GOVT ACCT AUDIT ACT-FIN STMNTS House SponsorsRep. Gary Hannig 1/11/2005HouseSession Sine Die 50 ILCS 310/5from Ch. 85, par. 70565 ILCS 5/8-8-3from Ch. 24, par. 8-8-365 ILCS 5/8-8-5from Ch. 24, par. 8-8-5 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. 2/19/2003HouseFiled with the Clerk by Rep. Gary Hannig 2/19/2003HouseFirst Reading 2/19/2003HouseReferred to Rules Committee 2/21/2003HouseAssigned to Executive Committee 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die