By Jennifer Wheeler
An Illinois Supreme Court ruling mandates that townships not have contingencies exceeding 5 percent of total expenditures in each fund. Boone County Board member Pat Mattison said the township’s amount is above that.
At press time, it was unclear what percentage the $1.4 million contingency line item represents.
Murphy said a CPA auditor informed the township that it can have up to three times the amount in the fund for contingencies, although he feels that 2 to 2½ times is sufficient. He agreed to look into the issue further.
Read all of the story by clicking on the following: Stand-by fund, comment time get Belvidere Township's attention - Rockford, IL - Rockford Register Star
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