Several new funds are expected to go before the Kane County Board for approval next week.
The board is scheduled Tuesday to vote on establishing a property tax freeze protection fund and an emergency reserve fund.
We think approval of these funds would be prudent.
Monies for the funds would come from last year’s $9.7 million county surplus. The property tax freeze protection fund would help ensure the county can fund operations through 2018 without increasing the property tax levy, according to Finance Director Joe Onzick. Plans state that $1 million from the county surplus would be put into that fund.
The idea of setting funds aside for the future seems wise when considering the county’s five-year financial plan for 2014 to 2018, which is a working document. The plan shows that a $176,000 deficit is anticipated in 2017, and a $993,000 deficit is expected in 2018, if nonpayroll expenses remain flat and the county doesn’t cut costs or enhance revenues.
Meanwhile, the county is considering whether to put $2 million into an emergency reserve fund. Monies from that fund would be used during severe economic events, such as the Great Recession, or to fund an emergency expenditure.
Preparing for the unknown is sensible. Using surplus funds to do it is a bonus. We urge Kane County Board members to approve these two new funds.