Politics & Government
Lake Forest Could Lose $222K Under Quinn's Proposal
Gov. Pat Quinn has proposed to freeze state income taxes shared with local municipalities to generate an additional $68 million for the state budget.
Gov. Pat Quinn has proposed Illinois strengthen its troubled finances by freezing state income taxes shared with local municipalities at 2012 levels, reported the Chicago Tribune.
It's a move that could cause Lake Forest to lose between $102,000 and $222,000. Lake Bluff could lose between $30,000 and $65,000.
This is based on 2010 U.S. Census numbers and state calculations showing the impact to local budgets would be $5.30 per resident, and estimations from the Illinois Municipal League that reflect the impact would be $11.50 per resident, according to the Chicago Tribune.
Find out what's happening in Lake Forest-Lake Bluffwith free, real-time updates from Patch.
For the full story visit: www.ChicagoTribune.com.
Here's a look at how Quinn's proposal would impact neighboring Lake County communities.
Find out what's happening in Lake Forest-Lake Bluffwith free, real-time updates from Patch.
Town
Population Based on 2010 Census
Impact Based on State Calculation of $5.30/ Resident
Impact Based on IML Calculation of $11.50/ Resident
Libertyville
20,315
$107,669
$233,622
Vernon Hills
25,113
$133,098
$288,799
Grayslake
20,957
$111,072
$241,005
Lake Zurich
19,631$54,733
$118,760
Deerfield
18,225
$96,592
$209,587
Lake Bluff
5,722
$30,326
$65,803
Lake Forest
19,375
$102,687
$222,812
Highland Park
29,763
$157,743
$342,274
Buffalo Grove 41,496 $219,928 $477,204 Barrington 10,327 $54,733 $118,760Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.