Lake Forest Financial Future: Insights from Alderman Jed Morris

In this episode of the Lake Forest Podcast, we dive deep into the city's financial landscape with Alderman Jed Morris. Learn about the city's strategic financial planning, the future of the police station, and how Lake Forest manages to keep taxes low while maintaining top-notch services. Discover how Lake Forest's AAA bond rating benefits the community, and explore the balance between historical preservation and progress. Join us for an enlightening discussion on the city's fiscal health and upcoming projects. Don't miss this engaging conversation on how Lake Forest continues to thrive. 🌟💬

0:00
2:40 Jed Morris Background
4:30 Moody's Bond Evaluation
9:46 School Bond and Expenses: What is Over Bonding?
11:09 Susan Garrett brought up Over Bonding?
11:50 Jed Morris Screen Share on Bonds
14:20 Self-Imposed Tax Cap?
19:20 Building a new police station from scratch vs. utilizing existing building
20:40 Rob Lansing Clip
21:25 Lake Forest Triple Crown in Finance
25:20 Senator Garrett's comment on spending to fix the streets
27:50 Deerpath and Green Bay Water Main Issue
31:45 Issue at Sheridan School and police response
34:30 Jed's thoughts regarding the podcast and what's going to pop up in the future regarding misinformation
38:39 What did Randy Tack do to help fix pension obligations
45:40 Tournaments at Deerpath Park?
49:05 Block the box and Jed's residence on McKinley
52:00 Preserving History and Balance
52:50 Why are there so many open storefronts in Market Square?
55:20 Tax Increment Financing: How do you deal with it?

Jed Morris Bio:
Jed Morris moved to his current home in the 1st Ward in 1975 after living in Chicago for four years.
He attended Northwestern University from 1963-1967, earning a BA degree. After graduation, he served as an officer in the US Navy for three years. He returned to the Northwestern Kellogg School of Management, where he earned an MBA degree in Finance and Accounting. He joined the accounting firm of Arthur Young and Co. in 1971 as a Certified Public Accountant in their auditing and accounting practice.
Jed and his wife, Kate, raised two children in Lake Forest. Both of their children returned to Lake Forest after their respective marriages, and they are now raising their children. Jed has one grandson attending Everett School and three grandsons in High School and Middle School.
After several years in the AY&Co audit practice, Jed moved into their consulting division. He focused on consulting for local and state governments. He did extensive consulting work for the City of Chicago, Cook County, and the State of Illinois. He went on to lead their Midwest Public Sector consulting practice.
Following the merger of Arthur Young and Ernst & Whinney, he left the firm in 1989 and, with other associates, formed a technology consulting practice, Whitman-Hart, focusing on IBM mid-range computer technology. This firm became the most prominent US technology consulting company, focusing on the IBM mid-range technology platform. In 1999, Jed went to London to supervise the acquisition of a UK Consulting practice.
Jed has served the Ward One alderman from 2017 through 2023. In his role as an alderman, he was also the Chairman of the City Council Finance Committee. The committee approved the annual City budget and the annual property tax levy. He served on the City’s Pension Committee. He participated in the change in the pension fund contribution modeling in order to create a level yearly funding plan. He served as the Lake Forest Planning Commission member in 1997 and 1998. He left the Planning Commission before his term was completed due to the assignment in London. He worked on the Elawa and Middle Fork Farms project with Open Lands during his term. The project has become a “go-to” resource for the community and an example of creative community development.
He served as the City representative on the Gorton Community Center Board of Directors. He was the head of the Finance Committee. As such, he was responsible for ensuring that the City’s interest in the revitalized facility was maintained and that the Board provided good stewardship for the Center.