Public Act 096-1309
 
HB4837 EnrolledLRB096 16207 RLJ 31462 b



    AN ACT concerning local government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:



 
    Section 5. The Illinois Municipal Code is amended  by 
changing Section 8-8-3 as follows:
 
    (65 ILCS 5/8-8-3)  (from Ch. 24, par. 8-8-3)
    Sec. 8-8-3. Audit requirements. 
    (a) The corporate authorities of each municipality coming 
under the
provisions of this Division 8 shall cause an audit of 
the funds and
accounts of the municipality to be made by an 
accountant or accountants
employed by such municipality or by 
an accountant or accountants retained
by the Comptroller, as 
hereinafter provided.
    (b) The accounts and funds of each municipality having a 
population of 800
or more or having a bonded debt or owning or 
operating any type of public
utility shall be audited annually. 
The audit herein required shall include
all of the accounts and 
funds of the municipality. Such audit shall be
begun as soon as 
possible after the close of the fiscal year, and shall be

completed and the report submitted within 6 months after the 
close of such
fiscal year, unless an extension of time shall be 
granted by the
Comptroller in writing. The accountant or 
accountants making the audit
shall submit not less than 2 
copies of the audit report to the corporate
authorities of the 
municipality being audited. Municipalities not operating

utilities may cause audits of the accounts of municipalities to 
be made
more often than herein provided, by an accountant or 
accountants. The audit
report of such audit when filed with the 
Comptroller together with an audit
report covering the 
remainder of the period for which an audit is required
to be 
filed hereunder shall satisfy the requirements of this section.
    (c) Municipalities of less than 800 population which do not 
own or operate
public utilities and do not have bonded debt, 
shall file annually with the
Comptroller a financial report 
containing information required by the
Comptroller. Such 
annual financial report shall be on forms devised by the

Comptroller in such manner as to not require professional 
accounting
services for its preparation.
    (d) In addition to any audit report required, all 
municipalities, except
municipalities of less than 800 
population which do not own or operate
public utilities and do 
not have bonded debt, shall file annually with the
Comptroller 
a supplemental report on forms devised and approved by the

Comptroller.
    (e) Notwithstanding any provision of law to the contrary, 
if a municipality (i) has a population of less than 200, (ii) 
has bonded debt in the amount of $50,000 or less, and (iii) 
owns or operates a public utility, then the municipality shall 
cause an audit of the funds and accounts of the municipality to 
be made by an accountant employed by the municipality or 
retained by the Comptroller for fiscal year 2011 and every 
fourth fiscal year thereafter or until the municipality has a 
population of 200 or more, has bonded debt in excess of 
$50,000, or no longer owns or operates a public utility. 
Nothing in this subsection shall be construed as limiting the 
municipality's duty to file an annual financial report with the 
Comptroller or to comply with the filing requirements 
concerning the county clerk. 
(Source: P.A. 78-592.)
 

    Section 99. Effective date. This Act takes effect upon 
becoming law.