HB5627 Summary

• State Comptroller orders and State Treasurer transfers specified amounts from 166 state funds to the Audit Expense Fund within 30 days of the act's effective date, totaling approximately $21.8 million for audit costs under the State Auditing Act.

• Audit Expense Fund receives transfers only from funds authorized by the General Assembly and may not receive transfers from federal or state trust funds except as specifically directed or where trust fund agreements permit.

• Auditor General notifies fund trustees of estimated audit costs and may bill private entities and related organizations for audit services, with revenues deposited into the Audit Expense Fund.

• State Comptroller transfers deficient amounts from the General Revenue Fund to the Audit Expense Fund if moneys in any designated fund are unavailable for transfer.

• Auditor General must direct return of excess transferred amounts back to originating funds by September 30 each fiscal year if transfers exceed actual audit costs under the Illinois State Auditing Act.