Ad-Hock-July-22nd

Finance Officials Clarify How Will County Tracks Assets, From Vehicles to Desks

Will County finance officials on Tuesday detailed the policies governing how the county tracks its physical and digital assets, explaining the $5,000 threshold for items that are formally capitalized and the separate process for managing less expensive goods.

Karen Hennessy, the county’s finance director, and Emily Perkins, the assistant finance director, presented to the Ad-Hoc Ordinance Review Committee to clarify the long-standing rules. Hennessy explained that the county follows standards set by the Government Finance Officers Association (GFOA), which recommends a capitalization threshold of no less than $5,000 per item.

“The time spent managing things under $5,000, there’s no benefit to it,” Hennessy said.

Items purchased for $5,000 or more, such as vehicles or heavy machinery, are considered capital assets. They are formally inventoried, assigned a “useful life,” and depreciated on the county’s books annually.

Responding to questions about large furniture purchases that cost well over $5,000 in total, Hennessy clarified that assets are treated individually. “Ten chairs are not lumped together as an expense. They’re looked at individually,” she said. “They don’t have to be together to work.”

Items costing between $1,000 and $5,000 are categorized as “minor assets.” While they are not depreciated, they are inventoried and tracked at the department level, particularly if they are “sensitive” items like weapons, laptops, or power tools. The finance department provides departments with lists and tags, but the day-to-day management is handled internally.

Hennessy noted that one area for potential improvement could be creating a more standardized, county-wide definition of what constitutes a “sensitive” asset to ensure consistent tracking across all departments.

Events

No events

Leave a Comment





Latest News Stories

Bill would codify Trump's executive order banning 'woke' debanking

Bill would codify Trump’s executive order banning ‘woke’ debanking

By Thérèse BoudreauxThe Center Square In light of President Donald Trump signing an executive order that effectively bans politically-driven debanking, a Kentucky lawmaker plans to introduce legislation codifying fair access...
Illinois quick hits: Pritzker sends bill back to legislature; cannabis loans announced

Illinois quick hits: Pritzker sends bill back to legislature; cannabis loans announced

By Jim Talamonti | The Center SquareThe Center Square Pritzker sends bill back to legislature Gov. J.B. Pritzker has used an amendatory veto to correct formatting errors with legislation seeking...
Dem, GOP candidates begin signature-gathering for 2026

Dem, GOP candidates begin signature-gathering for 2026

By Jim Talamonti | The Center SquareThe Center Square (The Center Square) – Political candidates have begun gathering signatures on their nominating petitions for Illinois’ primary elections next March. Illinois...
'All hands on deck:' Burrow says AWOL Democrats being pursued to be arrested

‘All hands on deck:’ Burrow says AWOL Democrats being pursued to be arrested

By Bethany BlankleyThe Center Square Speaker Dustin Burrows gaveled in the Texas House Friday and no quorum was reached after the fifth day. One hundred state representatives are needed for...
Dems say EPA cancelling $7B community solar grants 'illegal,' but ignore law

Dems say EPA cancelling $7B community solar grants ‘illegal,’ but ignore law

By Thérèse BoudreauxThe Center Square The Environmental Protection Agency has announced it will claw back $7 billion in already earmarked funds from the Solar for All community grants and then...
Attorney argues IL should honor TX warrants for absconding Dems

Attorney argues IL should honor TX warrants for absconding Dems

By Greg BishopThe Center Square An Illinois state senator acting as local counsel for the Texas Republicans wanting to have that state’s warrants for absconding Democrats recognized by Illinois says...
WATCH: Legislators urge return to capitol to deal with increasing Illinois energy costs

WATCH: Legislators urge return to capitol to deal with increasing Illinois energy costs

By Greg Bishop | The Center SquareThe Center Square (The Center Square) – Illinois Republicans are demanding that state legislators return to the capitol to deal with soaring energy prices....
Parental rights groups concerned over DEI in Denver teacher contract

Parental rights groups concerned over DEI in Denver teacher contract

By Elyse ApelThe Center Square As Denver Public Schools move forward with finalizing a new teacher contract, parental rights groups are raising concerns about inclusion of diversity, equity, and inclusion...
WATCH: Homeland Secretary: Pritzker, Johnson are protecting dangerous criminals

WATCH: Homeland Secretary: Pritzker, Johnson are protecting dangerous criminals

By Jim TalamontiThe Center Square U.S. Department of Homeland Security Secretary Kristi Noem says U.S. Immigration and Customs Enforcement officers have arrested criminals who would still be on the streets...
Reports: DOJ probing NY AG's fraud case against Trump

Reports: DOJ probing NY AG’s fraud case against Trump

By Chris WadeThe Center Square The Justice Department has subpoenaed New York Attorney General Letitia James as part of an investigation into whether she violated President Donald Trump's civil rights...
Trump warns of 'Great Depression' if appeals court curbs tariff power

Trump warns of ‘Great Depression’ if appeals court curbs tariff power

By Brett RowlandThe Center Square President Donald Trump said Friday that if an appeals court curbs his tariff authority, America could sink into a "Great Depression." The U.S. Court of...
Illinois in focus: DHS announces new facility; NFIB urges veto of regulations; minority scholarship lawsuit moves forward

Illinois in focus: DHS announces new facility; NFIB urges veto of regulations; minority scholarship lawsuit moves forward

By Jim Talamonti | The Center SquareThe Center Square DHS announces new facility U.S. Homeland Security Secretary Kristi Noem has returned to Illinois to discuss expanding detention facilities for what...
Abbott to call 'special session after special session' in response to AWOL Dems

Abbott to call ‘special session after special session’ in response to AWOL Dems

By Bethany BlankleyThe Center Square Gov. Greg Abbott confirmed what many in Austin speculated: he will call special session after special session until bills are passed. Abbott called the current...
WATCH: Illinois In Focus Daily | Friday Aug. 8th, 2025

WATCH: Illinois In Focus Daily | Friday Aug. 8th, 2025

By Greg Bishop | The Center SquareThe Center Square (The Center Square) – In today's edition of Illinois in Focus Daily, The Center Square Editor Greg Bishop covers the latest...
Legislator urges leaders to focus on relief for Illinois’ high property taxes

Legislator urges leaders to focus on relief for Illinois’ high property taxes

By Glenn Minnis | The Center Square contributorThe Center Square (The Center Square) – With Illinois now being home to the highest property tax rates in the country, state Rep....