Illinois Funds – Letter from Treasurer FrerichsOctober 23, 2015 | Legislative briefs
DATE: October 16 2015
TO: Mayor/Village President/Town President, Manager/Administrator, Treasurer/Finance Officer
FROM: Brad Cole, Executive Director, Illinois Municipal League
RE: Illinois Funds – Letter from Treasurer Frerichs
Several communities have inquired lately about the status of Illinois Funds, held by the Illinois State Treasurer, and whether those investments are in jeopardy due to the state budget impasse.
Just a few days ago, I notified the Treasurer in writing of our concerns. Treasurer Frerichs called me yesterday afternoon to assure the League that Illinois Funds are "safe and liquid" and that they are under a continuing appropriation that allows for vendors to still be paid during this budget situation.
I requested additional information from him to help ease the concerns of our members, and today he provided a letter to that effect. The letter is posted to our website and is attached here for your information. The main emphasis of his letter can be summarized in this line: "... the budget impasse will have no impact whatsoever on the Illinois Funds and E-Pay programs that your member municipalities have come to rely on..."
This is good news and we appreciate the efforts of Treasurer Frerichs to manage and secure municipal funds during these uncertain times. We will continue to work closely with the Treasurer and other state officials to protect local government interests.
Please feel welcome to contact me if you have any additional questions. Thank you.
BRAD COLE, Executive Director
Illinois Municipal League
500 East Capitol Avenue
Post Office Box 5180
Springfield, Illinois 62705
cell 618 201 7320
office 217 525 1220
fax 217 525 7438