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Finance staff clarifies motor fuel tax accounting, gives fund numbers and balances
Summary
County finance staff explained how motor fuel tax funds are tracked across multiple bank accounts and gave account numbers and balances for county and township motor fuel tax funds, saying that general operating funds 5–7 cannot be tied to a single bank account.
LaSalle County finance staff told the Finance Committee on Oct. 29 that motor fuel tax funds are held in distinct accounts and that general operating funds (including funds 5, 6 and 7) are aggregated across many bank and investment accounts.
Julie (finance staff) said the county uses fund accounting to track money allocated to different purposes and that ‘‘county and township motor fuel tax . . . each have 3 bank accounts tied to their funds’’ — a…
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