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| Public Act 096-1309 | ||||
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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 | ||||
changing Section 8-8-3 as follows: | ||||
(65 ILCS 5/8-8-3) (from Ch. 24, par. 8-8-3) | ||||
Sec. 8-8-3. Audit requirements. | ||||
(a) The corporate authorities of each municipality coming | ||||
under the
provisions of this Division 8 shall cause an audit of | ||||
the funds and
accounts of the municipality to be made by an | ||||
accountant or accountants
employed by such municipality or by | ||||
an accountant or accountants retained
by the Comptroller, as | ||||
hereinafter provided. | ||||
(b) The accounts and funds of each municipality having a | ||||
population of 800
or more or having a bonded debt or owning or | ||||
operating any type of public
utility shall be audited annually. | ||||
The audit herein required shall include
all of the accounts and | ||||
funds of the municipality. Such audit shall be
begun as soon as | ||||
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 | ||||
close of such
fiscal year, unless an extension of time shall be | ||||
granted by the
Comptroller in writing. The accountant or | ||||
accountants making the audit
shall submit not less than 2 | ||||
copies of the audit report to the corporate
authorities of the | ||
municipality being audited. Municipalities not operating
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utilities may cause audits of the accounts of municipalities to | ||
be made
more often than herein provided, by an accountant or | ||
accountants. The audit
report of such audit when filed with the | ||
Comptroller together with an audit
report covering the | ||
remainder of the period for which an audit is required
to be | ||
filed hereunder shall satisfy the requirements of this section. | ||
(c) Municipalities of less than 800 population which do not | ||
own or operate
public utilities and do not have bonded debt, | ||
shall file annually with the
Comptroller a financial report | ||
containing information required by the
Comptroller. Such | ||
annual financial report shall be on forms devised by the
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Comptroller in such manner as to not require professional | ||
accounting
services for its preparation. | ||
(d) In addition to any audit report required, all | ||
municipalities, except
municipalities of less than 800 | ||
population which do not own or operate
public utilities and do | ||
not have bonded debt, shall file annually with the
Comptroller | ||
a supplemental report on forms devised and approved by the
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Comptroller. | ||
(e) Notwithstanding any provision of law to the contrary, | ||
if a municipality (i) has a population of less than 200, (ii) | ||
has bonded debt in the amount of $50,000 or less, and (iii) | ||
owns or operates a public utility, then the municipality shall | ||
cause an audit of the funds and accounts of the municipality to | ||
be made by an accountant employed by the municipality or | ||
retained by the Comptroller for fiscal year 2011 and every | ||
fourth fiscal year thereafter or until the municipality has a | ||
population of 200 or more, has bonded debt in excess of | ||
$50,000, or no longer owns or operates a public utility. | ||
Nothing in this subsection shall be construed as limiting the | ||
municipality's duty to file an annual financial report with the | ||
Comptroller or to comply with the filing requirements | ||
concerning the county clerk. | ||
(Source: P.A. 78-592.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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