City of Lake Forest, IL

The City prepares an annual budget, which is a schedule of the City's revenue from taxes and other sources and a schedule of what the City plans to spend during the year. The City balances these two schedules, much like a household balances its checkbook.

The budget process begins in September of each year when each City department reviews its fees for the services it provides. The fee requests from each department are reviewed by the Finance Committee of the City Council in November, and the operating and capital budget process begins in November.

Each department is given a target budget amount based upon forecasted revenues. Departments then prepare estimated actuals for the current budget year and the next budget year proposals. Three months later, or in March, the Finance Committee meets to review the proposed budget.  In April, the City Council receives the final revisions to the budget. The City Council formally adopted the FY2024 budget on April 17, 2023.

Below is a collection of budget reports where you can dive deeper into the City's budget process:

Monthly Flash Report for December 2023
Provides a high-level, user-friendly monthly summary of key financial indicators to track the City’s actual revenue and expenses compared to budget.

Budget in Brief Fiscal Year 2024
Comprehensive Fiscal Planning is more than just an annual budget! The Budget in Brief is an interactive and engaging way for residents and visitors to learn more about the City’s finances and budget priorities for the fiscal year (May 1, 2023 - April 30, 2024).

FY23 Annual Comprehensive Financial Report
The official annual report which details the financial position of the City and results of operations during the fiscal year. The Annual Comprehensive Financial Report is prepared in conformity with Generally Accepted Accounting Principles (GAAP), which are a common set of accounting principles, standards, and procedures that entities use to compile their financial statements.

FY23 Popular Annual Financial Report
An easy-to-navigate summary of the FY23 Annual Comprehensive Financial Report. Filled with graphics and charts, the Popular Annual Financial Report allows you to actively engage and drill down to the City’s financial transparency portal for more information.