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.
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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