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Nebraska Revised Statutes Chapter 81. State Administrative Departments § 81-11,106. Public funds; record in state accounting system; investment; accounting division of Department of Administrative Services; duties

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) For purposes of this section:

(a)Public funds means money belonging to the state by operation of general state law and collected by virtue of state-imposed taxes, fees, and similar charges;

(b)Special purpose funds means money in the state treasury which is received from an outside source, which is held in trust or escrow or segregated for a particular purpose, and which must be used for purposes defined by the source of the funds; and

(c)Trust funds means all trust funds identified by Nebraska statutes, all funds pledged for the payment of bonds, all accounts held by a trustee related to a bond issue, and all funds held related to a lease financing or other similar financing.

(2) The State Treasurer shall have custody in the state treasury of all public funds and all special purpose funds, other than pension and trust funds, of all state officials, state agencies, state boards, state commissions, and other state entities. Each state official, agency, board, commission, or other entity shall remit all public funds and all special purpose funds, other than pension and trust funds, to the State Treasurer for credit to the appropriate fund as provided in section 84-602.

(3) Each state official, agency, board, commission, or other entity shall record all revenue, fund balances, and expenditures from all public funds and all special purpose funds, other than pension and trust funds, in the state accounting system administered by the accounting division of the Department of Administrative Services pursuant to section 81-1110.01.

(4) As provided in section 72-1243, the state investment officer shall invest all funds available for investment pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(5) The accounting division shall notify the budget division of the Department of Administrative Services if any state official, agency, board, commission, or other entity has failed to comply with this section. The budget division shall withhold up to ten percent of any appropriation to such state official, agency, board, commission, or other entity until it complies with this section.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 81. State Administrative Departments § 81-11,106. Public funds; record in state accounting system; investment; accounting division of Department of Administrative Services; duties - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-81-state-administrative-departments/ne-rev-st-sect-81-11-106/

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