The School Board’s Financial Calendar
Excerpted from Essentials of Illinois School Finance, Tenth Edition,by James B. Fritts, Ph.D. with Senior Editor Ann Williams, Ed.D.
The board of education is responsible for performing many duties necessary to securing and expending district funds. Among them are adoption of the annual budget and tax levy, reviewing and approving the annual audit and financial report, awarding contracts for goods and services after competitive bids and proposals, authorizing budget transfers and borrowing as required, overseeing the investment of school funds, and approval of monthly financial reports and expenditures.
Some of these responsibilities occur only once each year — for example, the review of the audit. Some, such as the adoption of the budget and tax levy, must follow specific calendar requirements. Some occur monthly, including review and approval of expenditures. Some occur only as needed, including borrowing, which is done in a series of steps prescribed by the requirements of the borrowing instrument.
Excerpted from Chapter 25 of Essentials of Illinois School Finance, this article presents a sample annual calendar of the board’s financial duties and information on the annual audit. The Tenth Edition of Essentials of Illinois School Finance was published in 2024 and is available for purchase from the IASB Bookstore. The publication provides updated information on the basic principles and operations of Illinois school financial management.
Read the full article via the Journal’s digital edition. The Tenth Edition of Essentials of Illinois School Finance was published in 2024 and is available for purchase from the IASB Bookstore. Author James B. Fritts is a senior associate of Hazard, Young, Attea and Associates, where he specializes in administrative selection, organizational studies, and financial planning. He has taught graduate courses in educational administration and finance at Loyola University Chicago, and currently teaches at Northeastern Illinois University. He is a frequent presenter at conferences and workshops of the Illinois Association of School Business Officials and the Illinois Association of School Boards. Senior Editor Ann Williams is Deputy Superintendent for Operations and Treasurer for Elgin-based School District U-46. A leader in the school business profession, she serves on the Illinois State Board of Education’s Professional Review Panel which oversees the Evidence-Based Funding model for Illinois public schools.