HB1082 amends the Illinois Municipal Auditing Law to change audit and financial reporting requirements for municipalities starting in Fiscal Year.
HB1082 modifies the Illinois Municipal Auditing Law by altering audit and financial reporting requirements for municipalities. Beginning in Fiscal Year 2026, municipalities with a population of 1,000 or more must annually file an audit report and an annual financial report with the Comptroller. Smaller municipalities, those with a population of less than 1,000, must file an annual financial report if they do not own or operate public utilities and do not have bonded debt.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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