Budget in Brief
Comprehensive Fiscal Planning is more than just an annual budget! The City of Lake Forest's Fiscal Year 2022 Budget in Brief is now available. The Budget in Brief is an interactive and engaging way for residents and visitors to learn more about the City’s finances and budget priorities for the fiscal year (May 1, 2021 - April 30, 2022).
The City’s annual budget development is a seven month process. City Council and staff focus first on the City’s capital needs and projections of financial resources for the upcoming fiscal year. Once those are determined, attention turns to the development of an operating budget that can be accommodated within the ongoing financial resources anticipated. In other words, we live within our means.
The City’s FY2022 Budget is balanced, ensuring that expenses can be funded from ongoing revenue and fund reserves. It meets the ongoing needs of the City’s residents and visitors at the high level of services the Lake Forest community has come to expect. The budget addresses long-term financial obligations of the City such as State-mandated pension costs and allocates $12.7 million to investment in the City’s capital assets. Finally, it supports objectives identified in the City’s Strategic Plan Priority Goal Areas:
- Fiscal Stewardship
- Community Character, Safety & Health
- Business & Economic Vitality
- Environmental Sustainability, Leisure & Recreation
- Housing Diversity & Residential Development
- Multi-Modal Transportation & Infrastructure