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| | HB4811 Enrolled | | LRB098 16578 JLK 51646 b |
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1 | | AN ACT concerning local government.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Governmental Account Audit Act is amended by |
5 | | changing Section 3 as follows:
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6 | | (50 ILCS 310/3) (from Ch. 85, par. 703)
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7 | | Sec. 3.
Any governmental unit receiving revenue of less |
8 | | than $850,000 for any fiscal year shall,
in lieu of complying |
9 | | with the requirements of Section 2 for audits and
audit |
10 | | reports, beginning with fiscal year 2016, either: (i) cause an |
11 | | audit of the accounts of the unit to be made once every 4 years |
12 | | and file with the Comptroller an annual a financial report |
13 | | containing
information required by the Comptroller , or (ii) |
14 | | file with the Comptroller an annual financial report containing |
15 | | information required by the Comptroller, a copy of which has |
16 | | been provided to each member of that governmental unit's board |
17 | | of elected officials, presented either in person or by a live |
18 | | phone or web connection during a public meeting, and approved |
19 | | by a 3/5 majority vote . In addition, a governmental unit
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20 | | receiving revenue of less than $850,000
may file with the |
21 | | Comptroller any audit
reports which may have been prepared |
22 | | under any other law. Any governmental
unit receiving revenue of |
23 | | $850,000 or more for
any fiscal year shall, in addition
to |