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Board adopts resolution to authorize temporary loans to cover delayed tax receipts
Summary
The Board adopted a resolution authorizing temporary interfund loans from the Working Cash Fund to the Operations & Maintenance and IMRF funds to cover shortfalls caused by delayed Cook County tax distributions; loans will be repaid when taxes are received.
Chief Operations Officer Anthony Cozzi explained that delayed property tax receipts from Cook County caused the Operations & Maintenance and IMRF funds to fall into the negative. To maintain operations, he recommended temporary interfund loans from the Working Cash Fund that will be repaid once property tax collections are distributed to the district.
The Board moved, seconded and adopted the resolution authorizing the temporary loans by unanimous roll call. Members expressed understanding that repayment will occur after county distributions restore fund balances.
