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November 16, 2022
Lake County Board Adopts Fiscal Year 2023 Budget
The Lake County Board approved its balanced Fiscal Year (FY) 2023 Budget at the Nov. 15 meeting. The $601.7 million budget is focused on maximizing efficiencies and a recommitment to facility and technology capital improvements.
The County Board established the guidelines and framework in which the FY2023 Budget was to be prepared, with their Strategic Plan and Values driving budget decisions. Lake County departments and agencies worked diligently to tighten the budget, resulting in a minimal 1.6% increase in the overall operating budget, despite several unfunded state mandates and inflationary increases to the costs of goods and services.
The County Board and staff are sensitive to the property tax burden on its residents. The approved budget is funded in part by a property tax levy that is flat compared to prior years, with an additional levy allocation for the Lake County Veterans Assistance Commission (VAC), pursuant to the new statute providing independent authority to VACs across the state.
Individual tax bills will vary depending on how a property’s assessed value has changed and depending on the actions of other local government taxing bodies. The Lake County portion of the tax bill for the average homeowner is expected to be relatively flat.
"Working with our talented team of departmental staff, the County Board has approved a budget that shows our commitment to provide outstanding services to residents while continuing to be fiscally responsible," said County Board Chair Sandy Hart.
County departments have developed efficiencies, while continuing to provide exceptional services. For example, some departments have consolidated services with other departments for maximum efficiency. Another example is the Regional Operations and Communications (ROC) Facility, which is the physical portion of a larger regionalization project to consolidate 9‐1‐1 and public safety access points.
Moody’s and Standard & Poor’s reaffirmed their highest triple-A ratings to Lake County Government. Both rating agencies commented on the County’s strong, stable economy and large diverse tax base, along with good financial policies and practices.
To adhere to the Lake County’s Board’s budget policy, only a limited number of new program requests were granted as part of the FY2023 budget. One funded expansion will be the purchase of fleet tracking software that will allow the County to intelligently right‐size its fleet, while simultaneously moving toward more efficient and sustainable vehicles where possible and practical.
“This budget reflects the priorities of our board investing in our people, our veterans, and key environmental initiatives. We've also taken big steps to create more efficiencies in the budgeting process. I thank the Board Members for their unanimous approval of the 2023 budget," said Financial and Administrative Committee Chair Paul Frank.
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Contact
Tammy Chatman
Chief Communications Officer
Email
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