In an effort to support the United States penalties imposed on Russia over the invasion of Ukraine, Kane County Board Chairwoman Corinne Pierog asked the Treasurer’s Office to examine the county’s financial holdings for any investment ties to Russia.
“We wanted to make absolutely sure Kane County is honoring the U.S. investment related sanctions on Russia, as we stand in solidarity with Ukraine and people everywhere who want to live in peace,” said Pierog said in a Kane County Government news release.
Kane County Treasurer Michael J. Kilbourne said a review of more than $150 million of county investments found no taxpayer funds invested in Russian companies.
“Our highest priority is to ensure the safety of monies invested by the county, so it was unlikely we would find any assets with ties to Russia,” he said. “Our review of county financial holdings confirms that.”
Kilbourne also points out that taxpayer dollars managed by Kane County strictly adhere to the regulations outlined by the Illinois Public Funds Investment Act, which prohibits foreign investments.
A snapshot of the county’s investments is updated monthly by the Treasurer’s Office and is available online as part of the Finance and Budget Committee agenda.
SOURCE: Kane County Public Information Office news release