Illinois Administrative Code Title 74 - PUBLIC FINANCE
Illinois Administrative Code – Title 74: Public Finance
Title 74 of the Illinois Administrative Code outlines the rules and regulations governing public finance in the state of Illinois. It focuses on how state funds are managed, allocated, and reported, and it applies to state agencies, local governments, grantees, and contractors that handle public money. This title is primarily administered by agencies such as the Governor’s Office of Management and Budget (GOMB) and the Illinois Comptroller.
🔑 Major Parts of Title 74:
1. Grant Accountability and Transparency
Part 7000 – GATA Rules (Grant Accountability and Transparency Act)
Sets uniform requirements for the administration of state grants.
Applies to both state agencies and grant recipients.
Covers prequalification, risk assessments, performance, reporting, and audits.
2. Statewide Accounting and Budgetary Oversight
Part 50 – Statewide Accounting Management System (SAMS)
Guides accounting procedures and financial reporting for state agencies.
Part 300 – Budgeting for Results
Links budget decisions with performance data.
Part 500 – Statewide Budget Management
Procedures for submitting, revising, and implementing agency budgets.
3. Internal Audits and Fiscal Controls
Part 100 – Internal Audit Standards
Defines how state agencies must conduct internal audits.
Part 420 – Fiscal Control and Internal Auditing Act Implementation
4. Debt and Bond Financing
Part 900 – Capital Development Board’s Debt Financing Rules
Part 1300 – State Bond Commission Regulations
Covers issuance, repayment, and disclosure for state-issued bonds.
5. Prompt Payment and Vendor Regulations
Part 900.30 – Prompt Payment Act
Requires timely payment to vendors doing business with the state.
🏛️ Administering Agencies:
Governor’s Office of Management and Budget (GOMB)
Office of the Comptroller
Illinois State Board of Investments
Illinois Department of Central Management Services (CMS)
Grant Accountability and Transparency Unit (GATU)
✅ Key Themes:
Transparency in financial transactions
Accountability for public funds
Standardized grants management
Timely vendor payments
Efficient budgeting and performance monitoring
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