A G E N D A COUNTY BOARD, COUNTY OF ... - Kane County, IL

3.f) Accounts Receivable
Summary of Changes to Financial Policies
Eliminate the duplicate reference to the Transportation Department: . "In general, they
arise at the renewal of a permit or license from departments such as Health,
Development or Transportation."
4.c) Revenue & Collection Policies
Revise the requirement to deposit all cash receipts within 24 hours to deposit all cash
receipts totaling $1,000 or more within 2 business days, and all cash receipts totaling
less than $1,000 within 2 weeks, but no later than 2 business days after the end of the
month in which the cash was collected. The purpose is to make reasonable
accommodations for the practical limitations of current staffing levels, yet at the same
time ensure that receipt data is available for reporting within 2 business days of the
close of a month for reporting purposes. "It shall be the intent of the County to deposit
all funds collected during the month by all departments at all collection locations no later
than 2 business days following the end of the month. Cash receipts totaling $1,000 or
more must be deposited within 2 business days of receipt. Cash receipts totaling less
than $1,000 must be deposited within 2 weeks, but no later than 2 business days
following the end of the month in which it was collected. All cash receipts will be
recorded in an original book of record daily and in the general ledger within 1 business
day of deposit."
6.a) Bond rating obiectives
Replace "It is the intent of the County to achieve and maintain a AA bond rating" with "It
is the intent of the County to achieve a AAA bond rating from Standard & Poor's by
meeting the Public Finance Criteria for earning a AAA rating as published on the
Standard and Poor's website. A summary of these criteria will be updated annually by
the Finance Department."
7.0 Investment Vehicles
Correct statutory citation: Replace "5/3-11006" with "55 ILCS 5/3-11006"
7.i) Collateral
Correct statutory citation: Replace "30 Illinois Compiled Statute 235/2.5" with "30 ILCS
235/2.5"
8.b) Claims Paid Reporting
Revise reporting frequency requirement of Claims Paid Report to be consistent with the
Kane County Code. "A report shall be run monthly by the Auditor of all claims paid."
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