SPRINGFIELD – Last week, State Representative Brad Fritts (R-Dixon) unanimously passed a bill to increase local control and save money for smaller units of local government.
“Senate Bill 2836 is an important bipartisan initiative that will assist local units of government in saving money by raising the audit threshold for small units of government that are exempt from costly annual audits,” said Rep. Fritts. “This bill, which was crafted with collaboration from the Comptroller’s office and the Township Officials of Illinois, adjusts the audit threshold for inflation from where it was originally set.”
Under current law, every governmental entity in Illinois with combined revenues over $850,000 is required to pay for a yearly audit performed by a Certified Public Accountant. Senate Bill 2836 will increase the revenue threshold to include units of government that generate less than $1.4 million in revenue. These local units of government will continue to submit their annual financial reports to the Comptroller.
Rep. Fritts concluded, “Rural residents in Illinois need relief now. This bill will help alleviate a burden on our smaller units of local government that are struggling to pay for these expensive yearly audits, which force them to raise property tax levies to cover the expense. This bill will finally prioritize our rural communities and give some relief for taxpayers.”
For more information about Representative Fritts, visit RepFritts.com.
###