Lake County Gazette

City of North Chicago Finance/Audit Committee met Nov. 6.

Here are the minutes provided by the committee:

Alderman Allen called the meeting to order.

ROLL CALL:

Present: Jackson, Evans, Allen, Smith, Murphy

Absent: Coleman, January

I. DISCUSSION OF TREASURER’S REPORT – SEPTEMBER 2023:

Treasurer, Vance Wyatt provided overview of the Treasurer’s report for September 2023.

Treasurer Wyatt stated should exceed the record earnings at the end of November 2023 from the previous year.

Alderman Jackson questioned numbers from Casino earnings; Treasurer Wyatt explained and exceeded earnings were also for the end of October month.

This will be placed on the next Council Agenda, November 20, 2023.

II. DISCUSSION OF 2023 PROERTY TAX LEVY:

Comptroller, Tawanda Joyner discussed more of the Truth & Taxation for the 2023 Property Tax Levy.

This would include reducing the expenditures.

A higher than 5% increase would require a Public Hearing. The City has pledged to pay the Fire and Police Pension soon as possible. She suggested revenue from the Home Rule Sales Tax and the Casino to be applied towards the shortfall.

Treasurer Wyatt suggested applying cannabis revenue when able towards the (2) Pensions to offset their costs and reducing the General Funding amount.

Ms. Joyner explained the reason for the shortfall due to police pension though it was based on the funding policy that she was adhering to. No debt service for sale of Grant Place last year that was abated and it would be applicable this year with the Levy. Treasurer Wyatt clarified the discussion was more informational and the decreased asset value was controlled by the State of IL. Ms. Joyner added needed additional funding for reduced liability.

Item II will be placed on the next Committee Agenda, November 20, 2023, for further review.

Alderman Jackson moved, seconded by Alderman Evans that the Finance/Audit Committee Meeting stand adjourned.

ROLL CALL:

Ayes: Jackson, Evans, Allen, Smith, Murphy

Nays: None

Absent: Coleman, January

The meeting adjourned at 8:50 p.m.

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