HB5552 Summary

• Amends the State Finance Act to authorize transfers totaling $351,738,973 from numerous special funds to the General Revenue Fund in equal quarterly installments beginning July 1, 2009 through June 30, 2010.

• Allows the State Treasurer and Comptroller to transfer funds from the General Revenue Fund back to special funds when they have insufficient cash to meet appropriated expenditures, subject to the State Prompt Payment Act.

• Permits the Governor's Office of Management and Budget Director to order reversal of transfers if they jeopardize federal funding or violate court orders.

• Directs additional transfers to the Hansen-Therkelsen Memorial Deaf Student College Fund ($503,700) and DHS Private Resources Fund ($1,000,000) on December 1, 2010.

• Requires transfers to the DCEO Projects Fund ($1,000,000) and Coal Development Fund ($320,000) by August 1, 2012.