Speaking to the McHenry County Board last month, Administrator Peter Austin outlined the financial situation.
He told of the $11 million that had been allocated for Covid-19, only a half of million of which had been spent, mainly on equipment.
“What we really need is some revenue replacement.”
He hoped that Congress would allow unused Coronavirus cash to be diverted to replace lost sales and income tax dollars.
When asked by Board member Paula Yensen if there were enough reserves, Austin replied,
We do have significant reserves.
It’s now in the forties.
Board member Jim Kearns asked if there were restrictions on the $40 million.
Austin replied that the $40 million was in the General Fund, that county policy was to have “a five-month reserve.”
There is additional money in the Valley Hi Nursing Home Fund, but, if borrowed, would have to be repaid.
He foresaw no need to borrow money.