Treasurer reports preliminary audit progress, rising short-term interest and tax-deadline reminders

The Stephenson County treasurer reported to the finance committee on Feb. 14 that the county completed preliminary audit work and is preparing for final audit procedures in April, and provided a monthly update on investments and upcoming property tax deadlines.

The treasurer said auditors were on site Feb. 5 to review processes in the treasurer’s and administrator’s offices and visited the health department to examine internal controls for fee collection. The next phase of the audit will focus on general ledger entries, payroll records, grant documentation, leases, capital assets and bank statements; the portal for submitting audit documents is open for the county to begin final work.

On investments, the treasurer said four investments matured in January for a total described in the meeting as about $33,000 and that the county currently holds roughly 30 active investments across 19 funds. The treasurer told the committee that 13 investments — 10 of them certificates of deposit — will mature in the coming month and that short-term yields are attracting reinvestment; the treasurer estimated at least about $60,000 in interest when those roll. The treasurer also noted that interest earned on American Rescue Plan Act (ARPA) funds can be used at the board’s discretion.

On taxes and citizen-facing deadlines, the treasurer reminded residents that the senior citizen tax-deferral application is due March 1. As described in the meeting, eligibility requirements noted were: age 65 or older, annual income of $65,000 or less, and at least 80% equity in the applicant’s home. The treasurer described the state program process in which the state pays the taxes and a lien is placed on the property that is satisfied when the property is sold; the treasurer said the county has historically seen only a small number of applicants.

The treasurer also said the county is accepting prepaid property-tax payments through April 20 and has signed with a printer to produce the new tax bills.

Other items noted in the treasurer’s report included: completion of preliminary audit work with Sikich (the county’s auditors), scheduling of wellness screenings and department head trainings that the county’s insurance provider makes available, and a surplus property matter — the treasurer said one vacant lot (a parcel across the street from the Windshake Theater on Clark) is under consideration for outright sale.

The treasurer also said she discussed, at a recent UCCI meeting where she presented on budgeting, a preliminary exploration of aligning the county fiscal year with the state fiscal year; she described the change as a complex undertaking but argued it could provide better alignment with property tax collection cycles and state budgets.

Why it matters: The audit and investment updates bear on the county’s financial controls and near-term cash flow. The senior tax-deferral deadline and the prepaid‑tax window are direct services or options for residents that may affect taxpayers’ decisions this spring.

The committee asked clarifying questions about training types, which the treasurer and county administrator said include leadership courses, ergonomic and safety trainings through partners such as NeoGov and on-site sessions offered by the county’s insurance risk manager.