Sen. Meg Loughran Cappel
Filed: 3/28/2023
 
 

 

 

 
10300SB1994sam002LRB103 27488 RJT 60075 a



1
AMENDMENT TO SENATE BILL 1994 




2    AMENDMENT NO. ______. Amend Senate Bill 1994 by replacing 
3everything after the enacting clause with the following:

 
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 
 
 
10300SB1994sam002- 2 -LRB103 27488 RJT 60075 a

1the annual average expenditures of its operational funds for 
2the previous 3 fiscal years at a board meeting.
3    (b) If a school district's combined cash reserve balance 
4of its operational funds, as most recently reported by the 
5district pursuant to Section 17-1.3 of this Code, exceeds 2.5 
6times the annual average expenditures of its operational funds 
7for the previous 3 fiscal years, the school board shall adopt 
8and file with the State Board of Education a written 
9operational funds reserve reduction plan to reduce, within 3 
10years, the district's combined cash reserve balance of its 
11operational funds to an amount at or below 2.5 times the annual 
12average expenditures of its operational funds for the previous 
133 fiscal years.

 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.".