The Treasury receives deposits on a daily basis. All deposits are verified and documented upon receipt. Each day, the receiving department balances its books and submits a deposit summary to the cash management desk.
There are three ways money is received by the Treasury:
State agency personnel deliver deposits to the Treasury. State agencies collect money for fees, taxes, etc. which is deposited to the Treasury and allocated to a respective fund.
Federal Reserve Wires
Agencies request funding from the Federal Reserve Department. Once funding is approved, the agencies setup an account at the Treasury. The Federal Reserve wires money to the Treasury where agency personnel can access the federal funds.
The Department of Finance and Administration sends a daily deposit with the “Revenue Receipts Deposit” form to the Treasury. The process for verifying the deposit is the same as documented above for deliveries made to the Treasury.