HB5906 - SCH CD-CHI SCHOOL FINANCE AUTH

1 Co-Sponsor

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, 2026 and adopt and submit for approval a budget on or before February 1, 2026 with respect to the remaining portion of the fiscal year ending in 2026. Requires the Board, beginning in fiscal year 2028 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 2026 to the Authority within 90 days after the effective date of the amendatory Act. Makes other changes.