TRANSMITTAL LETTER FOR BOARD MEETING OF JANUARY 19, 2012
COMMITTEE ON FINANCE
Mr. David St. Pierre, Executive Director
Title
Authority to Transfer up to $250,200,000.00 from the Corporate Working Cash Fund to Finance Corporate Fund Operations of the District in the Year 2012, Pursuant to the Provisions of 70 ILCS 2605/9b
Body
Dear Sir:
It is necessary that the Board of Commissioners annually authorize the Treasurer to advance funds to the Corporate Fund from the Corporate Working Cash Fund up to the statutory maximum for the budget year. Corporate Fund operations are funded from Corporate Working Cash Fund monies pending the receipt of taxes in the year following. Repayment will be made from the 2012 Corporate Fund levy collection and any other available property tax and Personal Property Replacement Tax revenues.
The maximum statutory amount which can be advanced from the Corporate Working Cash Fund to the Corporate Fund for 2012 is computed as follows:
2012 Corporate Fund Tax Levy $237,200,000.00
Revenue from Personal Property Replacement Tax 26,200,000.00
100% Statutory Borrowing Authority $263,400,000.00
A slowing in the flow of current levy year tax collection in recent years due to protests, refunds and adjustments makes it prudent to borrow only 95% of the statutory maximum authority.
95% Borrowing Authorization: $250,200,000.00
It is requested that, pursuant to the provisions of 70 ILCS 2605/9b, the Treasurer be authorized to transfer up to $250,200,000.00 from the Corporate Working Cash Fund as such funds are available to finance operations of the Corporate Fund in 2012.
Requested, Mary Ann Boyle, Treasurer, MAB:wns
Respectfully Submitted, Cynthia M. Santos, Chairman Committee on Finance
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for January 19, 2012