19 suburban townships have enough money held in reserve they could go a year without additional tax revenue
Northfield Township ended 2022 with more than $4.3 million in its reserve fund, enough to cover the township's annual operating expenses for nearly three years without having to ask taxpayers for more money.
A year ago, the township was reporting roughly two years and nine months of operating costs held in reserve, but Mohsenzadeh said that was whittled down to 16.9 months of annual expenses by the end of the fiscal year that ended last month. Northfield Township is one of 19 suburban townships with reserves exceeding a year's worth of operating expenses last year, and one of four with enough reserves to cover more than two years of costs, according to a Daily Herald analysis of audits for 51 townships in Cook, DuPage, Kane, Lake, McHenry and Will counties.
Lake Villa Township officials are using most of its $3.2 million in unassigned reserves for a $1 million drainage project and a $1.5 million"senior-focused" park near the intersection of Fairfield Road and Grand Avenue. In recent years, townships have taken on many social service programs for seniors and children as well as operated food pantries, coordinated emergency management responses and built recreational sites.
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