Bill Text: MS SB2841 | 2024 | Regular Session | Engrossed
Bill Title: State Treasury Efficiency Act; enact.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2024-04-02 - Died In Committee [SB2841 Detail]
Download: Mississippi-2024-SB2841-Engrossed.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Appropriations
By: Senator(s) Polk
Senate Bill 2841
(As Passed the Senate)
AN ACT TO ENACT THE STATE TREASURY EFFICIENCY AND TRANSPARENCY ACT; TO DEFINE TERMS; TO REQUIRE ALL FUNDS HELD BY STATE AGENCIES WITHIN THE STATE TREASURY OR OUTSIDE THE STATE TREASURY TO BE HELD IN INTEREST-BEARING ACCOUNTS; TO REQUIRE, WHEN IT IS REASONABLY FEASIBLE TO DO SO, THAT ALL FUNDS HELD BY STATE AGENCIES WITHIN THE STATE TREASURY SHALL BE INCLUDED IN POOLED INTEREST-BEARING ACCOUNTS TO BE INVESTED BY THE TREASURER; TO REQUIRE ALL STATE AGENCIES TO PROVIDE CERTAIN INFORMATION CONCERNING THE AGENCY'S FUNDS TO THE STATE TREASURER; TO REQUIRE THE TREASURER TO REPORT THE COMPILED FUND INFORMATION TO THE LEGISLATIVE BUDGET OFFICE; TO REQUIRE THE STATE FISCAL OFFICER TO ASSIST THE TREASURER IN MAKING CERTAIN DETERMINATIONS UNDER THE ACT; TO AUTHORIZE THE STATE FISCAL OFFICER TO DISAPPROVE OF PAYMENTS FROM THE STATE TREASURY IF A STATE AGENCY DOES NOT TIMELY PROVIDE THE INFORMATION REQUIRED BY THIS ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known and may be cited as the "State Treasury Efficiency and Transparency Act."
SECTION 2. For purposes of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) "Department" means the Department of Finance and Administration.
(b) "State agency" means that term as defined in Section 27-103-103(4).
(c) "State fiscal officer" means the Executive Director of the Department of Finance and Administration.
(d) "Treasurer" means the State Treasurer.
SECTION 3. (1) All funds held by state agencies within the State Treasury or outside the State Treasury shall be held in interest-bearing accounts.
(2) When it is reasonably feasible to do so, all funds held by state agencies within the State Treasury shall be included in pooled interest-bearing accounts to be invested by the Treasurer.
(3) The Treasurer shall ensure that all agencies are meeting the requirements under subsections (1) and (2) of this section. The Treasurer may provide an exception to the requirement of subsections (1) and (2) of this section if a state agency provides sufficient justification as to why the fund may not bear interest or may not be held in pooled interest-bearing accounts. Sufficient justification shall include a restriction placed on the monies held within the fund or other justification determined reasonable by the Treasurer. The State Fiscal Officer shall assist the Treasurer and provide any information necessary to make the determination.
SECTION 4. (1) All state agencies shall review each fund held within the State Treasury and outside the State Treasury and shall report to the department and the Treasurer no later than September 30, 2024, the following information:
(a) The name of the fund and the fund number;
(b) If the fund was created by the state agency or through statute with the statute listed, if applicable;
(c) If the fund retains its interest or provide where the interest is transferred;
(d) If there is any restriction on transferring the interest on the monies in the fund to the General Fund;
(e) The purpose of the fund and whether it can be combined with another fund or closed due to the fund being idle;
(f) Where it is determined that the fund can be combined with another fund or closed, a statement as to whether the change to the fund must be made by legislation;
(g) A statement as to whether the fund is held in an interest-bearing account or a sufficient justification as to why the fund cannot be held in an interest-bearing account;
(h) A statement as to whether the fund is held in a pooled interest-bearing account and invested by the Treasurer or a sufficient justification as to why the fund cannot be held in a pooled interest-bearing account; and
(i) If the agency has a fund created by legislation without an associated fund created in the State Treasury.
(2) The Treasurer shall review the information submitted by the agencies for accuracy and compile the information submitted in subsection (1) of this section and provide it in a report to the Legislative Budget Office by December 15, 2024. The report shall also include a recommendation on which funds should be closed or combined and recommended changes to the general laws of Mississippi related to the information provided by the agencies. The department shall assist the Treasurer with any information necessary to complete the report.
(3) Beginning with calendar year 2028 and each calendar year following a statewide election as provided in Section 23-15-193 thereafter:
(a) All state agencies shall provide the information required by subsection (1) of this section to the department and the Treasurer no later than September 30; and
(b) The Treasurer shall complete the required reporting in subsection (2) of this section and provide it in a report to the Legislative Budget Office by December 15.
(4) In addition to the four-year report, the reporting required in this section shall apply to any new funds created by state agencies by September 30 of each year when a full report is not required.
(5) The State Fiscal Officer may disapprove of payments from the State Treasury if a state agency does not timely provide the information required by this section.
SECTION 5. This act shall take effect and be in force from and after July 1, 2024.
