SB0082 amends audit requirements for Illinois municipalities, adjusting reporting frequency and methods.
SB0082 modifies the Illinois Municipal Auditing Law by altering audit requirements for municipalities. Until fiscal year 2026, municipalities with a population under 800, no public utilities, and no bonded debt over $50,000 must file a supplemental report annually. Starting in fiscal year 2026, municipalities with a population of 1,000 or more, owning or operating public utilities, or having bonded debt must file an audit report annually. Municipalities with a population under 1,000, not owning or operating public utilities, and having no bonded debt must file an annual financial report.
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