IL SB3478

Amends the State Finance Act to authorize transfer of moneys from 195+ designated state funds into the Audit Expense Fund within 30 days after July 1, 2024.

Specifies dollar amounts to be transferred from each fund, with the largest transfers from General Revenue Fund ($17,653,153), Education Assistance Fund ($2,347,928), and Technology Management Revolving Fund ($620,435).

Provides that if funds are unavailable or deficient, the State Comptroller shall transfer the shortfall from the General Revenue Fund to ensure the Audit Expense Fund receives full amounts.

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

Effective immediately; includes provisions allowing the Auditor General to direct return of excess transfers back to originating funds if amounts exceed actual audit costs.