SPRINGFIELD, IL. (ECWd) –
Yesterday, Governor Bruce Rauner signed HB1896 into law.
This Bill placed a cap on accumulation of Township funds, other than the Capitol Fund, to 2.5 times the average annual expenditure [of each fund] of the previous 3 fiscal years.
House Sponsors were Reps Halbrook and Ammons – Senate Sponsor was Sen Chapin Rose.
This Bill passed with unanimous YES votes in the Senate, and unanimous YES votes in the House with the exception of one voting “present.”
This bill was the result of our exposure of massive stockpiling of funds by the former Shelbyville Tonwship board.
Click here to read the signed Bill (Public Act 100-0474).
Township Code:
(60 ILCS 1/85-65 new) |
Sec. 85-65. Accumulation of funds. Township funds, |
excluding the township's capital fund, shall not exceed an |
amount equal to or greater than 2.5 times the annual average |
expenditure of the previous 3 fiscal years. |
Section 99. Effective date. This Act takes effect upon |
becoming law. |
.
Categories: feature, Illinois, Illinois General Assembly, Illinois Senate
This should be applied to any taxing district … specifically school districts!
A feel good, do nothing law.
It is recommended that a Township have operating reserves of 6 months at the lowest point of the year. This would be the month before the first estimated property tax receipts.
What an incredible feeling it must be to know that your work was the inspiration for a new state law! That is just awesome!
Nice Work!
Very Good. Things can be fixed occasionally.