Illinois Code § 40 ILCS 5/17-108

Fiscal year and school year.
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"Fiscal year" and "school year": Beginning July 1, 1999, the period
beginning on the 1st day of July of one calendar year and ending on the 30th
day of June of the next calendar year. Each fiscal year and each school year
shall be designated for convenience with the same number as the calendar year
in which that fiscal year or school year ends. The fiscal year which begins
September 1, 1998 shall end June 30, 1999.

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