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AUTHORIZING AN INTERFUND LOAN FOR THE PAYMENT OF PROGRAM EXPENSES FROM THE GENERAL FUND FOR THE HEALTH DEPARTMENT IN INSTANCES WHERE FUNDING AGREEMENTS OR REIMBURSEMENTS ARE DELAYED
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WHEREAS, the Kane County Health Department receives annual allocations of Federal funding from the U.S. Department of Housing and Urban Development; and
WHEREAS, said funding supports a variety of housing and community development initiatives that improve neighborhood living conditions and provides housing services for area residents; and
WHEREAS, funding agreements for said programs are occasionally delayed, and the timing of reimbursements is either delayed or do not coincide with the County's accounts payable schedule; 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 2026, an interfund loan amount of $500,000 should be made from the County's General Fund - General Account to cover the payment of program expenses in the funds 404, 409 and 414; 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 that the Kane County Board is authorized to set up interfund loans for Fiscal Year 2026 totaling not more than $500,000 to cover administrative and program expenses for the funds 404, 409 and 414 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 2026 upon the execution of necessary funding agreements and receipt of reimbursements thereunder.
Passed by the Kane County Board on August 11, 2026.
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