IL SB1994

School districts not receiving federal impact aid must calculate and annually report their combined average operational fund expenditures (educational, transportation, and operations/maintenance) for the previous 3 fiscal years starting in the 2024-2025 school year.

School boards must present a written report on annual average operational fund expenditures at a board meeting each year.

School districts with combined cash reserves exceeding 2.5 times their 3-year average operational expenditures must adopt and file a reserve reduction plan with the State Board of Education by December 31.

Reserve reduction plans must outline how the district will reduce combined cash reserves to 2.5 times the 3-year average operational expenditures within 3 years.

The State Board of Education must post all submitted reserve reduction plans on its website.