LAKE IN THE HILLS, IL — As leaders in suburbs across the Chicago area begin to take a hard look at their budgets amid COVID-19 tax revenue shortfalls, many will be forced to find new way to generate cash while avoid raising taxes. In Lake in the Hills, village trustees are again broaching a topic that’s gained past support from the majority of trustees as a revenue generator: bringing a marijuana dispensary to town, the Northwest Herald is reporting.
Village officials presented it’s worst case scenario regarding a revenue shortfall over the next five years, which could be a $13 million loss in funds if the current economic climate does not improve. While a vaccine could be coming next year, and many are hopeful the economy will begin to bounce back, Lake in the Hills officials say it is in the town’s best interest to budget with a worst-case scenario in mind, according to the article.
Trustee Ray Bogdonowski told the Northwest Herald that making a move to grab up one of the state’s dispensary licenses the next time they are released could be a good way to increase revenue.