HB4837 Summary

• Amends Section 8-8-3 of the Illinois Municipal Code regarding municipal audit requirements

• Municipalities with population of 800 or more, bonded debt, or public utilities must conduct annual audits completed within 6 months of fiscal year end, with at least 2 copies submitted to corporate authorities

• Municipalities with less than 800 population, no public utilities, and no bonded debt must file annual financial reports using Comptroller-designed forms that do not require professional accounting services

• Creates exemption for municipalities with population under 200, bonded debt of $50,000 or less, and public utilities to conduct audits only for fiscal year 2011 and every fourth fiscal year thereafter (unless population, debt, or utility status changes)

• All municipalities except those under 800 population without utilities or bonded debt must file annual supplemental reports with the Comptroller in prescribed forms