AUDITOR GEN-PUBLIC UNIVERSITY

Amends the State Budget Law of the Civil Administrative Code of Illinois. Provides that in any year in which a public university has a repeated material audit finding reported in any audit conducted by the Auditor General, the Auditor General shall specially report the repeated material audit finding to the Governor and the General Assembly. Provides that any such public university to which the report applies shall have 5% of the funds to be appropriated to the public university during the fiscal year in which the Auditor General's report was issued withheld by the State Comptroller until the public university rectifies the deficiencies found in the material audit findings. Provides that if the public university has been allotted more than 95% of its appropriated funding at the time of the Auditor General's report, the public university shall, within 90 days after issuance of the Auditor General's report, remit 5% of the allotted funding for that fiscal year to a trust fund held outside of the State treasury, with the State Treasurer as custodian, to be held until the public university rectifies the deficiencies found in the material audit findings. Provides that upon request of a public university, the Auditor General shall determine whether a material finding has been rectified, and shall certify the same to the State Comptroller and the State Treasurer without regard to any other scheduled audit. Provides that upon a determination that the deficiency found in the material audit findings has been rectified, the 5% of appropriated funds that were either withheld from or remitted by the public university shall be released to the public university within 10 business days. Amends the Illinois State Auditing Act. Provides requirements concerning public university material audit findings reports. Defines "public university". Effective immediately.