HB5585 Summary

• Amends the State Finance Act to authorize transfers from 127 specified state funds to the Audit Expense Fund within 30 days of the law's effective date.

• Largest transfers include General Revenue Fund ($15,184,775), Education Assistance Fund ($2,034,774), State Pensions Fund ($500,000), and Common School Fund ($397,319).

• Authorizes the Auditor General to bill private entities and related organizations for audit costs, with revenues deposited into the Audit Expense Fund.

• Requires the State Comptroller to transfer deficient amounts from the General Revenue Fund if moneys are unavailable in the designated funds.

• Establishes annual notification requirements to the Governor's Office of Management and Budget regarding estimated audit costs for the following fiscal year.