HB 5011

Abstract

Amends the Governmental Account Audit Act. In provisions requiring an annual audit by a governmental unit to be performed of all the accounts and funds of the governmental unit, provides that township accounts and funds audited under the provisions do not include road district accounts or funds. In provisions relating to the type of audit report a governmental unit must provide based upon whether the unit has revenue of less or more than $850,000, provides that township revenue shall be calculated exclusive of road district funds. Effective immediately. House Floor Amendment No. 1 Adds reference to: 50 ILCS 310/1 from Ch. 85, par. 701 60 ILCS 1/80-20 Replaces everything after the enacting clause. Amends the Governmental Account Audit Act. Modifies the audit procedures for governmental units under the Act for the governmental units fiscal years 2026 and after, including: (1) modifying the definitions of "audit report" and "report"; (2) requiring the governing body of each governmental unit to conduct an audit every 2 years (rather than annually) of the accounts of the unit to be made by an auditor or auditors, and modifying the requirements of the audits; (3) allowing an exception for a governmental unit receiving revenue of less than $1,400,000 for any fiscal year, with the amount to increase or decrease by a percentage equal to the Consumer Price Index-U as reported on January 1 of each year, to provide a 4-year audit report and annual financial report or annual financial report under specified requirements (rather than a governmental unit receiving revenue of less than $850,000 for any fiscal year providing a 4-year audit report and annual financial report or annual financial report under specified requirements); and (4) modifying the requirements for signing, copying, and filing completed reports. Amends the Township Code to make conforming changes. Effective immediately. House Floor Amendment No. 2 Modifies the definitions of "audit report" and "report", and adds a definition for "annual financial report". Makes conforming changes.