LOWELL | An error at the county level could have undercut Lowell's assessed valuation by $40 million if it had gone undetected.
Lowell Clerk-Treasurer Judy Walters told the Town Council on Monday that Greg Guerretaz, of Financial Solutions Group, found Lake County officials had shown that $46 million had been captured in the town's tax increment financing district. The town actually collected $1.4 million.
Assessed valuation is used to compute taxes.
Walters said the error affected the town and Tri-Creek School Corp.
Officials were notified, and Walters said she is awaiting a correction from the Department of Local Government Finance.
"That's why it's good to have a financial adviser," Walters said.
The council agreed to retain Financial Solutions Group to update a sustainability analysis, complete a redevelopment report and prepare for the adoption of a plan for county economic development income tax revenues. On Monday, the council preliminarily approved the adoption of the CEDIT capital plan.
The council also agreed to pay no more than $10,000 to SEH engineering to update town standards.
Following a presentation by Len Sherwinski and Pete Stenberg, of Honor Flight Chicago, the council agreed that an information center on the organization could be set up in Lowell Town Hall. It would solicit community help in finding World War II veterans who have not yet participated in Honor Flight and explain volunteers' roles.