IL HB3387

Requires all governmental units, counties, and municipalities to include complete accounting of indebtedness in every financial report and audit report, including reports provided to the Comptroller.

Defines "indebtedness" to include bonded indebtedness, loans, and any other type of obligation across all accounts and funds of the governmental unit.

Prohibits home rule governmental units, counties, and municipalities from preparing reports or audits in a manner inconsistent with these indebtedness disclosure requirements.

Establishes these requirements as limitations on home rule powers under Article VII, Section 6(i) of the Illinois Constitution.

Amends the Governmental Account Audit Act, Counties Code, and Illinois Municipal Code to implement the indebtedness reporting standards.