Title
Resolution authorizing an emergency appropriation in Fund 206 Liability Insurance and Risk Fund (“Risk Fund”) to fund claims expenses and settlement expenses in excess of the Fiscal Year (FY) 2025 budget in the amount of $4,000,000 from the Fund 206 fund balance.
Staff Summary
• Lake County has incurred claims and settlement expenses in the Fund 206 Liability Insurance and Risk Fund that exceed the amount approved in the Fiscal Year 2025 budget.
• The Fund 206 annual budget is established based on historical average claim spend as well as a projection of upcoming activity, in addition to an actuarially determined balance that is reserved.
• It is necessary to utilize the fund balance reserves from the Risk Fund to cover these additional expenses.
• There are sufficient reserves in the fund to cover this emergency appropriation.
• Should this additional appropriation not be fully utilized, it will fall back into the Risk Fund reserves at the end of FY 2025.
Body
RESOLUTION
WHEREAS, Lake County has claims and settlement expenses in Fund 206 Liability Insurance and Risk Fund that exceed the available remaining Fiscal Year (FY) 2025 budget; and
WHEREAS, Fund 206 Liability Insurance and Risk Fund has sufficient reserves in fund balance to cover these additional expenses; and
WHEREAS, an emergency appropriation is necessary to provide sufficient funding to fund outstanding and pending claims expenses and settlements.
NOW, THEREFORE, BE IT RESOLVED, that this County Board of Lake County, Illinois, approves an emergency appropriation from Fund 206 (Liability and Risk Fund) Fund Balance in the amount of $4,000,000 and appropriating $1,000,000 in account number 206-1440010-72180 (claims expenses) and $3,000,000 in account number 206-1440010-72190 (settlements).
DATED at Waukegan, Illinois, on September 9, 2025.