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CHAPTER 4-4

STATE PUBLIC FUND STRUCTURE

4-4-1      Purpose of chapter.
4-4-2      State public funds defined.
4-4-3      Public funds maintained in state treasury--Local bank accounts as official accounts--Signatories--Statements required of agencies holding state funds in local bank.
4-4-3.1      Local drug buy accounts.
4-4-4      Governmental accounting systems to comport with generally accepted accounting principles.
4-4-4.1      Repealed.
4-4-4.2      Repealed.
4-4-4.3      Securities operating fund and insurance operating fund established--Permitted expenditures.
4-4-4.4      Transfer of excess funds at end of fiscal quarter.
4-4-4.5      Boiler inspection fund established--Permitted expenditures.
4-4-4.6      Transfer of excess funds at end of fiscal year.
4-4-5      Treasury accounts in lieu of funds--Modification to conform to uniform accounting system.
4-4-6      Annual financial statements.
4-4-7      Deposit of indirect cost reimbursements from the federal government--Exemption.
4-4-8      Transfer of funds received from federal government as indirect cost reimbursements to fund that incurred expenditures--Exemption.


     4-4-1.   Purpose of chapter. The purpose of this chapter is to provide for effective legislative and executive control over all state public funds, and to simplify the basis upon which the state's fund accounting records shall be maintained and reported.

Source: SL 1966, ch 188, § 1.


     4-4-2.   State public funds defined. The term, state public funds, means cash, checks, bills, notes, drafts, stocks, bonds, and all similar mediums of exchange which are received or disbursed under law, including rules, by a department, institution, commission, any other agency of state government, or any entity created for the purpose of risk sharing by joint powers agreement pursuant to chapter 1-24.

Source: SL 1966, ch 188, § 2; SL 1968, ch 212; SL 1999, ch 20, § 1.


     4-4-3.   Public funds maintained in state treasury--Local bank accounts as official accounts--Signatories--Statements required of agencies holding state funds in local bank. All state public funds shall be received and maintained in the state treasury, and shall be disbursed only upon proper authorization by the state auditor and the state treasurer, unless the state treasurer and state auditor jointly determine a justification exists for maintaining public funds in a local bank account. A local bank account authorized by the state auditor and state treasurer is an official account of the state subject to the custody of the state treasurer under § 1-10-1. Neither the state treasurer nor the state auditor may be a signatory on any local account. Any agency holding state funds in any local bank account shall provide a quarterly statement of activity in that account to the state treasurer and the state auditor.

Source: SL 1966, ch 188, § 3; SL 2002, ch 25, § 1.


     4-4-3.1.   Local drug buy accounts. The state treasurer and state auditor shall approve local drug buy accounts at the request of the attorney general.

Source: SL 2002, ch 25, § 3.


     4-4-4.   Governmental accounting systems to comport with generally accepted accounting principles. Any accounting system used by any state agency or any component unit of state government shall be designed to meet the financial accounting and reporting requirements of generally accepted accounting principles.

Source: SL 1966, ch 188, § 4; SL 1981, ch 27, § 1; SL 1985, ch 33, § 22; SL 1988, ch 81, § 8; SL 2001, ch 23, § 1.


     4-4-4.1.   Repealed by SL 2001, ch 23, § 2.


     4-4-4.2.   Repealed by SL 1986, ch 41.


     4-4-4.3.   Securities operating fund and insurance operating fund established--Permitted expenditures. There is established within the state treasury the securities operating fund and the insurance operating fund, into which shall be deposited all fees received by each division. All moneys in the funds created by this section shall be budgeted and expended in accordance with the provisions of Title 4 on warrants drawn by the state auditor on vouchers approved by the secretary of the Department of Labor and Regulation. Expenditures from these funds may be made only to pay the necessary expenses of purposes specified in §§ 37-5B-1 to 37-5B-50, inclusive, and chapters 37-25A, 47-31B, 47-33, and Title 58.

Source: SL 1989, ch 48, § 1; SL 2003, ch 272 (Ex. Ord. 03-1), §§ 20, 121; SL 2004, ch 278, § 55; SL 2008, ch 203, § 60; SL 2011, ch 1 (Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011.


     4-4-4.4.   Transfer of excess funds at end of fiscal quarter. At the end of each fiscal quarter the treasurer shall transfer any cash balance in excess of one hundred seventy-five thousand dollars from the insurance operating fund to the general fund. At the end of each fiscal quarter the treasurer shall transfer any cash balance in excess of fifteen thousand dollars from the securities operating fund to the general fund.

Source: SL 1989, ch 48, § 2; SL 1995, ch 26.


     4-4-4.5.   Boiler inspection fund established--Permitted expenditures. There shall be established within the state treasury the boiler inspection fund, into which shall be deposited all boiler inspection fees received by the Department of Public Safety. All moneys in the fund created by this section shall be budgeted and expended in accordance with the provisions of Title 4 on warrants drawn by the state auditor on vouchers approved by the secretary of the Department of Public Safety. Expenditures from these funds may be made only to pay necessary expenses of purposes specified in chapter 34-29A.

Source: SL 1989, ch 48, § 5; SL 2003, ch 272, §§ 20, 121.


     4-4-4.6.   Transfer of excess funds at end of fiscal year. At the end of the fiscal year the treasurer shall transfer any cash balance in excess of forty thousand dollars from the boiler inspection fund to the general fund.

Source: SL 1989, ch 48, § 6.


     4-4-5.   Treasury accounts in lieu of funds--Modification to conform to uniform accounting system. The commissioner of finance and management may authorize and direct the state auditor and state treasurer to account for funds in the state treasury as separate accounts in lieu of funds, and the fund structure may be modified to conform to a uniform state accounting system.

Source: SL 1966, ch 188, § 5.


     4-4-6.   Annual financial statements. The Bureau of Finance and Management shall annually prepare financial statements for the State of South Dakota. The financial statements shall be prepared in accordance with generally accepted accounting principles.

Source: SL 1987, ch 43; SL 2001, ch 23, § 3.


     4-4-7.   Deposit of indirect cost reimbursements from the federal government--Exemption. Indirect cost reimbursements received from the federal government shall be deposited in the fund that incurred the indirect costs. Funds of the Board of Regents are exempt from this requirement.

Source: SL 2005, ch 37, § 1.


     4-4-8.   Transfer of funds received from federal government as indirect cost reimbursements to fund that incurred expenditures--Exemption. The state treasurer shall transfer that portion of cash balances in federal funds that have accumulated in each fund over two hundred fifty thousand dollars as of June thirtieth due to indirect cost reimbursements received from the federal government to those funds that incurred the indirect cost expenditures. Funds of the Board of Regents are exempt from this requirement.

Source: SL 2005, ch 37, § 2.


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