The Peoria County Finance Audit and Legislative Affairs Committee convened on March 25, 2025, to discuss key financial updates and reports. The meeting began with a review of the county's fund balances, highlighting that as of December 31, all funds were at or above the established fund balance policy. However, it was noted that one fund was below the policy due to timing issues related to grant revenues and expenses, which are expected to stabilize by March.

Julie, a financial officer, reported a conservative estimated surplus of $1.8 million in the general fund, with final figures anticipated in the coming month. This surplus is significant for the county's financial health and will be monitored closely.

Following this, Heather presented the Long Term Care Services Fund Report. As of January 31, the fund balance stood at $3 million, with interest earnings of $47,000 recorded through November. Heather discussed the current policy, which mandates transferring 50% of the general fund surplus to the Long Term Care Services Fund. This would amount to approximately $900,000 this year. Preliminary calculations suggest that if this transfer occurs, the fund could be paid off by February 1932, with an estimated balance of $2 million at that time.

The committee agreed to revisit the discussion on the transfer policy in April, allowing for a more informed decision based on updated financial data. Heather also indicated that if no transfer is made this year, the fund is projected to have a balance of about $1.1 million after bond payments.

The meeting concluded with a review of accounts payable, employee reimbursements, and purchase card activity for February 2025, which totaled approximately $5.6 million. The committee members were invited to ask questions regarding the financial reports, but no specific inquiries were raised.

Overall, the meeting provided a comprehensive overview of Peoria County's financial status, with a focus on strategic fund management and future planning. The next steps will include further discussions on the Long Term Care Services Fund transfer policy in April.