LOCAL GOV SURPLUS FUNDS ACT

Summary

The bill caps the cash or cash‑equivalent assets a taxing district can hold at twice the amount it collected in taxes the previous fiscal year, except for municipalities with fewer than 10,000 residents. If a district’s cash balance exceeds that limit at the end of any fiscal quarter, the surplus must be refunded to taxpayers in proportion to each taxpayer’s share of the prior year’s levy. It also preempts home‑rule units from adopting conflicting rules.

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