Operational ServicesFund BalancesThe Director or designee shall maintain fund balances adequate to ensure DAOES’ ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Director or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money.
DAOES seeks to maintain a year-end fund balance to revenue ratio of no less than the range of 15-20 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile of the annual expenditures in each fund.
CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits)
Adopted: November 21, 2019