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McHenry County finance officials present two levy options as committee weighs look-back, abatement and cuts
Summary
McHenry County's Finance & Audit Committee asked staff to prepare two levy scenarios — a look-back that would reset the property-tax base with a proposed $3.2 million abatement and a CPI-plus-new-growth option based on the current base — and to show multi-year effects on reserves and special funds.
McHenry County officials presented two alternate approaches to next year's property-tax extension and asked the Finance & Audit Committee to send both to the Committee of the Whole for formal consideration.
Staff recommended presenting (A) a look-back that would reestablish a higher levy base (the packet cited a hypothetical extension near $73.8 million) but include a proposed abatement of $3.2 million to reduce the immediate homeowner impact, and (B) a more conservative option that uses the current base plus CPI and new growth (a smaller annual homeowner increase). Committee members asked staff to prepare both scenarios and to show the multi-year consequences for reserves and months of operating coverage.
Treasurer Donna Kurtz and county finance staff highlighted why the two scenarios matter. Kurtz noted that the county's month-end cash balances and investment income have fallen and that continued use of fund balance for recurring expenses risks eroding reserves, reducing investment income and, over time, damaging…
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