Bill Status of SB1408

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SB1408 - 104th General Assembly

GOVT ACCOUNT AUDIT THRESHOLD
Last Action
1/31/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Patrick J. Joyce - Graciela Guzmán and Paul Faraci
Statutes Amended In Order of Appearance
50 ILCS 310/1from Ch. 85, par. 701
50 ILCS 310/3from Ch. 85, par. 703
50 ILCS 310/6from Ch. 85, par. 706
Synopsis As Introduced
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.
Actions
Date Chamber Action
1/31/2025 Senate Filed with Secretary by Sen. Patrick J. Joyce
1/31/2025 Senate First Reading
1/31/2025 Senate Referred to Assignments
3/04/2025 Senate Added as Co-Sponsor Sen. Paul Faraci
3/11/2025 Senate Added as Chief Co-Sponsor Sen. Graciela Guzmán