SB1839 Summary

• Amends the State Finance Act to modify Section 6z-27 concerning the Audit Expense Fund and authorizes transfers of moneys from specified state funds into the Audit Expense Fund within 30 days after July 1, 2022.

• Transfers specific dollar amounts from over 200 state funds into the Audit Expense Fund, with the largest transfers from General Revenue Fund ($17,653,153), Education Assistance Fund ($2,031,292), and State Pensions Fund ($500,000).

• 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.

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

• Takes effect upon becoming law, effective immediately.