94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1947


 
Introduced 2/25/2005, by Sen. Chris Lauzen
 
SYNOPSIS AS INTRODUCED:
 		














50 ILCS 310/3
  from Ch. 85, par. 703







    Amends the Governmental Account Audit Act. Requires any governmental unit receiving revenue of less than $850,000 for any fiscal year to file with the Comptroller an accurate financial report. Defines "accurate financial report" to mean a clean opinion audited financial statement.
















LRB094 11545 MKM 42520 b

















 


 


A BILL FOR









 











SB1947

LRB094 11545 MKM 42520 b






1
    AN ACT concerning local government.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Governmental Account Audit Act is amended  by 
5
changing Section 3 as follows:
 



6
    (50 ILCS 310/3)  (from Ch. 85, par. 703)



7
    Sec. 3. Any governmental unit receiving revenue of less 
8
than $850,000 for any fiscal year shall,
in lieu of complying 
9
with the requirements of Section 2 for audits and
audit 
10
reports, file with the Comptroller an accurate
a financial 
11
report containing
information required by the Comptroller.  For 
12
purposes of this Section, "accurate financial report" means a 
13
clean opinion audited financial statement. In addition, a 
14
governmental unit
receiving revenue of less than $850,000
may 
15
file with the Comptroller any audit
reports which may have been 
16
prepared under any other law. Any governmental
unit receiving 
17
revenue of $850,000 or more for
any fiscal year shall, in 
18
addition
to complying with the requirements of Section 2 for 
19
audits and audit
reports, file with the Comptroller the 
20
financial report required by this
Section.  Such financial 
21
reports shall be on forms so designed by the
Comptroller as not 
22
to require professional accounting services for its

23
preparation.

24
(Source: P.A. 92-582, eff. 7-1-02.)