95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0792

 

Introduced 2/7/2007, by Rep. Bob Biggins

 

SYNOPSIS AS INTRODUCED:
 
70 ILCS 2605/5.13   from Ch. 42, par. 324w

    Amends the Metropolitan Water Reclamation District Act. Provides that the annual financial report for the District shall contain financial information required by generally accepted accounting principles for governments (instead of other specified information). Effective immediately.


LRB095 04917 HLH 24983 b

 

 

A BILL FOR

 

HB0792 LRB095 04917 HLH 24983 b

1     AN ACT concerning special districts.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Metropolitan Water Reclamation District Act
5 is amended by changing Section 5.13 as follows:
 
6     (70 ILCS 2605/5.13)  (from Ch. 42, par. 324w)
7     Sec. 5.13. The clerk shall prepare on or before the first
8 (1st) day of July of each year after the year 1943, an annual
9 financial report which shall contain financial information
10 required by generally accepted accounting principles (GAAP)
11 for governments. at least the following information:
12     (1) A separate balance sheet for each fund of the district
13 showing the assets and liabilities in sufficient detail to
14 indicate the true financial condition of each of the several
15 funds.
16     (2) A combined balance sheet indicating the true financial
17 condition of the district as a whole.
18     (3) Statements of income and expense for each fund of the
19 district; such statement shall indicate income by sources, and
20 expenses by functions (activities), organization units and
21 objects.
22     (4) For each fund of the district a statement of cash
23 receipts by sources compared with the estimated receipts for

 

 

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1 the year under review and a condensed statement of cash
2 disbursements.
3     (5) An analysis of surplus statement for each fund of the
4 district, such statement shall show the amount of the surplus
5 at the beginning of the year, the changes during the year in
6 sufficient detail to indicate the specific composition
7 thereof, and the amount of the surplus at the end of the year.
8     (6) For each fund a statement for the budget year of
9 expenditures and encumbrances by organization units, objects
10 and functions (activities), showing the amounts appropriated,
11 the amounts transferred during that year, adjusted
12 appropriations, the amounts disbursed, the balance not
13 disbursed, the amounts encumbered, the total disbursed and
14 encumbered and the unencumbered balance in each item of
15 appropriation in the budget for that year.
16     (7) An analysis of net taxes receivable by tax years for
17 each of the tax levies for five years next preceding the budget
18 year.
19     (8) Such additional tables, charts, graphs, or other
20 statistical material as may be deemed desirable by the clerk.
21     Provided, however, that the statements to be prepared for
22 1943 and prior years, where the accounts have not been kept on
23 the basis herein prescribed, shall be compiled on the presently
24 used basis of accounting and compiled as nearly as practicable
25 as herein prescribed.
26     Copies of the annual financial report shall be made

 

 

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1 conveniently available in the office of the Sanitary District
2 to the public and shall be issued to any person upon payment of
3 a reasonable amount therefor. Nothing in this section shall be
4 construed to mean that the annual financial report may not be
5 combined with the annual audit report and the two published
6 simultaneously as one report.
7 (Source: Laws 1943, vol. 1, p. 599.)
 
8     Section 99. Effective date. This Act takes effect upon
9 becoming law.