HB2922 EnrolledLRB097 08756 RLJ 48885 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Comptroller Act is amended by adding
5Section 19.5 as follows:
 
6    (15 ILCS 405/19.5 new)
7    Sec. 19.5. Comprehensive Annual Financial Report (CAFR);
8procedures and reporting.
9    (a) On or before October 31, 2012, and on or before each
10October 31 thereafter, State agencies shall report to the
11Comptroller all financial information deemed necessary by the
12Comptroller to compile and publish a comprehensive annual
13financial report using generally accepted accounting
14principles for the fiscal year ending June 30 of that year. The
15Comptroller may require certain State agencies to submit the
16required information before October 31 under a schedule
17established by the Comptroller. If a State agency has submitted
18no or insufficient financial information by October 31, the
19Comptroller shall serve a written notice to each respective
20State agency director or secretary about the delinquency or
21inadequacy of the financial information.
22    (b) If the financial information required in subsection (a)
23is submitted to the Comptroller on or before October 31 and

 

 

HB2922 Enrolled- 2 -LRB097 08756 RLJ 48885 b

1that information has been audited by the Auditor General, the
2Comptroller shall publish a comprehensive annual financial
3report using generally accepted accounting principles for the
4fiscal year ending June 30 of that year by December 31. If the
5information as required by subsection (a) is not provided to
6the Comptroller in time to publish the report by December 31,
7then upon notice from the Comptroller of the delay, each
8respective State agency director or secretary shall report his
9or her State agency's delinquency and provide an action plan to
10bring his or her State agency into compliance to the
11Comptroller, the Auditor General, the Office of the Governor,
12the Speaker and Minority Leader of the House of
13Representatives, and the President and Minority Leader of the
14Senate. Upon receiving that report from a State agency director
15or secretary, the Comptroller shall post that report with the
16action plan on his or her official website.
17    (c) If a comprehensive annual financial report using
18generally accepted accounting principles cannot be published
19by December 31 due to insufficient or inadequate reporting to
20the Comptroller or if the Office of the Auditor General has not
21completed an audit of the comprehensive annual financial
22report, the Comptroller may issue interim reports containing
23financial information made available by reporting State
24agencies until an audit opinion is issued by the Auditor
25General on the comprehensive annual financial report.
 
26    Section 99. Effective date. This Act takes effect upon

 

 

HB2922 Enrolled- 3 -LRB097 08756 RLJ 48885 b

1becoming law.