summary
Introduced
01/29/2025
01/29/2025
In Committee
04/08/2025
04/08/2025
Crossed Over
04/07/2025
04/07/2025
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Governmental Account Audit Act. Modifies the audit procedures for governmental units under the Act for the governmental units fiscal years 2027 and after, including: (1) modifying the definitions of "audit report" and "report", and adds a definition for "annual financial report"; (2) requiring the governing body of each governmental unit to conduct an audit every 2 years (rather than annually) of the accounts of the unit to be made by an auditor or auditors, and modifying the requirements of the audits; (3) allowing an exception for a governmental unit receiving revenue of less than $1,400,000 for any fiscal year, with the amount to increase or decrease by a percentage equal to the Consumer Price Index-U as reported on January 1 of each year, to provide a 4-year audit report and annual financial report or annual financial report under specified requirements (rather than a governmental unit receiving revenue of less than $850,000 for any fiscal year providing a 4-year audit report and annual financial report or annual financial report under specified requirements); and (4) modifying the requirements for signing, copying, and filing completed reports. Amends the Township Code to make conforming changes. Effective immediately.
AI Summary
This bill modifies the Governmental Account Audit Act to change audit requirements for governmental units, primarily focusing on audit frequency and financial reporting. Starting in fiscal year 2027, governmental units will be required to conduct audits every two years instead of annually, covering the two most recent fiscal years. The bill increases the revenue threshold for smaller governmental units from $850,000 to $1,400,000, with this threshold to be adjusted annually based on the Consumer Price Index-U. For governmental units receiving less than $1,400,000 in revenue, they may either conduct a comprehensive audit once every four years or file an annual financial report that is approved by a three-fifths majority vote of the unit's board. The bill also updates definitions related to audit reports and financial reports, and requires all reports to be submitted electronically to the Comptroller, who must then post them online. Additionally, the bill makes conforming changes to the Township Code to align with these new audit requirements. The goal appears to be to reduce administrative burden on smaller governmental units while maintaining financial transparency and accountability.
Committee Categories
Government Affairs
Sponsors (21)
Brad Fritts (R)*,
Adriane Johnson (D)*,
Jason Bunting (R),
Fred Crespo (D),
Anthony DeLuca (D),
Martha Deuter (D),
David Friess (R),
Brad Halbrook (R),
Norine Hammond (R),
Gregg Johnson (D),
Tony McCombie (R),
Charlie Meier (R),
Suzanne Ness (D),
Kevin Olickal (D),
Aarón Ortíz (D),
Rick Ryan (D),
Dave Severin (R),
Dan Swanson (R),
Dennis Tipsword (R),
Rachel Ventura (D),
Patrick Windhorst (R),
Last Action
Added as Alternate Co-Sponsor Sen. Rachel Ventura (on 04/30/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1911&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB1911eng.htm |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB1911.htm |
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