HB 5551

Abstract

Amends the State Finance Act and the School Code. Provides that on or before the 11th and 21st days of each of the months of August through the following June (instead of July), the State Treasurer and the State Comptroller shall transfer from the General Revenue Fund to the Common School Fund and Education Assistance Fund 1/22 (instead of 1/24) of the amount appropriated to the State Board of Education for distribution to all school districts from those Funds. With respect to payments from the Common School Fund, provides that as soon as may be after the 10th and 20th days of each of the months of August through the following June (instead of July), the State Comptroller shall draw his or her warrants upon the State Treasurer as directed by the State Board of Education in an amount equal to 1/22 (instead of 1/24) of the total amount to be distributed to school districts for the fiscal year. Effective July 1, 2006.