FOR IMMEDIATE RELEASE
February 22, 2025
Fox Lake’s Strong Financial Growth and Stability Under Current Administration
Fox Lake, IL – Under the leadership of Mayor Donny Schmit and the Village Board, Fox Lake’s financial condition has significantly improved, demonstrating responsible fiscal management, strategic investments, and a commitment to long-term economic growth.
A comparison of independent financial audits from 2013/2014 to 2023/2024 highlights major improvements in the Village’s financial standing:
📈 Sales and Use Tax Revenue: Increased from $3,049,615 (2013/2014) to $4,138,232 (2023/2024)—a 35.6% increase.
📈 Net Position: Grew from $99,205,076 (2013/2014) to $134,880,209 (2023/2024)—a 35.9% increase.
These financial gains are the direct result of new business development, strategic capital improvements, and responsible fiscal management, reinforcing Fox Lake’s long-term economic stability.
Smart Investments and Responsible Debt Management
🔹 Over $21.2 Million in Grants & Loan Forgiveness
Fox Lake has secured a total of $21,276,079.72 in grants and loan forgiveness to fund critical lead pipe replacements, street repairs, park improvements, and other essential projects—significantly reducing the financial burden on taxpayers.
🔹 Debt Well Below State Limits
At the end of 2023/2024, Fox Lake’s General Obligation (G.O.) debt stood at $12,205,009, which is only 36.8% of the $33,128,913 legal limit set by Illinois state statutes. This leaves ample bonding capacity for future investments or unforeseen emergencies, ensuring financial flexibility and preparedness.
A Result of Strong Leadership & Strategic Planning
These financial successes are due to the stewardship of the Village Board, the expertise of the professional staff, and the hiring of highly qualified contractors, including the Village Attorney and Village Engineer. By prioritizing financial responsibility, economic development, and infrastructure investment, the administration has positioned Fox Lake for continued prosperity.
Setting the Record Straight
Despite misinformation circulating about the Village’s finances, the facts show that Fox Lake’s financial condition is stronger than ever. The combination of increased revenue, responsible debt management, and substantial grant funding ensures that Fox Lake remains well-equipped to meet future needs without placing unnecessary financial burdens on residents.
For more details on Fox Lake’s financial standing, residents can review the 2023/2024 Audit Report:
🔗 https://www.foxlake.org/DocumentCenter/View/5945/2024-Year-End-Audit
📢 Let’s keep Fox Lake moving forward—Vote for Donny Schmit, Bernice Konwent, David Gauger, and Jeff Jensen on April 1st!
