Improving cash management starts by assessing your current and potential interest earnings. The schedule to be used to do this depends on how money is deposited. This section of the tutorial pertains to departments that remit funds directly to the CFO.
If your local government does not handle deposits in this way, click on the appropriate link below to get the schedule you need:
- Information for departments that deposit directly into their own accounts
- Information for departments that deposit directly into the CFO's account.
Departments Remitting Directly to the CFO: The schedule shows the date of receipt and the date of remittance to the CFO for each receipt. This schedule will also show the difference between the date of receipt and the date of remittance, and how often you require the receipts to be remitted.
Step 1: Choose a specific period to review the departments (e.g., a three-month period).
Step 2: Determine how often you expect each department to remit moneys to the CFO (e.g., every day).
For the period reviewed, base your potential interest earnings on the annual interest rate for the chief fiscal officer's account.