GOVT ACCOUNT AUDIT THRESHOLD Senate SponsorsSen. Patrick J. Joyce and Paul Faraci-Graciela Guzmán 1/31/2025SenateReferred to Assignments 50 ILCS 310/1from Ch. 85, par. 70150 ILCS 310/3from Ch. 85, par. 70350 ILCS 310/6from Ch. 85, par. 706Amends the Governmental Account Audit Act. Provides that any governmental unit receiving revenue of less than $1,500,000 (rather than $850,000) for any fiscal year shall, in lieu of causing an annual audit of the accounts of the unit to be made, either (i) cause an audit of the accounts of the unit to be made once every 4 years and file with the Comptroller an annual financial report containing information required by the Comptroller or (ii) file with the Comptroller an annual financial report containing information required by the Comptroller, a copy of which has been provided to each member of that governmental unit's board of elected officials, presented either in person or by a live phone or web connection during a public meeting, and approved by a 3/5 majority vote. Makes conforming changes. Effective immediately. 1/31/2025SenateFiled with Secretary by Sen. Patrick J. Joyce 1/31/2025SenateFirst Reading 1/31/2025SenateReferred to Assignments 3/4/2025SenateAdded as Co-Sponsor Sen. Paul Faraci 3/11/2025SenateAdded as Chief Co-Sponsor Sen. Graciela Guzmán