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PROPOSED TRANSFER OF FUNDS
Department: Cook County Assessor’s Office
Request: Approval to Transfer Funds
Reason: To load the CCAO’s postage meter for the remainder of 2023 reassessment mailings and in preparation for the 2024 City of Chicago Triennial reassessment mailings.
From Account(s): 11000.1040.10155.501010 Salary/Wages of Regular Employees, $1,100,000.00
To Account(s): 11000.1040.10155.520260 Postage, $1,100,000.00
Total Amount of Transfer: $1,100,000.00
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?
It became apparent that the receiving account would need additional funds on 08/18/2023. The balance on 08/18/2023 was $0.00. This amount reflects a recent payment to fund the office’s postage meter to meet upcoming mailing obligations.
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 fund the need for additional postage to meet the current reassessment mailing obligations as well as upcoming reassessment mailings.
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.
The CCAO is statutorily required to mail reassessment notices and homestead exemption applications. We will proactively fund postage account for the upcoming reassessment mailings.
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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