10/18/17 – City officials in Fox Lake are looking at a balanced budget in 2018 but will have to drain their reserve fund to do it. The committee of the whole reviewed the $1.6-million dollars document Wednesday night. The $728-thousand-dollar levy is maxed out, $6700 higher than the 2017 budget. The Capital Projects fund totals $132-thousand dollars. Funds from the city’s reserve fund totaling $266-thousand dollars were used to subsidize the general fund and keep the budget in the black. That would leave roughly $8000 in the reserve fund. City Administrator Dean Perlick says $68-thousand dollars in red ink would have to be trimmed from the final budget in order to qualify for the state’s Expenditure Restraint Program, which rewards communities that keep their spending in check. However, the city would only qualify to get back around $22-thousand dollars and the committee agreed by consensus that it would not be a cost-effective move. Council President John Mund said (quote) “not much of a carrot.” Capital projects and purchases in the budget includes $10-thousand dollars for repairs to the pool including a replacement slide; $55-thousand dollars for roof replacement on city hall; $30-thousand-dollars for seal coating; $37-thousand dollars for a generator at the Water Utility well house; and $27-thousand for a Department of Public Works/ Water Utility truck replacement. The mill rate has not yet been calculated. It was $9.41-per thousand dollars of assessed value for the current budget and City Treasurer Ann Tripke says she does not expect it to go up by much. The public hearing and final adoption is slated for November 15.