Title
Resolution setting forth the Financial Policies, including the policy regarding the parameters for the Fund Balance Reserve Policy.
Staff Summary
• The Financial Policies establish a framework, guidance, requirements, and management structure that ensures the health and stability of Lake County’s finances through a family of comprehensive financial policies.
• The County Administrator, through the Chief Financial Officer monitors and updates all policies, directives, and procedures.
• All policies maintain prudent financial management practices for the short and long term and are consistent with best business practices.
• The policies have been reviewed and updated considering pertinent changes needed for revisions.
• The Fiscal Year 2025 Budget Planning Guidance policy will be brought forth to a future Finance and Administrative Committee for discussion prior to Board approval.
Body
RESOLUTION
WHEREAS, this County Board has adopted a formal process for the compilation, presentation, and approval of the annual budget and as part of this process policies are reviewed; and
WHEREAS, this process calls for the review Lake County’s budget and financial policies to guide the submission and evaluation of departmental requests for the annual budget; and
WHEREAS, in 2022, this County Board previously adopted policies which serve to guide the development, adoption and implementation of the annual budget, some of which are the Finance Policy, Fund Balance Reserve Policy, Revenue Policy and Budget Development Policy; and
WHEREAS, the County Board Chair, the Financial and Administrative Committee, and the County Administrator recommend that the budget and finance policies set forth herein be utilized for prudent financial management.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the attached financial policies are hereby adopted.
DATED, at Waukegan, Illinois, on April 9, 2024.