65 ILCS 5/8-8-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-8-3)Sec. 8-8-3. Audit requirements.(a) The corporate authorities of each municipality coming under the  provisions of this Division 8 shall cause an audit of the funds and  accounts of the municipality to be made by an auditor or auditors   employed by such municipality or by an auditor or auditors retained  by the Comptroller, as hereinafter provided.(b) The accounts and funds of each municipality having a population of 800  or more or having a bonded debt or owning or operating any type of public  utility shall be audited annually. The audit herein required shall include  all of the accounts and funds of the municipality. Such audit shall be  begun as soon as possible after the close of the fiscal year, and shall be  completed and the report submitted within 180 days after the close of such  fiscal year, unless an extension of time shall be granted by the  Comptroller in writing. The auditor or auditors perform the audit  shall submit not less than 2 copies of the audit report to the corporate  authorities of the municipality being audited. Municipalities not operating  utilities may cause audits of the accounts of municipalities to be made  more often than herein provided, by an auditor or auditors. The audit  report of such audit when filed with the Comptroller together with an audit  report covering the remainder of the period for which an audit is required  to be filed hereunder shall satisfy the requirements of this section.(c) Municipalities of less than 800 population which do not own or operate  public utilities and do not have bonded debt, shall file annually with the  Comptroller a financial report containing information required by the  Comptroller. Such annual financial report shall be on forms devised by the  Comptroller in such manner as to not require professional accounting  services for its preparation.(d) In addition to any audit report required, all municipalities, except  municipalities of less than 800 population which do not own or operate  public utilities and do not have bonded debt, shall file annually with the  Comptroller a supplemental report on forms devised and approved by the  Comptroller.(e) Notwithstanding any provision of law to the contrary, if a municipality (i) has a population of less than 200, (ii) has bonded debt in the amount of $50,000 or less, and (iii) owns or operates a public utility, then the municipality shall cause an audit of the funds and accounts of the municipality to be performed by an auditor employed by the municipality or retained by the Comptroller for fiscal year 2011 and every fourth fiscal year thereafter or until the municipality has a population of 200 or more, has bonded debt in excess of $50,000, or no longer owns or operates a public utility. Nothing in this subsection shall be construed as limiting the municipality's duty to file an annual financial report with the Comptroller or to comply with the filing requirements concerning the county clerk.(f) All audits and reports to be filed with the Comptroller under this Section must be submitted electronically and the Comptroller must post the audits and reports on the Internet no later than 45 days after they are received.  If the municipality provides the Comptroller's Office with sufficient evidence that the audit or report cannot be filed electronically, the Comptroller may waive this requirement.  The Comptroller must also post a list of municipalities that are not in compliance with the reporting requirements set forth in this Section.(g) Subsection (f) of this Section is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule municipalities of powers and functions exercised by the State.(h) Any financial report under this Section shall include the name of the purchasing agent who oversees all competitively bid contracts. If there is no purchasing agent, the name of the person responsible for oversight of all competitively bid contracts shall be listed.(Source: P.A. 101-419, eff. 1-1-20.)