IL HB3181

Requires all financial and audit reports created by governmental units, counties, and municipalities to include complete accounting of indebtedness, including bonded debt, loans, and other obligations across all accounts and funds.

Applies to all reports submitted to the State Comptroller and any other financial or audit reports created by these entities.

Limits home rule powers for counties and municipalities by prohibiting them from preparing reports or audits in a manner inconsistent with the indebtedness disclosure requirements.

Defines "indebtedness" broadly to encompass bonded indebtedness, loans, and any other type of financial obligation.