105 ILCS 5/34A-403
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34A - School Finance Authority

 (from Ch. 122, par. 34A-403)Sec. 34A-403.     Financial Plans.     The Board shall develop, adopt and submit  to the Authority on or before March 1, 1980, for approval by the Authority,  an initial Financial Plan with respect to the remaining portion of the  Fiscal Year ending in 1980 and for the two succeeding Fiscal Years.  The  Board shall develop and adopt subsequent Financial Plans in accordance with  this Section.  Beginning with the Fiscal  Year beginning in 1993, and every second year thereafter, the Board shall adopt  a Financial Plan covering a period of 2 fiscal years.  After adoption by  the Board, the Board shall submit each plan to the Authority for its approval  not later than 30 days prior to the commencement of the first Fiscal  Year to  which the Financial Plan relates, except that the Financial Plan to be  developed for the Fiscal Years beginning in 1993 and 1994 shall be submitted to  the Authority within 90 days of the effective date of this amendatory Act of  1993.  The Authority shall approve or reject the Financial Plan within 15  days of its  receipt of the Financial Plan from the Board.  No Financial Plan shall have  force or effect without approval of the Authority.  Each Financial Plan shall  be developed, submitted, approved and monitored in accordance with the  following procedures:(a) The Board shall determine and submit to the Authority, at a time and  in a manner prescribed by the Authority, estimates of revenues available  to the Board during the period for which the Financial Plan is to be in  effect.  The Authority shall approve, reject or amend the revenue estimates.  In the event the Board fails, for any reason, to submit to the Authority  estimates of revenue as required by this paragraph, the Authority may prepare  such estimates.  The Financial Plan submitted by the Board shall be based  upon revenue estimates approved or prepared by the Authority.  As soon as practicable following the establishment of the Authority, the  President of the Board shall, at the request of the Chairman of the Authority,  make available to the Chairman of the Authority copies of the audited financial  statements and of the books and records of account of the Board for the  preceding 5 fiscal years of the Board.(b) Each Financial Plan for each Fiscal Year or part thereof to which  it relates, shall contain (i) a description of revenues and expenditures,  provision for debt service, cash resources and uses, and capital improvements,  each in such manner and detail as the Authority shall prescribe, (ii) a  description of the means by which the Budget will be brought into balance  in accordance with Section 34A-402 of this Article,  and (iii) such other matters that the Authority, in its discretion, requires.  The initial Financial Plan shall also include a description of the means  by which any outstanding short-term indebtedness shall be paid or refunded  by the Board.  The Authority may prescribe any reasonable time, standards,  procedures or forms consistent with this Section for preparation and  submission of the Financial Plan.(c) The Authority shall approve the initial and each subsequent Financial  Plan if, in its  judgment, the plan is complete, is reasonably capable of being achieved,  and meets the requirement set forth in Section 34A-402 of this Article.  Otherwise, the Authority shall reject the Financial  Plan.  In the event of rejection, the Authority may prescribe a procedure  and standards for revision of the Financial Plan by the Board.(d) The Board shall report to the Authority, at such times and in such  manner as the Authority may direct, concerning the Board's compliance with  each Financial Plan.  The Authority may review the Board's operations, obtain  budgetary data and financial statements, require the Board to produce reports,  and have access to any other information in the possession of the Board  that it deems relevant.  The Authority may issue recommendations or directives  within its powers to the Board to assure compliance with the Financial Plan.  The Board shall produce such budgetary data, financial statements, reports  and other information and comply with such directives.(e) After approval of each Financial Plan, the Board shall regularly  reexamine the revenue and expenditure estimates on which it was based and  revise them as necessary.  The Board shall promptly notify the Authority of any  material change in the revenue or expenditure estimates in the Financial Plan.  The Board may submit to the Authority, or the Authority may require the Board  to submit, modified Financial Plans based upon revised revenue or expenditure  estimates or for any other good reason.  The Authority shall approve or reject  each modified Financial Plan pursuant to paragraph (c) of this Section.    (Source: P.A. 88-511.)