Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/34-43

(105 ILCS 5/34-43) (from Ch. 122, par. 34-43)

Sec. 34-43.

Adoption of budget and resolution.

The board shall, within the first 60 days of each fiscal year, adopt a
budget and pass a resolution to be termed the "annual school budget",
hereinafter called the "budget", in and by which the board, subject to the
limitations hereinafter contained, shall appropriate such sums of money as
may be required to defray all of its estimated expenses and liabilities to
be paid or incurred during the fiscal year.

The budget shall be balanced in each year within standards established by
the board, consistent with the provisions of this Article.

The budget may provide for the accumulation of funds for educational purposes
as the board may direct for capital improvements or in order to achieve a
balanced budget in a future year within the 4-year period of the board's
financial plan to begin in that budget year.  The budget may also provide for a
reserve in the educational fund to ensure uninterrupted services in the event
of unfavorable budget variances.

The changes made to this Section by this amendatory Act of 1996 apply to
budgets and amended
and supplemental
budgets for fiscal years beginning in 1995 and subsequent
years.

(Source: P.A. 89-636, eff. 8-9-96.)