HB1269 95TH GENERAL ASSEMBLY

LRB095 04772 HLH 24831 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1269

Introduced 2/15/2007, by Rep. Robert Rita

SYNOPSIS AS INTRODUCED:

50 ILCS 310/9

from Ch. 85, par. 709

Amends the Governmental Account Audit Act. Provides that certain governmental units may levy an auditing tax in an amount that is sufficient to pay the expenses associated with required audits. Effective immediately.

FISCAL NOTE ACT MAY APPLY

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 9 as follows:

(50 ILCS 310/9) (from Ch. 85, par. 709)

Sec. 9. The expenses of the audit and investigation of public accounts provided for by this Act, whether ordered by the governing body or the Comptroller, shall be paid by the governmental unit for which the audit is made. Payment shall be ordered by the governing body out of the funds of the unit and such authorities shall make provision for payment. Contracts for the performance of audits required by this Act may be entered into without competitive bidding. If the audit is made by a licensed public accountant retained by the Comptroller, the governmental unit shall pay to the Comptroller actual compensation and expenses to reimburse him for the cost of making such audit.

The governing body of any governmental unit having taxing powers may levy an auditing tax on all taxable property in the unit as equalized or assessed by the Department of Revenue in an amount that will not require extension of such tax at a rate produce a sum that is sufficient to pay the costs of the audit expenses required by this Act in excess of .005% of the value of all taxable property in the unit as equalized or assessed by the Department of Revenue. This auditing tax may be in excess of or in addition to any statutory limitation of rate or amount. Money received from the auditing tax shall be held in a special fund and used only for the payment of auditing expenses.

(Source: P.A. 81-1509.)

Section 99. Effective date. This Act takes effect upon becoming law.