Will County Executive Larry Walsh presents 2017 budget
Total county budget of $570 million pays for critical capital projects, services
At today’s meeting of the Will County Board, County Executive Larry Walsh presented his 2017 budget. This new budget proposal is balanced and will see a reduction in the levy rate from the FY 2016 budget.
“I am recommending new property to be included in this year’s budget to provide a stable financial base to fund county operations,” Walsh said. “As our economy remains slow, it is important we examine every alternative to avoid raising property taxes for our residents.”
The corporate fund, which funds general operations of county government, is $197 million and the special funds total, which are restricted for specific purposes, is $373 million. By including revenue from new property, an additional $1.5 million will be included in the 2017 budget. The property tax in Will County is actually lower in 2016, at .5990 percent, than in 2015, at .6358 percent.
This year’s budget does not include use of any of the county’s cash reserves to balance the budget. Will County continues to fund the Other Post-Employment Benefits (OPEB) liability at $1 million. Overall revenue remains relatively flat while slight increases in sales tax collections.
Walsh said he is proud of all the county employees who maintain the quality services the residents expect and depend on while serving a growing population. All of this work continues while staying within their budgets.
Walsh also acknowledged the county has sustained an AA+ bond rating for many years. This recognition not only means lower costs when borrowing, but is also an acknowledgment of strong fiscal practices and policies.
“This is another great example of the fiscal responsibility of Will County. We will continue to move forward with our plans for a new courthouse and a new sheriff’s facility while sustaining the services of county government without putting undue burden on our taxpayers.”
The draft budget will now be reviewed by the County Board who has 60 days to approve before the start of the new fiscal year on December 1, 2016.