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Emergency Appropriation for Transfer of Funds From the Coronavirus Relief Fund #353 to the General Fund - General Account #001
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WHEREAS, Fund #353 - the Coronavirus Relief Fund, was created as a special revenue fund by Resolution #20-140 to receive anticipated revenue from the Coronavirus Relief Fund (CARES) and pay for applicable expenditures related to costs incurred from the Covid-19 pandemic; and
WHEREAS, the County received a CARES Act payment of $92,900,217.90 in FY 2020 and deposited this payment into pooled cash and investment bank accounts of the County; and
WHEREAS, in FY 2020 and FY 2021, $92,957,307.68 was disbursed from Fund #353 for CARES act eligible expenses, which included the use of the full amount of the $92,900,217.90 CARES Act payment and $37,642.78 in interest earned, leaving $80,243.58 in interest earned remaining in Fund #353.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that $80,243.58 in interest earned remaining in Fund #353 be transferred from Fund #353 - the Coronavirus Relief to Fund #001 - General Fund - General Account, that the appropriation adjustments and related cash transfers listed below be made to the FY 2024 budget, and that Fund #353 be closed as of November 30, 2024.
Account Number Description Amount
001.000.000.39353 Transfer from Fund #353 $80,243.58
001.000.000.39900 Fund Balance Utilization ($80,243.58)
353.800.6658.99001 Transfer to General Fund - General Acct $80,243.58
353.800.000.39900 Fund Balance Utilization $80,243.58
Was Personnel/Item/Service approved in original budget or a subsequent budget revision? N/A
Are funds currently available for this Personnel/Item/Service in the specific line item? Yes
If funds are not currently available in the specified line item, where are the funds available?
N/A
Passe...
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