Bill > HB1447

This bill makes two key changes to existing Illinois state laws regarding public funds and financial reporting. First, it modifies the State Treasurer Act to clarify the types of payments that can be made without a warrant from the State Comptroller, including payments to mental health service providers, pension benefit recipients, public assistance recipients, public agencies, and payments made through direct deposit or electronic fund transfers. Second, the bill amends the Accountability for the Investment of Public Funds Act to adjust the monthly reporting requirements for state agencies' online financial information. Instead of updating their investment details by the 15th of each month, agencies must now update their information no later than the end of each month. The required online disclosures include the amount of funds held, total monthly investment income and yield, asset allocation, and a list of approved financial institutions and brokers. The bill takes effect immediately upon becoming law, aiming to improve transparency and accessibility of public financial information.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1447&GAID=18&DocTypeID=HB&SessionID=114&GA=104