SB1994 EngrossedLRB103 27488 RJT 53861 b


  
1    AN ACT concerning education.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
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 
17the annual average expenditures of its operational funds for 
18the previous 3 fiscal years at a board meeting.
19    (b) If a school district's combined cash reserve balance 
20of its operational funds, as most recently reported by the 
21district pursuant to Section 17-1.3 of this Code, exceeds 2.5 
22times the annual average expenditures of its operational funds 
23for the previous 3 fiscal years, the school board shall adopt 
 
 
SB1994 Engrossed- 2 -LRB103 27488 RJT 53861 b

1and file with the State Board of Education a written 
2operational funds reserve reduction plan to reduce, within 3 
3years, the district's combined cash reserve balance of its 
4operational funds to an amount at or below 2.5 times the annual 
5average expenditures of its operational funds for the previous 
63 fiscal years.

 
7    Section 99. Effective date. This Act takes effect upon 
8becoming law.