The Financial Administrator appointed by the Financial Oversight Panel shall serve as the Panel’s chief executive officer. The Financial Administrator shall exercise the powers and duties required by the Panel, including but not limited to the following:
         (a) to provide guidance and recommendations to the
    
local board and officials of the school district in developing the district’s financial plan and budget prior to board action;
        (b) to direct the local board to reorganize its
    
financial accounts, budgetary systems, and internal accounting and financial controls, in whatever manner the Panel deems appropriate to achieve greater financial responsibility and to reduce financial inefficiency, and to provide technical assistance to aid the district in accomplishing the reorganization;
        (c) to make recommendations to the Financial
    
Oversight Panel concerning the school district’s financial plan and budget, and all other matters within the scope of the Panel’s authority;
        (d) to prepare and recommend to the Panel a proposal
    
for emergency State financial assistance for the district, including recommended terms and conditions of repayment, and an operations budget for the Panel to be funded from the emergency assistance or from deductions from the district’s general State aid or evidence-based funding;
        (e) to require the local board to prepare and submit
    
preliminary staffing and budgetary analyses annually prior to February 1 in such manner and form as the Financial Administrator shall prescribe; and
        (f) subject to the direction of the Panel, to do all
    
other things necessary or convenient to carry out its purposes and exercise the powers given to the Panel under this Article.

Terms Used In Illinois Compiled Statutes 105 ILCS 5/1B-7

  • Oversight: Committee review of the activities of a Federal agency or program.
  • Panel: means the Financial Oversight Panel created under Section 1B-4;
         (b) "Board" means a local board of education;
         (c) "Budget" means the annual budget of the board required under Section 17-1 and is subject to the authority of the Panel as provided in this Article;
         (d) "Chairman" means the chairman of the Panel appointed pursuant to Section 1B-5 of this Article;
         (e) "District" means any school district of this State not subject to the provisions of Article 34;
         (f) "Financial plan" means the financial plan of the board required to be developed pursuant to this Article;
         (g) "Fiscal year" means the fiscal year of the board;
         (h) "School year" means the school year of the board;
         (i) "State Board" means the Illinois State Board of Education;
         (j) "State Superintendent" means the State Superintendent of Education. See Illinois Compiled Statutes 105 ILCS 5/1B-3
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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