Bill Amendment: IL SB3190 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SCHOOL BOARD-REPORT-RESERVES
Status: 2019-01-09 - Session Sine Die [SB3190 Detail]
Download: Illinois-2017-SB3190-Senate_Amendment_005.html
Bill Title: SCHOOL BOARD-REPORT-RESERVES
Status: 2019-01-09 - Session Sine Die [SB3190 Detail]
Download: Illinois-2017-SB3190-Senate_Amendment_005.html
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO SENATE BILL 3190
| ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 3190 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
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 fund | ||||||
13 | and extend the balances and the aggregate cash balance for all | ||||||
14 | funds
balance at least monthly. The treasurer shall reconcile | ||||||
15 | such balances with the
accounting or bookkeeping department of | ||||||
16 | the district in conformity with a template provided by the |
| |||||||
| |||||||
1 | State Board of Education monthly. School districts on the | ||||||
2 | financial watch or warning list that are required to submit | ||||||
3 | deficit reduction plans in accordance with Section 17-1 of this | ||||||
4 | Code or that are certified in financial difficulty in | ||||||
5 | accordance with Section 1-A8 of this Code must transmit the | ||||||
6 | cash balances as required pursuant to this Section 8-6 of this | ||||||
7 | Code to the State Board of Education quarterly from the | ||||||
8 | treasurer.
| ||||||
9 | (b) Each school board must submit a quarterly report to the | ||||||
10 | State Board of Education that contains all of the following | ||||||
11 | information: | ||||||
12 | (1) The amount of funds that each school district has | ||||||
13 | in its reserves. | ||||||
14 | (2) The number of each school district's days cash on | ||||||
15 | hand. | ||||||
16 | (3) The amount of funds that each school district has | ||||||
17 | in its investments. | ||||||
18 | The State Board must publish and maintain the information in | ||||||
19 | each quarterly report on its Internet website. | ||||||
20 | (Source: P.A. 97-429, eff. 8-16-11.)
| ||||||
21 | (105 ILCS 5/34-74) (from Ch. 122, par. 34-74)
| ||||||
22 | Sec. 34-74. Custody of school moneys. | ||||||
23 | (a) Except as provided in Article 34A and Section 34-29.2 | ||||||
24 | of this
Code, all moneys raised by taxation for school | ||||||
25 | purposes, or
received from
the state common school fund, or |
| |||||||
| |||||||
1 | from any other source for school
purposes, shall be held by the | ||||||
2 | city treasurer, ex-officio, as school
treasurer, in separate | ||||||
3 | funds for school purposes, subject to the order
of the board | ||||||
4 | upon
(i) its warrants signed by its president and secretary and
| ||||||
5 | countersigned by the mayor and city comptroller
or (ii) its | ||||||
6 | checks, as
defined in Section 3-104 of the Uniform Commercial | ||||||
7 | Code, signed by its
president, secretary, and comptroller and | ||||||
8 | countersigned by the mayor and city
comptroller.
| ||||||
9 | (b) The board must submit a quarterly report to the State | ||||||
10 | Board of Education that contains all of the following | ||||||
11 | information: | ||||||
12 | (1) The amount of funds that the school district has in | ||||||
13 | its reserves. | ||||||
14 | (2) The number of the school district's days cash on | ||||||
15 | hand. | ||||||
16 | (3) The amount of funds the school district has in its | ||||||
17 | investments. | ||||||
18 | The State Board must publish and maintain the information in | ||||||
19 | the quarterly report on its Internet website. | ||||||
20 | (Source: P.A. 94-1105, eff. 6-1-07 .)
| ||||||
21 | Section 99. Effective date. This Act takes effect upon | ||||||
22 | becoming law.".
|