Illinois General Assembly - Full Text of Public Act 097-1055
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Public Act 097-1055


 

Public Act 1055 97TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 097-1055
 
SB3794 EnrolledLRB097 20441 HLH 65939 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 1. Short title. This Act may be cited as the
Financial Reporting Standards Board Act.
 
    Section 5. Definitions. As used in this Act:
    "Board" means the Financial Reporting Standards Board
created under Section 10 of this Act.
    "CAFR" means the Comprehensive Annual Financial Report
required under Section 19.5 of the State Comptroller Act.
    "Comptroller" means the Comptroller of the State of
Illinois.
    "GAAP Coordinator" means a designated representative,
employed by a State agency or component unit of the State, who
is responsible for submission to the Office of the Comptroller
all required documentation, as determined by the Office of the
Comptroller, necessary for the preparation of the
Comprehensive Annual Financial Report.
    "Internal auditor" means an auditor employed by a State
agency under the Fiscal Control and Internal Auditing Act.
    "Licensed Certified Public Accountant" has the meaning
provided in Section 0.03 of the Illinois Public Accounting Act.
    "Registered Certified Public Accountant" has the meaning
provided in Section 0.03 of the Illinois Public Accounting Act.
    "State agency" means all departments, officers,
commissions, boards, authorities, institutions, universities,
foundations, and bodies politic and corporate of the State that
are required to submit financial reporting information to the
Office of the Auditor General, the Office of the Comptroller,
or the federal government. "State agency" does not include the
legislative branch or judicial branch.
 
    Section 10. Financial Reporting Standards Board; creation.
    (a) There is created the Financial Reporting Standards
Board. The Board shall assist the State in improving the
timeliness, quality, and processing of financial reporting for
the State.
    (b) The Board shall consist of 3 members appointed by the
Comptroller and 3 members appointed by the Governor, all with
the advice and consent of the Senate.
    (c) At least one member appointed by the Comptroller and at
least one member appointed by the Governor shall be a licensed
or registered Certified Public Accountant. Any member who is
not a licensed or registered Certified Public Accountant shall
have relevant experience in business, government accounting,
or finance.
    (d) Of the initial members appointed to the Board: one
member appointed by the Comptroller and one member appointed by
the Governor shall be appointed for a 2-year term; one member
appointed by the Comptroller and one member appointed by the
Governor shall be appointed for a 3-year term; and one member
appointed by the Comptroller and one member appointed by the
Governor shall be appointed for a 4-year term. Those members
may be reappointed for 4-year terms. Their successors shall be
appointed for 4-year terms and may be reappointed. A vacancy on
the Board shall be filled for the remainder of the unexpired
term, in the same manner and by the same officer who made the
original appointment.
    (e) The Comptroller and the Governor shall each designate
one of their appointed members as co-chairperson of the Board.
    (f) The Board shall meet at least 2 times each year and at
other times at the call of the chairpersons. Meetings of the
Board shall be subject to the provisions of the Open Meetings
Act.
    (g) The members of the Board shall serve without
compensation, but may be reimbursed for expenses.
 
    Section 15. Powers. The Board has the following powers:
        (1) to have a corporate seal, and to alter that seal at
    pleasure, and to use it by causing it or a facsimile to be
    affixed or impressed or reproduced in any other manner;
        (2) to use the services of the Office of the
    Comptroller and the Office of the Governor to carry out the
    Board's purposes, subject to the approval of the respective
    office;
        (3) to assist State agencies with being timely and
    accurate in the processing of financial reporting for the
    State by:
            (A) establishing minimum qualifications for all
        new GAAP Coordinators, in cooperation with the
        Comptroller's Division of Financial Reporting;
            (B) establishing minimum training requirements for
        GAAP Coordinators, in cooperation with the
        Comptroller's Division of Financial Reporting;
            (C) establishing continuing education requirements
        for GAAP Coordinators, in cooperation with the
        Comptroller's Division of Financial Reporting;
            (D) establishing best practice guidelines for GAAP
        package submissions, in cooperation with the
        Comptroller's Division of Financial Reporting; and
            (E) providing assistance during the GAAP cycle, in
        cooperation with the Comptroller's Financial Reporting
        Division and the Governor's Office of Management and
        Budget;
        (4) to make available to the Comptroller or Governor
    any information related to the processing of financial
    reports that the Board may deem necessary to enable it
    effectively to carry out the provisions of this Act;
        (5) to promulgate rules with respect to its operations
    as may be necessary to carry out the purposes of this Act,
    subject to the provisions of the Illinois Administrative
    Procedure Act;
        (6) to consult with other states and private businesses
    that have successfully modernized and streamlined their
    financial reporting systems;
        (7) to use current State resources that are already
    available inside of State government, and to use current
    financial reporting principles and practices, including,
    but not limited to, principles and practices of the Auditor
    General and the Comptroller; and
        (8) to participate in the development of a statewide
    GAAP-compliant financial reporting system.
 
    Section 20. Audits.
    (a) The Internal Auditor of every State agency that submits
a GAAP package must submit an annual audit of its GAAP and
financial statement process, if applicable, to the Board.
    (b) The Board shall review all information submitted and
may prepare a report for the Comptroller and the Governor.
 
    Section 25. Responsibilities of other parties.
    (a) The Comptroller's Division of Financial Reporting, in
cooperation with the Governor's Office of Management and
Budget, shall assist State agencies during the GAAP process and
shall review GAAP packages and preparation of the CAFR.
    (b) The Comptroller's Division of Financial Reporting and
the Governor's Office of Management and Budget shall cooperate
with the Board in the following matters:
        (1) the development of a GAAP training program for
    State agencies;
        (2) the development of continuing education for
    employees of State agencies; and
        (3) the development of detailed standards for GAAP
    reporting by State agencies.
    (c) State agencies must adhere to the Board's guidance in
regards to GAAP package processing and maintaining minimum
standards for qualifications, training, and education for GAAP
Coordinators.
 
    Section 30. Cooperation. All State agencies must render
full cooperation to the Board and its employees, consistent
with and subject to all otherwise applicable laws, regulations,
rules and contractual obligations, including collective
bargaining agreements, and budget constraints of the agencies.
 
    Section 90. Repeal. This Act is repealed on June 30, 2016.
 
    Section 100. The Personnel Code is amended by changing
Section 4c as follows:
 
    (20 ILCS 415/4c)  (from Ch. 127, par. 63b104c)
    Sec. 4c. General exemptions. The following positions in
State service shall be exempt from jurisdictions A, B, and C,
unless the jurisdictions shall be extended as provided in this
Act:
        (1) All officers elected by the people.
        (2) All positions under the Lieutenant Governor,
    Secretary of State, State Treasurer, State Comptroller,
    State Board of Education, Clerk of the Supreme Court,
    Attorney General, and State Board of Elections.
        (3) Judges, and officers and employees of the courts,
    and notaries public.
        (4) All officers and employees of the Illinois General
    Assembly, all employees of legislative commissions, all
    officers and employees of the Illinois Legislative
    Reference Bureau, the Legislative Research Unit, and the
    Legislative Printing Unit.
        (5) All positions in the Illinois National Guard and
    Illinois State Guard, paid from federal funds or positions
    in the State Military Service filled by enlistment and paid
    from State funds.
        (6) All employees of the Governor at the executive
    mansion and on his immediate personal staff.
        (7) Directors of Departments, the Adjutant General,
    the Assistant Adjutant General, the Director of the
    Illinois Emergency Management Agency, members of boards
    and commissions, and all other positions appointed by the
    Governor by and with the consent of the Senate.
        (8) The presidents, other principal administrative
    officers, and teaching, research and extension faculties
    of Chicago State University, Eastern Illinois University,
    Governors State University, Illinois State University,
    Northeastern Illinois University, Northern Illinois
    University, Western Illinois University, the Illinois
    Community College Board, Southern Illinois University,
    Illinois Board of Higher Education, University of
    Illinois, State Universities Civil Service System,
    University Retirement System of Illinois, and the
    administrative officers and scientific and technical staff
    of the Illinois State Museum.
        (9) All other employees except the presidents, other
    principal administrative officers, and teaching, research
    and extension faculties of the universities under the
    jurisdiction of the Board of Regents and the colleges and
    universities under the jurisdiction of the Board of
    Governors of State Colleges and Universities, Illinois
    Community College Board, Southern Illinois University,
    Illinois Board of Higher Education, Board of Governors of
    State Colleges and Universities, the Board of Regents,
    University of Illinois, State Universities Civil Service
    System, University Retirement System of Illinois, so long
    as these are subject to the provisions of the State
    Universities Civil Service Act.
        (10) The State Police so long as they are subject to
    the merit provisions of the State Police Act.
        (11) (Blank).
        (12) The technical and engineering staffs of the
    Department of Transportation, the Department of Nuclear
    Safety, the Pollution Control Board, and the Illinois
    Commerce Commission, and the technical and engineering
    staff providing architectural and engineering services in
    the Department of Central Management Services.
        (13) All employees of the Illinois State Toll Highway
    Authority.
        (14) The Secretary of the Illinois Workers'
    Compensation Commission.
        (15) All persons who are appointed or employed by the
    Director of Insurance under authority of Section 202 of the
    Illinois Insurance Code to assist the Director of Insurance
    in discharging his responsibilities relating to the
    rehabilitation, liquidation, conservation, and dissolution
    of companies that are subject to the jurisdiction of the
    Illinois Insurance Code.
        (16) All employees of the St. Louis Metropolitan Area
    Airport Authority.
        (17) All investment officers employed by the Illinois
    State Board of Investment.
        (18) Employees of the Illinois Young Adult
    Conservation Corps program, administered by the Illinois
    Department of Natural Resources, authorized grantee under
    Title VIII of the Comprehensive Employment and Training Act
    of 1973, 29 USC 993.
        (19) Seasonal employees of the Department of
    Agriculture for the operation of the Illinois State Fair
    and the DuQuoin State Fair, no one person receiving more
    than 29 days of such employment in any calendar year.
        (20) All "temporary" employees hired under the
    Department of Natural Resources' Illinois Conservation
    Service, a youth employment program that hires young people
    to work in State parks for a period of one year or less.
        (21) All hearing officers of the Human Rights
    Commission.
        (22) All employees of the Illinois Mathematics and
    Science Academy.
        (23) All employees of the Kankakee River Valley Area
    Airport Authority.
        (24) The commissioners and employees of the Executive
    Ethics Commission.
        (25) The Executive Inspectors General, including
    special Executive Inspectors General, and employees of
    each Office of an Executive Inspector General.
        (26) The commissioners and employees of the
    Legislative Ethics Commission.
        (27) The Legislative Inspector General, including
    special Legislative Inspectors General, and employees of
    the Office of the Legislative Inspector General.
        (28) The Auditor General's Inspector General and
    employees of the Office of the Auditor General's Inspector
    General.
        (29) All employees of the Illinois Power Agency.
        (30) Employees having demonstrable, defined advanced
    skills in accounting, financial reporting, or technical
    expertise who are employed within executive branch
    agencies and whose duties are directly related to the
    submission to the Office of the Comptroller of financial
    information for the publication of the Comprehensive
    Annual Financial Report (CAFR).
(Source: P.A. 97-618, eff. 10-26-11.)
 
    Section 999. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/23/2012