IL HB1082

Amends the Illinois Municipal Code to revise municipal audit requirements beginning in Fiscal Year 2027, raising the population threshold for simplified reporting from 800 to 1,000 residents

Municipalities under 1,000 population without public utilities or bonded debt will only need to file an annual financial report (not a full audit) with the Comptroller starting in FY 2027

Municipalities under 1,000 population that own public utilities or have bonded debt must file annual financial reports plus an audit report every 4 years, unless the audit contains an adverse opinion or disclaimer, which triggers annual audits until resolved

Municipalities with 1,000 or more residents must file both an annual audit report and annual financial report with the Comptroller beginning in FY 2027

Reports must be submitted within 180 days after the fiscal year closes unless the Comptroller grants a written extension, and auditors must provide at least 2 copies of audit reports to municipal corporate authorities