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11/10/2020
For Second Consecutive Year, Lake County Board Adopts Budget With No Increase in Tax Levy
While County Revenues Are Severely Impacted by COVID-19 Pandemic, Lake County Will Continue to Provide Critical Services
At its Nov. 10 meeting, the Lake County Board approved a balanced budget for Fiscal Year (FY) 2021, which for the second year in a row does not raise the total tax levy. As a result, Lake County’s tax rate will likely decrease slightly, which means most homeowners will see a slight reduction next year in the Lake County government portion of their property tax bill. Individual tax bills may vary depending on how a property’s assessed value has changed and depending on the actions of other local government taxing bodies.
The financial impact of the COVID-19 pandemic had many ramifications for Lake County in 2020, among them a significant reduction in Lake County revenues in a number of areas, including licenses and permits, law and judicial-related revenues and other areas. The financial impact from the pandemic is anticipated to continue into Fiscal Year 2021.
The $559.2 million budget approved by the board is 2.45%, or $14 million, lower than last year, in order to make up for some of the anticipated revenue loss. The reduction in expenditures will come largely from capital expenses, which will be $6.9 million lower than last year. The budget is also balanced due to difficult cuts, operational efficiencies and reorganizations in some departments. It includes a reduction of 31 employee positions. Due to fiscal constraints, no salary increases or adjustments have been included for non-union employees. Scheduled wage increases in negotiated union contracts have been included in the budget in accordance with the contracts.
“The board’s priority in passing the final budget was to make sure the necessary resources are in place to keep Lake County healthy and safe,” said County Board Chair Sandy Hart. “During times like these, the critical services that Lake County provides—including public health, housing and community development, roads and infrastructure--are more important than ever.”
"This budget allows Lake County to continue to carry out the critical services that only the County provides while recognizing that revenues are significantly reduced from prior years. Despite significant declines in several revenue categories, this budget contains no increase in proposed property taxes, in recognition of the hardship this pandemic has had on our residents,” said County Board Member and Financial and Administrative Committee Chair Paul Frank.
2021 budget information can be found online at www.lakecountyil.gov/budget.
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Contact
Arin Thrower Chief Communications Officer athrower@lakecountyil.gov ###
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