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Thursday, March 12, 2015

New Law Changes Annual Town Meeting Requirements regarding Annual Financial Statements

There has been a recent amendment to the Township Code that may result in quicker annual town meetings!  The General Assembly passed Public Act 98-1108, which became effective on January 1, 2015, amended 60 ILCS 1/70-50 of the Illinois Township Code to modify the requirement that the township clerk read the annual financial statement aloud at the annual town meeting.  

The new language specifies that, “The clerk shall also read aloud the unaudited statement or provide a copy of the unaudited statement to the electors at the annual township meeting.”  Consequently, as long as you distribute copies of the financial statements to the electors, there will be no need to read them aloud.  So there is no confusion as time passes, we recommend that the minutes of the annual town meeting reflect that the clerk distributed the annual financial statement to the electors and that a copy of the statement be appended to the minutes. 

Post Authored by Keri-Lyn Krafthefer, Ancel Glink


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