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| Public Act 097-1055
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| SB3794 Enrolled | LRB097 20441 HLH 65939 b |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 1. Short title. This Act may be cited as the |
Financial Reporting Standards Board Act.
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Section 5. Definitions. As used in this Act: |
"Board" means the Financial Reporting Standards Board
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created under Section 10 of this Act.
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"CAFR" means the Comprehensive Annual Financial Report |
required under Section 19.5 of the State Comptroller Act. |
"Comptroller" means the Comptroller of the State of
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Illinois.
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"GAAP Coordinator" means a designated representative, |
employed by a State agency or component unit of the State, who |
is responsible for submission to the Office of the Comptroller |
all required documentation, as determined by the Office of the |
Comptroller, necessary for the preparation of the |
Comprehensive Annual Financial Report. |
"Internal auditor" means an auditor employed by a State
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agency under the Fiscal Control and Internal Auditing Act.
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"Licensed Certified Public Accountant" has the meaning
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provided in Section 0.03 of the Illinois Public Accounting Act.
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"Registered Certified Public Accountant" has the meaning
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provided in Section 0.03 of the Illinois Public Accounting Act.
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"State agency" means all departments, officers,
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commissions, boards, authorities, institutions, universities, |
foundations, and bodies politic and corporate of the State that |
are required to submit financial
reporting information to the |
Office of the Auditor General, the
Office of the Comptroller, |
or the federal government.
"State agency" does not include the |
legislative branch or judicial branch.
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Section 10. Financial Reporting Standards Board;
creation.
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(a) There is created the Financial Reporting Standards
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Board. The Board shall assist the State in
improving the |
timeliness, quality, and processing of
financial reporting for |
the State. |
(b) The Board shall consist of 3 members appointed by the |
Comptroller and 3 members appointed by the Governor, all with |
the advice and consent of the Senate. |
(c) At least one member appointed by the Comptroller and at |
least one member appointed by the Governor shall be a licensed |
or registered Certified Public Accountant. Any member who is |
not a licensed or registered Certified Public Accountant shall |
have relevant experience in business, government accounting, |
or finance. |
(d) Of the initial members appointed to the Board: one |
member appointed by the Comptroller and one member appointed by |
the Governor shall be appointed for a 2-year term; one member |
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appointed by the Comptroller and one member appointed by the |
Governor shall be appointed for a 3-year term; and one member |
appointed by the Comptroller and one member appointed by the |
Governor shall be appointed for a 4-year term. Those members |
may be reappointed for 4-year terms. Their successors shall be |
appointed for 4-year terms and may be reappointed. A vacancy on |
the Board shall be filled for the remainder of the unexpired |
term, in the same manner and by the same officer who made the |
original appointment. |
(e) The Comptroller and the Governor shall each designate |
one of their appointed members as co-chairperson of the Board. |
(f) The Board shall meet at least 2 times each year and at |
other times at the call of the chairpersons. Meetings of the |
Board shall be subject to the provisions of the Open Meetings |
Act. |
(g) The members of the Board shall serve without |
compensation, but may be reimbursed for expenses.
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Section 15. Powers. The Board has the following powers: |
(1) to have a corporate seal, and to alter that seal at
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pleasure, and to use it by causing it or a facsimile to be
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affixed or impressed or reproduced in any other manner; |
(2) to use the services of the Office of the |
Comptroller and the Office of the Governor to carry out the |
Board's purposes, subject to the approval of the respective |
office; |
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(3) to assist State agencies with being timely and |
accurate in the processing of financial reporting for the |
State by: |
(A) establishing minimum qualifications for all |
new GAAP Coordinators, in cooperation with the |
Comptroller's Division of Financial Reporting; |
(B) establishing minimum training requirements for |
GAAP Coordinators, in cooperation with the |
Comptroller's Division of Financial Reporting; |
(C) establishing continuing education requirements |
for GAAP Coordinators, in cooperation with the |
Comptroller's Division of Financial Reporting; |
(D) establishing best practice guidelines for GAAP |
package submissions, in cooperation with the |
Comptroller's Division of Financial Reporting; and |
(E) providing assistance during the GAAP cycle, in |
cooperation with the Comptroller's Financial Reporting |
Division and the Governor's Office of Management and |
Budget; |
(4) to make available to the Comptroller or Governor |
any information related to the processing of financial |
reports that the Board may deem
necessary to enable it |
effectively to carry out the
provisions of this Act;
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(5) to promulgate rules with
respect to its operations |
as
may be necessary to carry out the purposes of
this Act, |
subject to the provisions of the Illinois
Administrative |
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Procedure Act;
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(6) to consult with other states and private
businesses |
that have successfully modernized and
streamlined their |
financial reporting systems; |
(7) to use current State resources that are already
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available inside of State government, and to use current
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financial reporting principles and practices, including,
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but not limited to, principles and practices of the Auditor
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General and the Comptroller; and |
(8) to participate in the development of a statewide |
GAAP-compliant financial reporting system.
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Section 20. Audits. |
(a) The Internal Auditor of every State agency that submits |
a GAAP package must submit an annual audit of its GAAP and |
financial statement process, if applicable, to the Board. |
(b) The Board shall review all information submitted and |
may prepare a report for the Comptroller and the Governor.
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Section 25. Responsibilities of other parties. |
(a) The Comptroller's Division of Financial Reporting, in |
cooperation with the Governor's Office of Management and |
Budget, shall assist State agencies during the GAAP process and |
shall review GAAP packages and preparation of the CAFR. |
(b) The Comptroller's Division of Financial Reporting and |
the Governor's Office of Management and Budget shall cooperate |
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with the Board in the following matters: |
(1) the development of a GAAP training program for |
State agencies; |
(2) the development of continuing education for |
employees of State agencies; and |
(3) the development of detailed standards for GAAP |
reporting by State agencies. |
(c) State agencies must adhere to the Board's guidance in |
regards to GAAP package processing and maintaining minimum |
standards for qualifications, training, and education for GAAP |
Coordinators.
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Section 30. Cooperation. All State agencies must render
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full cooperation to the Board and its employees, consistent |
with and subject to all otherwise applicable laws, regulations, |
rules and contractual obligations, including collective |
bargaining agreements, and budget constraints of the agencies.
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Section 90. Repeal. This Act is repealed on June 30, 2016.
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Section 100. The Personnel Code is amended by changing |
Section 4c as follows:
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(20 ILCS 415/4c) (from Ch. 127, par. 63b104c) |
Sec. 4c. General exemptions. The following positions in |
State
service shall be exempt from jurisdictions A, B, and C, |
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unless the
jurisdictions shall be extended as provided in this |
Act:
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(1) All officers elected by the people.
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(2) All positions under the Lieutenant Governor, |
Secretary of State,
State Treasurer, State Comptroller, |
State Board of Education, Clerk of
the Supreme Court,
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Attorney General, and State Board of Elections.
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(3) Judges, and officers and employees of the courts, |
and notaries
public.
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(4) All officers and employees of the Illinois General |
Assembly, all
employees of legislative commissions, all |
officers and employees of the
Illinois Legislative |
Reference Bureau, the Legislative
Research Unit, and the |
Legislative Printing Unit.
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(5) All positions in the Illinois National Guard and |
Illinois State
Guard, paid from federal funds or positions
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in the State Military Service filled by enlistment and paid |
from State
funds.
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(6) All employees of the Governor at the executive |
mansion and on
his immediate personal staff.
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(7) Directors of Departments, the Adjutant General, |
the Assistant
Adjutant General, the Director of the |
Illinois Emergency
Management Agency, members of boards |
and commissions, and all other
positions appointed by the |
Governor by and with the consent of the
Senate.
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(8) The presidents, other principal administrative |
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officers, and
teaching, research and extension faculties |
of
Chicago State University, Eastern Illinois University, |
Governors State
University, Illinois State University, |
Northeastern Illinois University,
Northern Illinois |
University, Western Illinois University, the Illinois
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Community College Board, Southern Illinois
University, |
Illinois Board of Higher Education, University of
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Illinois, State Universities Civil Service System, |
University Retirement
System of Illinois, and the |
administrative officers and scientific and
technical staff |
of the Illinois State Museum.
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(9) All other employees except the presidents, other |
principal
administrative officers, and teaching, research |
and extension faculties
of the universities under the |
jurisdiction of the Board of Regents and
the colleges and |
universities under the jurisdiction of the Board of
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Governors of State Colleges and Universities, Illinois |
Community College
Board, Southern Illinois University, |
Illinois Board of Higher Education,
Board of Governors of |
State Colleges and Universities, the Board of
Regents, |
University of Illinois, State Universities Civil Service
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System, University Retirement System of Illinois, so long |
as these are
subject to the provisions of the State |
Universities Civil Service Act.
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(10) The State Police so long as they are subject to |
the merit
provisions of the State Police Act.
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(11) (Blank).
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(12) The technical and engineering staffs of the |
Department of
Transportation, the Department of Nuclear |
Safety, the Pollution Control
Board, and the Illinois |
Commerce Commission, and the technical and engineering
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staff providing architectural and engineering services in |
the Department of
Central Management Services.
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(13) All employees of the Illinois State Toll Highway |
Authority.
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(14) The Secretary of the Illinois Workers' |
Compensation Commission.
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(15) All persons who are appointed or employed by the |
Director of
Insurance under authority of Section 202 of the |
Illinois Insurance Code
to assist the Director of Insurance |
in discharging his responsibilities
relating to the |
rehabilitation, liquidation, conservation, and
dissolution |
of companies that are subject to the jurisdiction of the
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Illinois Insurance Code.
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(16) All employees of the St. Louis Metropolitan Area |
Airport
Authority.
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(17) All investment officers employed by the Illinois |
State Board of
Investment.
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(18) Employees of the Illinois Young Adult |
Conservation Corps program,
administered by the Illinois |
Department of Natural Resources, authorized
grantee under |
Title VIII of the Comprehensive
Employment and Training Act |
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of 1973, 29 USC 993.
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(19) Seasonal employees of the Department of |
Agriculture for the
operation of the Illinois State Fair |
and the DuQuoin State Fair, no one
person receiving more |
than 29 days of such employment in any calendar year.
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(20) All "temporary" employees hired under the |
Department of Natural
Resources' Illinois Conservation |
Service, a youth
employment program that hires young people |
to work in State parks for a period
of one year or less.
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(21) All hearing officers of the Human Rights |
Commission.
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(22) All employees of the Illinois Mathematics and |
Science Academy.
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(23) All employees of the Kankakee River Valley Area
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Airport Authority.
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(24) The commissioners and employees of the Executive |
Ethics
Commission.
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(25) The Executive Inspectors General, including |
special Executive
Inspectors General, and employees of |
each Office of an
Executive Inspector General.
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(26) The commissioners and employees of the |
Legislative Ethics
Commission.
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(27) The Legislative Inspector General, including |
special Legislative
Inspectors General, and employees of |
the Office of
the Legislative Inspector General.
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(28) The Auditor General's Inspector General and |
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employees of the Office
of the Auditor General's Inspector |
General.
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(29) All employees of the Illinois Power Agency. |
(30) Employees having demonstrable, defined advanced |
skills in accounting, financial reporting, or technical |
expertise who are employed within executive branch |
agencies and whose duties are directly related to the |
submission to the Office of the Comptroller of financial |
information for the publication of the Comprehensive |
Annual Financial Report (CAFR). |
(Source: P.A. 97-618, eff. 10-26-11.)
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