R-11-24 Approving Closing of Village Funds418 Main Street ( Lemont, IL 60439
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
SUBJECT: A Resolution Approving Closing of Village Funds
DATE: February 26, 2024
SUMMARY/BACKGROUND
This agenda item was discussed at the February 19, 2024 Committee of the Whole meeting.
The purpose of closing the funds listed below is to streamline the accounting structure.
Fund 38 - Gateway Property Acquisition Fund - was created in 2012 to acquire land in the
Gateway TIF. The outstanding loan payable to General Fund was paid off in June 2024 and
the deferred revenue balance transferred to Main/Archer TIF Fund. There is no further need
for this fund.
Fund 40 - Road Improvement Fund - this fund was consolidated into Infrastructure Fund in
2020. There is no further need for this fund.
Fund 52 - Village Hall Improvement Fund - was created prior to 2012 and the fund balance
was transferred to General Fund in FY18. There is no further need for this fund.
Fund 60 - W & S Bond Fund - was created in 2015 to acquire the easement on Bell Road to
install a watermain and sanitary sewer line (Kwasneski property). In 2022, the fund balance
was transferred to Water/Sewer Fund. There is no further need for this fund.
Fund 82 - GMAT (Greater Metropolitan Auto Theft) Fund - was created in 2012. The Lemont
Police Dept belonged to a multi jurisdictional task force for which the Village was the host
agency. This fund was used for the taskforce's accounting and reporting requirements. This
task force was disbanded in 2016 and there remained a $5,213 amount payable which will be
transferred to General Fund in FY24. There is no further need for this fund.
Staff recommends closing the above funds.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approve closing of Village funds
BOARD ACTION REQUESTED
Approve closing of Village funds
ATTACHMENTS
Resolution to close out funds.pdf
Resolution No.
A Resolution Approving Closing of Village Funds
WHEREAS, the Village of Lemont ("Village") is an Illinois Municipal Corporation
pursuant to the Illinois Constitution of 1970 and the Statutes of the State of Illinois; and
WHEREAS, the Village of Lemont ("Village") seeks to streamline the general accounting
structure; and
WHEREAS, the Village seeks to close the Gateway Acquisition Property Fund, Road
Improvement Fund, Village Hall Improvement Fund, W&S Bond Fund and GMAT Fund;
WHEREAS, the Village Board has determined that it is advisable, necessary and in the
best interests of the Village to close the funds;
NOW THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, COOK, WILL & DU PAGE COUNTIES,
ILLINOIS that:
SECTION ONE: Incorporation of Recitals. The foregoing findings and recitals are
hereby adopted as Section One of this Resolution and are incorporated by reference as if set forth
verbatim herein.
SECTION TWO: Close the Gateway Acquisition Property Fund, Road Improvement
Fund, Village Hall Improvement Fund, W&S Bond Fund and GMAT Fund;
SECTION THREE: Transfer the fund balance in the Gateway Acquisition Property Fund
to the Main/Archer TIF Fund, transfer the fund balance in the GMAT Fund and Village Hall
Improvement Fund to the General Fund and the fund balance in the W&S Bond Fund to the
Water/Sewer Fund;
SECTION FOUR: This Resolution shall be in full force and effect from and after its
passage and approval as provided by law.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DUPAGE,
ILLINOIS on this 261' DAY OF FEBRUARY, 2024.
PRESIDENT AND VILLAGE BOARD MEMBERS:
AYES: NAYS: ABSENT: ABSTAIN
Janelle Kittridge
Dave Maher
Ken McClafferty RJ
Kevin Shaughnessy --� —
Rick Sniegowski ----- —
Ronald Stapleton
John Egofske
President
ATT ST:
CHARLENE M. M_ OLLEN
Village Clerk