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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