7.
Monthly Financials (K. Hopkinson)
Monthly Finance Reports
A.
Fin. Exec. Dir. Hopkinson stated the monthly financial reports were on file. No
additional report was made.
Hopkinson provided a revised version of the presentation that was given at the
Finance Committee meeting summarizing the 2024 budget. She noted that the
Finance Department has yet to close out FY2024, due to transactions needing
to be posted, such as interest earned. The numbers presented today are not
final. Hopkinson reviewed the Revenues - All County Funds - 2024 Budget to
Actual - by Revenue Category, including Transfers In and Fund Balance
Utilization. She explained that the County planned to use approximately $139M
in fund balance. However, the County has utilized less. Hopkinson stated that
the County's Other Taxes are lower than primarily budgeted, due to
overbudgeting of State Sales Tax and the Regional Transit Authority (RTA) Tax.
Additionally, interest earned has only been posted up to April 2024 and the
County received $10M more in reimbursements than budgeted. Hopkinson
reviewed the Expenses - All County Funds - 2024 Budget to Actual by Expense
Category, including Transfers Out. She stated that the contractual services
totaled $40M under budget and capital is totaling approximately $60M under
budget. Additionally, commodities is under budget by $2.6M. Regarding
contingency, there is $10M of the remaining American Rescue Plan Act (ARPA)
funding. Hopkinson shared the Revenues - All County Funds - 2024 Budget to
Actual, which did not include Transfers In and Fund Balance Utilization. She
explained that the Development Department, Environmental & Water Resources
Department and the Office of Community Reinvestment (OCR) manage their
funds differently then the rest of the County's funds. She noted that she has
been working with these departments to better classify these funds to have a
better understanding of how these are being managed. (Committee Member
Allan arrived in-person 9:15 a.m.) Hopkinson explained that the General
Government revenue is lower due to sales taxes, and the Farmland Preservation
did not receive a grant. Additionally, the other countywide expenses would
include interest revenue, but this has not been posted since April 2024.
Hopkinson reviewed the Expenses - All County Funds - 2024 Budget to Actual
by Expense Category, which did not include Transfers Out. She explained that
the County's Circuit Clerk's Office was under budget by $1.1M. The Sheriff's
Office was over budget by $3.5M due to salaries. The Kane County Division of
Transportation (KDOT) has a remaining $74,407,974 which includes $850K in
salaries, $19.3M in engineering services, and $43M in road and bridge
construction. In the other countywide funds, the budget includes $14M in
benefits for all General Fund employees and the remaining includes $10M in
ARPA funds and $8M in Building Improvements. Hopkinson shared a summary
of the Revenues and Expenses - General Fund - General Account - 2024
Budget to Actual. She stated that the Charges for Services revenue exceeded
the budgeted amount, which makes up the difference in expenses. Hopkinson
expects that the County will be right on budget for salary and wages in the
General Fund, and the remaining funding includes $500K for software licensing
and computer repair and $200K for phones. She reviewed the Revenues -