Ill. Admin. Code tit. 74 § 275.10

Current through Register Vol. 48, No. 45, November 8, 2024

Section 275.10 - Transfers Between Accounts within a Fund Held by the State Treasurer

a) For purposes of this Part, the term "transfer" is defined to be a financial transaction that results in the recording of a payment from an expenditure account and a deposit to a receipt account without the use of a warrant. "Transfers" under this Part shall not include statutorily mandated transfers between accounts within the State Treasury which are not revenues or expenditures to the receiving or disbursing accounts. The term "fund" is defined as a self balancing group of accounts against which all financial activity of the State is reported. One or more accounts may exist within a fund.

b) The Comptroller may transfer money between accounts within a fund held by the State Treasurer or may transfer money from one account in a fund held by the State Treasurer to another account in a different fund held by the State Treasurer without issuance of a warrant, if:

1) the Comptroller has received a properly completed voucher requesting payment from an account within a fund held by the State Treasurer;

2) an available balance exists in the fund from which the money is to be transferred;

3) for appropriated accounts, an unexpended balance exists in the appropriation account;

4) the transfer involves one or more State agencies exclusively;

5) the Treasurer approves the transfer; and

6) the transfer is otherwise pursuant to law and authorized.

c) In determining when to use a new application of the transfer authority the Comptroller shall consider the following criteria:

1) federal statute or regulation and state statute or regulation requiring or encouraging the use of transfers;

2) the amounts of the transfers;

3) the frequency of the transfers;

4) the ability of the one or more State agencies administering the account to which the money is credited to properly account for the transfer;

5) the fiscal savings to the State resulting from the transfer;

6) the added efficiency and security to the State's fiscal operations resulting from the transfer; and

7) reduction in paperwork and processing time.

d) Before beginning any new application of the transfer authority, the Comptroller will notify and consult with the one or more State agencies administering the account to which the money is credited and the Treasurer at least 30 days before initiating the new application.

e) The Treasurer's approval of the transfers within the State Treasury shall be deemed to be given when the Treasurer accepts and records the account activity provided by the Comptroller resulting from the transfers. The Comptroller and Treasurer shall coordinate efforts to reconcile any discrepancies made in the transfer process to mutually resolve the validity of the transfer.

f) The Comptroller shall provide information on the transfers on a timely basis to the State Treasurer, the one or more State agencies administering the account to which the money is credited and other State agencies, as requested. Such information may include the amount of the transfer, the date of the transfer, the voucher number requesting the transfer, the appropriation account code, the receipt account code and other relevant information relating to the transfer, as requested.

g) The Comptroller shall not include transfers made pursuant to this Part in the monthly report prepared by the Comptroller and sent to the Governor, the President and Minority Leader of the Senate and the Speaker and Minority Leader of the House of Representatives of all transfers made between funds in the State Treasury during the month in accordance with Section 5f of the State Finance Act [30 ILCS 105/5f] , entitled Transfers-Reports.

h) The Comptroller shall retain documentation of approval of all transfers by the Comptroller and Treasurer by fulfilling its record-keeping duties under the State Comptroller Act, the State Records Act and other statutes.

i) As an internal administrative step, the Comptroller may consolidate transfers or warrants into one transfer or one warrant by use of a separate fund established solely for the purpose of consolidation. Such internal transfers may be accomplished without a written voucher.

Ill. Admin. Code tit. 74, § 275.10