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(20 ILCS 1605/9.2) (Section scheduled to be repealed on January 1, 2025) Sec. 9.2. Reconciliation of Fiscal Year 2017 through Fiscal Year 2022 annual net lottery proceeds. (a) The Office of the Auditor General concluded in the Department's annual fiscal year audits for Fiscal Year 2017, Fiscal Year 2018, Fiscal Year 2019, Fiscal Year 2020, and Fiscal Year 2021 that annual net lottery proceeds from the State Lottery Fund to the Common School Fund exceeded the annual net lottery proceeds available to transfer as described in subsection (o) of Section 9.1. The excess transfers to the Common School Fund during those fiscal years resulted in transfers of annual net lottery proceeds to the Capital Projects Fund as required by paragraph (4) of subsection (o) of Section 9.1 not being sent. The Department had no statutory authority to offset future transfers as described in paragraph (4) of subsection (a) of Section 9.3 during Fiscal Year 2017, Fiscal Year 2018, Fiscal Year 2019, Fiscal Year 2020, or Fiscal Year 2021 to reconcile the discrepancies. (b) The Department is hereby authorized to reconcile the discrepancies occurring in Fiscal Year 2017, Fiscal Year 2018, Fiscal Year 2019, Fiscal Year 2020, and Fiscal Year 2021 as reported by the Office of the Auditor General. The Department shall accomplish this reconciliation by offsetting its monthly transfers to the Common School Fund to recover the resulting cash deficit in the State Lottery Fund and separately transferring the deficient amounts owed to the Capital Projects Fund. All offsets and transfers shall be done in accordance with Generally Accepted Accounting Principles for government entities. The Department shall determine, in coordination with the Governor's Office of Management and Budget, an appropriate schedule for the offsets and transfers. All offsets and transfers shall be completed no later than June 30, 2023. (c) The Department is also authorized to reconcile any discrepancies that may occur in Fiscal Year 2022, if the annual net lottery proceeds transferred from the State Lottery Fund to the Common School Fund exceed the annual net lottery proceeds available to transfer. The Department shall determine whether there were any excess transfers by June 30, 2023. The Department shall reconcile any discrepancies by offsetting its monthly transfers to the Common School Fund to recover the resulting cash deficit in the State Lottery Fund and separately transferring the deficient amounts owed to the Capital Projects Fund. All offsets and transfers shall be done in accordance with Generally Accepted Accounting principles. All offsets and transfers for Fiscal Year 2022 discrepancies shall be completed no later than June 30, 2024. (d) This Section is repealed on January 1, 2025.
(Source: P.A. 102-699, eff. 4-19-22.) |
