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File #: 21-3555    Version: 1 Name: Transfer of Funds
Type: Transfer of Funds Status: Approved
File created: 6/2/2021 In control: Board of Commissioners
On agenda: 6/24/2021 Final action: 6/24/2021
Title: PROPOSED TRANSFER OF FUNDS Department: Cook County Assessor's Office Request: Approval of transfer of funds Reason: A transfer of funds is requested in order to cover obligations related to an emergency contract From Account(s): 11000.1040.10155.501010.00000.00000 To Account(s): 11000.1040.10155.520840.00000.00000 Total Amount of Transfer: $848,000.00 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? On 5/7/2021, the Cook County Assessor's Office began working with OCPO on a 12-month systems implementation project. On 5/26/2021 the Assessor's Office received the determination from DBMS that this project would not be eligible for capital funding. This is the date that the CCAO learned that the receiving account would require an infusion of funds in order to meet current obligati...
Indexes: FRITZ KAEGI, Cook County Assessor
title
PROPOSED TRANSFER OF FUNDS

Department: Cook County Assessor's Office

Request: Approval of transfer of funds

Reason: A transfer of funds is requested in order to cover obligations related to an emergency contract

From Account(s): 11000.1040.10155.501010.00000.00000

To Account(s): 11000.1040.10155.520840.00000.00000

Total Amount of Transfer: $848,000.00

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?

On 5/7/2021, the Cook County Assessor's Office began working with OCPO on a 12-month systems implementation project. On 5/26/2021 the Assessor's Office received the determination from DBMS that this project would not be eligible for capital funding. This is the date that the CCAO learned that the receiving account would require an infusion of funds in order to meet current obligations, as this emergency contract would significantly increase the CCAO's FY21 operating obligations.

The CCAO then began to work with DBMS to identify alternative sources of funding for the FY21 portion of this project.

On 5/26/2021 the balance of account 11000.1040.10155.520840.00000.00000 (Administration-Professional Services) was $351,498.81.

30 days prior, on 4/26/2021 the balance was $408,315.04.

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.

The account used for the source of the transferred funds (salary and wages) was identified with the CCAO's budget analyst after reviewing the CCAO's year-to-date earned salary surplus. While the CCAO has been continuously hiring in FY21 to meet the critical operational needs of our office, the was still a significant earned salary surplus in the first two quarters of FY21, due to many retirements ...

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