Title
Resolution accepting and placing on file an estimate of the annual aggregate tax levy and providing for the apportionment of estimated taxes across the various items for the Fiscal Year (FY) 2025 Appropriation Ordinance as will be adopted by the County Board.
Staff Summary
• State Statute requires an estimate of the property tax levy to be determined in September of each year for the following tax year.
• This resolution establishes the total estimated tax levy and identifies the estimated amount of tax dollars allocated to each of the County-wide property tax funds. However, the FY 2025 Budget is still being developed and the amounts in each type of levy category will change as necessary to meet both County policy and balancing needs in each fund.
• This action sets an estimated amount. The final levy will be prepared and submitted for County Board approval at the same time as the FY 2025 Budget at the November 12, 2024, Board meeting. The levy approved in November can be higher or lower than this estimate.
• The FY25 Budget Planning Guidance Policy passed by the County Board on May 14, 2024, provides a recommended budget that is balanced with a tax levy that includes growth from new property and one-half of the full allowable CPI (1.7%) to balance the recommended budget to that level of funding; and one additional flexible scenario which includes growth from new property and the full allowable CPI growth (3.4%). This estimate is being prepared with the full allowable CPI growth (3.4%) so that the highest possible tax levy is presented.
• The estimated Tax Year 2024 (FY 2025) tax levy is $184,907,390, which is $6,114,763 higher than the Tax Year 2023 (FY 2024) extension.
Body
RESOLUTION
WHEREAS, the County Administrator of Lake County is preparing and will submit to the Lake County Board the FY 2025 Lake County Budget, in accordance with 55 ILCS 5/2-5009, and
WHEREAS, the County Board is required to adopt an annual budget in accordance with 55 ILCS 5/6-1001, and
WHEREAS, it is necessary at this time in the budget process to determine an estimate of the Annual Aggregate Levy to be levied upon the real property in the County of Lake, in accordance with 35 ILCS 200/18-10, and
WHEREAS, the FY 2025 budget is subject to County Board discussion and direction and as such, this levy may be $184,907,390 in total at the discretion of the Board during the FY 2025 budget process, and
WHEREAS, the amounts listed are the amounts estimated at this time to be raised for each specified levy as indicated.
NOW, THEREFORE, BE IT RESOLVED, that the Lake County Board hereby determines the following is its estimate of the amount of tax to be levied by its 2025 Annual Aggregate Levy.
BE IT FURTHER RESOLVED, that the County of Lake does hereby recommend the following estimates of the amount of tax to be levied for adoption of its Tax Year 2024 Levy to be included in the FY 2025 Recommended Budget, to be distributed to the County Board in October.
• It is, therefore, recommended that the sum of $91,603,662 be levied to all taxable property in said County as assessed for the year 2024, and that the County Clerk be directed to extend a tax on the proper valuation that will obtain the amount shown above, all as provided by law, for GENERAL COUNTY PURPOSES, and
• It is further recommended that there be levied the sum of $16,000,000, for the FEDERAL INSURANCE CONTRIBUTIONS ACT FUND, and it is further recommended that there be levied the sum of $12,000,000, for the ILLINOIS MUNICIPAL RETIREMENT FUND, and
• It is further recommended that there be levied the sum of $10,000,000, for the LIABILITY INSURANCE FUND, and
• It is further recommended that there be levied the sum of $6,025,939, for the VETERAN'S ASSISTANCE COMMISSION FUND in accordance with the Veteran’s Assistance Commission’s requested amount, and
• It is further recommended that there be levied the sum of $2,500,000, for the YOUTH HOME FUND (HULSE DETENTION CENTER), and
• It is further recommended that there be levied the sum of $4,000,000, for the STORMWATER MANAGEMENT FUND, and
• It is further recommended that there be levied the sum of $3,903,059, for the COUNTY BRIDGE FUND, and
• It is further recommended that there be levied the sum of $8,259,730, for the MATCHING TAX FUND, and
• It is further recommended that there be levied the sum of $10,000,000, for the LAKE COUNTY HIGHWAY TAX FUND (DIVISION OF TRANSPORTATION), and
• It is further recommended that there be levied the sum of $20,000,000 for the LAKE COUNTY HEALTH DEPARTMENT, and
• It is further recommended that there be levied the sum of $615,000, for the TUBERCULOSIS SANATORIUM FUND, and
• All in addition to taxes levied for GENERAL COUNTY PURPOSES as authorized by law, but not to exceed, however, the maximum allowable rate provided by law for the FEDERAL INSURANCE CONTRIBUTIONS ACT FUND, ILLINOIS MUNICIPAL RETIREMENT FUND, LIABILITY INSURANCE FUND, VETERAN'S ASSISTANCE COMMISSION FUND, YOUTH HOME FUND, STORMWATER MANAGEMENT FUND, COUNTY BRIDGE FUND, MATCHING TAX FUND, LAKE COUNTY HIGHWAY TAX FUND, LAKE COUNTY HEALTH DEPARTMENT FUND, and TUBERCULOSIS SANATORIUM FUND.
DATED at Waukegan, Illinois, on September 10, 2024.