6.
Treasurer's Report (C. Lauzen)
Monthly Report
A.
Treasurer Lauzen stated the monthly report was on file. He spoke on the
Projected vs. "Promised" vs. Actual Performance Interest Earned chart. The
projected amount for this year in interest earned was $1.788M. When taking
office, Lauzen promised approximately $3.788M in interest earned. In June
2023, the Treasurer's Office was able to bring the County $2M interest earned.
Lauzen spoke on the interest earned on the American Rescue Plan Act (ARPA)
funding. Referencing a financial chart, he reviewed the multiple disbursements
of the ARPA funds. (Committee Member Surges arrived online at 9:10 a.m.). He
explained the difficulties of calculating an interest rate. Numerous banks are less
transparent, which makes it difficult to calculate an exact rate for investors.
Lauzen mentioned that a monthly estimate for interest earned is the only way for
the County to predict the amount. The calculation of approximately $1.5M in
interest on the ARPA funds was earned from May 19, 2021 to April 30, 2023.
Lauzen stated that the Juror Paid Debit Card Program was launched on Monday
morning. He commended his staff for their work on the program. Lauzen
addressed questions and comments from the Committee. Discussion ensued. A
series of written questions were given to Treasurer Lauzen to address by
September 15, 2023. (Madam Chairman Pierog arrived in-person at 9:20 a.m.)
7.
Finance Director's Report (K. Hopkinson)
Monthly Finance Reports
A.
Fin. Exec. Dir. Hopkinson stated the monthly financial reports were on file.
Besides working on the budget process, Finance staff has been wrapping up the
2023 audit. The audit should have been completed by May 2023, but Kane
County received an extension until October 1, 2023. Regarding the Budget
Process, an email was sent to all standing Committee Chairmen requesting that
elected officials and department heads be able to present their individual
budgets in the month of September. Hopkinson reviewed the key components
that each office/department would need to include within their budget. The goal
is to have all budget presentations submitted to the Executive Committee on
October 4, 2023.
Hopkinson provided a presentation on the Kane County 2024 Financial
Forecast. She reviewed the key items to consider, such as financial position and
stability, external forces, oversight, as well as performance and transparency.
She explained the contents of each key item. Kane County has set a goal within
their policies to have a minimum of 25% cash reserves in the General Fund. The
County has continued to meet this goal yearly. Hopkinson shared the County's
continuous improvement/best practices flow chart. She reviewed the General
Fund - General Account - Sources of Revenue and Expenses graph. She noted
that the numbers for 2023 and 2024 were estimates at this time, due to union
contract negotiations. The General Fund is composed of nine separate
accounts. She shared the numerous revenue sources received yearly by the
County in relation to the yearly expenses, such as property taxes, grants, and
charges for services. A couple key points to consider is in 2023 the County