Wednesday, August 12, 2015

Boards face September 30 deadline
to adopt budgets

In nearly all Illinois school districts, the first quarter of the fiscal year ends on September 30. That is also the last day for school boards to adopt a balanced budget for the 2015-16 fiscal year.

Although the law requires boards to adopt a balanced budget, the governing statute does not establish a penalty for adopting a budget that is not balanced. However, an unbalanced budget does trigger a statutory requirement that the board must adopt and file with the Illinois State Board of Education a deficit-reduction plan to balance the budget within three years.

Within 30 days of adopting the annual budget, the board also must file a copy with the county clerk and ISBE. These key deadlines for adoption and filing are contained in state law at 105 ILCS 5/17-1 and at 35 ILCS 200/18-50.

These dates are just a few of many deadlines set by statute. A list of such deadlines can be found in the Annual School Calendar that IASB publishes and posts online. The 2014-2015 calendar is still in effect and posted here: Annual School Calendar. A new version for the 2015-2016 school year will be published in the next few weeks.