Proposed Fiscal Year 2024 Budget
The City of Lake Forest’s proposed FY24 Budget is now available to view on the City’s website. The FY24 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 17, 2023.
The FY24 Budget projects $118.8 million in revenue and $121.5 million in expenses, with the difference primarily due to $4 million in FY23 revenue supporting FY24 capital expenses.
Lake Forest residents continue to enjoy the lowest property tax rate in Lake County and the FY24 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 2022 on the 5-Year Capital Improvement Program (CIP) and in March 2023 on the Proposed FY24 Budget. Additional information on the FY24 Budget can be found at cityoflakeforest.com/Finance.