8001     CENTRALIZED STATE TREASURY SYSTEM 
(Revised 5/89)

 

Except when otherwise authorized by the Director of Finance or unless deposited directly in the State Treasury, all money in the possession of or controlled by any agency will be deposited in the centralized State Treasury System, subject to disbursement upon order of the agency.

 

The centralized State Treasury System is a system, authorized by Government Code Section 16305, whereby state moneys are deposited in specified local banks for credit to central accounts of the State Treasurer. Under this system, each depositing agency notifies the State Treasurer's Office whenever a deposit is made. From such data, the State Treasurer Office maintains central accounts with respect to each approved depository. Although deposits may be made at any branch of an approved depository, only one account is maintained for each depository by the State Treasurer's Office. The State Controller's Office maintains accountability for deposits by specific account of the depositing agency to be credited rather than by approved depository.

 

Withdrawals are made by check drawn by the agency. The State Controller's Office sends statements of accounts at least monthly to each depositing agency. The State Treasurer's Office maintains the microfiche files of paid checks and returns the checks to the agencies at least monthly. Any requests for delivery of paid checks on a more frequent basis can be directed to the State Treasurer's Office.

 

The purpose of the centralized State Treasury System is to maximize the earning of interest consistent with safe and prudent treasury management and to assure that depository banks provide the State with proper and adequate security for deposits of state moneys.