Rep. Lance Yednock

Filed: 4/19/2023

 

 


 

 


 
10300SB1994ham001LRB103 27488 RJT 60535 a

1
AMENDMENT TO SENATE BILL 1994

2    AMENDMENT NO. ______. Amend Senate Bill 1994 by replacing
3everything after the enacting clause with the following:
 
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

 

 

10300SB1994ham001- 2 -LRB103 27488 RJT 60535 a

1school board shall annually present a written report covering
2the annual average expenditures of its operational funds for
3the previous 3 fiscal years at a board meeting.
4    (b) With respect to a school district to which subsection
5(a) applies, if the school district's combined cash reserve
6balance of its operational funds, as most recently reported by
7the district pursuant to Section 17-1.3 of this Code, exceeds
82.5 times the annual average expenditures of its operational
9funds for the previous 3 fiscal years, the school board shall
10adopt and file with the State Board of Education by December 31
11a written operational funds reserve reduction plan to reduce,
12within 3 years, the district's combined cash reserve balance
13of its operational funds to an amount at or below 2.5 times the
14annual average expenditures of its operational funds for the
15previous 3 fiscal years. The State Board shall post any
16operational funds reserve reduction plans received on the
17State Board's Internet website.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".