Statement follows County Board vote to use budget reserves to fill budget deficit
Will County – Will County Executive Jennifer Bertino-Tarrant issued a statement Thursday on the County Board voting to tap into budget reserves to resolve a $2.8 million budget deficit. County Board Republicans called a special meeting on December 4th to advance the cash reserves proposal after failing to identify cuts to balance the budget.
“By choosing to tap into reserves to fill a deficit they created, the County Board is acknowledging the reality that there are no easy cuts to be found in this budget,” said County Executive Bertino-Tarrant. “After reviewing the proposed budget for months, certain County Board members could not find any serious cuts, opting instead to rely on reserves to balance the budget. While this action will fill the shortfall, it would be reckless to rely on reserves to maintain county services in the future. I truly hope that this impulsive approach to budgeting doesn’t become a habit, as it would put our long-term financial security at stake.”
The budget deficit was created after the County Board approved an unbalanced budget at the November 20th meeting, without sufficient revenue to meet approved obligations. This followed several Special Finance Committee meetings where members failed to show up and bring forward a proposal to reduce spending and fill the funding gap.
The proposal approved today relies on operational budget reserves to fill the budget deficit. The county maintains budget reserves to ensure stability during the fiscal year before revenue aligns with expenses. The budget reserve levels fluctuate throughout the year based on revenue, expenses, and timing of property tax payments.
“To be clear, using budget reserves as a fallback for failing to perform their responsibility is a bad idea. Relying on reserves to fill budget holes is a practice that will put our bond rating at risk if we continue to pursue it in the future,” added Bertino-Tarrant. “While some members promised spending reductions, the lack of a proposal to do so reflects that they understand we are currently living within our means in a tight budget year.”
County government has repeatedly maintained a high credit rating from respected national bond agencies, ensuring low rates on borrowing for long-term projects. Both Moody’s Ratings and S&P Ratings have applauded the County’s stable reserves and have cautioned that relying on budget reserves for operational expenses could result in a lower credit rating being issued in the future.
As the County Board has presented no other reasonable path forward, County Executive Bertino-Tarrant will be signing the approved budget amendment but is calling on members to take their roles as elected officials seriously.
“Many members today complained about the existing process, but it is their responsibility as the legislative body to develop and follow a process,” added Bertino-Tarrant. “Those who hide behind their lack of participation and understanding about the budget are abdicating their responsibilities as County Board members.”
