Public Act 097-0408
 
HB2922 EnrolledLRB097 08756 RLJ 48885 b



    AN ACT concerning State government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:









 
    Section 5. The State Comptroller Act is amended  by adding 
Section 19.5 as follows:
 
    (15 ILCS 405/19.5  new)
    Sec. 19.5. Comprehensive Annual Financial Report (CAFR); 
procedures and reporting.
    (a) On or before October 31, 2012, and on or before each 
October 31 thereafter, State agencies shall report to the 
Comptroller all financial information deemed necessary by the 
Comptroller to compile and publish a comprehensive annual 
financial report using generally accepted accounting 
principles for the fiscal year ending June 30 of that year.  The 
Comptroller may require certain State agencies to submit the 
required information before October 31 under a schedule 
established by the Comptroller.   If a State agency has submitted 
no or insufficient financial information by October 31, the 
Comptroller shall serve a written notice to each respective 
State agency director or secretary about the delinquency or 
inadequacy of the financial information.
    (b) If the financial information required in subsection (a) 
is submitted to the Comptroller on or before October 31 and  
that information has been audited by the Auditor General, the 
Comptroller shall publish a comprehensive annual financial 
report using generally accepted accounting principles for the 
fiscal year ending June 30 of that year by December 31.  If the 
information as required by subsection (a) is not provided to 
the Comptroller in time to publish the report by December 31, 
then upon notice from the Comptroller of the delay, each 
respective State agency director or secretary shall report his 
or her State agency's delinquency and provide an action plan to 
bring his or her State agency into compliance to the 
Comptroller, the Auditor General, the Office of the Governor, 
the Speaker and Minority Leader of the House of 
Representatives, and the President and Minority Leader of the 
Senate.  Upon receiving that report from a State agency director 
or secretary, the Comptroller shall post that report with the 
action plan on his or her official website.
    (c) If a comprehensive annual financial report using 
generally accepted accounting principles cannot be published 
by December 31 due to insufficient or inadequate reporting to 
the Comptroller or if the Office of the Auditor General has not 
completed an audit of the comprehensive annual financial 
report, the Comptroller may issue interim reports containing 
financial information made available by reporting State 
agencies until an audit opinion is issued by the Auditor 
General on the comprehensive annual financial report.

 
    Section 99. Effective date. This Act takes effect upon 
becoming law.