Cook County $10 billion budget plan includes no tax hikes, but Preckwinkle warns of challenges ahead
Cook County Board President Toni Preckwinkle unveiled a proposed $10 billion budget Thursday that includes no tax hikes or service reductions.
However, she warned that cuts in Medicaid and other federal funding could bring financial challenges in the near future.
The county was able to balance the budget and close a projected $211.4 million deficit through a higher-than-expected proceeds from sales taxes and other revenue streams, and spending reductions, according to Preckwinkle
“This $10 billion budget continues the County’s commitment to a stronger and financially solid future,” she said in releasing her budget plan. “It does all of this without layoffs, tax increases or cuts to vital public services. This is important for a couple of reasons, it shows that we can accomplish our innovative work without asking more, it keeps taxpayer dollars in taxpayer pockets, and it means the work we have done over the last 15 years is paying off.”
Preckwinkle noted that the county has received four bond rating upgrades in the last four years while backing state legislation to fully fund its pensions in 30 years and building up its reserve funds.
Health care, at $5.14 billion, and public safety at $1.51 billion, account for the large majority of the county’s budget.
“We have made significant investments in our public safety offices over the last decade, and we are making steady progress through evidence-based violence prevention investments,” Preckwinkle said. “Altogether, we’re putting resources where they make the biggest difference and it has made Cook County safer.”
The proposed budget also includes more than $320 million to shore up strategic reserves and $65 million for a grant fund to protect against “reckless federal actions” that threaten congressionally appropriated funds.
“Proposed cuts to Medicaid threaten to unravel the health care safety net that hundreds of thousands of residents rely on and federal grant cuts jeopardize critical services to our residents, which is why we have worked so hard to build our reserves,” Preckwinkle said.
A final Cook County Board vote on the budget is expected in November. An interactive budget website is available at budget.cookcountyil.gov.