The Cook County, Ill., Board of Commissioners passed a $3.4 billion all-funds fiscal 2010 budget last week, marking the first time in 10 years that the board passed a budget before the end of the county’s fiscal year.
The budget largely reflects the spending plan proposed several weeks ago by board President Todd Stroger.
It includes no new taxes or fees, a $2.3 billion general fund — an increase of $45 million from last year — and a $519 million capital plan.
The county will set aside $25 million to begin to build its reserves under the new plan. It will also hold its property tax levy flat for the 14th straight year.
The budget, however, relies on a 1.75% sales tax that is likely to be cut to 1.25% under a recent measure passed by the county board.
The tax rollback will not take effect until July 2010, and is expected to only have a $32 million impact on the fiscal 2010 budget.
“This budget will allow us to meet our fiscal obligations and continue to preserve our solid financial standing,” county chief financial officer Jaye Morgan Williams said in a statement. “That’s a significant achievement at a time when falling revenue and the dynamics of the economy have put many public agencies in a real bind financially.”