McLean County treasurer warns late audit could trigger state penalties; monthly finances otherwise holding steady

Becky McNeil, McLean County treasurer, told the Finance Committee Wednesday that June tax receipts and investment income are broadly in line with expectations but flagged a late comprehensive annual financial report that could carry consequences if not resolved.

"At this point in time, according to the budget we'd like to be about $8,700,000. We're at $8,409,000," McNeil said, describing tax revenue pacing at about 49.7% of budget. She said shared sales-tax receipts for June totaled roughly $519,000 countywide, with $196,000 for the Town of Normal and $322,000 for Bloomington, putting the county about $211,000 ahead of June 2024 on that measure.

McNeil summarized investment activity and cash management, noting a majority of operating cash is held in Illinois Funds and that short-term treasuries and CDs are yielding in the high-3% to low-4% range. She reported interest accrued through May of roughly $1,445,000 and that pooled cash available for operations is approximately $28.6 million.

On the county's audit, McNeil said the ACFR was provided late to CliftonLarsonAllen, the external reviewer, and that last-minute journal entries changed beginning balances. "We are riding on an extension through August," she said, and warned that if the ACFR and audit are not presented to the board and filed with the County Clerk by the state's filing deadline the Illinois Comptroller's Office could withhold McLean County's tax distributions and assess penalties.

McNeil said preliminary accounting indicates the county's nursing home concluded 2024 in a positive position compared with revenues and expenditures, though she cautioned several receivables and accruals remain under review. On the nursing home, she listed major revenue sources as Medicaid supplemental payments, the U.S. Department of Veterans Affairs, and Medicare; she said receivables declined from $5,166,000 at the start of the year to $4,803,000 in May and noted year-to-date expenses exceed revenues by about $22,000 through May.

Committee members asked for occupancy figures for the nursing home; McNeil declined to provide those numbers, saying they are reported to a separate committee by the nursing home administrator. The committee voted to accept and place the treasurer's monthly financial report on file.

McNeil said administration is working with CliftonLarsonAllen to complete the audit review as quickly as possible and urged that the ACFR be presented at the August finance meeting to avoid state action.