Title
Resolution approving 3.5.FY24 Fiscal Year 2024 Budget Planning Guidance which provides County Board guidance for the preparation of the Fiscal Year (FY) 2024 annual budget.
Staff Summary
• Each year, the County Board provides guidance for development of the annual budget. Guidance that is updated annually is found in Policy 3.5FYxx which is intended to provide parameters or guidelines for a specific fiscal year.
• Policies 3.5 Budget Development Policy and 3.6 Budget Execution Policy provide fundamental policy that is reviewed annually but only updated as necessary.
• The guidance provided through this process includes direction regarding the property tax levy, employee salary increases, new program requests, contributions to capital, environmentally sustainable alternatives, and other direction.
• A draft Guidance document was presented on April 27, 2023 along with a presentation including background financial information at the Financial and Administrative Committee. If these guidelines are approved on May 9, the FY 2024 budget preparation process will begin with departments in mid-May.
• An amendment was made at the May 4, 2023, Financial and Administrative Committee meeting to strengthen the sustainability language in 5.1.6 to incorporate net zero goals and to require departments to provide sustainable options and alternatives in their budget submissions, rather than encouraging them to do so.
Body
RESOLUTION
WHEREAS, the County Board provides valuable guidance in advance of each annual budget preparation process; and
WHEREAS, this guidance provides guidance related to the property tax levy, salary and wage increases, personnel, new program requests, and other important components of the budgeting process; and
WHEREAS, this information has been summarized in 3.5FY24 FY 2024 Budget Planning Guidance.
NOW, THEREFORE, BE IT RESOLVED, that this County Board of Lake County, Illinois approves the attached Fiscal Year 2024 Budget Planning Guidance which shall be used to prepare and present the FY 2024 Annual Budget.
DATED at Waukegan, Illinois on May 9, 2023.