Bill Text: IL HB1562 | 2013-2014 | 98th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Counties Code. In a Section concerning the deposit of public funds, requires a co-signer, in addition to the treasurer, on all municipal accounts. Requires the county board to review certain books of account on a semi-annual basis. Amends the Illinois Municipal Code. Provides that the corporate authorities shall inspect the treasurer's books and accounts on a semi-annual basis. Removes a provision that requires the books and accounts to be subject to inspection at any time by a member of the corporate authorities. In a Section concerning treasurer's reports, requires the corporate authorities to review certain account statements on a monthly basis. Further provides that in addition to the treasurer, a co-signer shall be required on all municipal accounts. Provides that the treasurer shall report to the corporate authorities on a semi-annual basis (now, as often as they require) a full and detailed account of all receipts and expenditures of the municipality. Requires the municipal clerk to provide the corporate authorities with a copy of any annual account. Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1562 Detail]

Download: Illinois-2013-HB1562-Engrossed.html

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HB1562 Engrossed LRB098 10396 MRW 40587 b
AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Governmental Account Audit Act is amended by
changing Section 11 as follows:
(50 ILCS 310/11) (from Ch. 85, par. 711)
Sec. 11. Except as otherwise provided in Section 6-31011 of
the Counties Code or Section 8-8-10 of the Illinois Municipal
Code, the The governing body of a governmental unit may
establish an audit committee, and may appoint members of the
corporate authority or other appropriate officers to the
committee, to review audit reports prepared under this Act and
any other financial reports and documents, including
management letters prepared by or on behalf of the unit.
(Source: P.A. 82-644.)
Section 10. The Counties Code is amended by changing
Section 6-31011 as follows:
(55 ILCS 5/6-31011) (from Ch. 34, par. 6-31011)
Sec. 6-31011. Finance and audit Audit committee. On the
effective date of this amendatory Act of the 98th General
Assembly, the The corporate authorities of a county shall may

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establish a finance and an audit committee, and shall may
appoint members of the corporate authority, or other
appropriate officers, and members of the public to the
committee, to review audit reports prepared under this Division
and any other financial reports and documents, including
management letters prepared by or on behalf of the county.
The duties of the finance and audit committee shall
include, but are not limited to:
(1) inspecting, on a semi-annual basis, the
treasurer's books and accounts;
(2) reviewing, on a semi-annual basis, all financial
accounts and financial activities of the county with any
bank, savings and loan association, savings bank, credit
union, or any other financial institution;
(3) reviewing, on an annual basis, a list of all county
accounts with any bank, savings and loan association,
savings bank, credit union or any other financial
institution;
(4) reviewing, on a semi-annual basis, any management
letters prepared by or on behalf of the county;
(5) reviewing, on an annual basis, all audit reports
prepared under this Division; and
(6) reviewing any other financial reports and
documents prepared by or on behalf of the county.
(Source: P.A. 86-962.)

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Section 15. The Illinois Municipal Code is amended by
changing Section 8-8-10 as follows:
(65 ILCS 5/8-8-10) (from Ch. 24, par. 8-8-10)
Sec. 8-8-10. Finance and audit committee. On the effective
date of this amendatory Act of the 98th General Assembly, the
The corporate authorities of a municipality shall may establish
a finance and an audit committee, and shall may appoint members
of the corporate authority, or other appropriate officers, and
members of the public to the committee, to review audit reports
prepared under this Act and any other financial reports and
documents, including management letters prepared by or on
behalf of the municipality.
The duties of the finance and audit committee shall
include, but are not limited to:
(1) inspecting, on a semi-annual basis, the
treasurer's books and accounts;
(2) reviewing, on a semi-annual basis, all financial
accounts and financial activities of the municipality with
any bank, savings and loan association, savings bank,
credit union, or any other financial institution;
(3) reviewing, on an annual basis, a list of all
municipal accounts with any bank, savings and loan
association, savings bank, credit union or any other
financial institution;
(4) reviewing, on a semi-annual basis, any management

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letters prepared by or on behalf of the municipality;
(5) reviewing, on an annual basis, all audit reports
prepared under this Act; and
(6) reviewing any other financial reports and
documents prepared by or on behalf of the municipality.
(Source: P.A. 82-644.)
Section 99. Effective date. This Act takes effect upon
becoming law.