Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

50 ILCS 310/5

from Ch. 85, par. 705

65 ILCS 5/8-8-3

from Ch. 24, par. 8-8-3

65 ILCS 5/8-8-5

from Ch. 24, par. 8-8-5

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
2/19/2003	House	Filed with the Clerk by Rep. Gary Hannig
2/19/2003	House	First Reading
2/19/2003	House	Referred to Rules Committee
2/21/2003	House	Assigned to Executive Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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