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HB4132 Engrossed |
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LRB095 13199 HLH 38857 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Municipal Code is amended by |
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| changing Section 8-8-3 as follows:
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| (65 ILCS 5/8-8-3) (from Ch. 24, par. 8-8-3)
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| Sec. 8-8-3. (a) The corporate authorities of each |
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| municipality coming under the
provisions of this Division 8 |
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| shall cause an audit of the funds and
accounts of the |
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| municipality to be made by an accountant or accountants
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| employed by such municipality or by an accountant or |
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| accountants retained
by the Comptroller, as hereinafter |
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| provided.
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| (b) The accounts and funds of each municipality (i) having |
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| a population of 800
or more; (ii) having bonded debt in the |
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| amount of $5,000,000 or more; (iii) having a population of 200 |
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| or more and
or having a bonded debt in any amount; or (iv) |
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| having a population of 200 or more and owning or operating any |
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| type of public
utility shall be audited annually. The audit |
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| herein required shall include
all of the accounts and funds of |
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| the municipality. Such audit shall be
begun as soon as possible |
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| after the close of the fiscal year, and shall be
completed and |
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| the report submitted within 6 months after the close of such
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HB4132 Engrossed |
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LRB095 13199 HLH 38857 b |
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| fiscal year, unless an extension of time shall be granted by |
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| the
Comptroller in writing. The accountant or accountants |
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| making the audit
shall submit not less than 2 copies of the |
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| audit report to the corporate
authorities of the municipality |
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| being audited. Municipalities not operating
utilities may |
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| cause audits of the accounts of municipalities to be made
more |
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| often than herein provided, by an accountant or accountants. |
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| The audit
report of such audit when filed with the Comptroller |
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| together with an audit
report covering the remainder of the |
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| period for which an audit is required
to be filed hereunder |
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| shall satisfy the requirements of this Section.
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| (c) Municipalities of less than 800 population that are not |
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| subject to subsection (b) of this Section
which do not own or |
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| operate
public utilities and do not have bonded debt, shall |
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| file annually with the
Comptroller a financial report |
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| containing information required by the
Comptroller. Such |
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| annual financial report shall be on forms devised by the
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| Comptroller in such manner as to not require professional |
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| accounting
services for its preparation.
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| In addition to any audit report required, all |
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| municipalities, except
municipalities that are not subject to |
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| subsection (b) of this Section
of less than 800 population |
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| which do not own or operate
public utilities and do not have |
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| bonded debt, shall file annually with the
Comptroller a |
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| supplemental report on forms devised and approved by the
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| Comptroller.
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