A Career in City Finances: Elizabeth Holleb's Legacy

Elizabeth Holleb recently retired from her position as Finance Director of Lake Forest. She was honored by the City Council for her excellent work in making complex financial matters easy to understand. Holleb spent over a decade managing the city's finances, which has a budget of about $115 million and 211 full-time employees. Under her leadership, Lake Forest maintained a Triple A bond rating even through tough economic times like the recession and COVID-19. Holleb's journey in city finance started over 35 years ago with a government accounting course in college. She has worked in different cities, including Highland Park, where she navigated the 2008 economic collapse. When she joined Lake Forest in 2012, she found that while both cities are close geographically, they have different revenue sources. Lake Forest relies more on property taxes, which she believes provides stability against economic fluctuations.

Holleb's accomplishments in Lake Forest include improving public safety pensions and implementing a new computer software system that increased efficiency and transparency. This system was especially helpful during the COVID-19 pandemic when staff had to work remotely. However, her time wasn't always smooth. She faced criticism from a special counsel over a city lobbying effort and had to overcome a cancer diagnosis. Despite these challenges, Holleb remained committed to her job and took pride in her integrity. She decided to retire from Lake Forest but will continue working as an interim finance director in Lincolnwood. The city is now searching for a permanent replacement.

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