SCH CD-FINANCE ACCOUNTABILITY

Amends the School Code. Makes changes concerning school districts certified to be in financial difficulty, a district's account audit, the removal of school board members, the interest of a district's general counsel in contracts, the adoption by a school board of a formal, written financial policy, the development by a school board of a long-term financial plan and a 5-year capital improvement plan, the inclusion of a user-friendly executive summary as part of a district's budget, the inclusion of certain items in the full budget document, school board training on financial oversight, accountability, and fiduciary responsibilities, the establishment of an audit committee, an Education Inspector General, and school board associations. Effective immediately, except that certain provisions take effect July 1, 2009.