The Superintendent or designee shall maintain fund balances adequate to ensure the District’s ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money.
The School District seeks to maintain year-end fund balances no less than the range of 25-30 percent of the annual expenditures.
CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits)
LEGAL REF.: 105 ILCS 5/10-22.33, 5/17-1, 5/17-2A, 5/20-5, and 5/20-8.
CROSS REF.: 4:10, 4:30, 4:80
ADOPTED: October 4, 1999
REVISED: October 30, 2008; July 28, 2011, August 2018