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Authorizing Transfer of Impact Fee Funds into North Impact Fee Fund #558, Central Impact Fee Fund #559, and South Impact Fee Fund #560
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WHEREAS, Resolution 04-21 adopted the County’s Comprehensive Road Improvement Plan and Resolution 04-22 adopted the Road Improvement Impact Fee Ordinance with a service area map designating eight (8) service areas; and
WHEREAS, the Road Improvement Impact Fee Ordinance states that road improvement impact fees shall be expended on those road improvements within the service area or areas as specified in the Comprehensive Road Improvement Plan, as updated from time to time; and
WHEREAS, Resolution 07-232 adopted the Road Improvement Impact Fee Ordinance with a service area map designating three (3) service areas which incorporated the old eight service areas; and
WHEREAS, the fund balances from the Aurora Area Impact Fees Fund #550, Campton Hill Impact Fees Fund #551, Greater Elgin Impact Fees Fund #552, Northwest Impact Fees Fund #553, Southwest Impact Fees Fund #554, Tri-Cities Impact Fees Fund #555, Upper Fox Impact Fees Fund #556, and West Central Impact Fees Fund #557 continue to be impacted by interest earned/loss fluctuations, making it challenging to manage the available balances, the balances of these eight (8) funds ready to be transferred into the requisite new service area Fund; and
WHEREAS, a fund balance remains in the funds of approximately $714,623 in Fund #550, $39,265 in Fund #551, $63,192 in Fund #552, $18,539 in Fund #553, $110 in Fund #554, $52 in Fund #555, $44,509 in Fund #556, and $38,393 in Fund #557.
NOW, THEREFORE, BE IT RESOLVED that the exact amount of the remaining fund balances from the Greater Elgin Impact Fees Fund #552, Northwest Impact Fees Fund #553, and Upper Fox Impact Fees Fund #556 are authorized to be transferred to the North Impact Fees Fund #558; Campton Hill Impact Fees Fund #551, Tri-Cities Impact Fees Fund #555, and West Central Impact Fees Fund #557 are authorized to be transferred to the Central Impact Fees Fund; and Aurora Area Impact Fees Fund #550 and Southwest Impact Fees Fund #554 are authorized to be transferred to the South Impact Fees Fund #560.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the following adjustments be made to the Fiscal Year 2024 budget in accordance with the authorized transfer, and that amounts of which may be adjusted to match the exact amount of remaining fund balances in the Aurora Area Impact Fees Fund #550, Campton Hill Impact Fees Fund #551, Greater Elgin Impact Fees Fund #552, Northwest Impact Fees Fund #553, Southwest Impact Fees Fund #554, Tri-Cities Impact Fees Fund #555, Upper Fox Impact Fees Fund #556, and West Central Impact Fees Fund #557 be transferred accordingly to close the eight (8) funds:
550.520.000.39900 Cash on Hand $714,623
550.520.554.99560 Transfer to Fund 560 $714,623
560.520.000.39554 Transfer from Fund 550 $714,623
560.520.560.89000 Net Income $714,623
551.520.000.39900 Cash on Hand $39,265
551.520.555.99559 Transfer to Fund 559 $39,265
559.520.000.39555 Transfer from Fund 551 $39,265
559.520.559.89000 Net Income $39,265
552.520.000.39900 Cash on Hand $63,192
552.520.554.99560 Transfer to Fund 558 $63,192
558.520.000.39554 Transfer from Fund 552 $63,192
558.520.560.89000 Net Income $63,192
553.520.000.39900 Cash on Hand $18,539
553.520.555.99559 Transfer to Fund 558 $18,539
558.520.000.39555 Transfer from Fund 553 $18,539
558.520.559.89000 Net Income $18,539
554.520.000.39900 Cash on Hand $110
554.520.554.99560 Transfer to Fund 560 $110
560.520.000.39554 Transfer from Fund 554 $110
560.520.560.89000 Net Income $110
555.520.000.39900 Cash on Hand $52
555.520.555.99559 Transfer to Fund 559 $52
559.520.000.39555 Transfer from Fund 555 $52
559.520.559.89000 Net Income $52
556.520.000.39900 Cash on Hand $44,509
556.520.554.99560 Transfer to Fund 558 $44,509
558.520.000.39554 Transfer from Fund 556 $44,509
558.520.560.89000 Net Income $44,509
557.520.000.39900 Cash on Hand $38,393
557.520.555.99559 Transfer to Fund 559 $38,393
559.520.000.39555 Transfer from Fund 557 $38,393
559.520.559.89000 Net Income $38,393
Passed by the Kane County Board on February 27, 2024.
____________________________ ____________________________
John A. Cunningham, MBA, JD, JD Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: