On August 5, 2016, Governor Rauner signed HB 5529, which extends the time period during which school districts may make certain interfund transfers from the previous sunset date of June 30, 2016, to June 30, 2019. Public Act 99-0713 became effective immediately upon signature.
First, the time period during which school districts may transfer money between the Education, Operations and Maintenance, and Transportation funds, for reasons other than meeting one-time, non-recurring expenses, has been extended to June 30, 2019. After June 30, 2019 (previously June 30, 2016), permanent transfers between the Education, Operations and Maintenance, and Transportation Funds may be made only for the purpose of meeting one-time, non-recurring expenses. Note that the existing requirements for a public hearing (preceded by published and posted notice) and a resolution for such a transfer remain unchanged.
In addition, the sunset date for the provision allowing the transfer of surplus Life Safety taxes and interest earnings thereon to the Operations and Maintenance Fund for building repair work also has been extended to June 30, 2019. Again, the existing requirements for public notice, public hearing, and a resolution remain in effect.
Please contact Heather Brickman with your interfund transfer questions.
