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Finance committee directs staff to draft resolution forgiving advances and restoring FICA/IMRF reserves; officials debate $2.7M transfer and capital trade-offs
Summary
Staff told the committee that forgiving interfund advances and transferring about $2.68M would restore FICA and IMRF to a five‑month reserve target; committee members asked staff to prepare a resolution and provide actuals in February. Members also discussed capital trade-offs, including a mandatory Motorola radio replacement estimated at ~$3.75M and possible use of RTA interest, capital fund balances or mixes of funding.
Finance staff told McHenry County’s Finance & Audit Committee on Dec. 4 that two special-revenue funds — FICA and IMRF — are below the county’s five‑month reserve policy and that restoring them to the policy level would require roughly $2,682,000 in transfers (or equivalent adjustments).
Staff presented fiscal year projections and said the combined transfer would return both funds to the five‑month reserve target so that interfund loans during the year would be short-term and manageable. "It will make those funds back to 5 month reserve, which is where they need to be so that if there is an interfund loan throughout the year, it's only for a month, give or take," staff said.
Committee members…
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