SB3942 Summary

• Amends the State Finance Act to authorize transfers of specified amounts from various state funds to the Audit Expense Fund within 30 days of the bill's effective date.

• Transfers total approximately $24.5 million from over 200 individual state funds, with the largest transfers from General Revenue Fund ($17,653,153), Education Assistance Fund ($1,969,661), and State Pensions Fund ($500,000).

• Applies to all state funds except federal and state trust funds, which may only transfer amounts as directed by the Auditor General based on estimated audit costs.

• Allows 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.

• Takes effect immediately upon becoming law.