99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
Introduced , by Rep. Marcus C. Evans, Jr.
SYNOPSIS AS INTRODUCED:
Creates the Municipal Financial Distress Alert System Act. Requires
the State Comptroller to establish an index system to identify
municipalities that are in or approaching financial distress. Provides that
the Comptroller shall use the index system to indicate municipalities that
have failed to submit annual audits or financial reports to the Comptroller
as required by law. Requires the Comptroller to annually review audits and
financial reports obtained under the Governmental Account Audit Act and
publish a report identifying municipalities that are in or approaching
financial distress. Defines terms.
A BILL FOR
|HB3856||LRB099 07928 JLK 28068 b|
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Municipal Financial Distress Alert System Act.
The purpose of this Act is to establish
an alert system, directed by the State Comptroller, to annually
identify municipalities that are in or approaching financial
For the purpose of this Act,
unless context indicates otherwise:
"Municipality" means a city, village, or town with a
population of less than 100,000 that is subject to the
Governmental Account Audit Act.
"Financial distress" means a financial state in which a
municipality is in danger of being unable to provide basic
services or pay bills as they come due, according to criteria
established by the State Comptroller in consultation with the
State Comptroller Local Government Advisory Board.
"Financial indicators" means a municipality's reported
revenues, expenditures, debt, liabilities, assets, and pension
liabilities across all funds and component units derived from