Public Act 0346 102ND GENERAL ASSEMBLY

HB1725 Enrolled LRB102 13839 CMG 19190 b

Public Act 102-0346

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by adding Section 5-38 as follows:

(105 ILCS 5/5-38 new)

Sec. 5-38. Publication of information.

(a) As used in this Section:

"Accounting book value" means the value carried on the accounting records of the township school treasurer as of the last day of a calendar quarter.

"Annual total compensation" means the total cost to taxpayers for the services of the identified individual during the most recently completed fiscal year.

"Investment instrument" means an individual investment security as provided for under the Uniform Commercial Code or the aggregate value of all shares held in an individual investment fund or pooled account.

"Investment rate of return" means:

(1) for fixed interest-bearing securities, the stated or calculated annual interest rate; and

(2) for cash accounts and all other investment instruments, the actual income earned during the previously ending quarter, multiplied by 4, then divided by the accounting book value, expressed as a percentage.

"Township school treasurer" means an individual hired by the trustees of schools to perform the statutory role of treasurer for school districts within the township.

(b) Trustees of schools in Class II county school units shall maintain an Internet website on which all of the following information shall be available for public viewing:

(1) The name, term of office, and means of public contact for each trustee.

(2) The dates, times, and locations of all trustees of schools meetings to be held during the current fiscal year.

(3) The agenda for each trustees of schools meeting, posted at least 48 hours in advance of the meeting.

(4) The approved minutes of all trustees of schools meetings held within the current and previous 2 fiscal years, posted no later than 100 days after the meeting date.

(5) The annual total compensation of each trustee and township school treasurer, itemized by salary and wages, retirement contributions, insurance premiums, vehicle and mileage allowances, deferred compensation, all other compensation, and total compensation for each individual. The fiscal year for which the amounts apply shall also be reported.

(6) The address and contact information for the township school treasurer's office.

(7) The audited financial statements for the prior 3 fiscal years.

(8) The budget for the current fiscal year, posted no later than September 30 of each year.

(9) Contracts in effect with a value over $25,000.

(10) Collective bargaining agreements in effect.

(c) Township school treasurers in Class II county school units shall submit to each school district that they serve, within 30 days after the end of each calendar quarter, an investments report that includes all of the following:

(1) A list of each cash account and investment instrument held by the treasurer as of the last day of the calendar quarter and the accounting book value, investment rate of return, and maturity date, if any, of each.

(2) A copy of the trustees of schools investment policy under which the township school treasurer operated during the quarter.

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

Effective Date: 8/13/2021