Public Act 097-1055
Public Act 1055 97TH GENERAL ASSEMBLY
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Public Act 097-1055
| | SB3794 Enrolled | LRB097 20441 HLH 65939 b |
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| AN ACT concerning State government.
| Be it enacted by the People of the State of Illinois,
| represented in the General Assembly:
| Section 1. Short title. This Act may be cited as the | Financial Reporting Standards Board Act.
| Section 5. Definitions. As used in this Act: | "Board" means the Financial Reporting Standards Board
| created under Section 10 of this Act.
| "CAFR" means the Comprehensive Annual Financial Report | required under Section 19.5 of the State Comptroller Act. | "Comptroller" means the Comptroller of the State of
| Illinois.
| "GAAP Coordinator" means a designated representative, | employed by a State agency or component unit of the State, who | is responsible for submission to the Office of the Comptroller | all required documentation, as determined by the Office of the | Comptroller, necessary for the preparation of the | Comprehensive Annual Financial Report. | "Internal auditor" means an auditor employed by a State
| agency under the Fiscal Control and Internal Auditing Act.
| "Licensed Certified Public Accountant" has the meaning
| provided in Section 0.03 of the Illinois Public Accounting Act.
| "Registered Certified Public Accountant" has the meaning
|
| provided in Section 0.03 of the Illinois Public Accounting Act.
| "State agency" means all departments, officers,
| commissions, boards, authorities, institutions, universities, | foundations, and bodies politic and corporate of the State that | are required to submit financial
reporting information to the | Office of the Auditor General, the
Office of the Comptroller, | or the federal government.
"State agency" does not include the | legislative branch or judicial branch.
| Section 10. Financial Reporting Standards Board;
creation.
| (a) There is created the Financial Reporting Standards
| Board. The Board shall assist the State in
improving the | timeliness, quality, and processing of
financial reporting for | the State. | (b) The Board shall consist of 3 members appointed by the | Comptroller and 3 members appointed by the Governor, all with | the advice and consent of the Senate. | (c) At least one member appointed by the Comptroller and at | least one member appointed by the Governor shall be a licensed | or registered Certified Public Accountant. Any member who is | not a licensed or registered Certified Public Accountant shall | have relevant experience in business, government accounting, | or finance. | (d) Of the initial members appointed to the Board: one | member appointed by the Comptroller and one member appointed by | the Governor shall be appointed for a 2-year term; one member |
| appointed by the Comptroller and one member appointed by the | Governor shall be appointed for a 3-year term; and one member | appointed by the Comptroller and one member appointed by the | Governor shall be appointed for a 4-year term. Those members | may be reappointed for 4-year terms. Their successors shall be | appointed for 4-year terms and may be reappointed. A vacancy on | the Board shall be filled for the remainder of the unexpired | term, in the same manner and by the same officer who made the | original appointment. | (e) The Comptroller and the Governor shall each designate | one of their appointed members as co-chairperson of the Board. | (f) The Board shall meet at least 2 times each year and at | other times at the call of the chairpersons. Meetings of the | Board shall be subject to the provisions of the Open Meetings | Act. | (g) The members of the Board shall serve without | compensation, but may be reimbursed for expenses.
| Section 15. Powers. The Board has the following powers: | (1) to have a corporate seal, and to alter that seal at
| pleasure, and to use it by causing it or a facsimile to be
| affixed or impressed or reproduced in any other manner; | (2) to use the services of the Office of the | Comptroller and the Office of the Governor to carry out the | Board's purposes, subject to the approval of the respective | office; |
| (3) to assist State agencies with being timely and | accurate in the processing of financial reporting for the | State by: | (A) establishing minimum qualifications for all | new GAAP Coordinators, in cooperation with the | Comptroller's Division of Financial Reporting; | (B) establishing minimum training requirements for | GAAP Coordinators, in cooperation with the | Comptroller's Division of Financial Reporting; | (C) establishing continuing education requirements | for GAAP Coordinators, in cooperation with the | Comptroller's Division of Financial Reporting; | (D) establishing best practice guidelines for GAAP | package submissions, in cooperation with the | Comptroller's Division of Financial Reporting; and | (E) providing assistance during the GAAP cycle, in | cooperation with the Comptroller's Financial Reporting | Division and the Governor's Office of Management and | Budget; | (4) to make available to the Comptroller or Governor | any information related to the processing of financial | reports that the Board may deem
necessary to enable it | effectively to carry out the
provisions of this Act;
| (5) to promulgate rules with
respect to its operations | as
may be necessary to carry out the purposes of
this Act, | subject to the provisions of the Illinois
Administrative |
| Procedure Act;
| (6) to consult with other states and private
businesses | that have successfully modernized and
streamlined their | financial reporting systems; | (7) to use current State resources that are already
| available inside of State government, and to use current
| financial reporting principles and practices, including,
| but not limited to, principles and practices of the Auditor
| General and the Comptroller; and | (8) to participate in the development of a statewide | GAAP-compliant financial reporting system.
| Section 20. Audits. | (a) The Internal Auditor of every State agency that submits | a GAAP package must submit an annual audit of its GAAP and | financial statement process, if applicable, to the Board. | (b) The Board shall review all information submitted and | may prepare a report for the Comptroller and the Governor.
| Section 25. Responsibilities of other parties. | (a) The Comptroller's Division of Financial Reporting, in | cooperation with the Governor's Office of Management and | Budget, shall assist State agencies during the GAAP process and | shall review GAAP packages and preparation of the CAFR. | (b) The Comptroller's Division of Financial Reporting and | the Governor's Office of Management and Budget shall cooperate |
| with the Board in the following matters: | (1) the development of a GAAP training program for | State agencies; | (2) the development of continuing education for | employees of State agencies; and | (3) the development of detailed standards for GAAP | reporting by State agencies. | (c) State agencies must adhere to the Board's guidance in | regards to GAAP package processing and maintaining minimum | standards for qualifications, training, and education for GAAP | Coordinators.
| Section 30. Cooperation. All State agencies must render
| full cooperation to the Board and its employees, consistent | with and subject to all otherwise applicable laws, regulations, | rules and contractual obligations, including collective | bargaining agreements, and budget constraints of the agencies.
| Section 90. Repeal. This Act is repealed on June 30, 2016.
| Section 100. The Personnel Code is amended by changing | Section 4c as follows:
| (20 ILCS 415/4c) (from Ch. 127, par. 63b104c) | Sec. 4c. General exemptions. The following positions in | State
service shall be exempt from jurisdictions A, B, and C, |
| unless the
jurisdictions shall be extended as provided in this | Act:
| (1) All officers elected by the people.
| (2) All positions under the Lieutenant Governor, | Secretary of State,
State Treasurer, State Comptroller, | State Board of Education, Clerk of
the Supreme Court,
| Attorney General, and State Board of Elections.
| (3) Judges, and officers and employees of the courts, | and notaries
public.
| (4) All officers and employees of the Illinois General | Assembly, all
employees of legislative commissions, all | officers and employees of the
Illinois Legislative | Reference Bureau, the Legislative
Research Unit, and the | Legislative Printing Unit.
| (5) All positions in the Illinois National Guard and | Illinois State
Guard, paid from federal funds or positions
| in the State Military Service filled by enlistment and paid | from State
funds.
| (6) All employees of the Governor at the executive | mansion and on
his immediate personal staff.
| (7) Directors of Departments, the Adjutant General, | the Assistant
Adjutant General, the Director of the | Illinois Emergency
Management Agency, members of boards | and commissions, and all other
positions appointed by the | Governor by and with the consent of the
Senate.
| (8) The presidents, other principal administrative |
| officers, and
teaching, research and extension faculties | of
Chicago State University, Eastern Illinois University, | Governors State
University, Illinois State University, | Northeastern Illinois University,
Northern Illinois | University, Western Illinois University, the Illinois
| Community College Board, Southern Illinois
University, | Illinois Board of Higher Education, University of
| Illinois, State Universities Civil Service System, | University Retirement
System of Illinois, and the | administrative officers and scientific and
technical staff | of the Illinois State Museum.
| (9) All other employees except the presidents, other | principal
administrative officers, and teaching, research | and extension faculties
of the universities under the | jurisdiction of the Board of Regents and
the colleges and | universities under the jurisdiction of the Board of
| Governors of State Colleges and Universities, Illinois | Community College
Board, Southern Illinois University, | Illinois Board of Higher Education,
Board of Governors of | State Colleges and Universities, the Board of
Regents, | University of Illinois, State Universities Civil Service
| System, University Retirement System of Illinois, so long | as these are
subject to the provisions of the State | Universities Civil Service Act.
| (10) The State Police so long as they are subject to | the merit
provisions of the State Police Act.
|
| (11) (Blank).
| (12) The technical and engineering staffs of the | Department of
Transportation, the Department of Nuclear | Safety, the Pollution Control
Board, and the Illinois | Commerce Commission, and the technical and engineering
| staff providing architectural and engineering services in | the Department of
Central Management Services.
| (13) All employees of the Illinois State Toll Highway | Authority.
| (14) The Secretary of the Illinois Workers' | Compensation Commission.
| (15) All persons who are appointed or employed by the | Director of
Insurance under authority of Section 202 of the | Illinois Insurance Code
to assist the Director of Insurance | in discharging his responsibilities
relating to the | rehabilitation, liquidation, conservation, and
dissolution | of companies that are subject to the jurisdiction of the
| Illinois Insurance Code.
| (16) All employees of the St. Louis Metropolitan Area | Airport
Authority.
| (17) All investment officers employed by the Illinois | State Board of
Investment.
| (18) Employees of the Illinois Young Adult | Conservation Corps program,
administered by the Illinois | Department of Natural Resources, authorized
grantee under | Title VIII of the Comprehensive
Employment and Training Act |
| of 1973, 29 USC 993.
| (19) Seasonal employees of the Department of | Agriculture for the
operation of the Illinois State Fair | and the DuQuoin State Fair, no one
person receiving more | than 29 days of such employment in any calendar year.
| (20) All "temporary" employees hired under the | Department of Natural
Resources' Illinois Conservation | Service, a youth
employment program that hires young people | to work in State parks for a period
of one year or less.
| (21) All hearing officers of the Human Rights | Commission.
| (22) All employees of the Illinois Mathematics and | Science Academy.
| (23) All employees of the Kankakee River Valley Area
| Airport Authority.
| (24) The commissioners and employees of the Executive | Ethics
Commission.
| (25) The Executive Inspectors General, including | special Executive
Inspectors General, and employees of | each Office of an
Executive Inspector General.
| (26) The commissioners and employees of the | Legislative Ethics
Commission.
| (27) The Legislative Inspector General, including | special Legislative
Inspectors General, and employees of | the Office of
the Legislative Inspector General.
| (28) The Auditor General's Inspector General and |
| employees of the Office
of the Auditor General's Inspector | General.
| (29) All employees of the Illinois Power Agency. | (30) Employees having demonstrable, defined advanced | skills in accounting, financial reporting, or technical | expertise who are employed within executive branch | agencies and whose duties are directly related to the | submission to the Office of the Comptroller of financial | information for the publication of the Comprehensive | Annual Financial Report (CAFR). | (Source: P.A. 97-618, eff. 10-26-11.)
| Section 999. Effective date. This Act takes effect upon | becoming law. |
Effective Date: 8/23/2012
|
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