6.
Treasurer's Report (C. Lauzen)
Monthly Report
A.
Treasurer Lauzen stated the monthly report was on file. He recited the priorities
of his office: safety, liquidity, and return on investment. He presented the
Projected versus Promised versus Actual Performance Interest Earned chart.
August 2023, interest income was $1.7M. In July 2023, interest income was
$1.4M. In June 2023, it was $2.08M. Lauzen referenced the Finance
Department's presentation at last night's Committee of the Whole (COW)
meeting. He stated the interest earned is not always County savings. He
explained how interest earned could be utilized for the County's budget. Lauzen
voiced his concerns on the proposed property tax increase. If the County
chooses to not use the interest income to help balance the budget, the Board
will have to look at other avenues to do so. Lauzen explained that he and the
Treasurer's staff make mistakes from time to time. He vowed to be honest and
to include solutions for any mistakes. Lauzen addressed questions and
comments from the Committee.
FY24 Treasurer Budget Presentation
B.
Treasurer Lauzen stated the FY24 Budget presentation for his office will be
given at later date.
7.
Finance Director's Report (K. Hopkinson)
Monthly Finance Reports
A.
Fin. Exec. Dir. Hopkinson provided a Finance Department update. Within the
department, the FY22 Annual Audit was completed on August 30, 2023.
Hopkinson noted that the key rule of the Annual Audit is to have it completed six
months after the end of the fiscal year. If this is not met, the State of Illinois
could hold the Kane County's tax revenue. Hopkinson thanked her staff for their
diligent work during these trying time. Additionally, staff is working on the
automation of their monthly bank reconciliation process within their accounting
software tools. Hopkinson spoke on the Payroll Department's abundant paper
use. Currently, the Finance Department is automating a Personnel Action Form
(PAF) to eliminate paper processing. Within today's agenda, there is a request
to change the Procurement Card (PCARD) program, which will replace the
County's administering bank. Hopkinson announced that a new State law, "Sick
Leave for All", will be going into effect on January 1, 2024, that will change how
"sick" days will be rewarded. The new system will be on an accrual basis and will
be made available to all employees. Hopkinson shared the General Fund's
Sources of Revenue and Expenses. Hopkinson provided a 2024 budget preview
of the General Fund. After the General Fund's second review for the FY24
budget, the County's revenue will be $105,230,468 and expenses will be
$122,677,758. This will be a loss of $17,447,290. (Madam Chairman Pierog
arrived in-person at 9:16 a.m.) Hopkinson reviewed the new budget process and
the department/elected officials' tasks. She noted that the above mentioned
amounts do not include vacant positions, union/non-union salary increases,
merit increases, and equity adjustments. She presented a table depicting the
three options the County Board would have to balance the budget. She