97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3770

 

Introduced 4/26/2011, by Rep. Tom Cross

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Government Accounting Oversight and Accountability Board (GAOAB). Provides that the GAOAB shall (1) review the accounting documents of the State of Illinois on a quarterly basis and report to the General Assembly on the transparency of the documents; (2) serve as a third party arbitrator between the Commission on Government Forecasting and Accountability and the Governor's Office of Management and Budget to facilitate the agreement of both parties on all budgetary numbers for agencies, revenue estimates, spending projections, and future liabilities; and (3) serve as an independent board to sign all documents affirming that all numbers transmitted by the State are the most accurate and transparent numbers available. Provides that the GAOAB is composed of 5 members, one appointed by each of the legislative leaders and one appointed by the Executive Ethics Commission. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Government Accounting Oversight and Accountability Board Act.
 
6    Section 5. Legislative findings. Transparency in
7government accounting is imperative to ensure current
8budgeting is accurate and that projections of future
9liabilities, including pension and health insurance
10liabilities, are adequately funded.
11    Newly adopted Government Accounting Standards Board (GASB)
12Statements 43 and 45 require the disclosure of annually
13required contributions for pension and health insurance
14benefits. These annually required contributions are the
15amounts a government must contribute or set aside each year to
16meet its actuarial accrued liability for all post-employment
17benefits.
18    Illinois offers its employees various retirement benefits
19in addition to pension benefits to boost their overall
20compensation package, including health insurance, prescription
21drug benefits, dental care, and vision care.
22    The State of Illinois needs to implement truth in
23accounting provisions to make certain that State officials

 

 

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1report accurate financial information and that State officials
2are held accountable to the public.
 
3    Section 10. Creation of the Government Accounting
4Oversight and Accountability Board; duties.
5    (a) The Government Accounting Oversight and Accountability
6Board (GAOAB) is created to provide independent oversight of
7governmental accounting procedure, create transparency, and
8provide a level of accountability.
9    (b) The GAOAB shall:
10        (1) review the accounting documents of the State of
11    Illinois on a quarterly basis and report to the General
12    Assembly on the transparency of the documents;
13        (2) serve as a third party arbitrator between the
14    Commission on Government Forecasting and Accountability
15    and the Governor's Office of Management and Budget to
16    facilitate the agreement of both parties on all budgetary
17    numbers for agencies, revenue estimates, spending
18    projections, and future liabilities; and
19        (3) serve as an independent board to sign all documents
20    affirming that all numbers transmitted by the State of
21    Illinois are, to the best of their knowledge, the most
22    accurate and transparent numbers available.
 
23    Section 15. Membership; terms; experience; compensation.
24    (a) The GAOAB is composed of 5 members, one appointed by

 

 

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1the President of the Senate, one appointed by the Speaker of
2the House, one appointed by the Minority Leader of the Senate,
3one appointed by the Minority Leader of the House, and one
4appointed by the Executive Ethics Commission. The appointee of
5the Executive Ethics Commission shall serve as the Chair of the
6GAOAB.
7    (b) Of the initial appointees, the member appointed by the
8Executive Ethics Commission shall serve a one-year term, the
9members appointed by the President of the Senate and the
10Speaker of the House shall each serve one 3-year term, and the
11members appointed by the Minority Leader of the Senate and the
12Minority Leader of the House shall each serve one 2-year term.
13Thereafter, members shall serve for 4-year terms. Members may
14be reappointed for succeeding terms.
15    (c) Each member shall have demonstrated sufficient
16business or professional experience in the area of business and
17accounting to perform the functions of the GAOAB.
18    (d) Members of the GAOAB shall serve without compensation.
 
19    Section 20. Administrative support. The Executive Ethics
20Commission shall provide administrative and other support to
21the GAOAB.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.