Title
Resolution authorizing an emergency appropriation in IMRF Fund (Fund 204) to fund pension benefits expenses of the Fiscal Year 2025 budget in the amount of $265,570.49 from the Fund 204 fund balance.
Staff Summary
• Lake County has incurred IMRF pension expenses that exceed the amount approved in the Fiscal Year (FY) 2025. Personnel expenditures were higher than budgeted in many departments; therefore, the IMRF budget was underestimated.
• The estimated fund balance at the end of FY 2025 is $7,912,161, so there are sufficient funds to cover this unbudgeted expense.
Body
RESOLUTION
WHEREAS, Lake County has incurred expenses for IMRF expenses that exceed the amount approved in the Fiscal Year (FY) 2025 budget due to higher than budgeted salary and wage expenditures; and
WHEREAS, Fund 204 IMRF has sufficient reserves in fund balance to cover these expenses; and
WHEREAS, an emergency appropriation is necessary to provide sufficient funding to record expenses accurately in the FY 2025 financial records.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation from fund balance in the IMRF Fund (Fund 204) in the amount of $265,570.49 is authorized as identified on the budget modification list attached hereto and made part hereof.
DATED at Waukegan, Illinois, on March 10, 2026.