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Policy: Agency Cash Management Plans

Policy Area: Cash Management / State Cash Management Plan
Effective Date:

Authority:

• G.S. 147-86.10 provides that "It is the policy of the State of North Carolina that all agencies, institutions, departments, bureaus, boards, commissions and officers of the State, whether or not subject to the Executive Budget Act, Chapter 143, Article 1 of the General Statutes, shall devise techniques and procedures for the receipt, deposit, and disbursement of moneys coming into their control and custody which are designed to maximize the interest-bearing investment of cash, and to minimize idle and nonproductive cash balances."
• G.S. 147-86.11 provides in part that “The State Controller…shall develop, implement and amend as necessary a uniform statewide plan to carry out the cash management policy for all State agencies.”
• G.S. 147-86.12 provides in part that “All school administrative units…are subject to the provision of G.S. 147-86.11 with respect to moneys required by law to be deposited with the State Treasurer and with respect to moneys made available to the school administrative unit for expenditure by warrants drawn on the State Treasurer.
• G.S. 147-86.13 provides in part that “All community colleges …are subject to the provision of G.S. 147-86.11 with respect to moneys required by law to be deposited with the State Treasurer and with respect to moneys made available to them for expenditure by warrants drawn on the State Treasurer.
• G.S. 147-86.14 provides in part that “All agencies, institutions, bureaus, boards, commission, and officers of the General Court of Justice…are subject to the provision of G.S. 147-86.11 with respect to moneys required by law to be deposited with the State Treasurer and with respect to moneys made available to them for expenditure by warrants drawn on the State Treasurer; provided , that the provisions of G.S. 147-86.11 shall not apply to any funds deposited with a clerk of superior court unless the beneficial owner of the funds is either the State or a local governmental unit of the State.

Policy:

Each agency, institution, department, bureau, board, or commission or officer of the State (hereafter referred to as “state agency”) must develop and maintain in its records a cash management plan that is approved by signature and date by the State Controller and the state agency chief financial officer. This plan must be consistent with and complete of statutory requirements and the elements of the uniform statewide cash management plan maintained by the Office of the State Controller. Any significant change to the agency cash management plan contemplated by the state agency must be submitted to the Office of the State Controller for review and approval prior to the change going into effect. Techniques and procedures devised by a state agency for the receipt, deposit, and disbursement of moneys coming into its control must be consistent with and complete of the elements in its cash management plan.