AN ACT TO PROVIDE LOCAL SCHOOL ADMINISTRATIVE UNITS ADDITIONAL FLEXIBILITY WITH RESPECT TO CASH MANAGEMENT.
Amends GS 115C-438, regarding the disbursement of State funds to local school administrative units. Explicitly subjects local school administrative units to the cash management provisions under Article 6A, GS Chapter 147, with respect to all receipts, deposits, and disbursements required by law to be deposited with the State Treasurer or made available for expenditure by warrants drawn on the State Treasurer.
Adds new cash management guidelines to GS 147-86.12. Authorizes drawing of moneys deposited with the State Treasurer for disbursement by local school administrative units four business days prior to final disbursement to the ultimate payee, creating an exception to the guidelines set out in existing GS 147-86.11 requiring deposits to remain with the State Treasurer until final disbursement to the ultimate payee. Defines business day. Authorizes a local school administrative unit or school finance officer to deposit such moneys drawn on the State Treasurer in an official depository designated by the local board of education pursuant to state law. Makes technical changes. Makes conforming changes to GS 147-86.11.
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