Title
Resolution authorizing line-item transfers between various funds for the purpose of reducing the Fiscal Year (FY) 2020 Budget spending authority in response to the novel coronavirus (COVID-19) pandemic.
Staff Summary
* The COVID-19 pandemic has had severe economic consequences not only in Lake County, but across the United States and world. The County's initial immediate response is to reduce operational expenditures.
* Line-item transfers in various funds between accounts in the FY 2020 budget are needed to reduce the overall operating spending authority to balance out the revenue losses. The funds are being moved into Contingency accounts that may be accessed if needed and if funds are available.
* The County Board must approve line-item transfers under certain conditions. A listing of the various transfers is attached to the resolution. This action does not increase or decrease budget authority; it simply transfers previously approved budget authority.
* Additional operational budget reductions will be presented on an ongoing basis and as the need arises.
Body
RESOLUTION
WHEREAS, in the administration and implementation of the approved budget, there is occasionally a need to transfer budget authority; and
WHEREAS, the Covid-19 pandemic has and will continue to impact Lake County with significant unbudgeted expense and revenue losses; and
WHEREAS, these actions are commonly known as "line-item transfers" will effectively reduce the operational spending authority in departmental budgets and must be approved by the County Board; and
WHEREAS, a listing of line-item transfers of budget has been prepared by the County Administrator's Office, a copy of which is attached hereto and made part hereof, and the Financial and Administrative Committee recommend approval of these actions by the County Board.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that line-item transfers in the fiscal year 2020 budget, as set forth in ...
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