SPRINGFIELD – State Representative Brad Fritts of Dixon said a bill that would reduce audit requirements for smaller units of local government has unanimously passed the Illinois House. Senate Bill 2836 would raise the threshold requiring annual audits from $850,000 in revenue to $1.4 million. Local governments below that level would still submit annual financial reports to the Illinois Comptroller’s Office.
“ Senate Bill 2836 is a very similar bill to House Bill 1911 that we passed unanimously last year out of this chamber. The only difference is that we took out our audit reform language as there are significant conversations going on for audit reform coming up. This bill will simply adjust the audit threshold for CPI from where it was originally set and align township codes and audit statutes so that they are together,” he said.
Fritts said the bill was developed with the Comptroller’s Office and the Township Officials of Illinois.