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Wednesday, September 13, 2017

New Law Impacts Townships' Ability to Accumulate Funds

Townships need to be aware of Illinois House Bill 1896, recently enacted as P.A. 100-474. This new law, which became effective on September 8, 2017,  amended the Township Code to include a new section that specifies that townships may not accumulate funds (excluding the township’s capital fund), that exceed 2.5 times the township’s annual expenditures from the previous three fiscal years. While this law does not impact accumulations in townships’ corporate funds, it will impact all other funds, including general assistance, IMRF, etc. 

Post Authored by Keri-Lyn Krafthefer, Ancel Glink


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