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

Page 9 o 203, Res. #12-253
c) It shall be the intent of the County to deposit all funds collected daily during the
month by all departments at all collection locations -no later than 2 business days
following the end of the month. Without exception-cash received Cash receipts
totaling $1,000 or more must be deposited within 244-ioufs2 business da ys of
receipt. Cash receipts totaling less than $1,000 must be deposited within 2 weeks,
but no later than 2 business da ys followinci 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 within1 business day of deposit 24 hous. The Finance
department will reconcile all cash receipts to the general ledger and all bank activity
monthly.
5. Capital Improvement Policies
a) Multi-year Capital Improvement Program (CIP):
Scope, format, preparation, and update of C/P
It is the intent of the County to prepare/update a five-year capital improvement
program each year. This program will include policies and plans for acquisition,
maintenance, replacement, and retirement of capital assets. Any capital
improvements that require associated operating costs will be reflected in the
Operating Budget as well as the CIP budget. This will be a separate document from
the Operating Budget document, although both will be prepared simultaneously. A
CIP Budget calendar will be prepared that will run concurrently with the Operating
Budget calendar.
b) Resources: Scope and funding sources
It is the intent of the County to use multiple funding sources as resources for Capital
Improvement Program funding. Operating, special revenue, one-time revenues, and
other 'pay-as-you-go" resources should be used to fund the Capital Improvement
Program, Debt (e.g. leasing, bonds) will be the last considered option. Potential
resources will be identified and recommended by the Finance/Budget Committee to
the County Board for approval.
c) Spending priorities: New assets and asset replacement
It is the intent of the County to place spending priorities on new and replacement
assets. The County shall use the AICPA guidelines with regard to
replacement/maintenance of assets. The County shall require written justification for
the request of a new asset.
6. Debt Management Policies
a) Bond rating objectives
It is the intent of the County to achieve and maintain, anachieve a AAA bond rating
from Standard & Poor's by meeting the Public Finance Criteria for earninq 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..
b) Conditions/Restrictions/Limitations for debt issuance