HB4047 Summary

• Amends Section 6z-27 of the State Finance Act to authorize transfer of moneys from specified state funds into the Audit Expense Fund within 30 days of the law's effective date.

• Requires the State Comptroller to order and the State Treasurer to execute transfers from 163 enumerated funds totaling approximately $24.5 million to cover audit expenses under the Illinois State Auditing Act.

• Includes provisions allowing the Auditor General to bill private entities, related organizations, and other non-state entities for audit costs incurred on their behalf, with revenues deposited into the Audit Expense Fund.

• Permits transfer from the General Revenue Fund if moneys in specified funds are unavailable due to deficiency or other reasons preventing lawful transfer.

• Takes effect immediately upon becoming law.