Title
Resolution authorizing an emergency appropriation of Foreclosure Mediation Fund 251 revenue and General Fund 101 contingency expense in the amount of $277,506.17 and approving a transfer of said funds.
Staff Summary
* As part of the Fiscal Year 2025 Budget approval, a fund was created for the collections and disbursements associated with Foreclosure Mediation within Court Administration.
* The fund accounts for deposits allocated by the Illinois Supreme Court to the 19th Judicial Circuit Court for the purpose of foreclosure mediation services.
* Prior to establishment of Fund 251, such deposits and expenses were maintained in the General Fund.
* At the time of creation of the Fund, the balance of monies previously collected that were attributed to Fund 251 revenues and expenses was not transferred into the Fund and such amounts remain in the General Fund.
* These funds are restricted as to use and should be transferred to Fund 251.
* The amount to be transferred is $277,506.17 from General Fund - General Operating Expenditures.
Body
RESOLUTION
WHEREAS, as part of the Fiscal Year 2025 Budget approval, a fund was created for collections and disbursements associated with Foreclosure Mediation with Court Administration currently known as Fund 251, the Foreclosure Mediation Fund; and
WHEREAS, such fund accounts for deposits allocated by the Illinois Supreme Court to the 19th Judicial Circuit Court for the purpose of residential mortgage foreclosure mediation services; and
WHEREAS, prior to the establishment of Fund 251, such deposits and associated expenses were accounted for in Fund 101, the General Fund, and such balance in Fund 101 is restricted as to use and such balance remaining in Fund 101 shall be transferred.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation of Fund 251 Revenue and Fund 101 expense in the amount of $277,506.17 is approved to transfer funds pertaining to Foreclosure Me...
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