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IL HB5391

Bill

Official Source

Status

Introduced

2/6/2026

Primary Sponsor

Natalie Manley

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Establishes a tiered financial reporting system for Illinois local governments beginning fiscal year 2028, categorizing them into four levels based on annual cash receipts from external sources
  • Category 1 local governments must appoint a 3-person auditing committee of independent electors to inspect records using Comptroller-published templates
  • Category 2 local governments must engage an independent CPA firm for agreed-upon procedures aligned with Comptroller-published minimum requirements
  • Category 3 and Category 4 local governments must prepare draft financial statements (cash basis for Category 3, GAAP for Category 4) and submit them to an independent CPA firm for audit
  • Requires the Comptroller to assign transition years between 2028-2033 for local governments to implement the new system and mandates CPA firm selection via public request for qualifications at least every 8 fiscal years

Legislative Description

GOV REPORT ENHANCEMENT ACT

Last Action

House Committee Amendment No. 1 Referred to Rules Committee

3/13/2026

Committee Referrals

Rules3/13/2026
Executive3/4/2026
Rules2/10/2026

Full Bill Text

No bill text available