HB4990 Summary

• Amends Section 2-7 of the Downstate Public Transportation Act to establish reporting requirements and payment procedures for public transportation participants.

• Metro-East Transit District participants must file quarterly operating deficit reports within 60 days of each quarter end, with the Department determining compliance with approved expenditure programs.

• Other participants must file projected eligible operating expenses 30 days before each quarter and actual expenses statements 30 days before the third and fourth quarters, with the Comptroller and Treasurer paying one-third of eligible operating expenses within 45 days.

• Establishes reconciliation procedures requiring participants to remit reimbursement payments to the Department within 90 days of written notification if overpayments are identified, and the Department must remit reimbursements to participants within 90 days if underpayments are found.

• Requires each participant to provide an annual audit by a Certified Public Accountant within 180 days of fiscal year end, with discrepancies between funds paid and eligible operating expense percentages reconciled through appropriate payments or credits.