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) 2021 Appropriation Ordinance as will be adopted by the County Board of Lake County, Illinois (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 2021 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 2021 Budget in November 2020.
* The FY 2021 Budget Policies directed staff to prepare a balanced budget with a tax levy equal to last year's levy. Specifically, section 1.2.4 states, "For the purpose of developing the FY2021 budget, staff will prepare a balanced budget with no growth in the tax levy. Staff will also prepare an option or scenario that assumes a property tax levy of all or a percentage of allowable CPI growth for the Board's consideration during the budget hearings."
* The estimated amount presented below is therefore a total of $162,598,097, the same as the Tax Year 2019 (FY 2020) approved levy amount.
Body
RESOLUTION
WHEREAS, the County Administrator of Lake County is preparing and will submit to the Lake County Board the FY 2021 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 ...
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