IL SB3245

Requires vouchers under $5 to be paid through electronic funds transfer only, with exceptions for legislative branch vouchers and State Treasurer's Office payments for unclaimed property claims.

Modifies late payment interest calculation in the State Prompt Payment Act to clarify daily interest accrual at 0.033% (one-thirtieth of one percent) per day for payments made after 90 days.

Requires all audits and financial reports filed with the Comptroller to be submitted electronically, with the Comptroller posting them online within 45 days of receipt.

Mandates that all financial reports filed by governmental units, counties, and municipalities include the name of the purchasing agent overseeing competitively bid contracts.

Applies delinquent audit and report fees to governmental units, counties, and municipalities: $5/day for first 15 days late, $10/day for days 16-30, $15/day for days 31-45, and $20/day thereafter.