Title
Resolution authorizing the reallocation of Fiscal Year (FY) 2024 capital in the amount of $46,276,796 in FY 2025 for one-time use of funding reserves for long-term capital needs through an emergency appropriation and authorization of transfer of fund balance from the General Fund (Fund 101) to the General Fund Capital Improvement Program Fund (Fund 106).
Staff Summary
• Lake County established a separate General Fund Capital Improvement Program Fund to separate capital operations of the County from General Fund operations. The Capital Improvement Fund funds significant County capital spending in construction, facility assessment, information technology, energy and environmental projects, stormwater and other capital projects.
• Lake County Policy 3.2 Fund Balance Reserve Policy stipulates in section 5.9 that, “The County Board shall designate excess undesignated reserves, above the 29 percent minimum threshold, for the purpose of funding future capital and technology projects or other one-time expenditures.”
• The Capital Improvement Fund is funded solely through operational transfers and surplus reserve reallocations. The reserve analysis for the FY 24 Audited Ending Fund Balance shows excess reserves in the amount of $46,276,796.
• This action is needed to declare the amount as surplus and to move the funds from General Fund Operations (Fund 101) into General Fund Capital Improvement Program (Fund 106) in the amount of $46,276,796 for Long Term Capital Reserves. These funds are distinguished within the Budget document but are rolled up as one fund on the audited financial statement.
Body
RESOLUTION
WHEREAS, Policy 3.2 of the Finance Policies, 3.2 Fund Balance Reserve Policy, Section 5.9, states, “The County Board shall designate excess undesignated reserves, above the 29 percent minimum threshold, for the purpose of funding future capital and technology projects or other one-time expenditures”; and
WHEREAS, it is in the best interest of Lake County to use the surplus resulting from the Fiscal Year 2024 for the purpose of future, planned capital improvements; and
WHEREAS, it is necessary to emergency appropriate a budgetary transfer from the General Fund Operating Fund to the General Fund Capital Fund and subsequently to conduct a journal entry to facilitate the transfer of fund balance from the General Fund operating fund to the General Fund capital fund.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation is hereby authorized as a budget amendment and the resulting transfer journal entry is approved from (debit) 101-1102050-79920 (Transfers to Other Fund) and to (credit) 106-1103099-49920 (Transfers from Other Fund) in the amount of $46,276,796 to record this reallocation of capital.
DATED at Waukegan, Illinois, on April 14, 2026.