The legal budget is often referred to as the Illinois State Board of Education's Form 50-36, which is required to be completed by all school districts in Illinois. As required by law, the budget is placed on public display for not less than 30 days after publication of a notice in the newspaper circulated in the district, announcing its availability for inspection and giving the date of a public hearing. The budget adoption deadline is September 30 of each school year. Once the budget has been adopted, each Board member is required to sign the cover page. The legal budget is then filed with the State of Illinois, the Kendall County Clerk's Office, and the Regional Office of Education within 30 days of adoption. As also required by law, the legal budget is posted on the district website. Budget Fiscal Year 2018
Annual Financial Report
The Annual Financial Report (AFR) is prepared in the form prescribed by the Illinois State Board of Education. AFR 2017
Annual Statement of Affairs
Section 10-17 of the School Code (105 ILCS 5/10-17) requires school districts/joint agreements to publish an Annual Statement of Affairs (ASA) summary report in a local newspaper of general circulation by December 1 annually. The ASA must also be submitted to the Illinois State Board of Education for posting on the agency's website by December 15 of each year, and retained in the district’s administrative offices. ASA 2017
The Board of Education must adopt its levy and certify it with all applicable county clerks no later than the last Tuesday in December. It is the largest, most stable, and most reliable source of revenue for most school districts.
A property tax levy is the amount of money that a school district requests annually from property owners in order to operate the district the following school year. The amount that Yorkville CUSD 115 can request from taxpayers is limited by a tax cap (Property Tax Extension Limitation Law-PTELL).
Vendor Contracts that Exceed $25,000
According to the Illinois School Code (105 ILCS 5/10-20.21), school boards are required to award all contracts for supplies, materials, or work involving an expenditure in excess of $25,000 to the lowest responsible bidder considering conformity with specifications, terms of delivery, quality, and serviceability after due advertisement.
Annually, school districts must list on the district's website all vendor contracts over $25,000 and any contract that the school board enters into with an exclusive bargaining representative. Vendor Contracts > $25,000