Illinois Compiled Statutes 60 ILCS 1/85-65 – Accumulation of funds
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Terms Used In Illinois Compiled Statutes 60 ILCS 1/85-65
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Township funds, including, but not limited to, general assistance funds and excluding the township’s capital fund, shall not exceed an amount equal to or greater than 2.5 times the annual average expenditure of the previous 3 fiscal years. Townships on a cash basis or modified cash basis of accounting may only count levied tax funds toward the total township funds calculated under this Section if received within the township’s fiscal year. The highway commissioner’s equipment and building fund is considered a capital fund account and is not subject to this Section.