Title
Resolution setting forth the budget policies for compilation of the fiscal year (FY) 2015 Lake County Budget.
Staff Summary
· Annually, the County Board adopts budget policies for the upcoming budget cycle.
· As in the past, all policies were developed to maintain prudent financial management practices for the short and long term.
· The updates to the FY 2015 policy include changes to the sections pertaining to the levy, capital budgeting, board member new program requests and strategic underfunding.
· These policies were discussed at the Financial & Administrative Committee in both February and May and were sent to all Board members for review and comment.
Body
WHEREAS, this County Board has adopted a formal process for the compilation, presentation, and approval of the annual budget; and
WHEREAS, this process calls for the development of budget policies to guide the submission and evaluation of departmental requests for the annual budget; and
WHEREAS, this County Board has also adopted policies previously which serve to guide the development, adoption and implementation of the annual budget, some of which are the Capital Improvement Program Evaluation Criteria System (for Corporate Fund departments and County properties), the Investment Policy, the Transportation Funding Commitment Policy, Employee Policies and Procedures, Travel Reimbursement Policy, and the Purchasing Ordinance; and
WHEREAS, the County Board Chair, the Financial and Administrative Committee, and the County Administrator recommend that the budget and finance policies set forth herein be utilized for the submission, preparation, approval and execution of the FY 2015 Lake County budget.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the attached budget policies are hereby adopted for the submission, preparation, approval and execution of the FY 2015 Lake County budget.
DATED, at Waukegan, Illinois, on May 13, 2014.