Bill Text: IL SB1994 | 2023-2024 | 103rd General Assembly | Chaptered
Bill Title: Reinserts the contents of the engrossed bill with the following changes. Provides that the amendatory language applies only to the school board of a school district that does not receive federal impact aid funding. Provides that the operational funds reserve reduction plan shall be adopted and filed with the State Board of Education by December 31. Provides that the State Board shall post any operational funds reserve reduction plans received on the State Board's Internet website. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0394 [SB1994 Detail]
Download: Illinois-2023-SB1994-Chaptered.html
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Public Act 103-0394 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The School Code is amended by adding Section | ||||
17-1.10 as follows:
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(105 ILCS 5/17-1.10 new) | ||||
Sec. 17-1.10. Operational funds expenditure report and | ||||
reserve reduction plan. | ||||
(a) In the 2024-2025 school year and in each subsequent | ||||
school year, the school board of any school district that does | ||||
not receive federal impact aid funding shall calculate the | ||||
combined, annual average expenditures of its operational funds | ||||
for the previous 3 fiscal years, as reported in the school | ||||
district's most recently audited annual financial reports. | ||||
Operational funds shall include the district's educational, | ||||
transportation, and operations and maintenance funds. The | ||||
school board shall annually present a written report covering | ||||
the annual average expenditures of its operational funds for | ||||
the previous 3 fiscal years at a board meeting. | ||||
(b) With respect to a school district to which subsection | ||||
(a) applies, if the school district's combined cash reserve | ||||
balance of its operational funds, as most recently reported by | ||||
the district pursuant to Section 17-1.3 of this Code, exceeds |
2.5 times the annual average expenditures of its operational | ||
funds for the previous 3 fiscal years, the school board shall | ||
adopt and file with the State Board of Education by December 31 | ||
a written operational funds reserve reduction plan to reduce, | ||
within 3 years, the district's combined cash reserve balance | ||
of its operational funds to an amount at or below 2.5 times the | ||
annual average expenditures of its operational funds for the | ||
previous 3 fiscal years. The State Board shall post any | ||
operational funds reserve reduction plans received on the | ||
State Board's Internet website.
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