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PROPOSED TRANSFER OF FUNDS
Department: Cook County Assessor’s Office
Request: Approval of Transfer of Funds
Reason: A transfer of funds is requested to reconcile a foreseeable deficit in the CCAO’s overtime account.
From Account(s): 11000.1040.18910.501010 Salary and Wages of Regular Employees
To Account(s): 11000.1040.10155.501210 Overtime
Total Amount of Transfer: $650,000.00
On what date did it become apparent that the receiving account would require an infusion of funds in order to meet current obligations? What was the balance in the account on that date, and what was the balance 30 days prior to that date?
As of August 14th, 2024, the appropriation in our overtime account will require additional funds. The balance on August 14th, 2024, will be ($900,000). The balance 30 days before July 14th, 2024 was ($749,143). Without the transfer, the projected year-end deficit will be approximately ($900,000).
How was the account used for the source of transferred funds identified? List any other accounts that were also considered (but not used) as the source of the transferred funds.
A surplus in Salary/Wages will be used to cover a projected Overtime deficit and a comp time buy-out program.
Identify any projects, purchases, programs, contracts, or other obligations that will be deferred, delayed, or canceled as a result of the reduction in available spending authority that will result in the account that funds are transferred from.
In 2024, our office reassesses the City of Chicago, which contains 52% of the total PINs in Cook County and presents many complexities of our valuation work. The Cook County Assessor’s Office has performed more overtime than anticipated for the FY24 budget year due to staffing shortages. This overtime is necessary for our office to ensure on-time delivery of tax bills, process appeals, and prevent a backlog in Certificate of Error processing.
If the answer to the above question is “none” then please explain why this account was originally budgeted in a manner that caused an unobligated surplus to develop at this point in the fiscal year.
N/A
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