§ 8-8-2

The following terms shall, unless the context otherwise indicates, have the following meanings: (1) "Municipality" or "municipalities" means all cities, villages and incorporated towns having a population of less than 500,000 as determined by the last preceding Federal census. (2) "Corporate authorities" means a city council, village board of trustees, library board, police and firemen's pension board, or any other body or officers having authority to levy taxes, make appropriations, or approve claims for any municipality. (3) "Comptroller" means the Comptroller of the State of Illinois. (4) (Blank). (5) "Audit report" means, until Fiscal Year 2027, the written report of the auditor or auditors and all appended statements and schedules relating thereto, presenting or recording the findings of an examination or audit of the financial transactions, affairs, or condition of a municipality. This paragraph (5) becomes inoperable in Fiscal Year 2027. (5.5) "Audit report" means, beginning in Fiscal Year 2027, the written report of the auditor presenting or recording the findings of an examination or audit of (i) all accounts and funds of the municipality and (ii) the financial transactions, affairs, and condition of the municipality. "Audit report" includes, beginning in Fiscal Year 2027, all appended statements and schedules relating to the written report of the auditor. (6) "Annual report" means, until Fiscal Year 2027, the statement filed, in lieu of an audit report, by the municipalities of less than 800 population, which do not own or operate public utilities and do not have bonded debt. This paragraph (6) becomes inoperable in Fiscal Year 2027. (6.5) "Annual financial report" means, beginning in Fiscal Year 2027, the statement filed in lieu of an audit report and containing the information required by the Comptroller on forms devised by the Comptroller in such manner as to not require professional accounting services for its preparation. (7) "Supplemental report" means the annual statement filed, in addition to any audit report provided for herein, by all municipalities, except municipalities of less than 800 population which do not own or operate public utilities and do not have bonded debt. (8) "Auditor" means a licensed certified public accountant, as that term is defined in Section 0.03 of the Illinois Public Accounting Act, or the substantial equivalent of a licensed CPA, as provided under Section 5.2 of the Illinois Public Accounting Act, who performs an audit of municipal financial statements and records and expresses an assurance or disclaims an opinion on the audited financial statements. (9) "Generally accepted accounting principles" means accounting principles generally accepted in the United States. (10) "Generally accepted auditing standards" means auditing standards generally accepted in the United States.

Legislative History

(Source: P.A. 104-167, eff. 1-1-26 .)