Bill > SB2843

This bill, known as the State Treasury Efficiency and Transparency Act, aims to improve the management of state funds by requiring all state agency funds, whether within or outside the State Treasury, to be held in interest-bearing accounts. The bill mandates that when feasible, these funds should be included in pooled interest-bearing accounts managed by the State Treasurer. The Treasurer will conduct an annual review of funds receiving interest allocations to identify and potentially remove idle funds from interest allocation, unless they were created by general law allowing interest retention. State agencies must comprehensively report detailed information about their funds by September 30, 2025, including fund names, origins, interest retention status, potential for combination or closure, and justifications for any exceptions to interest-bearing account requirements. The Treasurer will then compile this information into a report for the Legislative Budget Office by December 15, 2025, which will include recommendations for fund closures, combinations, and potential legislative changes. The reporting process will be repeated every four years following a statewide election, with annual updates for new funds. The State Fiscal Officer is authorized to withhold payments from agencies that do not comply with the reporting requirements. The act is set to take effect on July 1, 2025.

Budget and Finance, Government Affairs

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2843.xml