Sen. Meg Loughran Cappel
Filed: 3/21/2023
 
 

 

 

 
10300SB1994sam001LRB103 27488 RJT 59534 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 changing Section 
58-6 as follows:
 



6    (105 ILCS 5/8-6)  (from Ch. 122, par. 8-6)



7    Sec. 8-6. Custody
of school funds.
8    (a) The school treasurer shall have custody of the school 
9funds and shall
keep in a cash book separate cash balances. In 
10the cash book he shall enter in
separate accounts the balance, 
11total of all moneys received in each fund,
and the total of the 
12orders countersigned or checks signed with respect to each 
13fund and extend the balances and the aggregate cash balance 
14for all funds
balance at least monthly. The treasurer shall 
15reconcile such balances with the
accounting or bookkeeping 
16department of the district in conformity with a template 
 
 
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1provided by the State Board of Education monthly. School 
2districts on the financial watch or warning list that are 
3required to submit deficit reduction plans in accordance with 
4Section 17-1 of this Code or that are certified in financial 
5difficulty in accordance with Section 1-A8 of this Code must 
6transmit the cash balances as required pursuant to this 
7Section 8-6 of this Code to the State Board of Education 
8quarterly from the treasurer. 

9    (b) Each school district must make available on the 
10district's Internet website, if one exists,  or if no Internet 
11website exists, a published report, three times per school 
12year, that contains all of the following
information:
13        (1) The amount of funds that each school district has 
14    in its reserves. 
15        (2) The amount of funds that each school district has 
16    in its investments. 
17        (3) The number of days that each  school district has 
18    cash on hand.
19    The cash balance disclosure required by Section 17-1.3 and 
20the annual financial report required by Section 1A-8 shall 
21satisfy two of the three reports required by this Section. 
22    (c) Any school district reporting more than 250 days cash 
23on hand shall spend any excess cash on hand funds beyond the 
24250 days in a reasonable timeframe on educational services for 
25students, including, but not limited to, hiring teachers, 
26paraprofessionals, nurses, librarians, social workers, 
 
 
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1counselors, or psychologists. 
2    (d) A district may accumulate cash on hand reserves beyond 
3the 250 days for long-term projects, such as construction 
4projects, but shall, by resolution of the School Board, 
5provide notice to district taxpayers of the district's intent 
6to accumulate those funds, the timeline which the reserves 
7will be spent, and the purpose of the savings. 
8    (e) This Section is not intended to impact districts that 
9have sold working cash bonds and have sustained a cash on hand 
10balance due to such action. 
11(Source: P.A. 97-429, eff. 8-16-11.)

 
 
12    Section 99. Effective date. This Act takes effect upon 
13becoming law.".