The Chief Financial Officer's Concentration Account is the statewide system of accounts, established and administered by the Chief Financial Officer for receiving moneys collected by state agencies.

Receipts

The Cash Management Section of the Bureau of Funds Management, Division of Treasury, is responsible for the verification of deposits into the Treasury for all departments, agencies, and commissions in the State of Florida. The Cash Management Section accounts for money coming into the Treasury and credits the correct account in the Florida Accounting Information Resource (FLAIR) system in order to make funds available for disbursement. This process is initiated by the individual state agencies that deposit funds or expect to receive funds through Electronic Funds Transfer (EFT). The agency enters the transaction into FLAIR pending verification of receipt by the Chief Financial Officer.

Debit Memorandums

The Cash Management Section also must charge back, to the appropriate agency, all checks and EFT transactions that have been returned unpaid. These returned items are listed on a debit memorandum, which reduces the balance in the FLAIR account that had previously been credited. State agencies can access their returned items via the Florida Planning, Accounting, and Ledger Management (PALM) system.

ACH Information

The basis for identifying incoming ACH payments is the use of information received with the payments in the standard NACHA formats. The key component of the identification system will be information in the payment detail record (CCS, CTX, or PPD) field number 7, IDENTIFICATION NUMBER. Data in this field is currently received and identifiable for many payments, including credit card settlements, and some federal ID numbers and PIN numbers. Field number 7 data for these payments is converted by the Treasury to the agency's Operating Level Organization (OLO) and site number for the particular type of payment.

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Forms and Documents

State Treasury Concentration Account Contract

Clearing Account Administration

A clearing account is a demand deposit account outside the state Treasury and controlled by a state agency as a means of forwarding funds to the state Treasury.

Any agency, board, bureau, commission, institution, or department desiring to establish a clearing account must submit a completed Banking Services Request Form to the State Treasury via Florida PALM.

The state Treasury will review all clearing accounts each biennium and determine if the volume and complexity justify continuing the account. On or after July 1, of each odd-numbered year, the Chief Financial Officer will notify each agency, board, bureau, commission, institution or department which clearing accounts are not approved for continuation.

Forwarding Money

Moneys in clearing accounts that are to be forwarded to the state Treasury must be forwarded using the general schedule contained within Rule 69C-1.005, F.A.C. unless another schedule is approved by the Chief Financial Officer.

Reporting Balance

All organizations having clearing accounts shall report the balances in each account at the end of each calendar quarter to the state Treasury on or before the twentieth (20th) day of the following month. The Quarterly Report Form below can be used for this reporting requirement. A copy of account analysis information required by Rule 69C-1.005, F.A.C. should be forwarded to the state Treasury at the same time.

Quarterly balances in revolving funds outside the statewide consolidated revolving account (CRA) are to be reported to the Treasury under the same guidelines as clearing accounts.

Forms

Quarterly Report Form

The Consolidated Revolving Account (CRA) system consists of a single bank account at a financial institution with the capability to track activity of multiple statewide participants through the use of "sub-accounts". The consolidated revolving account concept allows state agencies to establish signatory authority, write checks, and fund disbursement activity on their individualized sub-account.

A sub-account numbering system allows the Treasury to sort and post transactions and prepare monthly statements in Florida PALM. Balances in the sub-accounts are automatically invested in the Treasury Investment Pool. This program allows state agencies to avoid bank service charges and earn interest on their balances.

In 1990 the Cash Management Improvement Act (CMIA) was passed by Congress and the Unites States Financial Management Service (FMS) was charged with implementing the regulations. As defined by Congress the purpose of CMIA is to ensure the efficiency, effectiveness, and equity in the transfer of funds between state and federal governments.

The major provisions of CMIA are:

• Federal agencies must make timely fund disbursements and grant awards to the states.
• State and federal agencies must minimize the time between the transfer of federal funds to states.
• States are entitled to interest from the federal government for the time state funds are advanced for program purposes pending federal reimbursement.
• The federal government is entitled to interest from the states for the time federal funds are in the state accounts pending issuance of checks/warrants for payment of programs.

The CMIA representatives from the state and federal government negotiate an agreement. The agreement covers state programs funded with federal dollars identified as major programs reported in the Statewide Single Audit Report. This agreement describes the processes that will be used to deposit federal dollars into various state accounts as well as how the state will draw down the dollars from the accounts. Significant deviations from the agreed upon processes result in interest being owed to or from the state.

For more information regarding the federal regulation governing CMIA, visit the U.S. Department of Treasury website.