SR1168LRB101 21390 MST 72021 r

1
SENATE RESOLUTION

 
2    WHEREAS, The State Board of Education (ISBE) is charged
3with promoting sound financial management of the public schools
4in the State; and
 
5    WHEREAS, The finances of school districts vary across the
6State; and
 
7    WHEREAS, During the two-and-a-half-year budget impasse,
8many school districts were forced to borrow on lines of credit
9to cover basic functions; and
 
10    WHEREAS, The interest imposed on these lines of credit
11impose new and continuing financial burdens on the school
12districts, which can contribute to increases in local property
13taxes; and
 
14    WHEREAS, Some school districts have excess cash reserves
15but continue to increase property tax levies nevertheless; and
 
16    WHEREAS, The amount maintained in school district reserves
17can vary widely based on foreseeable projects and on
18restrictions in each district, contributing to wide
19disparities in school funding and property tax burdens for the
20residents of the State of Illinois; therefore, be it
 

 

 

SR1168- 2 -LRB101 21390 MST 72021 r

1    RESOLVED, BY THE SENATE OF THE ONE HUNDRED FIRST GENERAL
2ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the State Board
3of Education to issue guidance and best practices for school
4districts with regard to debt service and reserve ratios; this
5guidance should discuss appropriate funding sources and
6reserves for capitol maintenance and planning projects that do
7not overly burden property owners in a school district; and be
8it further
 
9    RESOLVED, That a suitable copy of this resolution be
10delivered to the ISBE.