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PROPOSED TRANSFER OF FUNDS
Department: Cook County Treasurer's Office
Request: Transfer of Funds
Reason: Due to the increased number of delinquent property tax mailings the Treasurer's Office had to send as a result of the delayed 2nd installment due date combined with the increased cost depleted the original amount budgeted for postage.
From Account(s): 11000.1490.16995.520830.00000.00000 (Professional Services), $200,000.00
To Account(s): 11000.1490.16995.520260.00000.00000 (Postage), $200,000.00
Total Amount of Transfer: $200,000.00
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 November 8th, we found that our 2nd installment estimated cost to mail the property tax bills is $1,054,500 resulting in a shortage of approximately $200k, see the breakout below.
Cost Breakdown:
Approximate Need - 1,850,000 bills @ .57 per piece = $1,054,500
Current Balance on Postage Meter - $254,614
Current Available Postage- $625,831
Total Needed (Funds needed minus on funds on hand and available postage) - $174,055
Balance as of 11/8/2022
11000.1490.16995.520830 (Professional Services) - $1,111,639
11000.1490.16995.520260 (Postage) - $625,831
30 Days Prior
11000.1490.16995.520830 (Professional Services) - $1,111,639
11000.1490.16995.520260 (Postage) - $1,102,141
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 that was identified is the professional service account used to pay our current bank collection contract with Chase bank. Given the current market conditions, the ECR earned on the short-term property tax balances held by the bank prior to being distributed to taxing agencies offset any fees we needed to pay...
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