Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Long Term Care Fund topic
No spam. Unsubscribe anytime.
Committee to revisit proposal to transfer half of estimated general fund surplus to Long Term Care Services Fund
Summary
Heather, a county staffer, presented options tied to a December 2023 policy that would transfer 50% of a general fund surplus to the Long Term Care Services Fund; the committee agreed to place the item on the April agenda for further discussion.
Heather, a Peoria County staff member, told the Legislative Affairs Committee the Long Term Care Services Fund balance was about $3,000,000 with interest recorded through November of $47,000. She said a policy adopted in December 2023 would direct the board to transfer 50% of any general fund surplus to the long-term care fund.
Under those assumptions and using the staff estimate of an approximate $1.8 million general fund surplus from the unaudited FY24 close, Heather said a 50% transfer would be about $900,000. She presented two illustrative paths: making the transfer this year and accruing interest, or postponing the transfer and retaining a higher balance until later; she provided a projection that, with the $900,000 transfer and projected interest, the fund balance would grow over time.
The nut graf: the planned transfer is set by county policy and would materially affect the Long Term Care Services Fund balance and debt coverage; the committee asked for fuller figures at the April meeting before making a final decision.
Heather suggested the committee revisit the question in April when more finalized FY24 numbers are available. The chairwoman asked to place the item on the April agenda so members could review updated projections and discuss whether to continue with the 50% transfer policy this year.
No formal vote was taken; the item was scheduled for additional discussion in April.
