TRANSMITTAL LETTER FOR BOARD MEETING OF JANUARY 18, 2024
COMMITTEE ON FINANCE
Mr. Brian A. Perkovich, Executive Director
Title
Authority to Transfer up to $6,650,000.00 from the Construction Working Cash Fund to Finance Construction Fund Operations of the District in the Year 2024, Pursuant to the Provisions of 70 ILCS 2605/9c
Body
Dear Sir:
It is necessary that the Board of Commissioners annually authorize the Treasurer to advance funds to the Construction Fund from the Construction Working Cash Fund up to the statutory maximum for the budget year. The Construction Fund operations are funded by Construction Working Cash Fund monies pending receipt of Taxes in the year following. Repayment will be made from the 2024 Construction 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 Construction Working Cash Fund to the Construction Fund for 2024 is computed as 100% of the 2024 Construction Fund Tax Levy:
2024 Construction Fund Tax Levy: $7,000,000.00
95% of the statutory maximum borrowing authority will be sufficient to fund current year operations based upon prior District spending levels.
95% Borrowing Authorization: $6,650,000.00
It is requested that, pursuant to the provisions of 70 ILCS 2605/9c, the Treasurer be authorized to transfer up to $6,650,000.00 from the Construction Working Cash Fund to finance operations of the Construction Fund in 2024.
Requested, Mary Ann Boyle, Treasurer, MAB
Respectfully Submitted, Marcelino Garcia, 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 18, 2024