Sen. Meg Loughran Cappel

Filed: 3/28/2023

 

 


 

 


 
10300SB1994sam002LRB103 27488 RJT 60075 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, each school board shall calculate the combined,
11annual average expenditures of its operational funds for the
12previous 3 fiscal years, as reported in the school district's
13most recently audited annual financial reports. Operational
14funds shall include the district's educational,
15transportation, and operations and maintenance funds. The
16school board shall annually present a written report covering

 

 

10300SB1994sam002- 2 -LRB103 27488 RJT 60075 a

1the annual average expenditures of its operational funds for
2the previous 3 fiscal years at a board meeting.
3    (b) If a school district's combined cash reserve balance
4of its operational funds, as most recently reported by the
5district pursuant to Section 17-1.3 of this Code, exceeds 2.5
6times the annual average expenditures of its operational funds
7for the previous 3 fiscal years, the school board shall adopt
8and file with the State Board of Education a written
9operational funds reserve reduction plan to reduce, within 3
10years, the district's combined cash reserve balance of its
11operational funds to an amount at or below 2.5 times the annual
12average expenditures of its operational funds for the previous
133 fiscal years.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".