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| | HB2922 Engrossed | | LRB097 08756 RLJ 48885 b |
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1 | | AN ACT concerning State government.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The State Comptroller Act is amended by adding |
5 | | Section 19.5 as follows:
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6 | | (15 ILCS 405/19.5 new) |
7 | | Sec. 19.5. Comprehensive Annual Financial Report (CAFR); |
8 | | procedures and reporting. |
9 | | (a) On or before October 31, 2012, and on or before each |
10 | | October 31 thereafter, State agencies shall report to the |
11 | | Comptroller all financial information deemed necessary by the |
12 | | Comptroller to compile and publish a comprehensive annual |
13 | | financial report using generally accepted accounting |
14 | | principles for the fiscal year ending June 30 of that year. The |
15 | | Comptroller may require certain State agencies to submit the |
16 | | required information before October 31 under a schedule |
17 | | established by the Comptroller. If a State agency has submitted |
18 | | no or insufficient financial information by October 31, the |
19 | | Comptroller shall serve a written notice to each respective |
20 | | State agency director or secretary about the delinquency or |
21 | | inadequacy of the financial information. |
22 | | (b) If the financial information required in subsection (a) |
23 | | is submitted to the Comptroller on or before October 31 and |
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| | HB2922 Engrossed | - 2 - | LRB097 08756 RLJ 48885 b |
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1 | | that information has been audited by the Auditor General, the |
2 | | Comptroller shall publish a comprehensive annual financial |
3 | | report using generally accepted accounting principles for the |
4 | | fiscal year ending June 30 of that year by December 31. If the |
5 | | information as required by subsection (a) is not provided to |
6 | | the Comptroller in time to publish the report by December 31, |
7 | | then upon notice from the Comptroller of the delay, each |
8 | | respective State agency director or secretary shall report his |
9 | | or her State agency's delinquency and provide an action plan to |
10 | | bring his or her State agency into compliance to the |
11 | | Comptroller, the Auditor General, the Office of the Governor, |
12 | | the Speaker and Minority Leader of the House of |
13 | | Representatives, and the President and Minority Leader of the |
14 | | Senate. Upon receiving that report from a State agency director |
15 | | or secretary, the Comptroller shall post that report with the |
16 | | action plan on his or her official website. |
17 | | (c) If a comprehensive annual financial report using |
18 | | generally accepted accounting principles cannot be published |
19 | | by December 31 due to insufficient or inadequate reporting to |
20 | | the Comptroller or if the Office of the Auditor General has not |
21 | | completed an audit of the comprehensive annual financial |
22 | | report, the Comptroller may issue interim reports containing |
23 | | financial information made available by reporting State |
24 | | agencies until an audit opinion is issued by the Auditor |
25 | | General on the comprehensive annual financial report.
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26 | | Section 99. Effective date. This Act takes effect upon |