IL HB0644

Creates the Municipal Financial Distress Alert System Act to establish an alert system identifying municipalities in or approaching financial distress.

Requires the State Comptroller to establish an index system using financial indicators including revenues, expenditures, debt, liabilities, assets, and pension liabilities from audits and financial reports.

Applies to cities and villages with populations under 100,000 that are subject to the Governmental Account Audit Act.

Mandates the State Comptroller to annually review audits and financial reports and publish a report identifying municipalities in financial distress.

Requires the index system to flag municipalities that fail to submit annual audits or financial reports as required by law.