summary
Introduced
01/30/2025
01/30/2025
In Committee
04/11/2025
04/11/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
104th General Assembly
Bill Summary
Amends the Governmental Account Audit Act. Provides that any governmental unit receiving revenue of less than $1,500,000 (rather than $850,000) for any fiscal year shall, in lieu of causing an annual audit of the accounts of the unit to be made, either (i) cause an audit of the accounts of the unit to be made once every 4 years and file with the Comptroller an annual financial report containing information required by the Comptroller or (ii) file with the Comptroller an annual financial report containing information required by the Comptroller, a copy of which has been provided to each member of that governmental unit's board of elected officials, presented either in person or by a live phone or web connection during a public meeting, and approved by a 3/5 majority vote. Makes conforming changes. Effective immediately.
AI Summary
This bill amends the Governmental Account Audit Act to raise the revenue threshold for smaller governmental units from $850,000 to $1,500,000, which changes their audit requirements. Under the new provisions, governmental units receiving less than $1,500,000 in annual revenue have two options: (1) they can conduct a full audit once every four years and file an annual financial report with the Comptroller, or (2) they can file an annual financial report with the Comptroller that has been presented during a public meeting, provided to each board member, and approved by a three-fifths majority vote. The bill maintains existing exemptions for certain types of governmental units like school districts, large counties, and those already subject to specific auditing laws. The goal appears to be reducing administrative burden for smaller governmental units while still maintaining financial transparency through alternative reporting mechanisms. All reports must be submitted electronically to the Comptroller, who will post them online within 45 days, and must include the name of the person responsible for overseeing competitively bid contracts. The changes are effective immediately upon enactment.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee (on 04/11/2025)
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=2352&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| House Amendment 003 | https://www.ilga.gov/legislation/104/HB/10400HB2352ham003.htm |
| House Amendment 002 | https://www.ilga.gov/legislation/104/HB/10400HB2352ham002.htm |
| House Amendment 001 | https://www.ilga.gov/legislation/104/HB/10400HB2352ham001.htm |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB2352.htm |
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