Lake County, IL
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File #: 20-0173    Version: 1 Name: Budget and Finance Policies Discussion.
Type: discussion Status: Filed
File created: 1/21/2020 In control: Financial & Administrative Committee
On agenda: Final action: 2/6/2020
Title: Presentation and discussion of Fiscal Year (FY) 2020's budget and finance policies.
Attachments: 1. FY 2020 Budget Policies.pdf


Presentation and discussion of Fiscal Year (FY) 2020’s budget and finance policies.


Staff Summary

                     Each year, the Financial and Administrative (F&A) Committee uses the prior year’s budget policies as a reference for the discussion of the next year’s budget policies. These policies frame the budget preparation process by providing guidelines for, among other things:

o                     Balancing the budget/status quo/new or expanded program requests;

o                     Personnel and vacancy decisions

o                     Property tax levies;

o                     Use of video gaming revenue;

o                     Capital Improvement Plans;

o                     Debt issuance;

o                     Reserve requirements; and

o                     Contingency amounts.

                     The purpose of this item is to provide an introduction and overview of the policies. The FY 2021 Budget Policies will be considered at a future F&A Committee meeting.