HB5971 96TH GENERAL ASSEMBLY

LRB096 18483 RLJ 33863 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5971

Introduced 2/10/2010, by Rep. Jil Tracy

SYNOPSIS AS INTRODUCED:

50 ILCS 310/3	from Ch. 85, par. 703
65 ILCS 5/8-8-11 new

Amends the Governmental Account Audit Act and the Illinois Municipal Code. Provides that any unit of local government receiving revenue of $100,000 or less for any fiscal year shall cause an audit of its funds and accounts to be made by an accountant employed by the unit of local government or retained by the Comptroller for fiscal year 2010 and every third fiscal year thereafter or until the unit of local government receives revenue of more than $100,000. 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 3 as follows:

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

Sec. 3. Financial report.

(a) 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 a financial report containing information required by the Comptroller. 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.

(b) Notwithstanding any provision of law to the contrary, any unit of local government receiving revenue of $100,000 or less for any fiscal year shall cause an audit of its funds and accounts to be made by an accountant employed by the unit of local government or retained by the Comptroller for fiscal year 2010 and every third fiscal year thereafter or until the unit of local government receives revenue of more than $100,000.

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

Section 10. The Illinois Municipal Code is amended by adding Section 8-8-11 as follows:

(65 ILCS 5/8-8-11 new)

Sec. 8-8-11. Audit requirements for certain municipalities. Notwithstanding any provision of law to the contrary, if a municipality receives revenue of $100,000 or less for any fiscal year, then the municipality shall cause an audit of the funds and accounts of the municipality to be made by an accountant employed by the municipality or retained by the Comptroller for fiscal year 2010 and every third fiscal year thereafter or until the municipality receives revenue of more than $100,000.

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