McLean County treasurer reports stronger tax receipts but nursing home & self-insurance pressures remain
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Summary
County Treasurer McNeil told the committee that October receipts were up year over year and investments have produced meaningful interest income, but the county nursing home is operating with negative cash and self-insurance claims and stop-loss fees have increased; members questioned distribution changes and reporting details.
County Treasurer Ms. McNeil presented the county's monthly financial report and called attention to year-to-date tax receipts and investment returns. She reported October property-tax and sales-tax receipts were higher than the prior year (monthly receipts roughly $1.7 million versus $1.5 million), year-to-date property tax recognized at about $47.9 million (97% of the levy), and fund equity in the general fund of roughly $20.9 million. She noted interest income recognized through September of approximately $3.15 million and that many treasuries and investments are yielding near or above 4%.
On the county self-insurance plan (Blue Cross Blue Shield), Ms. McNeil reported October claims of $857,000 compared with $743,000 in the prior-year month and year-to-date claims of about $7.2 million versus $6.2 million; the county has paid stop-loss fees near $1.28 million and anticipates additional stop-loss adjustments later in the year. During committee questioning, Ms. McNeil said claim-level detail is generally not shared with her office and deferred to administration for claims specifics.
Ms. McNeil also reviewed the county-run nursing home's finances through September: monthly revenue near $800,000; year-to-date revenue about $7.3 million; accrued expenses slightly exceed revenue by about $50,000; receivables decreased from $5.166 million to about $4.721 million year to date; cash on hand is negative roughly $1.57 million and the nursing home is borrowing from the general fund for cash flow. Fund equity for the nursing home was reported around $1.35 million.
Vice Chair Friedrich asked about a roughly 71% drop in local use tax receipts, and Ms. McNeil explained the Illinois Department of Revenue changed its distribution method, shifting some receipts into the countywide sales-tax line. The committee accepted the treasurer's report and placed it on file by voice vote.
No formal budget adjustments were adopted during the discussion; members requested continued monitoring and noted that the new ERP system may improve reporting capabilities going forward.
