the utilization of the NewWorld System to help with the payroll aspect of
balancing the budget. She will continue to find ways to be more efficient. She
spoke on the revisions being made to the Finance Department's public webpage
and the web.kane internal intranet site. Hopkinson stated that new PCards will
be distributed to County offices/departments starting next week. She explained
that County offices/departments will begin to bring forth their annual PCard
purchasing limit resolutions to the Finance Committee over the next few months.
Lastly, Hopkinson stated that the Kane County Purchasing Department has
received the 2023 Agency Certification Award from the Universal Public
Procurement Certification Council (UPPCC). This is the fifth consecutive award
received by Purchasing. Hopkinson and Treasurer Lauzen addressed questions
and comments from the Committee. Much discussion ensued. (Committee
Member Sanchez arrived in-person at 9:33 a.m.) Tepe requested that Chairman
Berman and Vice-Chair Lenert meet with the Finance Executive Director and
Treasurer to figure out the procedural miscommunication before the next
Committee meeting.
Chairman Berman returned to the Auditor's resolution.
FY2025 Budget Presentation
B.
Fin. Exec. Dir. Hopkinson provided a FY2025 Budget presentation. She provided
the Kane County General Fund - Forecast and Reserve Target. The forecasts
are based of the assumption that there would be a 3% revenue and expense
increases and $3M be transferred to Capital Projects each year for 2026-2028.
She listed the revenue sources and expenses and the amounts of each for
2023-2025. She noted that the 2023 numbers are actual but do not include the
Sheriff's Adult Correction Officer's Collective Bargaining Agreement (CBA)
retro-pay. In 2025, the County would need approximately $11M to balance the
budget. Every year, until the County increases revenue or decreases expenses,
they will continue to use a larger portion of the General Fund balance.
Hopkinson spoke on the General Fund sub-accounts' amount projections from
2022 to 2028. If the County continues to balance the yearly budgets with
reserves, by 2027 the General Fund's 90-day excess reserve account could be
negative by $586,646. By 2027, the County will be expending more than the
revenue collected by approximately $16M. Hopkinson shared a graph depicting
the mentioned information. She provided the recent history of interest earned
from 2007 to 2023. She noted that 2023 has an estimated amount of
$13,556,232. She explained the County's process in reporting interest earned
according to market value. Hopkinson spoke on the additional information
provided within the reports on the type of accounts that could utilize interest
earned funds. She reviewed the suggested 2025 budget priorities addressing
revenue, expenses, and the utilization of the General Fund balance of $11M to
balance the budget. She requested that the Finance Committee make a decision
on the vacant positions allowed for each department/office to help maintain the
County's expenses. Hopkinson provided a suggested 2025 budget calendar.
She recommended that County Departments/Offices provide their missions and
outcomes before beginning their budget. She stated that the goal would be for
the Kane County Board to adopt the FY2025 budget and tax levies by October
2024. Hopkinson addressed questions and comments from the Committee.