HB5556 Summary: Division of Financial Reporting Act

• Creates a new Division of Financial Reporting under the State Chief Information Officer's direction, subject to oversight by a Board of Trustees, to modernize the State's financial accounting systems.

• Mandates implementation of an Enterprise Resource Planning (ERP) system to enable the State to produce timely, Generally Accepted Accounting Principles (GAAP)-compliant financial reports.

• Establishes a 7-member Board of Trustees appointed by the Governor, Comptroller, Speaker, House Minority Leader, Senate President, and Senate Minority Leader to ensure transparency and coordination between legislative and executive branches.

• Exempts the Division from the Personnel Code and Illinois Public Labor Relations Act, allowing flexible staffing with professionals in accounting, financial reporting, technology, and enterprise systems implementation.

• Creates the Division of Financial Reporting Revolving Fund to receive payments from State agencies for Division services, with funds used to support Division operations.