summary
Introduced
03/07/2025
03/07/2025
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the School Finance Authority Act of the School Code. Reinstates the School Finance Authority and reverts any powers, duties, rights, or property granted to the Chicago Board of Education upon the abolition of the original Authority established by the Article back to the Authority. Provides that any powers, duties, rights, or property granted to the Board before the abolition of the original Authority and after the reinstatement of the Authority under the amendatory Act shall remain vested in the Board. Updates the expiration dates of terms of the Chairman, the 2 Directors of the Authority appointed by the Governor, and the 2 Directors of the Authority appointed by the Mayor. Requires the Board to adopt and submit for approval a financial plan on or before March 1, 2027 and adopt and submit for approval a budget on or before February 1, 2027 with respect to the remaining portion of the fiscal year ending in 2027. Requires the Board, beginning in fiscal year 2029 and every second year thereafter, to adopt a financial plan covering a period of 2 fiscal years. Requires the Board to submit a staffing plan for the fiscal year ending in 2027 to the Authority within 90 days after the effective date of the amendatory Act. Makes other changes.
AI Summary
This bill reinstates the Chicago School Finance Authority, a financial oversight body for the Chicago Board of Education that had previously been abolished. The bill updates and clarifies the Authority's powers, responsibilities, and governance structure, including specific changes to terms of directors and chairman, financial planning requirements, and administrative procedures. Key provisions include requiring the Board to submit a financial plan by March 1, 2027, for the remaining portion of fiscal year 2027 and the two subsequent fiscal years, and mandating that beginning in fiscal year 2030, the Board must adopt a financial plan covering two fiscal years. The bill also restores all powers, duties, rights, and property previously granted to the Authority back to the Authority, effectively reversing its earlier abolition. Additionally, the bill specifies that any powers or rights granted to the Board during the Authority's previous abolition will remain with the Board, creating a clear delineation of responsibilities and administrative control. The legislation aims to provide enhanced financial oversight and support for the Chicago public school system by reestablishing a dedicated financial authority with comprehensive monitoring and regulatory capabilities.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Assigned to Executive Committee (on 02/24/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4017&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB4017.htm |
Loading...