Full Text of SB1994 103rd General Assembly
SB1994 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB1994 Introduced 2/9/2023, by Sen. Meg Loughran Cappel SYNOPSIS AS INTRODUCED: |
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105 ILCS 5/8-6 | from Ch. 122, par. 8-6 |
105 ILCS 5/34-74 | from Ch. 122, par. 34-74 |
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Amends the School Code. In provisions concerning custody of school funds, provides that each school district and school board must submit a quarterly report to the
State Board of Education that contains information regarding (1) the amount of funds that each school district has in its reserves, (2) the amount of funds that each school district has in its investments, and (3) the number of days that each school district has cash on hand. Requires each school district and school board to publish and maintain the information in each quarterly report on its Internet website. Provides that any school district or school board reporting more than 250 days cash on hand shall spend any excess cash on hand funds beyond the 250 days on educational services, including hiring teachers, paraprofessionals, nurses, librarians, social workers, counselors, or psychologists. Effective immediately.
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| | A BILL FOR |
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| | | SB1994 | | LRB103 27488 RJT 53861 b |
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| 1 | | AN ACT concerning education.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The School Code is amended by changing Sections | 5 | | 8-6 and 34-74 as follows:
| 6 | | (105 ILCS 5/8-6) (from Ch. 122, par. 8-6)
| 7 | | Sec. 8-6. Custody
of school funds. | 8 | | (a) The school treasurer shall have custody of the school | 9 | | funds and shall
keep in a cash book separate cash balances. In | 10 | | the cash book he shall enter in
separate accounts the balance, | 11 | | total of all moneys received in each fund,
and the total of the | 12 | | orders countersigned or checks signed with respect to each | 13 | | fund and extend the balances and the aggregate cash balance | 14 | | for all funds
balance at least monthly. The treasurer shall | 15 | | reconcile such balances with the
accounting or bookkeeping | 16 | | department of the district in conformity with a template | 17 | | provided by the State Board of Education monthly. School | 18 | | districts on the financial watch or warning list that are | 19 | | required to submit deficit reduction plans in accordance with | 20 | | Section 17-1 of this Code or that are certified in financial | 21 | | difficulty in accordance with Section 1-A8 of this Code must | 22 | | transmit the cash balances as required pursuant to this | 23 | | Section 8-6 of this Code to the State Board of Education |
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| 1 | | quarterly from the treasurer.
| 2 | | (b) Each school district must submit a quarterly report to | 3 | | the
State Board of Education that contains all of the | 4 | | following
information: | 5 | | (1) The amount of funds that each school district has | 6 | | in its reserves. | 7 | | (2) The amount of funds that each school district has | 8 | | in its investments. | 9 | | (3) The number of days that each school district has | 10 | | cash on hand. | 11 | | The school district must publish and maintain the | 12 | | information in each quarterly report on its Internet website. | 13 | | (c) Any school district reporting more than 250 days cash | 14 | | on hand shall spend any excess cash on hand funds beyond the | 15 | | 250 days on educational services, including hiring teachers, | 16 | | paraprofessionals, nurses, librarians, social workers, | 17 | | counselors, or psychologists. | 18 | | (Source: P.A. 97-429, eff. 8-16-11.)
| 19 | | (105 ILCS 5/34-74) (from Ch. 122, par. 34-74)
| 20 | | Sec. 34-74. Custody of school moneys. | 21 | | (a) Except as provided in Article 34A and Section 34-29.2 | 22 | | of this
Code, all moneys raised by taxation for school | 23 | | purposes, or
received from
the state common school fund, or | 24 | | from any other source for school
purposes, shall be held by the | 25 | | city treasurer, ex-officio, as school
treasurer, in separate |
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| 1 | | funds for school purposes, subject to the order
of the board | 2 | | upon
(i) its warrants signed by its president and secretary | 3 | | and
countersigned by the mayor and city comptroller
or (ii) | 4 | | its checks, as
defined in Section 3-104 of the Uniform | 5 | | Commercial Code, signed by its
president, secretary, and | 6 | | comptroller and countersigned by the mayor and city
| 7 | | comptroller.
| 8 | | (b) The board must submit a quarterly report to the
State | 9 | | Board of Education that contains all of the following
| 10 | | information: | 11 | | (1) The amount of funds that each school district has | 12 | | in its reserves. | 13 | | (2) The amount of funds that each school district has | 14 | | in its investments. | 15 | | (3) The number of days that each school district has | 16 | | cash on hand. | 17 | | The board must publish and maintain the information in the | 18 | | quarterly report on its Internet website. | 19 | | (c) Any school district reporting more than 250 days cash | 20 | | on hand shall spend any excess cash on hand funds beyond the | 21 | | 250 days on educational services, including hiring teachers, | 22 | | paraprofessionals, nurses, librarians, social workers, | 23 | | counselors, or psychologists. | 24 | | (Source: P.A. 94-1105, eff. 6-1-07 .)
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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