title
AUTHORIZING INTERFUND LOANS FOR FICA/SOCIAL SECURITY FUND #111 AND GENERAL FUND - SPECIAL RESERVE ACCOUNT #112
body
WHEREAS, from time to time, the cash balance of 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 this fund, is received in June and September of each fiscal year; and
WHEREAS, the General Fund - Special Reserve Account #112 was established by County Board Resolution 13-87 to set aside reserves for specific future budgeted expenditures and per County Financial Policies, Section "Reserve Policies" "may only be used with approval of the County Board through the normal budgeting and appropriation process" and has funds available to make interfund loans to the General Fund - General Account #001 to cover negative cash balances during FY2026; and
WHEREAS, for financial reporting and accounting purposes, this interfund loan agreement will be reviewed and renewed by resolution each fiscal year to take into consideration revisions to the loan amount or other terms; and
WHEREAS, the FICA/Social Security Fund #111 will be able to pay the interfund loans back once property tax revenue is received; and
WHEREAS, for fiscal year 2026, an interfund loan amount of up to $2,500,000 can be made from the General Fund - Special Reserve Account #112 to cover the payment of expenses in the FICA/Social Security Fund #111 as directed by the Executive Director of the Finance Department; and
WHEREAS, under Kane County's Financial Policies, it is necessary to notify the Finance Committee of all interfund loans on a monthly basis.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that an interfund loan for Fiscal Year 2026 totaling not more than $2,500,000 from the General Fund - Special Reserve Account #112 to cover expenses for the FICA/Social Sec...
Click here for full text