Title
Resolution approving updates to the Finance policies, 3.5 Budget Development Policy, 3.5.FY26 Fiscal Year 2026 Budget Planning Policy, and 3.6 Budget Execution Policy, which provide County Board guidance for the development, execution, and preparation of the Fiscal Year (FY) 2026 annual budget.
Staff Summary
• Each year, the County Board provides guidance for development of the annual budget. Guidance that is updated annually is found in Policy 3.5.FYxx which provides parameters or guidelines for a specific fiscal year.
• Policies 3.5 Budget Development Policy and 3.6 Budget Execution Policy provide fundamental policy that is reviewed annually but only updated as necessary. There are minor changes to these policies recommended to better reflect actual experience or for clarification.
• The guidance provided in the 3.5FY26 Planning Guidance includes direction regarding the property tax levy, new program requests, contributions to capital and other direction.
• These policies were discussed on March 27, 2025, at the Financial and Administrative Committee Meeting. The feedback received at the meetings and further refinement by Staff was incorporated in the proposed versions attached to this agenda item.
Body
RESOLUTION
WHEREAS, the County Board reviews periodically and approves updates to the County’s Finance Policies; and
WHEREAS, these policies provide guidance related to the development and execution of the budget as well as guidelines regarding the property tax levy, salary and wage increases, personnel, new program requests, and other important components of the budgeting process; and
WHEREAS, this information has been presented in 3.5 Budget Development Policy, 3.5.FY26 Fiscal Year 2026 Budget Planning Policy, and 3.6 Budget Execution Policy.
NOW, THEREFORE, BE IT RESOLVED, that this County Board of Lake County, Illinois approves the 3.5 Budget Development Policy, 3.5.FY26 Fiscal Year 2026 Budget Planning Policy, and 3.6 Budget Execution Policy.
DATED at Waukegan, Illinois, on April 8, 2025.