Will County Executive Winfrey Presents FY2021 Budget

Budget is balanced and meets all debt obligations and reflects slight increase in revenue

At the August meeting of the Will County Board, County Executive Denise Winfrey presented the 2021 budget of $567 million. The budget is balanced and includes slight increase in the overall projected revenue, despite a challenging economic year.

“Will County continues to pay its bills on time and meet all of its financial obligations,” Winfrey said. “My thanks to the finance staff who did a phenomenal task preparing this budget while implementing a new accounting system.”

The county continues to maintain its AA+ bond rating. National rating agencies, such as Moody’s and Standard & Poor’s, consistently commend the county for its diverse tax base, stable financial performance, and strong reserves and liquidity. Will County maintains a cash reserves target of 22 to 26 percent of its corporate fund.

“Our strong financial base enables Will County to keep moving forward, accommodate our growth, and provide services for our residents,” said Winfrey. “Will County has a long reputation of being fiscally responsible and I am proud our county board and our department heads share this commitment to our residents.”

The budget includes funding for a five-year road and capital plan and will maintain existing staffing levels and programming. The increase in revenue comes from new property being added to the tax rolls throughout the county. Despite the challenges presented by the COVID-19 pandemic, the budget reflects a reduction in the tax rate to 0.5769 percent from 0.5842 percent. However, Winfrey reminds residents the county’s portion of the tax bill is relatively small, in comparison to the number of residents it serves. The reduction in the rate is an effort by County leaders to act responsibly with limited tax dollars and an acknowledgement that residents are all strained by the current economic climate.

“We understand the financial burden that has resulted from the effects of the pandemic,” Winfrey said. “However, Will County continues to operate within our means and provide necessary services for our growing population.”

A copy of the 2021 budget is available on the county website, www.willcountyillinois.com/County-Offices/Finance-and-Revenue/Finance.