IL HB1566

Amends the State Finance Act to authorize transfers from over 100 state funds to the Audit Expense Fund within 30 days after July 1, 2022, with amounts ranging from $618 to $17,653,153 per fund.

Authorizes the Auditor General to bill private entities and non-state entities for audit costs, with revenues deposited into the Audit Expense Fund.

Permits the State Comptroller to transfer funds from the General Revenue Fund if any designated fund lacks sufficient moneys for the required transfer.

Requires the Auditor General to annually notify the Governor's Office of Management and Budget by December 1 of estimated audit costs and to return excess transfers back to originating funds by September 30.

Exempts federal and state trust funds from transfer provisions except as specifically directed, and requires the Auditor General to notify trustees of estimated audit costs for those funds.