65 ILCS 5/8-8-3.5
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

Sec. 8-8-3.5. Tax Increment Financing Report. The reports filed under  subsection (d) of Section 11-74.4-5 of the Tax Increment Allocation  Redevelopment Act and the reports filed under subsection (d) of Section  11-74.6-22 of the Industrial Jobs Recovery Law  in the Illinois Municipal Code must be separate from any  other annual report filed with the Comptroller.  The Comptroller must, in  cooperation with reporting municipalities, create  a format for the reporting of information described in paragraphs (1.5),   (5), and (8) and  in subparagraph (G) of paragraph (7) of subsection (d) of Section  11-74.4-5 of  the Tax Increment Allocation Redevelopment Act  and the information described in paragraphs (1.5), (5), and (8) and in subparagraph  (G) of  paragraph (7) of subsection (d) of Section 11-74.6-22 of the Industrial  Jobs Recovery Law  that facilitates consistent  reporting among the reporting municipalities. The Comptroller may allow these  reports to be filed electronically and may display the report, or portions of  the report, electronically via the Internet.  All reports filed under this  Section must be made available for examination and copying by the public at all  reasonable times. A Tax Increment Financing Report must be filed electronically with the Comptroller within 180 days after the close of the municipal fiscal year or as soon thereafter as the audit for the redevelopment  project area for that fiscal year becomes available. If the Tax Increment Finance administrator provides the Comptroller's office with sufficient evidence that the report is in the process of being completed by an auditor, the Comptroller may grant an extension. If the required report is not filed within  the  time extended by the Comptroller, the Comptroller shall notify the corporate authorities of that municipality that the audit report is past due. The Comptroller may charge a municipality a fee of $5 per day for the first 15 days past due, $10 per day for 16 through 30 days past due, $15 per day for 31 through 45 days past due, and $20 per day for the 46th day and every day thereafter. These amounts may be reduced at the Comptroller's discretion. In the event the required audit report is not filed within 60 days of such notice, the Comptroller shall cause such audit to be made by an auditor or auditors. The Comptroller may decline to order an audit and the preparation of an audit report if an initial examination of the books and records of the municipality indicates that books and records of the municipality are inadequate or unavailable to support the preparation of the audit report or the supplemental report due to the passage of time or the occurrence of a natural disaster. All fees collected pursuant to this Section shall be deposited into the Comptroller's Administrative Fund. In the event the Comptroller causes an audit to be made in accordance with the requirements of this Section, the municipality shall pay to the Comptroller reasonable compensation and expenses to reimburse her for the cost of preparing or completing such report. Moneys paid to the Comptroller pursuant to the preceding sentence shall be deposited into the Comptroller's Audit Expense Revolving Fund.   (Source: P.A. 101-419, eff. 1-1-20; 102-127, eff. 7-23-21.)