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Peoria County finance staff report October finances, note PPRT shortfall and capital-project closeouts
Summary
Assistant CFO Julie Gusterian presented the county's period-10 (October) financials, reporting general fund revenue and expenditure percentages, a projected fiscal-year surplus, a lower-than-budgeted PPRT distribution and updates on capital projects and ARPA allocations.
Julie Gusterian, Peoria County assistant chief financial officer, presented the county's October (period 10) financial report and highlighted revenue and expenditure trends, a lower-than-expected PPRT distribution and several capital-project updates.
Gusterian told the committee the report covers period 10 of the fiscal year and that the financials should be approaching the year-to-date benchmark expected at period 10. She said the general fund was about 83.0% of expected revenues year to date and 72.1% of expenditures year to date, with a revised general fund spend figure shown in the packet of about $3,700,000. She said the period-10 surplus shown in the packet is roughly $3,900,000 but cautioned this reflects transactions that will continue to post through the fiscal-close cycle.
Gusterian drew attention to intergovernmental revenue (PPRT), saying Peoria County received about $7,700,000 in fiscal year 2024 across funds, which she described as roughly $1,400,000 (15.4%) below the budgeted amount due to a state-level error and adjustments to receipts. She said the county received a first distribution in January but will monitor future receipts as fiscal year 2025 proceeds.
On capital projects, county staff said the HHS building project is nearly closed out and that ARPA allocations and year-end encumbrances have been properly allocated. A planning-and-zoning grant fund in the packet showed a temporary negative balance that staff said will be offset by revenues and should end at zero when the revenues are recorded.
Committee members had no substantive questions after the presentation. Staff also reported the long-term care services fund balance was just under $3.3 million at the end of October and that the November accounts payable summary and capital funding sources were included in the packet for review.
No formal committee action was taken on the financial reports; staff said final fiscal-year closing transactions will continue to post through February and the county's financial statements will be finalized at fiscal-year close.
