were discussed as the Oglesby City Council approved a proposed property tax levy of $1,623,300 for the upcoming year.

The new levy will be an increase from last year’s levy of $1,546,040.

In addition to the tax levy, the council also discussed ongoing efforts to finance improvements to the city’s wastewater treatment plant.

The city has been exploring loan options, with plans to secure a 1.4% fixed interest rate on a 30-year loan for the necessary upgrades.

Commissioner Tony Stefanelli warned the city would need to raise an additional $700,000 annually to meet the repayment requirements for these loans.

After meeting with the treasurer and clerk, he suggested a potential solution could involve raising the sales tax by 1% to help offset the financial burden on residents.

“This would allow us to spread the cost across anyone purchasing goods in the city, not just residents,” he said.

Regardless, nothing was actionable earlier this week except approving the levy. The next council meeting is scheduled for Monday, Jan. 6, where further discussions on the budget and wastewater treatment plant funding are expected to continue.