IL SB3044

Eliminates the 18-month repayment requirement for funds transferred from special funds to the General Revenue Fund and Health Insurance Reserve Fund during fiscal year 2015 for cash flow borrowing purposes.

Allows transfers from special funds to continue without a mandatory repayment deadline, provided transferred amounts are repaid with accrued interest when the original funds have insufficient cash.

Maintains the $650,000,000 cap on total outstanding transfers from special funds, with additional transfers only allowed after previous amounts have been re-transferred back.

Requires quarterly reports to legislative leaders and the Commission on Government Forecasting and Accountability detailing all transfers, amounts, interest paid, and fund balances until all borrowed moneys are repaid.

Takes effect immediately upon becoming law.