Title
Resolution approving 3.5.FY25 Fiscal Year 2025 Budget Planning Policy which provides County Board guidance for the preparation of the Fiscal Year (FY) 2025 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.
• The guidance provided through this process includes direction regarding the property tax levy, new program requests, contributions to capital and other direction.
• A draft FY25 Budget Planning document was presented on March 21, 2024, April 4, 2024, and May 2, 2024, at the Financial and Administrative Committee Meetings. The feedback received at the meetings and further refinement by Staff was incorporated in the Final version attached to this agenda item. If this policy is approved on May 14, the FY 2025 budget preparation process will begin with departments on May 16, 2024.
• The FY 2025 Budget Planning Calendar is included with this Resolution. New to this year’s process is the addition of both virtual and in-person public meetings, “Understanding the FY2025 Recommended Budget”.
Body
RESOLUTION
WHEREAS, the County Board provides valuable guidance in advance of each annual budget preparation process; and
WHEREAS, this guidance provides guidance related to 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 summarized in 3.5.FY25 FY 2025 Budget Planning Policy.
NOW, THEREFORE, BE IT RESOLVED, that this County Board of Lake County, Illinois approves the attached Fiscal Year 2025 Budget Planning Policy which shall be used to prepare and present the FY 2025 Annual Budget.
DATED at Waukegan, Illinois, on May 14, 2024.