Illinois Compiled Statutes 70 ILCS 1842/110 – Report and financial statement
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Terms Used In Illinois Compiled Statutes 70 ILCS 1842/110
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Within 60 days after the end of a fiscal year, a participating municipality’s city council shall have prepared by a certified public accountant a complete and detailed report and financial statement of the operations and assets and liabilities of the Port District within the municipality’s corporate limits. Copies of the report shall be prepared for distribution to persons interested, upon request, and a copy of the report and financial statement shall be filed with the Governor and with the Rock Island County Clerk.