Proposed FY23 Budget
The City of Lake Forest’s proposed FY23 Budget is now available to view on the City’s website. The FY23 Comprehensive Fiscal Plan, which includes the annual budget, 5-Year Capital Improvement Program (CIP), long-term financial forecasts and other related information, will be considered for approval by the City Council on Monday, April 18, 2022. The FY23 Budget projects $99.51 million in revenue and $97.71 million in expenses.
Importantly, the City has weathered the COVID-19 pandemic very well. As revenues returned to normal, the City Council’s conservative projections for FY22 have yielded revenue available for needed – but previously unfunded – capital projects. The City Council has made only minor fee adjustments for FY23, and all fees assessed on the quarterly utility bill will remain at FY22 rates for the coming year.
Lake Forest residents continue to enjoy the lowest property tax rate in Lake County and the FY23 Budget continues the City’s tradition of maintaining sufficient reserves to allow for unanticipated expenses or reductions in State-shared revenue due to the State’s financial crisis.
The City’s fiscal year runs May 1 to April 30. The City Council Finance Committee conducted budget workshops in November 2021 on the 5-Year Capital Improvement Program and in March 2022 on the Proposed FY23 Budget. Additional information on the FY23 Budget can be found at cityoflakeforest.com/Finance.