SB3234 Summary

• Amends the State Finance Act to authorize transfers from 140+ state funds to the Audit Expense Fund within 30 days of the bill's effective date, with specified dollar amounts for each fund.

• The General Revenue Fund contributes $17,653,153 and the Education Assistance Fund contributes $1,230,281, representing the largest transfers among all designated funds.

• Authorizes the Auditor General to bill private entities, related organizations, and entities with locally-held funds for audit costs, with revenues deposited into the Audit Expense Fund.

• Allows the State Comptroller to transfer deficient amounts from the General Revenue Fund if any designated fund lacks sufficient moneys for transfer.

• Requires the Auditor General to notify the Governor's Office of Management and Budget annually of estimated audit costs and to return excess transfers back to their source funds by September 30 each fiscal year.