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Authorizing an Interfund Loan for the Payment of Office of Community Reinvestment Program Expenses from the General Fund in Instances Where Funding Agreements or Reimbursements are Delayed
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WHEREAS, the Kane County Office of Community Reinvestment (OCR) receives annual allocations of Federal funding from the U.S. Department of Housing and Urban Development and the U.S. Department of Labor (via the Illinois Department of Commerce and Economic Opportunity); and
WHEREAS, said funding supports a variety of housing, community and workforce development initiatives that improve neighborhood living conditions and support job training and career services for area residents; and
WHEREAS, funding agreements for said programs are occasionally delayed, and the timing of reimbursements are either delayed or do not coincide with the County’s accounts payable schedule; and
WHEREAS, Resolution 22-142 authorized an interfund loan of $1,200,000 from the County’s General Fund to cover the payment of OCR program expenses, and to obtain 100% reimbursement upon execution of said funding agreements and receipt of reimbursements thereunder; and
WHEREAS, for financial reporting and accounting purposes, this interfund loan agreement will be renewed each fiscal year to take into consideration revisions to the loan amount or other terms; and
WHEREAS, for fiscal year 2025, an interfund loan amount of $600,000 should be made from the County’s General Fund - General Account to cover the payment of OCR program expenses in the funds listed in Exhibit A as directed by the Executive Director of the Finance Department; and
WHEREAS, under Kane County’s Financial Policies, it is necessary to notify the Finance Committee of all interfund loans.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the Finance Department is authorized to set up interfund loans for Fiscal Year 2025 totaling not more than $600,000 to cover administrative and program expenses for the funds listed in Exhibit A on the condition that said funds will come from the County’s General Fund - General Account #001 and shall be 100% reimbursed during fiscal year 2025 upon the execution of necessary funding agreements and receipt of reimbursements thereunder.
Passed by the Kane County Board on February 11, 2025.
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John A. Cunningham, MBA, JD, JD Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
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