IL SB1405

Creates the State Funds Consolidation Board to review and analyze the structure of state funds held in the state treasury and recommend consolidation of funds into existing or new funds.

Board composition includes 10 members: 2 appointed by the State Comptroller, 2 by the State Treasurer, 2 by the Governor (with Senate advice and consent), and one each appointed by the Speaker of the House, President of the Senate, and minority leaders of both chambers; serves 4-year terms.

Requires at least one member from each of the Comptroller's, Treasurer's, and Governor's appointees to be a licensed CPA or have at least 10 years of Illinois state government experience; State Comptroller serves as Board Chairperson.

Board shall meet at least 4 times annually, must develop procedures allowing state agency heads and professional organizations to recommend funds for consolidation, and deliver annual reports to the General Assembly beginning January 15, 2016.

All state agencies must cooperate with the Board subject to budget constraints and applicable laws; the Act is repealed on June 30, 2019.