HB 2258

Abstract

Amends the Governmental Account Audit Act. Provides that the audit report shall include fund financial statements. Provides that the financial statement report may be limited to fund financial statements and account groups presented on the cash, modified accrual, or accrual method of accounting and all appropriate disclosures related to fund financial statements. Provides that a statement of management discussion and analysis is not required. Provides that funds may be grouped in any reasonable and prudent manner. Provides that depreciation of non-proprietary fixed assets is not required. Amends the Illinois Municipal Code. Provides that the accounts and funds of each municipality with annual expenditures of more than $200,000 (now, each municipality) that has (i) a population of 800 or more or (ii) owns or operates any type of public utility shall be audited annually and shall annually file a supplemental report with the Comptroller. Provides that municipalities not subject to this audit shall file a financial report with the Comptroller. Provides that the audit report shall contain fund financial statements that conform with generally accepted accounting principles, with certain limitations. Makes other changes. Effective immediately.