Office of Will County Executive
Lawrence M. Walsh
FOR IMMEDIATE RELEASE
Thursday, September 20, 2018
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Will County Executive Walsh delivers 2019 budget address
Budget balanced despite significant reduction in revenue from the State
Today, Will County Executive presented his annual budget address which outlined his proposal for the 2019 fiscal year. Walsh reported the $565 million budget is balanced and meets all the county’s debt obligations, including OPEB (Other Post-Employment Benefits) and IMRF (Illinois Municipal Retirement Fund) contributions.
“I am proud Will County continues to maintain our AA+ bond rating because of our strong fiscal policies,” Walsh said. “The County Board and my office have worked closely together to maintain a stable cash reserve policy of 22 to 26 percent of our corporate budget. Both of these attributes are what keeps our county moving forward.”
Walsh said the total budget includes $201 million in the corporate fund that is used for the day to day operations of county government and $364 million in special funds that is used for road and capital projects.
“We were faced with challenges this year as we dealt with a reduction in our state revenues, but I am proud to say we are able to hold the line on the county’s levy,” he said. “With an expected increase in the Estimated Assessment Value in the county, the 2018 tax rate is actually lower than the 2017 rate. The 2018 rate is 0.5898 percent and the 2017 rate is 0.5986 percent.”
Other highlights included a 2.4 percent increase in the 2019 corporate budget, $2 million to IMRF for accelerated payments necessary to meet obligations when longtime employees retire, and no use of cash reserve funds to balance the budget.
Walsh also acknowledged the work of the county’s Budget Director ReShawn Howard and Melissa Johansen from the County Board staff who worked cooperatively to create this balanced budget. Now the County Board has 30 days to make any changes as the county’s fiscal year begins December 1.
“I want to thank all the elected officials, department heads and all of the staff who worked towards this balanced budget,” said Walsh. “By remaining fiscally sound, we keep Will County attractive to potential investors and residents.”