Annual Legal Budget
District 201-U Financial Creed
The Board and Administration of the district is committed to financial practices that exemplify transparency in governance, accountability to the public and fiscal responsibility to the local tax payers of the district.
Each year the school board must create a budget that reveals the district’s income and expenses and it must make its annual budget available for public inspection. The budget is the school district’s plan for how it will allocate and expend revenue dollars. It is the basis for a school district’s tax levy.
The tentative budget must be displayed at least 30 days prior to its adoption. A public hearing must be held prior to the adoption of the budget. The district must publish a legal notice indicating availability for the public to inspect the tentative budget, including the date, time, and location of the public hearing (105 ILCS 5/17-1).
Public statute requires that the district’s budget be balanced, but establishes no penalty for the failure to do so except a requirement that if the budget is not balanced, the school district must adopt and file with the State Board of Education a deficit reduction plan to balance the budget within three years.
Districts must adopt an annual budget by the end of the first quarter of the fiscal year. September 30 is the end of the first quarter of the fiscal year for most Illinois school districts and the last day to adopt the annual budget. Within 30 days of adoption, the annual budget must be (1) filed with the county clerk (35 ILCS 200/18-50) and (2) transmitted electronically with a deficit reduction plan, if required, to the Illinois State Board of Education (105 ILCS 5/17-1, amended 07/01/2006). If a school district has an Internet web site, the current annual budget must be posted on the web site. Parents or guardians of the school district’s students must be notified of the budget’s availability and the web site address (105 ILCS 5/17-1.2).
Below are electronic copies of adopted budgets from the last several years along with any finance presentations that were given to the Board of Education concerning the adopted budgets.