Lake County Gazette

Lake County Financial & Administrative Committee met March 21.

Here is the agenda provided by the committee:

1. Call to Order

2. Pledge of Allegiance

3. Roll Call of Members

4. Addenda to the Agenda

5. Public Comment

6. Chair's Remarks

7. Unfinished Business

8. New Business

REGULAR AGENDA

*FINANCIAL & ADMINISTRATIVE*

8.1 24-0313

Resolution authorizing the approval of the County Elected Official Compensation Policy.

· At the direction of the Financial and Administrative Committee, staff has drafted a policy that establishes a framework for consistent and equitable compensation levels for Lake County Elected Officials, including County-wide Elected Officials, the County Board Chair and County Board Members.

· The policy stipulates that the compensation for each elected official will be increased by the same percentage as the County Board approved percentage for non-union staff in the most recently approved fiscal year budget.

· If this results in a salary amount less than other elected officials of the same type, the salary will be increased to the same salary as the other in that type, in order to maintain parity amongst elected officials.

1.6 County Elected Official Compensation Policy FBA 3-12-2024

8.2 24-0363

Discussion regarding the Fund Balance Reserve Policy.

· Attached is the current Fund Balance Reserve Policy. During FY 2024 budget discussions, staff was asked to bring forward the policy for discussion.

3.2 Fund Balance Reserve Policy

8.3 24-0364

Discussion regarding the Fiscal Year (FY) 2025 Budget Planning Guidance.

· Each year, the County Board provides guidance for development of the annual budget. Guidance that is updated annually is found in Policy 3.5FYxx which is intended to provide parameters or guidelines for a specific fiscal year.

· Policies 3.5 Budget Development Policy and 3.6 Budget Execution Policy provide fundamental policy that is reviewed annually but only updated as necessary.

· The guidance provided through this process includes property tax levy, employee salary increases, new program requests, contributions to capital, environmentally sustainable alternatives, net zero planning, and any specific clarifications.

· Policy 3.5 Budget Development, Policy 3.5FY24 FY 2024 Budget Planning Guidance, and Policy 3.6 Budget Execution are attached for reference and to initiate discussion. The FY 2025 Budget Planning Guidance will be prepared according to your feedback and presented for discussion and approval on April 4 and May 2 for County Board approval on May 14 to ensure Finance staff has ample time to initiate the FY 2025 budget preparation process with departments in mid-May.

3.5 Budget Development Policy

3.5.FY24 Budget Planning Guidance

3.6 Budget Execution Policy

9. County Administrator's Report

10. Executive Session

11. Member Remarks and Requests

12. Adjournment

https://lakecounty.legistar.com/View.ashx?M=A&ID=1184029&GUID=0C51A899-7115-45EE-BEBD-6A26874A3CAE