Bill > HB1082

This bill modifies the audit reporting requirements for municipalities in Illinois, with changes primarily taking effect in Fiscal Year 2027. The bill redefines key terms related to municipal audits, including "audit report" and "annual financial report," and establishes new reporting guidelines based on a municipality's population, utility ownership, and bonded debt status. Specifically, municipalities with less than 1,000 residents that do not own utilities or have bonded debt will file an annual financial report, while those with less than 1,000 residents that own utilities or have bonded debt will file an annual financial report and an audit report every four years (unless the audit contains an adverse opinion, in which case they must file annually). Municipalities with 1,000 or more residents will be required to file both an annual audit report and an annual financial report each year. All reports must be submitted electronically to the Comptroller within 180 days of the fiscal year's close, and the Comptroller is required to post these reports online within 45 days of receipt. The bill aims to streamline and standardize financial reporting requirements for municipalities of different sizes and financial characteristics.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1082&GAID=18&DocTypeID=HB&SessionID=114&GA=104