Title
Resolution authorizing the reallocation of capital for the one-time use of various capital projects as well as to fund reserves for long-term capital needs through an emergency appropriation and authorization of transfer of fund balance from the General Fund (Fund 101) to the General Fund Capital Improvement Program Fund (Fund 106).
Staff Summary
* Lake County established a separate General Fund Capital Improvement Program Fund to better isolate the capital operations of the County from General Fund operations several years ago.
* At the completion of the annual audit, the County Board determines the use of any surplus funds. These must be one-time uses for capital improvements or other one-time uses, in accordance with Finance Policy.
* During a discussion of the Finance & Administrative Committee on October 18, 2023, it was determined that the amount available at the end of Fiscal Year (FY) 2022 would be used in part to fund the FY 2024 Capital Improvement Plan, including major and routine capital projects in Enterprise Information Technology as well as Facilities and Construction, along with portable radio replacements for several different County departments and agencies, with the remaining amount going into reserves for future capital projects.
* This action is needed to declare the amount as surplus and to move the funds from General Fund Operations (Fund 101) into General Fund Capital Improvement Program (Fund 106) in the amount of $21,086,613 for Long Term Capital Reserves.
Body
RESOLUTION
WHEREAS, Policy 3.2 of the Finance Policies, Fund Balance Reserve Policy, Section 5.9, states, "The County Board shall designate excess undesignated reserves, above the 29% minimum threshold, for the purpose of funding future capital and technology projects or other one-time expenditures"; and
WHEREAS, it is in the best interest of Lake County to use the surplus resulting from the Fiscal Year 2022 for the purposes of designated projects of various types and...
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