IL HB0648

Authorizes the State Treasurer and State Comptroller to transfer funds from special state funds to the General Revenue Fund and Health Insurance Reserve Fund between July 1, 2014 and June 30, 2015 to address cash flow deficits and maintain liquidity.

Limits total outstanding transfers from special funds to $650,000,000; additional transfers only permitted after previous amounts are repaid to the originating funds.

Prohibits transfers that would reduce special fund balances below the total debt service due on bonded indebtedness and certificates issued under the Short Term Borrowing Act for the following 12 months.

Requires transferred funds to be repaid to their funds of origin with accrued interest, with repayment amounts transferred from the General Revenue Fund as directed by the Governor when funds have insufficient cash for appropriated expenditures.

Mandates quarterly reporting to legislative leadership and the Commission on Government Forecasting and Accountability detailing all transfers made, amounts, dates, interest payments, and fund balances.