HB4545

Illinois HB4545 adjusts the revenue threshold for governmental units requiring audits and modifies reporting requirements.

Illinois HB4545 amends the Governmental Account Audit Act by changing the revenue threshold for governmental units needing audits. Beginning in fiscal year 2027, units receiving less than $1,500,000 in the previous fiscal year can choose between a once-every-four-years audit or filing an annual financial report. Units receiving $1,500,000 or more must file an annual financial report with the Comptroller. The bill also mandates that financial reports be submitted electronically and posted on the Internet within 45 days. The Comptroller must post a list of non-compliant governmental units.