Bill > SB1408

This bill amends the Governmental Account Audit Act to increase the revenue threshold for smaller governmental units from $850,000 to $1,500,000, which affects how these units are required to handle their financial reporting and auditing. Under the new provisions, governmental units receiving less than $1,500,000 in revenue for a fiscal year have two options: (1) conduct a full audit once every four years and file an annual financial report with the Comptroller, or (2) file an annual financial report with the Comptroller that has been presented during a public meeting, provided to all board members, and approved by a 3/5 majority vote. The bill applies to municipal corporations and political subdivisions of Illinois, with several specific exemptions such as school districts, certain counties, and public housing authorities. The changes aim to reduce the administrative burden on smaller governmental units by providing more flexible reporting requirements while still maintaining financial transparency. All reports must be submitted electronically to the Comptroller, who is required to post them online within 45 days of receipt, and must also publish a list of units not complying with reporting requirements. The bill is effective immediately upon enactment.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1408&GAID=18&DocTypeID=SB&SessionID=114&GA=104