Bill aims to limit school district cash reserves twill
SPRINGFIELD -- The overall financial health of Illinois school districts has been improving in recent years, according to a recent state report, but a bill moving through the General Assembly seeks to rein in the amount of money some districts are saving. "They're kind of like a nonprofit where, you know, money comes in and resources come in, and then it needs to be spent," the bill's sponsor Sen. Meg Loughran Cappel, a Shorewood Democrat, said during an interview.
The state board uses those factors to generate an overall"financial profile" score for each district. Over the last seven years, the latest report noted, the statewide average score has risen steadily. by signing up you agree to our terms of service According to the most recent report, which includes data from the fiscal year that ended June 30, 2021, 70% of districts had cash reserves of 100 to 359 days of expenses. But 197 districts, or 23%, had reserves of 360 to 720 days, and 10 districts had reserves greater than 720 days.SB 1994 would require districts to calculate their three-year average operating expenses each year and report their cash on hand. If their cash reserves ever exceed 2.
Cappel said that limit was negotiated with superintendents and other officials involved in school district budgeting who had pushed back against the original version of the bill, which would have required districts to immediately spend down any reserves beyond 250 days of operating expenses.
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