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) 2020 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 also separately identifies the estimated amount of tax dollars allocated to each of the county-wide property tax funds.
* The final levy will be prepared and submitted for County Board approval at the same time as the FY 2020 Budget in November 2019.
* The FY 2020 Budget Policies directed staff to prepare a balanced budget with three scenarios: a flat property tax levy, increasing only by the amount of new property development growth; the maximum allowable growth scenario; and a scenario with partial growth.
* This estimate resolution reflects only estimated growth for new property development and not Consumer Price Index (CPI) allowable growth, per the Financial and Administrative Committee amendment. The actual levy amounts are set when action is taken to approve the budget in November.
Body
RESOLUTION
WHEREAS, the County Administrator of Lake County is preparing and will submit to the Lake County Board the FY 2020 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 estimate of the Annual Aggregate Levy to be levied upon the real property in the County of Lake, in accordance with 35 ILCS 200/18-10, and
WHEREAS, the FY 2020 budget is subject to County Board discussion and direction and as such, this levy may be $163,203,71...
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