Brief ⁽¹⁾

SB 487, as amended, concerns the reporting of daily cash balances by the State Treasurer. The bill deletes the requirement that the Director of Accounts and Reports provide the form to be used by the Treasurer in making the daily cash balances report. Further, the bill changes the name of the report form from the "daily deposit form" to the "daily cash sheet."

Finally, the bill provides that all orders of the State Treasurer transferring moneys from one bank account to another may be signed by the Treasurer or the Treasurer's authorized deputy. The requirement that both the Treasurer and the Director of Accounts and Reports sign such transfers is deleted.

The House Committee amendment is technical.

The House Committee of the Whole amendment provides that, in those fiscal years in which the actual State General Fund receipts exceed the original estimate of revenue for that fiscal year by more than $50,000,000, 50 percent of the excess amount shall be transferred to the State Debt Reduction Fund created by the amendment. Monthly, interest earnings on the State Debt Reduction Fund are to be transferred from the State General Fund to the State Debt Reduction Fund. Expenditures from the State Debt Reduction Fund are to be used for the retirement or defeasement of bonds issued for programs and capital improvement projects of state agencies.

Background

SB 487 was requested by the State Treasurer who explained that the changes were suggested in a recent performance audit. The changes do not change the requirement that all transfers out of the state treasury have the approval of the Director of Accounts and Reports.

The fiscal note prepared by the Division of the Budget indicated there would be no fiscal effect resulting from passage of the bill.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html