Budget in Brief
Comprehensive Fiscal Planning is more than just an annual budget! The City of Lake Forest's Fiscal Year 2023 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, 2022 - April 30, 2023).
The City’s annual budget development is a seven month process that requires many hours of dedicated work by the City staff and City Council. The City’s comprehensive fiscal plan, approved by the City Council on April 18, is more than the annual budget. It includes the City Council Fiscal Policy, five year capital improvement program, long term financial forecasting and more to demonstrate the City Council’s allocation of taxpayer resources entrusted to us. The Budget in Brief highlights some of the initiatives planned for the coming year.
Fortunately, the City has weathered the COVID-19 pandemic very well. As revenues have returned to normal, the City Council’s conservative projections for the current fiscal year have yielded revenue available for needed – but previously unfunded – capital projects. Approximately $20 million in capital projects are anticipated in the coming year.
The Fiscal Year 2023 Budget projects revenues of $99.5 million and expenses of $97.7 million. It complies with the City Council Fiscal Policy in all respects and maintains the long-standing tradition of reserve funds to withstand unanticipated events – such as nature’s impacts on our beach and bluff, effects of the state’s financial situation, or a global pandemic.
The City’s high level of services are maintained in FY23 without any significant fee increases, and all fees currently billed on the quarterly utility bill will remain at Fiscal Year 2022 levels for an additional year. It is important to note that Lake Forest taxpayers continue to enjoy the lowest property tax rate in Lake County.
Explore the information presented in the interactive Budget in Brief!
Visit our Transparency Portal for additional financial documents and other interactive graphs and reports.