The proposed rules delete obsolete language and provide updated procedures to enhance efficiencies associated with the transfer of a State agency’s eligible funds to the investment account of the Chief Financial Officer, and the return of all or a ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NOS.:RULE TITLES:

69C-3.004Transfer of Funds from an Eligible Fund to an Investment Account

69C-3.006Transfer of Funds from the Investment Account to an Eligible Fund

PURPOSE AND EFFECT: The proposed rules delete obsolete language and provide updated procedures to enhance efficiencies associated with the transfer of a State agency’s eligible funds to the investment account of the Chief Financial Officer, and the return of all or a portion of such monies to the agency’s eligible fund.

SUMMARY: The proposed rules provide updated procedures and a new form relating to the transfer of an agency’s eligible funds to the CFO’s investment account and the return of the invested balances of such monies to the eligible fund.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Department has incorporated its experience in estimating regulatory and transactional costs associated with the rulemaking process in performing an economic analysis of the proposed rules and has determined that there are no adverse impacts or potential regulatory costs for either of the proposed rules exceeding criteria established under paragraphs 120.54(1)(b) or120.541(2)(a), F.S.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 17.29 FS.

LAW IMPLEMENTED: 17.61, 17.65 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: Tuesday, October 6, 2015, @ 11:00 AM

PLACE: Suite 440-C, Hermitage Centre, Suite 400, 1801 Hermitage Blvd., Tallahassee, Florida.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Katherine Ward-Adkins @ [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Katherine Ward-Adkins, CPA, Financial Administrator, Division of Treasury, Bureau of Funds Management, Florida Department of Financial Services, 200 E. Gaines Street, Tallahassee, FL, 32399-0344, or [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69C-3.004 Transfer of Funds from an Eligible Fund to an Investment Account.

(1) It is the duty of the agency which is charged with the administration of an eligible fund to calculate the cash requirements of the fund and to initiate transfers from the eligible fund to the investment account. The transfer will be done using Form DFS-AA6 as adopted in Rule Chapter 69I-40, F.A.C. The transfer request will be initiated by the agency administering the fund. The transfer request will be delivered to the Division of Accounting and Auditing. If the request is approved, a copy of the approved transfer request will be emailed delivered to the Division of Treasury by the Division of Accounting and Auditing. The transfer will be effective the date it is approved by the Division of Accounting and Auditing.

(2) The Chief Financial Officer shall require a two working-day notice for a transfer back from the investment account to the eligible fund that exceeds $10,000,000 if necessitated by a lack of liquidity. Notice by telephone followed by written confirmation will be acceptable.

Rulemaking Authority 17.29 FS. Law Implemented 17.61, 17.65 FS. History–New 1-4-82, Formerly 4C-3.04, Amended 5-20-90, 3-14-94, Formerly 4C-3.004, Amended ________.

 

69C-3.006 Transfer of Funds from the Investment Account to an Eligible Fund.

(1) When funds are needed for disbursement out of an eligible fund it is the responsibility of the agency charged with administering the eligible fund to initiate the transfer of funds from the investment account back to the eligible fund. This transfer shall be initiated by logging into the investment account at https://www.fltreasury.org/treasury/fs_01sub.html or by telephone request to the Chief Financial Officer. The agency personnel with access to the investment account will enter the liquidation into the system. The state agency initiating the request shall file provide to the Chief Financial Officer a written list of persons authorized to initiate the transfer. This list shall be updated each fiscal year, or sooner if the initiating agency wants to make a change. Division of Treasury personnel will prepare the transfer on Form DFS-AA6 as adopted by Rule Chapter 69I-40, F.A.C., and will forward the transfer form to the Division of Accounting and Auditing. Transfer requests must be entered and received by 11:00 a.m., Tallahassee time, in order to be effected that day. As indicated in Rule 69C-3.004, F.A.C., a two working-day notice shall be required for transfers out of the investment account that exceed $10,000,000.

(2) The State agency initiating the request shall, on a quarterly basis, file a Trust Fund Quarterly Certification Form, DFS-J2-2159 (effective 05/2015), which is hereby adopted and incorporated herein by reference. The form may be obtained at [insert link] or from the Bureau of Funds Management at the following address:

Department of Financial Services

Bureau of Funds Management

Operations Section Financial Administrator

200 E. Gaines Street

Tallahassee, Florida 32399-0344.

Rulemaking Authority 17.29 FS. Law Implemented 17.61, 17.65 FS. History–New 1-4-82, Formerly 4C-3.06, Amended 5-20-90, 3-14-94, Formerly 4C-3.006, Amended _______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Katherine Ward-Adkins, CPA, Financial Administrator, Division of Treasury, Bureau of Funds Management, Department of Financial Services

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jeff Atwater, Chief Financial Officer, Department of Financial Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 3, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July15, 2015