IDOT-PUB TRANSPORT PARTICIPANT

Amends the Downstate Public Transportation Act. Provides that no later than 180 days following the last day of a participant's fiscal year (rather than the State fiscal year) each participant shall provide the Department of Transportation with an audit prepared by a Certified Public Accountant covering that fiscal year. Provides that upon the Department's final reconciliation determination that identifies a discrepancy between the Downstate Operating Assistance Program funds paid and the percentage of the eligible operating expenses which results in a reimbursement payment due to the Department, the participant shall remit the reimbursement payment to the Department no later than 90 days after written notification. Provides that funds received by the Department from participants for reimbursement as a result of an overpayment from a prior State fiscal year shall be deposited into the Downstate Public Transportation Fund in the fiscal year in which they are received and all unspent funds shall roll to following fiscal years. Provides that upon the Department's final reconciliation determination that identifies a discrepancy between the Downstate Operating Assistance Program funds paid and the percentage of the eligible operating expenses which results in a reimbursement payment due to the participant, the Department shall remit the reimbursement payment to the participant no later than 90 days after written notifications.