IL SB3271

Creates the State Funds Consolidation Board to review the structure of State funds held in the State treasury and analyze the Auditor General's February 2011 findings on excessive State funds.

Board consists of 6 members appointed by the State Comptroller (2), State Treasurer (2), and Governor (2) for 4-year terms, with at least one member from each appointing authority being a CPA or having 10+ years of Illinois State government experience.

Board shall meet at least 4 times annually and has authority to research, analyze, and recommend fund consolidations, consult with other states and organizations, and adopt rules under the Illinois Administrative Procedure Act.

Board shall submit annual reports to the General Assembly beginning January 15, 2015, detailing findings and recommendations for consolidating specific funds and improving efficiency of the State treasury fund structure.

Act automatically repeals on June 30, 2018, and takes effect upon becoming law.