Referred to Assignments
Summary
Starting in fiscal year 2027, any Illinois governmental unit that earned less than $1.5 million the prior year can replace the yearly audit requirement with either a once‑every‑four‑years audit plus an annual financial report, or just an annual report that must be presented to and approved by a 3/5 vote of its elected board. Beginning in fiscal year 2028, units that earned $1.5 million or more must continue annual audits, file a standardized financial report with the Comptroller, and place copies of both reports in the public record. The bill updates the Governmental Account Audit Act and is currently referred to committee.
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