LAKEMOOR – Lakemoor residents shouldn’t see an increase in property taxes going to the village, its administrator said.
The Lakemoor Village Board approved a levy totaling almost $600,000, a 6.07 increase over last year.
That increase should be covered by new growth, nearly all of it on the Lake County side of town, Village Administrator David Alarcon said. That means that the small portion of residents’ property tax bill that goes to the village will stay the same.
Property owners could see their taxes go up anyway if their property has been reassessed.
For the first year, the village included the police pension fund in its itemized levy.
It was required by state law to establish a police pension board and fund when the village passed the 5,000-residents threshold.
The board didn’t want to pass the cost onto the taxpayers, though, Alarcon said. By reducing costs in other areas, the village will be able to cover the expenses through its general fund.
They’re going to try to continue to fund it this way in the future, he said, although if the economy gets worse, that may change.
Last year, the village implemented a new policy for getting bills approved and then paid, Alarcon said.
They also cut back on overtime.
“We ended up saving a lot,” he said.
The levy was adjusted to reflect these changes, which is why it can afford to cover the pension costs.
The village has six months’ worth of cash on hand, which is the recommended amount.
It also has slowly been hiring staff back since it had to lay off or demote four village employees when the housing market crashed.
But for some of its bigger projects, including a plan that would connect all of Lakemoor’s parks and subdivisions with walking and biking trails, it is looking to grants.