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CASH MANAGEMENT AND RELATED INTERFUND LOANS BUDGET ADJUSTMENTS FOR GENERAL FUND - GENERAL ACCOUNT FUND #001 (CORPORATE FUND), ILLINOIS MUNICIPAL RETIREMENT FUND #110, AND FICA/SOCIAL SECURITY FUND #111
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WHEREAS, from time to time, the cash balances of the General Fund - General Account #001, the Illinois Municipal Retirement Fund #110, and the FICA/Social Security Fund #111, may require a transfer of cash to cover negative cash balances, until such time as property tax revenue, which is the primary source of revenue in each of these three funds, is received in June and September of each fiscal year; and
WHEREAS, the Executive Director of Finance is authorized by the County Board to transfer the needed cash from the General Fund - Special Reserve Account #112 to the General Fund - General Account #001, the Illinois Municipal Retirement Fund #110, and/or the FICA/Social Security Fund #111 to cover negative cash balances including making the related budget adjustments; and
WHEREAS, the Executive Director of Finance is required to provide the cash balances in the General Fund - General Account, the General Fund - Special Reserve Account, the Illinois Municipal Retirement Fund, and the FICA/Social Security Fund in the monthly Executive Director's report provided to the County Finance and Budget Committee; and
WHEREAS, the Kane County Financial Policies, Operating Budget Policies, paragraph #14, Interfund Loans, must be revised as follows:
The Kane County Executive Director of Finance is authorized by the County Board to transfer cash from the General Fund - Special Reserve Account #112 to the General Fund - General Account #001, the Illinois Municipal Retirement Fund #110, and/or the FICA/Social Security Fund #111 to cover negative cash balances, including making the related budget adjustments, and then to immediately return this same cash to the General Fund - Special Reserve Account when sufficient cash...
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