IL HB3122

Amends Section 6z-27 of the State Finance Act to authorize transfers from multiple state funds to the Audit Expense Fund within 30 days of the act's effective date.

Transfers specified dollar amounts from numerous state funds (including General Revenue Fund at $17,491,225, State Lottery Fund at $435,421, and State Pensions Fund at $500,000) to pay for audits, studies, and investigations conducted by the Auditor General.

Allows the Auditor General to bill entities not covered by transfer provisions (private entities, related organizations, and locally-held fund entities) for audit costs, with revenues deposited into the Audit Expense Fund.

Requires the Auditor General to notify the Governor's Office of Management and Budget by December 1 each year of estimated audit costs needed for the following fiscal year.

Directs that any excess funds transferred beyond actual audit costs be returned to the originating funds by September 30 of each fiscal year, beginning in fiscal year 1994.