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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 the deficit in the CCAO's Overtime account
From Account(s): 11000.1040.12590.501010 Salary/Wages of Regular Employees, $553,000.00
To Account(s): 11000.1040.10155.501211 Overtime, $553,000.00
Total Amount of Transfer: $553,000.00
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 June 30th, 2023, the appropriation in our overtime account will require additional funds. The balance on June 23rd was ($328,128.78). The balance 30 days before June 23rd was ($289,315.09). The projected year-end deficit will be approximately $553,000.00.
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.
Due to staffing shortages in key operational divisions and hiring in FY23, the Cook County Assessor's Office has performed more overtime than anticipated for the FY23 budget year. This overtime is necessary for our office to prevent a backlog in Certificate of Error processing and meet key deadlines for the 2022 tax bill cycle and 2023 appeals cycle.
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 i...
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