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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 in order to cover obligations related to an emergency contract
From Account(s): 11000.1040.10155.501010.00000.00000
To Account(s): 11000.1040.10155.520830.00000.00000
Total Amount of Transfer: $830,000.00
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 May 26, 2021 the Cook County Assessor's Office received a determination from DBMS that a proposed 12-month emergency contract would not be eligible for capital funding. This was the date that it became apparent the receiving account would require an infusion of funds to meet the obligations of the emergency contract, which as such was not contemplated in FY21 planning. The emergency contract was finalized and executed on July 7, 2021.
On May 26, 2021 the balance of the receiving account 11000.1040.10155.520840.00000.00000 (Administration-Professional Services) was $351,498.81. 30 days prior, on April 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.
During the emergency contract process, the CCAO worked with DBMS to identify sources of funding for the FY21 portion of this contract and determined that surplus personnel funds could be used, and planned for two transfers of funds.
On June 24, 2021, the Board of Commissioners approved a transfer of surplus personnel funds from Q1 and Q2 (actuals) to the CCAO's professional services account. To cover the remaining FY21 invoices for this emergency contract, we are requesting a transfer of Q3 (actual) and Q4 (projected) surplus personnel funds...
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