Illinois · 104th session
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…
Added as Alternate Co-Sponsor Sen. Rachel Ventura (2025-04-30)