Libertyville Township Considers Lowering Tax Levy
Libertyville township board may lower taxes for 2011.
Libertyville Township board is considering decreasing the tax levy, or the amount of the township budget to be picked up by taxpayers, by 10 percent for the fiscal year 2011.
"I'm proposing decreasing levy by 10 percent and really working on having our expenditures meet our revenue so we can eventually have a flat fund balance, where we are only taking in as much as we are spending," said Kathleen O'Connor, supervisor of Libertyville Township at the Township Board meeting on Thursday.
The township board is working on a preliminary budget to figure out how much the township will need for 2011 before asking taxpayers for money.
For the fiscal year 2010, the township levied about $1.8 million and is projected to have a fund balance of about $8,300.
"I don't want [the township board] to have such a hefty fund balance that we are taking more money than we need from taxpayers," said O'Connor at a special call meeting on Nov. 11.
Pamela Milroy, director of Finance at Libertyville Township, explains that the township has had four years where it's been building the township campus.
"We've redone this whole campus and we've had to have some serious money here to do it. So we had to bring money in, and now we have to get away from that," said Milroy at the special call meeting on Nov. 11.
The township board is only in the preliminary stages of drafting a budget for the fiscal year 2011. It will not vote on the tax levy until December.
The next township board meeting will take place on Dec. 16.
For more information visit: www.libertyvilletownship.us