SB1947 94TH GENERAL ASSEMBLY

LRB094 11545 MKM 42520 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1947

Introduced 2/25/2005, by Sen. Chris Lauzen

SYNOPSIS AS INTRODUCED:

50 ILCS 310/3

from Ch. 85, par. 703

Amends the Governmental Account Audit Act. Requires any governmental unit receiving revenue of less than $850,000 for any fiscal year to file with the Comptroller an accurate financial report. Defines "accurate financial report" to mean a clean opinion audited financial statement.

A BILL FOR

AN ACT concerning local government.

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

Section 5. The Governmental Account Audit Act is amended by changing Section 3 as follows:

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

Sec. 3. Any governmental unit receiving revenue of less than $850,000 for any fiscal year shall, in lieu of complying with the requirements of Section 2 for audits and audit reports, file with the Comptroller an accurate a financial report containing information required by the Comptroller. For purposes of this Section, "accurate financial report" means a clean opinion audited financial statement. In addition, a governmental unit receiving revenue of less than $850,000 may file with the Comptroller any audit reports which may have been prepared under any other law. Any governmental unit receiving revenue of $850,000 or more for any fiscal year shall, in addition to complying with the requirements of Section 2 for audits and audit reports, file with the Comptroller the financial report required by this Section. Such financial reports shall be on forms so designed by the Comptroller as not to require professional accounting services for its preparation.

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