DuPage County will have more cash on hand than needed at the end of the fiscal year, which ends in November, even though revenue from sales taxes is down slightly, county officials said Tuesday.
County Board Chairman Robert Schillerstrom said the county will likely have $27 million in reserves at the end of November. A recent audit said the county should have $22 million in reserves on that date, county officials said.
“From a cash point of view, we’re doing very well,” Schillerstrom said.
But, like state government and local municipalities, Schillerstrom said DuPage County is watching its revenue stream. According to county officials, sales tax revenue is down about $500,000 for the first six months of the year.
But because the county brings in about $40 million a year from sales taxes, Schillerstrom said he is not concerned about the drop in the last six months. He said he expects the sales tax revenue to pick up at the end of the year.
Schillerstrom said having a healthy pool of cash is important when dealing with an economic downturn when revenues can dry up. He said county officials are watching the budget negotiations going on in Springfield and may end up helping the Health Department with funding shortfalls.
Already, the Health Department has cut about $3 million from a $38 million budget because of lower-than-anticipated revenues. Health officials are concerned the state will not adequately fund certain programs once the state budget is put in final form, which would worsen the department’s money woes, they said.
This fiscal year, the county allocated $17 million for the Health Department, the most money ever, Schillerstrom said.
Also Tuesday, the board approved an agreement with Oklahoma-based Kerr-McGee Corp. to remove thorium from the DuPage River and a tributary in the West Chicago area.
