SR1168LRB101 21390 MST 72021 r


  
1
SENATE RESOLUTION

  
 
2    WHEREAS, The State Board of Education (ISBE) is charged 
3with promoting sound financial management of the public schools 
4in the State; and
  
 
5    WHEREAS, The finances of school districts vary across the 
6State; and
  
 
7    WHEREAS, During the two-and-a-half-year budget impasse, 
8many school districts were forced to borrow on lines of credit 
9to cover basic functions; and
  
 
10    WHEREAS, The interest imposed on these lines of credit 
11impose new and continuing financial burdens on the school 
12districts, which can contribute to increases in local property 
13taxes; and
  
 
14    WHEREAS, Some school districts have excess cash reserves 
15but continue to increase property tax levies nevertheless; and
  
 
16    WHEREAS, The amount maintained in school district reserves 
17can vary widely based on foreseeable projects and on 
18restrictions in each district, contributing to wide 
19disparities in school funding and property tax burdens for the 
20residents of the State of Illinois; therefore, be it
  
 
 
 
SR1168- 2 -LRB101 21390 MST 72021 r

1    RESOLVED, BY THE SENATE OF THE ONE HUNDRED FIRST GENERAL 
2ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the State Board 
3of Education to  issue guidance and best practices for school 
4districts with regard to debt service and reserve ratios; this 
5guidance should discuss appropriate funding sources and 
6reserves for capitol maintenance and planning projects that do 
7not overly burden property owners in a school district; and be 
8it further
  
 
9    RESOLVED, That a suitable copy of this resolution be 
10delivered to the ISBE.