Bill Summaries: S 753 FRANKLIN & WAKE/DAILY DEPOSITS.

Tracking:
  • Summary date: Jun 14 2018 - More information

    AN ACT PROVIDING THAT THE DEPOSIT OF CURRENCY AND COINS INTO A CASH VAULT THAT PHYSICALLY SECURES THE CASH AND ELECTRONICALLY RECORDS THE DEPOSIT DAILY IN AN OFFICIAL DEPOSITORY BANK QUALIFIES AS A DAILY DEPOSIT UNDER THE LOCAL GOVERNMENT BUDGET AND FISCAL CONTROL ACT FOR FRANKLIN AND WAKE COUNTIES AND THE MUNICIPALITIES IN THOSE COUNTIES. Enacted June 14, 2018. Effective June 14, 2018.


  • Summary date: Jun 14 2018 - More information

    House committee substitute to the 1st edition makes the following changes. Instead of amending Section 2 of SL 2011-89, amends GS 159-32, applicable only to Franklin and Wake counties and the municipalities located in Wake County, by adding that the deposit of currency and coins into a cash vault that physically secures the cash and electronically records the deposit daily qualifies as a daily deposit even if the cash is not physically deposited at the bank until later.

     


  • Summary date: May 24 2018 - More information

    GS 159-32 requires daily deposits of all collections and receipts of a local government with either the finance officer or in an official depository. Current law, applicable to the City of Winston-Salem only, establishes that the deposits of currency and coins into a cash vault that physically secures the cash and electronically records the deposit daily in an official depository bank qualifies as a daily deposit under the Local Government Budget and Fiscal Control Act set out in Article 3 of GS Chapter 159. This act amends Section 2 of SL 2011-89, adding Franklin and Wake Counties and their municipalities to allow for this same manner of daily deposits under the Local Government Budget and Fiscal Control Act. 


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