RÉSUMÉ DIGEST
ACT 587 (SB 460) 2016 Regular Session LaFleur
Prior law provided that cash balances occurring from appropriations made by legislative act
or by the Interim Emergency Board for which no bona fide liability exists on the last day of
the fiscal year shall be remitted to the state treasurer by the 15th day following the last day
of the fiscal year.
New law retains prior law and further provides that all unexpended fees and self-generated
revenues for which no bona fide liability exists on the last day of each fiscal year, all
unexpended appropriations of fees and self-generated revenues, interagency transfers, and
self-generated revenues to be carried forward, shall be reported to the state treasurer on or
before the 15th day following the last day of the fiscal year.
New law provides that the state treasurer shall compile the information submitted pursuant
to new law into one report, and forward the report to the JLCB for consideration at its
September meeting.
New law provides that it applies to any state department, agency or budget unit, even those
which are not required to deposit its funds in the state treasury.
Prior law provided for the cash management review board which is authorized to approve
the opening of banking and checking accounts by state agencies. The review board is also
empowered to require all state agencies to submit a report of all banking and checking
accounts and the balances in each.
New law retains prior law and further provides that all state agencies shall report all banking
and checking accounts and the balances in each account quarterly to the review board. The
review board shall then compile such information into one report and forward the report to
the JLCB.
New law provides that the review board make a quarterly written report to the JLCB relative
to the banking and checking accounts of all state agencies, as follows:
(1)The state depositing authority as defined in R.S. 49:319.
(2)The banking or checking account name, account type, and, if there is more than one
account with the same name, the account number.
(3)The approval date for the banking or checking account and the name of the fiscal
agent bank.
(4)The banking or checking account investments, interest earnings, and fee payments.
(5)The account balance as of the beginning and the end of the quarter.
(6)The source of the funds in the account.
(7)The purpose of the banking or checking account.
(8)If a banking or checking account is closed during the quarter, the date of the closure,
the balance of the account on the date of the closure, and documentation from the
bank that the account has been closed.
New law further provides that the JLCB shall hold a hearing on the number and types of
banking or checking accounts, the need for the agency to have one or more banking or
checking account, the source of funds and the balances in the banking or checking account,
and whatever other information as deemed necessary by the chairman.
New law further provides that the JLCB shall forward a copy of the reports that it receives
from the review board, with whatever changes it deems necessary, to the Revenue Estimating
Conference for its use in estimating fees and self-generating revenues for the official
forecast. Prior law required the legislative auditor to review each state agency's compliance with the
review board's approved cash management policies and procedures and report any
noncompliance to the Legislative Audit Advisory Council and to the cash management
review board. New law retains prior law.
Prior law provided that any state depositing authority which deposits state funds in a bank
designated as a fiscal agent bank by the Interim Emergency Board shall provide written
notice to the state treasurer upon opening any type of account at the fiscal agent bank. The
state treasurer is to annually provide a list of all accounts to the JLCB.
New law retains prior law and further provides that the state depositing authority shall
provide written notice to the cash management review board in addition to the state treasurer
upon opening any type of account.
Effective upon signature of the governor (June 17, 2016).
(Amends R.S. 39:372(A)(1), (D), and (E) and R.S. 49:320.1; adds R.S. 39:82(K) and 372(F)
and (G))