Title
Resolution setting forth the budget policies for compilation of the fiscal year (FY) 2017 Lake County Budget.
Staff Summary
• The County Board adopts budget policies annually 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 2017 policy include the presentation of a preliminary list of carryovers as part of the budget process, clarification of how accelerated retirement option (ARO) positions will be treated in light of the State budget uncertainty, and direction regarding the use of special revenue funds.
Body
RESOLUTION
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 previously adopted policies 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 fiscal year (FY) 2017 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 2017 Lake County budget.
DATED, at Waukegan, Illinois, on May 9, 2017.