Title
Resolution authorizing Fund 767 Video Gaming Fund as an independent Special Revenue Fund, rather than a sub-fund of the General Fund, beginning in Fiscal Year 2024
Staff Summary
* For several years, Lake County has budgeted separately for the Video Gaming Fund in a separate presentation, but it has been rolled up into the General Fund for financial reporting in the annual audit.
* Given the very specific direction provided by the Lake County Board in Lake County Policy 3.3.1 Video Gaming Revenue Policy, this fund meets the definition of a Special Revenue Fund for financial statement reporting. Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes.
* This designation will facilitate the calculation of fund balance reserve requirements and streamline other financial activities.
* This action has no impact on the funding available for this purpose. The designated fund balance will remain the same. The fund balance at the end of FY23 was $639,507 and the current estimated fund balance at the end of FY24 is estimated to be approximately $1,255,228 prior to the transfers of revenue in excess of $800,000 to the General Fund, in accordance with the Video Gaming Revenue Policy. This transfer is estimated to be approximately $500,000.
Body
RESOLUTION
WHEREAS, Lake County has a Video Gaming Revenue Policy (3.3.1 Video Gaming Revenue Policy) that was last amended and approved by the County Board on September 12, 2023, which specifies in specific detail how this revenue stream must be used; and
WHEREAS, the Video Gaming Fund has been independently budgeted for several years but heretofore has been included in the General Fund for financial reporting and auditing purposes; and
WHEREAS, it is in the best interest of Lake County to independently budget and report on the video gaming revenue stream and its related expenses, for various financial and ...
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