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Cash Management Controls

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Please respond to the following: For Illinois

Explain three or four state and local cash management controls that are in place in your system.
Do you believe that these controls are necessary? Why or why not?

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Solution Summary

The expert examines cash management controls. The four state and local cash management controls are provided.

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1. "The investment officer will maintain a list of financial institutions authorized to provide investment services. The selection process for inclusion on this list will be detailed in the written administrative procedures for investments." - Yes, I believe this control is necessary. The state/city needs to ensure that they are doing business only with banks that meet certain guidelines. This keeps it easier for the government to meet cash management needs in an honest and ethical way.

2. The City of Peoria is empowered to invest in certain types of securities as detailed in 30 ILCS 235/2. Among the authorized investments are:
1. Non-negotiable certificates of deposit and other collateralized evidence of deposits with qualified public depositories
2. Obligations of the U.S. Government, its agencies and instrumentalities. ...

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