State of Montana, Department of Administration, Treasury Bureau Report On the Examination of the Schedule of Cash Accountability : Report to the Legislature 1982
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In our eReader you can find the full English version of the book. Read State of Montana, Department of Administration, Treasury Bureau Report On the Examination of the Schedule of Cash Accountability : Report to the Legislature 1982 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book State of Montana, Department of Administration, Treasury Bureau Report On the Examination of the Schedule of Cash Accountability : Report to the Legislature 1982
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The money accumulates at the banks until the Treasury Bureau transfers the money. The Treasury Bureau contacts smaller banks weekly and larger banks daily to determine the balance available to be deposited into the state's central bank account. Money is transferred by a wire transfer or a check issued by the Treasury Bureau. Any time delay in this transfer process reduces the state's opportunity for investment earnings.
The money in outside banks not available for investment averages $2 million... per month. A portion of the $2 million remains in the banks as a compensating balance. Using the short term investment rate of 13.83 percent, compounded monthly, this results in lost interest for the year of approximately $300,000. However, this amount does not reflect the offsetting costs associated with the services provided by the banks (i.e., compensating balances or service charges).
We contacted ten other State Treasurer Offices to determine their procedures for depositing state money. Even though systems varied from state to stale, we found that seven out of ten states had one main depository bank.
What to read after State of Montana, Department of Administration, Treasury Bureau Report On the Examination of the Schedule of Cash Accountability : Report to the Legislature 1982?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Office of the Legislative Auditor to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The money accumulates at the banks until the Treasury Bureau transfers the money. The Treasury Bureau contacts smaller banks weekly and larger banks daily to determine the balance available to be deposited into the state's central bank account. Money is transferred by a wire transfer or a check issued by the Treasury Bureau. Any time delay in this transfer process reduces the state's opportunity for investment earnings.
The money in outside banks not available for investment averages $2 million... per month. A portion of the $2 million remains in the banks as a compensating balance. Using the short term investment rate of 13.83 percent, compounded monthly, this results in lost interest for the year of approximately $300,000. However, this amount does not reflect the offsetting costs associated with the services provided by the banks (i.e., compensating balances or service charges).
We contacted ten other State Treasurer Offices to determine their procedures for depositing state money. Even though systems varied from state to stale, we found that seven out of ten states had one main depository bank.
What to read after State of Montana, Department of Administration, Treasury Bureau Report On the Examination of the Schedule of Cash Accountability : Report to the Legislature 1982?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Office of the Legislative Auditor to read onlineMoreLess
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