HB4837 Enrolled

LRB096 16207 RLJ 31462 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. Audit requirements. 
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    (a) The corporate authorities of each municipality coming 
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under the
provisions of this Division 8 shall cause an audit of 
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the funds and
accounts of the municipality to be made by an 
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accountant or accountants
employed by such municipality or by 
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an accountant or accountants retained
by the Comptroller, as 
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hereinafter provided.
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    (b) The accounts and funds of each municipality having a 
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population of 800
or more or having a bonded debt or owning or 
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operating any type of public
utility shall be audited annually. 
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The audit herein required shall include
all of the accounts and 
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funds of the municipality. Such audit shall be
begun as soon as 
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possible after the close of the fiscal year, and shall be

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


 






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copies of the audit report to the corporate
authorities of the 
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municipality being audited. Municipalities not operating

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

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Comptroller.
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    (e) Notwithstanding any provision of law to the contrary, 
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if a municipality (i) has a population of less than 200, (ii) 
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has bonded debt in the amount of $50,000 or less, and (iii) 
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owns or operates a public utility, then the municipality shall 
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cause an audit of the funds and accounts of the municipality to 
 


 






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

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