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District says it meets disclosures required by Public Acts 102‑0895 and 103‑0394
Summary
The administration presented required disclosures under Public Act 102‑0895 (cash reserve disclosure) and Public Act 103‑0394 (three‑year average operational expenditures) and reported that the principal operating funds are below the 2.5x threshold so no further action is required.
The memorandum included with the hearing materials cites Public Act 102‑0895 and Public Act 103‑0394 and explains the disclosure obligations for school districts. "Public Act 102-0895 requires all school districts to disclose to the public at a public hearing at which the district certifies its budget and levy for the taxable year, the cash reserve balance of all funds held by the district related to its operational levy," the packet states.
The packet also notes the district must present the combined annual average expenditures of its operational funds for the previous three fiscal years, and reports that "since the principal operating funds of the district are not equal to or greater than 2.5 times the district's average combined expenditures in those funds over the prior three years, no further action is required." The materials therefore conclude the district has met the specified statutory disclosure requirements for this levy cycle.
