Bill > HB1650

This bill aims to streamline the management of state funds by identifying and closing or consolidating inactive accounts within the State Treasury. It defines key terms like "pooled investment vehicle" (a fund where money from multiple sources is combined for investment), "state agency" (a government department or entity), and "State Fiscal Officer" (the Executive Director of the Department of Finance and Administration). The State Treasurer will annually review accounts that only receive interest from pooled investments and have had no other activity in the past fiscal year. If these accounts were not created by law to specifically retain interest, the Treasurer can stop their interest allocation and, along with the State Fiscal Officer and the relevant state agency, close or combine them unless legislative changes are needed. The bill also requires state agencies to report details about all their funds, accounts, and trusts, both within and outside the State Treasury, to the Treasurer by September 30, 2026, and subsequently every four years after a statewide election, with interim reports for new funds. The Treasurer will then compile this information and report recommendations for closures or consolidations to the Legislative Budget Office and legislative services offices. An exception process is also established for state agencies to request exemptions from investment requirements if they can demonstrate sufficient justification, such as legal restrictions.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1650.xml