Finance Committee - 04/15/2020 Page 20
Alderwoman Lu
Let me see, | think | already turned the page, just one second.
Mayor Donchess
It was Page 17.
Alderwoman Lu
Yes.
Mayor Donchess
We can definitely check into that and get back to you.
Alderwoman Lu
Ok | just have | think one more question. In the expenditures from the previous period, there’s a $12.000.00 charge and it
is to an asset account and that just kind of confused me to see. | thought all of the accounts would be expenses.
Mayor Donchess
This is not the current record of expenditures? It is the previous one?
Alderwoman Lu
Correct.
Mayor Donchess
Do you have what page on the previous one it was?
Alderwoman Lu
Page 1.
Mayor Donchess
What is the item?
Alderwoman Lu
It’s the first one. It’s the very first item. It says the account is overlay, prior year asset, no prior year, not prior year asset.
Mayor Donchess
What the overlay is, is that is a reserve account that is used to resolve tax abatement cases.
Alderwoman Lu
Oh OK.
Mayor Donchess
There is always a discussion or a negotiation that takes place. Sometimes a lawsuit. But let’s just suggest in this case
there’s a settlement and the taxes for a year or more are reduced or the assessment is reduced pursuant to the appeal,
then the taxes that were paid by the tax payer on the higher assessment get refunded down to the level of the new
assessment. So if the taxpayer says they want to appeal their assessment, that’s called “Apply for an abatement” they
still have to pay the taxes that are billed to them. Then, if they are successful either in settling the case to resolve the
