The proposed revisions update the rules, remove unnecessary language, and add a forwarding method for clearing accounts. The proposed amendment to Rule 69C-1.005, F.A.C., also adopts a new form that state agencies are required to utilize to report ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NOS.:RULE TITLES:

69C-1.004Approval of Clearing Accounts

69C-1.005Administration of Clearing Accounts

PURPOSE AND EFFECT: The proposed revisions update the rules, remove unnecessary language, and add a forwarding method for clearing accounts. The proposed amendment to Rule 69C-1.005, F.A.C., also adopts a new form that state agencies are required to utilize to report account balances.

SUMMARY: The changes update requirements for the approval and administration of clearing accounts.

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 conducted an economic analysis of the potential impact of the proposed amendment of these rules and determined that there will be no adverse economic impact or regulatory increases that would require legislative ratification.

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: 17.58, 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: February 28, 2017, 1:00 p.m.

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: Jennifer Pelham, telephone: [phone], email: [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: Jennifer Pelham, Financial Administrator, Division of Treasury, Department of Financial Services, address: 200 East Gaines Street, Tallahassee, Florida 32399-0344, telephone: [phone], email: [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69C-1.004 Approval of Clearing Accounts.

(1) No change.

(2) Concurrent with the request to the Chief Financial Officer for approval of a clearing account, a letter must be sent to the State Board of Administration requesting approval of the qualified public depository in which the account is to be placed.

(2)(3) No change.

Rulemaking Authority 17.29 FS. Law Implemented 17.58, 17.65 FS. History–New 3-18-80, Formerly 4C-1.04, Amended 6-19-89, Formerly 4C-1.004, Amended___________.

 

69C-1.005 Administration of Clearing Accounts.

(1) Forwarding Moneys to the State Treasury. Moneys in clearing accounts which are to be forwarded to the State Treasury must be forwarded using the following general schedule unless another schedule is initiated or approved by the Chief Financial Officer:

Annual Deposits	Forwarding Frequency	Forwarding Method
(A) 0-61,999.99 62,000	Every Other Tues.	By Check or ACH Transfer
(B) 62,000-247,999.99 248,000	Every Tuesday	By Check or ACH Transfer
(C) 248,000-1,459,999.99 1,460,000	Every Tues. & Fri.	Wire Transfer or ACH Transfer
(D) Over 1,460,000 and over	Daily	Wire Transfer or ACH Transfer

(a) through (d) No change.

(e)(f) Funds Special handling must be given funds in clearing accounts must be processed to prevent insure that no large sums from lying lie idle in the account over a holiday period.

(2) Reporting Account Balances.

(a) As required by subsection Section 17.58(4), F.S., agencies, boards, bureaus, commissions, institutions, and departments having clearing accounts shall report the balances in each account at the end of each calendar quarter to the Chief Financial Officer on or before the twentieth (20th) day of the following month. Each agency, board, bureau, commission, or institution shall obtain a monthly account analysis from the qualified public depository. A copy of the three monthly account analyses for the preceding quarter shall be forwarded to the Chief Financial Officer along with the quarterly report. Agencies must submit this information on Form DFS-J2-2188, Quarterly Report of Agency Clearing and Revolving Funds (Eff. 09/16), which is hereby incorporated by reference, to http://fltreasury.org/cash_management/qtrrpt.html. Agencies may obtain a copy of this form by writing to Division of Treasury, Bureau of Funds Management, Cash Management Section, 200 East Gaines Street, Tallahassee, FL 32399-0344.

(b) through (c) No change.

(d) All clearing accounts must be reconciled periodically, and the balance reported in the quarterly reports submitted under subsection Section 17.58(4), F.S., must reconcile to the balance shown in the monthly depository account statement for the last month of the quarter.

(3) No change.

Rulemaking Authority 17.29 FS. Law Implemented 17.58, 17.65 FS. History–New 3-18-80, Formerly 4C-1.05, Amended 6-19-89, Formerly 4C-1.005, Amended__________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jennifer Pelham, Financial Administrator, Division of Treasury

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 29, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: October 28, 2016