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Will County reports FY24 corporate fund ended under budget; $89.9 million cash balance
Summary
Finance staff told the committee that FY24 revenue realized was 98% of budget and expenses were 95% of budget, leaving the county with an $89.9 million cash balance (32.8% of target reserves) as of Nov. 30.
Will County finance staff presented a Fiscal Year 2024 year-end corporate fund budget-to-actual report showing that overall revenue realized was roughly 98% of budget while department expenses ended the year at approximately 95% of budgeted amounts.
The presenter (Sean, staff member) said total realized revenue for FY24 was approximately $266.3 million, with property taxes and intergovernmental revenue as major categories. Interest income exceeded budget, producing an interest realization figure the presenter gave as $7.8 million for FY24. On the expense side, year-to-date actual expenses totaled about $259.6 million. Personnel salaries and benefits represented about 73% of expenses.
Sean said the county’s cash balance on Nov. 30 was $89.9 million, which he described as 32.8% in the packet’s cash-reserve calculation. The county’s targeted cash-reserve range, the presenter said in response to a question, is 25% (the packet referenced a target range of about 22–26% and the presenter stated 25% as the target). The presenter also provided a system-generated, department-level budget-to-actual report for committee review.
Committee members asked for the target cash-reserve percentage and the presenter reiterated the 25% target. No policy actions were taken during the presentation; the report was provided for oversight and review.
