IL HB1704

Amends the State Finance Act to authorize fund transfers into the Audit Expense Fund within 30 days after July 1, 2025

Transfers approximately $26.3 million total from over 100 specified state funds to cover audit costs, with the largest transfers from General Revenue Fund ($17,653,153), Education Assistance Fund ($2,193,017), and State Pensions Fund ($500,000)

Updates the list of funds subject to transfer, adding new funds and removing others compared to the previous fiscal year's provisions

Authorizes the Auditor General to bill entities not subject to transfer provisions, including private entities and organizations with locally-held funds, for audit costs

Takes effect immediately upon becoming law