HB5617 Summary

• Amends Section 6z-27 of the State Finance Act to authorize transfers from 200+ state funds to the Audit Expense Fund to pay for audits under the Illinois State Auditing Act.

• Requires the State Comptroller to order and State Treasurer to transfer specified dollar amounts from designated funds within 30 days of the act's effective date in 2012.

• Authorizes the Auditor General to bill private entities, related organizations, and locally-held entities for audit costs incurred on their behalf, with revenues deposited into the Audit Expense Fund.

• Permits the State Comptroller to transfer deficient amounts from the General Revenue Fund if money in any designated fund is unavailable for lawful transfer.

• Requires the Auditor General to notify the Governor's Office of Management and Budget by December 1 each year of estimated audit costs, and directs return of excess transferred funds to their original sources by September 30 if amounts exceed actual audit costs.