IL HB5438

Amends the Governmental Account Audit Act to allow the State Comptroller to reduce delinquent audit fees at the Comptroller's discretion, in addition to the standard tiered fee schedule ($5-$20 per day depending on days overdue).

Modifies the Counties Code to apply the same discretionary fee reduction authority for delinquent county audit and report fees.

Updates the Illinois Municipal Code to give the Comptroller discretion to reduce Tax Increment Financing Report fees and authorizes the Comptroller to order audits at municipality expense if reports are not filed within 60 days of notice.

Adds authority for the Comptroller to decline ordering audits if books and records are inadequate or unavailable due to time passage or natural disaster, and establishes separate accounting for audit expense reimbursements in the Comptroller's Audit Expense Revolving Fund.

Clarifies that municipalities may request extensions or exemptions from Tax Increment Financing reporting requirements at the Comptroller's discretion.