SB1994 EnrolledLRB103 27488 RJT 53861 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by adding Section
517-1.10 as follows:
 
6    (105 ILCS 5/17-1.10 new)
7    Sec. 17-1.10. Operational funds expenditure report and
8reserve reduction plan.
9    (a) In the 2024-2025 school year and in each subsequent
10school year, the school board of any school district that does
11not receive federal impact aid funding shall calculate the
12combined, annual average expenditures of its operational funds
13for the previous 3 fiscal years, as reported in the school
14district's most recently audited annual financial reports.
15Operational funds shall include the district's educational,
16transportation, and operations and maintenance funds. The
17school board shall annually present a written report covering
18the annual average expenditures of its operational funds for
19the previous 3 fiscal years at a board meeting.
20    (b) With respect to a school district to which subsection
21(a) applies, if the school district's combined cash reserve
22balance of its operational funds, as most recently reported by
23the district pursuant to Section 17-1.3 of this Code, exceeds

 

 

SB1994 Enrolled- 2 -LRB103 27488 RJT 53861 b

12.5 times the annual average expenditures of its operational
2funds for the previous 3 fiscal years, the school board shall
3adopt and file with the State Board of Education by December 31
4a written operational funds reserve reduction plan to reduce,
5within 3 years, the district's combined cash reserve balance
6of its operational funds to an amount at or below 2.5 times the
7annual average expenditures of its operational funds for the
8previous 3 fiscal years. The State Board shall post any
9operational funds reserve reduction plans received on the
10State Board's Internet website.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.