Bill Text: IL SB1994 | 2023-2024 | 103rd General Assembly | Engrossed

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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-Engrossed.html

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SB1994 Engrossed LRB103 27488 RJT 53861 b
AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The School Code is amended by adding Section
17-1.10 as follows:
(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, each school board 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) If a 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

SB1994 Engrossed - 2 - LRB103 27488 RJT 53861 b
and file with the State Board of Education 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.