Bill > SB9

This bill modifies the existing state law regarding cash deposit requirements for state agencies by changing the frequency of mandatory deposits from weekly to every 14 days. Specifically, the bill allows state agencies to deposit cash collections that do not exceed $200 and total collections that do not exceed $750 every two weeks instead of every week. The bill maintains the existing provisions that require deposits to be made with the state treasurer or in an approved depository, and it preserves the ability of agencies to propose modified deposit schedules with internal controls. The legislation also allows agencies to request an alternative deposit schedule if they can demonstrate hardship due to peak processing times. The department of administration and the board of investments must review and approve any proposed modified deposit schedules to ensure adequate internal controls and maximize state asset earnings. The bill includes a provision requiring the department to submit a report to legislative fiscal analysts detailing any approved modified deposit schedules before each regular legislative session. The bill takes effect immediately upon passage and approval, providing state agencies with more flexibility in managing their cash deposits.

Government Affairs

https://bills.legmt.gov/#/laws/bill/20251/LC0274