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) 2022 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 2022 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 2022 Budget in November 2021.
* The FY 2022 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 FY2022 budget, staff will prepare a balanced budget with (1) no growth in the tax levy, and (2) an option or scenario that assumes a property tax levy of allowable CPI growth."
* After discussion at the Finance and Administrative Committee on September 2, 2021, the tax levy estimate has been prepared with growth due to new development only, accounting for the fact that additional new property will be added to the tax rolls. This results in an estimated levy of $163,492,420.
Body
RESOLUTION
WHEREAS, the County Administrator of Lake County is preparing and will submit to the Lake County Board the FY 2022 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
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