Title
Resolution authorizing an emergency appropriation in Fund 767 Video Gaming Fund in the amount of $500,000 in account 767-1000020-79920 (Transfers to Other Funds), to be funded by Fund 767 fund balance, in accordance with Lake County Policy 3.3.1 Video Gaming Revenue Policy
Staff Summary
* In September 2023, the Lake County Board amended 3.3.1 Video Gaming Revenue Policy to state that "Starting in FY24, the County will apply the first $800,000 of annual video gaming revenue to the Video Gaming Fund. Any revenue over $800,000 will be allocated to the General Fund."
* Due to the timing of the Policy amendment, the Fiscal Year 2024 Budget was not amended to account for this transfer to the General Fund; therefore, this action amends the FY24 Budget to allow for the transfer of video gaming revenue in excess of $800,000. Currently, the unaudited amount of revenue that has been received in FY24 is $1,313,215 so the transfer will be approximately $500,000. The final amount will be determined as part of the FY24 audit.
* This action will be funded from the reserves of Fund 767 Video Gaming Fund, which is currently estimated to be $1,255,228 prior to the transfers of revenue to the General Fund in accordance with the Policy.
Body
RESOLUTION
WHEREAS, Lake County Policy 3.3.1 Video Gaming Policy, passed in September 2023, stipulates the use of the revenue received as a result of video gaming; and
WHEREAS, the Fiscal Year 2024 Budget was not updated in accordance with the policy without this emergency appropriation accommodating the transfer of revenue in excess of $800,0000 to the General Fund; and
WHEREAS, there is sufficient fund balance in the Fund 767 Video Gaming Fund to accommodate the additional budget for the transfer to the General Fund.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation in Fund 767 Video Gaming Fund in the amount of $500,000 in account 767-1000020-79920 (Transfers to Other ...
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