Cook County Fiscal Strength Presentation
Liquidity
The County benefits from strong liquidity
■
Under state law, cash of the County in its corporate capacity is deposited into a consolidated account known as the "C-Fund"; includes
cash for County General Fund, Health Enterprise Fund, Election Fund, and other non-major governmental funds
FY 2021 C-Fund cash balance averaged $1,012.1 million (compared to $722.6 million in FY 2020); comptroller continues to target
payment of invoices within 7-10 days of their receipt
•
2020 Balances include $428.6 million in CARES Act funding which the County expects to allocate to COVID-19 related expenses,
local municipalities, and economic development and assistance programs
Additional flexibility provided through $100 million revolving line of credit, which is completely undrawn; facility was extended in April
2019 and is set to expire in 2022
The County paid off the outstanding amount of PNC Revolver with its 2021A Sales Tax Revenue Bond issuance
Cash and Liquidity Position (C-Fund)1
($mm)
2,000
1,500
1,000
500
0
Dec
Jan
Feb
Mar
Provider
PNC Bank
BMO Harris N.A.
Apr
■ FY 2020
May
■FY 2021
Jun
Jul
Aug
Sep
Oct
Nov
Summary of Outstanding Revolving Credit Agreements
Interest Rate
80% of 1 day LIBOR +
Applicable Spread
1 Month LIBOR +
Applicable Spread
Expiration
11/1/2022
2/1/2022
Authorized Amount
$175 million
Outstanding Amount
$0
$100 million
$0
1. Cook County Office of the Chief Financial Officer. October FY2021 cash balance as of 10/18/2021. See p. 47 of the Preliminary Official Statement dated November 5, 2021.
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