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 ILC...
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