Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Policy topic
No spam. Unsubscribe anytime.
Board adopts resolution designating interest earnings for FY2026–27
Summary
The board approved a resolution designating interest earned in each district fund as interest (not principal) for the fiscal year beginning July 1, 2026, preserving the option to transfer interest as permitted under state law. The action cites the Illinois administrative code and the School Code.
The Mount Vernon City Schools Board adopted a resolution June 15 designating interest earnings in each fund as interest (not part of principal) for the fiscal year beginning July 1, 2026. The resolution notes 23 Ill. Administrative Code 100.50(a)(4) and reserves the district’s option under Section 10‑22.44 of the School Code (105 ILCS 5/10‑22.44) to later transfer interest amounts where permitted by law.
A motion by Brain Blok, seconded by Sierra Daniels, to adopt the resolution was recorded; roll call recorded Ayes Blok, Daniels, Flanigan, Burge, and Jackson and the motion carried. The treasurer is directed by the resolution to maintain a record of interest earnings by fund as of July 1, 2026, and report that record to the board.
