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Amending the Kane County Fiscal Year 2024 Budget Policy
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WHEREAS, the Kane County Financial Policies state that, “Reserve Policies - Objectives by Fund - It shall be the intent of the County to set objectives for the Corporate, Enterprise Surcharge and Enterprise General Funds with regard to reserve policies. The County shall set reserves at a minimum of 3 months operating expenditures in the Corporate Fund. The Enterprise Surcharge Fund will have a minimum fund balance of $3 million each year”
WHEREAS, the Kane County Fiscal Year 2024 Budget Policy states that “Fund Reserves - The County Board will strive to reach and maintain a 180 day (6 Month) unrestricted fund balance in most funds to maintain and protect the operating service levels supported by the funds based on financial projections, the strength of the economy and adjustments for future capital expenditures. Instances where an ending audited fund balance (11/30/XX) is above the 180-day goal, a plan will be developed by the Finance Committee and presented for approval to the County Board to allow for the spending down of the surplus above 180 days. If the audited fund balance drops below the 180-day unrestricted level as of 11/30/XX, an action plan will be developed by the Finance Committee to increase the unreserved balance to the 180-day level” and
WHEREAS, it is prudent to have consistent policies.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the Kane County Fiscal Year 2024 Budget Policy, under section “FUND RESERVES”, be amended to state as follows: “Fund Reserves - It shall be the intent of the County to set objectives for the Corporate, Enterprise Surcharge and Enterprise General Funds with regard to reserve policies. The County shall set reserves at a minimum of 3 months operating expenditures in the Corporate Fund. The Enterprise Surcharge Fund will have a minimum fund balance of $3 million each year”.
Passed by the Kane County Board on November 14, 2023.
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John A. Cunningham, MBA, J.D. Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: