Finance director presents year-end reports, investment holdings and audit schedule

Stephenson County’s finance director reported that final period-13 revenue and expense reports for 2024 are uploaded and available, and that the office has begun preparing audit files ahead of final fieldwork scheduled to begin April 25.

On employee health benefits, the finance director said medical and pharmacy premiums paid from February 2024 through January 2025 totaled about $4,000,000 and claims paid about $4,400,000, producing a loss ratio of about 111 percent over that rolling 12-month period. The director said the county’s shift from zero-deductible plans to plans with deductibles is intended to reduce long-term cost pressures; staff noted the county’s lowest offered deductible by Blue Cross Blue Shield was $1,800.

Investment activity: The finance director said the county had roughly $9.5 million invested across 22 instruments for 12 different county funds; 14 investments matured that month, producing nearly $66,000 in interest income allocated across multiple funds including the general and highway funds. The director described a preference for short-term instruments such as bankers’ acceptances and certificates of deposit due to current market yields.

Property tax advance and restricted funds: The director explained that property tax advances are recorded and recaptured to make the general fund whole before other funds retain any remaining balance; staff noted an advance disbursement (a check) was released the week of the meeting and that recapture activities typically begin in July. The director also cautioned that cash carryforward is not shown line-by-line in the report but is considered by auditors.

Fiscal year exploration: Committee members discussed an exploratory review of whether to align the county fiscal year with the state July 1–June 30 cycle. The finance director and the county’s auditor were reported to be researching the legal and operational steps required; the transcript quotes a statute provision the director found stating a county changing its fiscal year “may adopt a budget to cover such period greater or less than a year to effect that change.” The director said the change could improve alignment with major revenue sources but would require planning and coordination.

Why it matters: The reports touch on budget accuracy, audit readiness, health benefit cost trends and investment earnings that affect county fund balances and future budgets. The items will inform budget decisions and oversight as the county finalizes its 2024 audit and begins planning for the next budget cycle.