FOR IMMEDIATE RELEASE
FOR INFORMATION, CALL
(217) 782-4648 or (312) 814-3490
week, the Illinois State Board of Education voted to accept a request from
The local school board will continue to be responsible for running the district. The district’s finances, however, will be subject to review and approval by the Financial Oversight Panel, which will ensure that the district establishes a viable financial plan and adheres to its provisions.
This spring, the community showed its support for restoring the district’s finances by approving two referendums, a $14.7 million building bond and a $.45 increase in the education tax rate. Even with this strong community support, the district recognized the need for the establishment of a Financial Oversight Panel to get its finances in order.
Under the Financial Oversight Panel, the district is eligible for state emergency financial assistance if the panel concludes it is needed to meet the financial plan it approves for the district. Provisions of the Illinois School Code make the district eligible for up to $250 per student in an emergency financial assistance grant and up to $1,000 per student in an emergency loan. The panel would submit the request for emergency assistance to the State Board for approval.
Marc Spivak, a former school board
president, will serve as the panel’s chairman.
William L. Thompson, a former district and regional superintendent in
“These individuals bring outstanding
skills, knowledge and experience to the challenge of restoring the finances of
One of the first tasks for the panel will be the appointment of a financial administrator, who will act as the panel’s chief executive officer.
The panel will also review the district’s request for emergency financial assistance, which could make additional state funds available to help the district meet its operational needs. If the State Board of Education determines that such assistance is appropriate, the district would be eligible to receive as much as $250 per student in an emergency assistance grant and $1,000 per student in an emergency assistance loan.
Under current law, the Financial Oversight Panel will be in place for at least three years, with a limit of 10 years.
The panel’s powers include, but are not limited to, the following:
· Requiring the district to develop and gain approval of an annual financial plan.
· Requiring an annual balanced budget in accordance with accounting systems and procedures prescribed by the panel.
· Approving any and all bonds, notes and other evidences of indebtedness prior to issuance or sale by the district.
· Approving all contracts and other obligations the panel deems necessary.
· Authorizing a proposal for emergency financial assistance from the state.
The financial administrator
appointed by the panel will work with the
Marc Spivak, an attorney with the
William Thompson has extensive
experience in school administration, including 10 years as superintendent of
Fox Lake Grade School District 114, four years as first assistant
superintendent for the Lake County Educational Service Region and 12 years as
regional superintendent. Since 1991, he
has worked as a consultant to the regional superintendent. Thompson is the father of five children. He and his wife live in
Joseph Monahan’s background in
financial management includes work in the corporate and educational
fields. He recently retired from a
position as business manager for Niles Township High School District 219 and
before that worked as controller and director of internal audit for the
The Panel’s first meeting will be Friday, June 2 at in the