Peoria County staff recommend delaying $900,000 transfer to long-term care fund; board to revisit next month

Peoria County staff told the Finance, Audit and Legislative Affairs Committee on a procedural meeting that Headington Oaks retirement-facility bonds will be callable in February and that current conservative projections indicate the county can meet the debt payoff without making a planned $900,000 transfer from the general fund this year.

The committee heard from county staff member Heather, who summarized the account history and projections. Heather said the outstanding principal on the Headington Oaks 2022 series is $11,075,000 and reminded the committee that a board resolution adopted in December 2023 established a policy to transfer 50% of any general-fund surplus at fiscal year-end to the Long Term Care Services Fund. She said a $3,269,000 transfer from the FY23 surplus already bolstered the fund and staff are monitoring investment returns and tax receipts.

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