IL HB4545

Raises the revenue threshold for simplified audit requirements from $850,000 to $1,500,000 beginning in fiscal year 2027 under the Governmental Account Audit Act.

Governmental units receiving less than $1,500,000 in annual revenue may either conduct audits every 4 years with annual financial reports to the Comptroller, or file annual financial reports approved by a 3/5 majority vote of elected officials at a public meeting.

Governmental units receiving $1,500,000 or more must conduct annual audits and file both audit reports and financial reports with the Comptroller, making copies part of the public record.

Excludes school districts, certain municipalities, counties with 1 million+ population, drainage districts with no financial activity, and public housing authorities reporting to HUD from these requirements.

Takes effect immediately upon becoming law.