96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5971


 
Introduced 2/10/2010, by Rep. Jil Tracy
 
SYNOPSIS AS INTRODUCED:
 		





 


  



50 ILCS 310/3
  from Ch. 85, par. 703



65 ILCS 5/8-8-11 new











     Amends the Governmental Account Audit Act and the Illinois Municipal Code. Provides that any unit of local government receiving revenue of $100,000 or less for any fiscal year shall cause an audit of its funds and accounts to be made by an accountant employed by the unit of local government or retained by the Comptroller for fiscal year 2010 and every third fiscal year thereafter or until the unit of local government receives revenue of more than $100,000. Effective immediately.
  















LRB096 18483 RLJ 33863 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






HB5971

LRB096 18483 RLJ 33863 b





  
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    AN ACT concerning local government.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Governmental Account Audit Act is amended by 
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changing Section 3 as follows:
 



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    (50 ILCS 310/3)  (from Ch. 85, par. 703)



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    Sec. 3. Financial report. 
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    (a) Any governmental unit receiving revenue of less than 
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$850,000 for any fiscal year shall,
in lieu of complying with 
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the requirements of Section 2 for audits and
audit reports, 
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file with the Comptroller a financial report containing

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information required by the Comptroller.  In addition, a 
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governmental unit
receiving revenue of less than $850,000
may 
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file with the Comptroller any audit
reports which may have been 
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prepared under any other law. Any governmental
unit receiving 
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revenue of $850,000 or more for
any fiscal year shall, in 
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addition
to complying with the requirements of Section 2 for 
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audits and audit
reports, file with the Comptroller the 
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financial report required by this
Section.  Such financial 
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reports shall be on forms so designed by the
Comptroller as not 
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to require professional accounting services for its

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preparation.
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    (b) Notwithstanding any provision of law to the contrary, 
 


 






HB5971
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LRB096 18483 RLJ 33863 b




1
any unit of local government receiving revenue of $100,000 or 
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less for any fiscal year shall cause an audit of its funds and 
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accounts to be made by an accountant employed by the unit of 
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local government or retained by the Comptroller for fiscal year 
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2010 and every third fiscal year thereafter or until the unit 
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of local government receives revenue of more than $100,000. 

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(Source: P.A. 92-582, eff. 7-1-02.)

 
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    Section 10. The Illinois Municipal Code is amended  by 
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adding Section 8-8-11 as follows:
 
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    (65 ILCS 5/8-8-11 new)
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    Sec. 8-8-11. Audit requirements for certain 
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municipalities. Notwithstanding any provision of law to the 
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contrary, if a municipality receives revenue of $100,000 or 
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less for any fiscal year, then the municipality shall cause an 
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audit of the funds and accounts of the municipality to be made 
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by an accountant employed by the municipality or retained by 
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the Comptroller for fiscal year 2010 and every third fiscal 
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year thereafter or until the municipality receives revenue of 
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more than $100,000.
 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.