1 Auditors Quarterly Financial Report The County Auditor is - - PowerPoint PPT Presentation
1 Auditors Quarterly Financial Report The County Auditor is required to prepare a quarterly report of the financial operations of the County which is presented to the County Board. In accordance with State Statute, the report summarizes
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Governmental Funds Proprietary Funds
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COUNTYWIDE FUNDS
ANNUAL BUDGET YEAR-TO-DATE Revenues $ 355,618,542 221,328,683 Expenditures & Encumbrances 368,748,542 232,575,759 Excess/(Deficiency) Revenues over Expenditures (13,130,000) (11,247,076) Other Financing & Net Transfers In/(Out) 13,130,000 13,130,000 Less: Encumbrances Included Above 75,730,239 Net Change in Countywide Funds Balance 77,613,163 Countywide Funds Balance, Beginning of Year 267,154,857 Countywide Funds Balance, End of Quarter $ 344,768,020
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Governmental Funds $331,116,078 Enterprise Surcharge Fund $5,282,988 Enterprise General Fund $3,203,429 Health Insurance Fund $3,335,076
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General Fund Special Revenue Funds Debt Service Funds Capital Projects Funds Permanent Working Cash Fund
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GOVERNMENTAL FUNDS
ANNUAL BUDGET YEAR-TO-DATE Revenues $ 336,096,505 208,820,252 Expenditures & Encumbrances 349,114,505 219,496,592 Excess/(Deficiency) Revenues over Expenditures (13,018,000) (10,676,340) Other Financing & Net Transfers In/(Out) 13,108,000 13,018,000 Less: Encumbrances Included Above 75,242,654 Net Change in Governmental Funds Balance 77,584,314 Governmental Funds Balance, Beginning of Year 253,531,764 Governmental Funds Balance, End of Quarter $ 331,116,078
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General Fund $50,443,078 Major Special Revenue Funds $38,564,830 Nonmajor Special Revenue Funds $193,162,652 Debt Service Funds $12,880,288 Capital Project Funds $32,730,155 Permanent Working Cash Fund $3,335,075
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Total (Unaudited) $331,116,078 Non-spendable, Restricted, Committed, Assigned (Unaudited) $303,403,784 Unassigned (Unaudited) $27,712,294
$0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000
The Coronavirus Relief Fund $93,103,284 is classified as restricted, and included in the middle column.
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$31.866 $31.863 $31.471 $33.012 $33.012 $33.012 $33.360 $34.043 $34.828 $33.026 $55.009 $54.587 $54.586 $54.570 $54.571 $54.571 $55.030 $55.636 $56.219 $56.758 $0 $10 $20 $30 $40 $50 $60 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Millions Levies Extended by Tax Year
Other Funds Combined (Includes Mill Creek) Capital Improvement Debt Service Fund County Health Fund County Highway Fund Social Security Fund IMRF Fund Insurance Liability Fund General Fund Kane County Aggregate Property Tax Levy
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General Fund Special Reserve Emergency Reserve PP Tax Freeze SAO Domestic Violence Economic Development Cost Share Drainage Public Building Commission
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GENERAL FUND
ANNUAL BUDGET YEAR-TO-DATE Revenues $ 93,703,347 51,123,713 Expenditures & Encumbrances 89,376,885 61,814,930 Excess/(Deficiency) Revenues over Expenditures 4,326,462 (10,691,217) Other Financing & Net Transfers In/(Out) (4,326,462) (4,467,213) Less: Encumbrances Included Above 308,434 Net Change in General Fund Balance (14,849,996) General Fund Balance, Beginning of Year 65,293,074 General Fund Balance, End of Quarter $ 50,443,078
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$18.0 $17.7 $18.0 $19.0 $18.7 $18.0 $14.4 $13.9 $15.4 $16.1 $16.5 $16.6 $10.2 $9.4 $9.5 $9.3 $10.0 $9.0 $7.5 $4.5 $5.6 $5.6 $5.6 $6.3
$0 $10 $20 $30 $40 $50 $60 2015 2016 2017 2018 2019 2020
General Fund Revenue in Millions All other Charges for Services Grants Licenses and Permits Other Taxes Property Taxes
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$65.293 $51.847 $44.089 $50.443 $30 $35 $40 $45 $50 $55 $60 $65 $70 Beginning of Year 1st Quarter 2nd Quarter 3rd Quarter End of Year General Fund Balance in Millions
2020 2019 2018 2017 2016 2015
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General Fund $40,332,271 Special Reserve Fund $6,666 Emergency Reserve Fund $5,206,953 PP Tax Freeze Protection Fund $2,898,605 SAO Domestic Violence Fund $382,762 Economic Development Fund $199,845 Cost Share Drainage Fund $305,535 Public Building Commission Fund $1,110,441
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Series 2004 GO Refunding Series 2010 GO Alt Revenue Series 2013 GO Refunding
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In 2004 the County issued $26,785,000 of General Obligation Bonds – Series 2004 for the purpose of refunding various debt instruments. These bonds were used to refund previously issued bonds, including those used to finance the construction of the Orchard Road project. Semi-annual interest is paid at 5.25%. This series is scheduled to be retired in fiscal 2021.
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In December 2010 the County issued an additional $7,670,000 in “Build America Bonds” as authorized under the American Recovery and Reinvestment Act of 2009. The act provides for a Federal subsidy through a refundable tax credit to be paid to the County equal to 45%
These bonds were designated as Recovery Zone Economic Development Bonds. Principal and interest payments come from the Recovery Zone Bond Debt Service Fund. Semi-annual interest is paid at rates ranging from 1.15% to 6.55%. This series is scheduled to be fully retired in 2031.
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In April 2013 the County issued $27,225,000 of General Obligation Bonds – Series 2013 for the purpose of refunding various debt instruments which carried higher interest rates to reduce the overall interest expense to the County. The remaining principal balance of approximately $2,320,000 in Series 2002 G.O. Bonds was fully refunded. Additionally, partial refunding of approximately $5,795,000 in Series 2005 Debt Certificates, and $19,620,000 in Series 2006 Debt Certificates was made through the Series 2013 issue. Interest between 2.00% and 3.00% is paid on a semi-annual basis. This series is scheduled to be fully retired in 2024.
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In June 2020 the County issued $13,130,000 of General Obligation Bonds (Alternate Revenue Source) – Series 2020 for the purpose of building a multi use facility on the Government Campus. Interest at 1.54% is paid on a semi-annual basis beginning December 15, 2020. The first of five annual principal installments is scheduled for December 15, 2025. This series is scheduled to be fully retired on December 15, 2029.
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$26.695 $24.585 $22.370 $20.045 $17.600 $15.025 $12.320 $9.470 $6.475 $3.320 $7.670 $7.060 $6.445 $5.815 $5.170 $4.510 $3.830 $3.125 $2.400 $1.650 $27.225 $26.180 $24.835 $22.320 $20.480 $18.500 $16.365 $14.070 $13.130
$0 $20 $40 $60 $80 $100 $120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions
General Obligation Bonds & Debt Certificates Payable Ten Year History of Outstanding Indebtedness at Year End
Series 2020 Series 2013 Series 2011 Series 2010 Series 2009B Series 2009A Series 2007 Series 2006 Series 2005 Series 2004 Series 2002 Series 2001 Series 1995 Total Indebtedness 22
$103.030 $90.115 $75.825 $61.325 $47.605 $41.855 $36.630 $31.095 $25.240 $32.170 $0 $20 $40 $60 $80 $100 $120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions
General Obligation Bonds & Debt Certificates Payable Ten Year Summary of Issuance & Retirement
General Obligation Bonds and Debt Certificates Payable Balance Additions Retirements Refunding
Iss ssued $7 $7.67 .67 M Alt Alt Rev Bonds Iss ssued $1 $1.96 .96 M GO Bonds Iss ssued $2 $27.2 7.225 25 M GO Refunding Bonds
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Iss ssued $1 $13.1 3.130 30M GO Bonds
$103.030 $90.115 $75.825 $61.325 $47.605 $41.855 $36.630 $31.095 $25.240 $32.170 $0 $20 $40 $60 $80 $100 $120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions
General Obligation Bonds & Debt Certificates Payable Ten Year Summary of Issuance & Retirement
General Obligation Bonds and Debt Certificates Payable Balance
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Series 2018 Toll Bridge Revenue
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In December 2018 the County issued $27,060,000 of Toll Bridge Revenue Bonds – Series 2018 of funding the Long Meadow Parkway Bridge. The 2018 bonds are payable from the net toll bridge revenues. Payments of principal and interest are due semi-annually on December 15th and June 15th. However, the semi-annual payments prior to December 15, 2022 will be interest only. The bond interest rates range between 4% and 5%. This series is scheduled to be fully retired December 15, 2048.
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$27.060 $27.060 $26.010 $22.890 $18.910 $13.860 $7.645 $0.000 $0 $5 $10 $15 $20 $25 $30 2019 2020 2025 2030 2035 2040 2045 2050 Millions
Toll Bridge Revenue Bonds Projected Outstanding Indebtedness at Year End Displayed Beginning with Current Fiscal Year Followed by 5 Year Increments
NOTE: Payments are Interest Only until Fiscal Year 2023 27