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.
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 - View Summary
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.