Illinois General Assembly - Full Text of Public Act 097-0408
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Public Act 097-0408


 

Public Act 0408 97TH GENERAL ASSEMBLY



 


 
Public Act 097-0408
 
HB2922 EnrolledLRB097 08756 RLJ 48885 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Comptroller Act is amended by adding
Section 19.5 as follows:
 
    (15 ILCS 405/19.5 new)
    Sec. 19.5. Comprehensive Annual Financial Report (CAFR);
procedures and reporting.
    (a) On or before October 31, 2012, and on or before each
October 31 thereafter, State agencies shall report to the
Comptroller all financial information deemed necessary by the
Comptroller to compile and publish a comprehensive annual
financial report using generally accepted accounting
principles for the fiscal year ending June 30 of that year. The
Comptroller may require certain State agencies to submit the
required information before October 31 under a schedule
established by the Comptroller. If a State agency has submitted
no or insufficient financial information by October 31, the
Comptroller shall serve a written notice to each respective
State agency director or secretary about the delinquency or
inadequacy of the financial information.
    (b) If the financial information required in subsection (a)
is submitted to the Comptroller on or before October 31 and
that information has been audited by the Auditor General, the
Comptroller shall publish a comprehensive annual financial
report using generally accepted accounting principles for the
fiscal year ending June 30 of that year by December 31. If the
information as required by subsection (a) is not provided to
the Comptroller in time to publish the report by December 31,
then upon notice from the Comptroller of the delay, each
respective State agency director or secretary shall report his
or her State agency's delinquency and provide an action plan to
bring his or her State agency into compliance to the
Comptroller, the Auditor General, the Office of the Governor,
the Speaker and Minority Leader of the House of
Representatives, and the President and Minority Leader of the
Senate. Upon receiving that report from a State agency director
or secretary, the Comptroller shall post that report with the
action plan on his or her official website.
    (c) If a comprehensive annual financial report using
generally accepted accounting principles cannot be published
by December 31 due to insufficient or inadequate reporting to
the Comptroller or if the Office of the Auditor General has not
completed an audit of the comprehensive annual financial
report, the Comptroller may issue interim reports containing
financial information made available by reporting State
agencies until an audit opinion is issued by the Auditor
General on the comprehensive annual financial report.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/16/2011