Department of Environmental Quality Financial-Compliance Audit for the Two Fiscal Years Ended .. 2002
The book Department of Environmental Quality Financial-Compliance Audit for the Two Fiscal Years Ended .. 2002 was written by author Montana. Legislature. Legislative Audit Division Here you can read free online of Department of Environmental Quality Financial-Compliance Audit for the Two Fiscal Years Ended .. 2002 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Department of Environmental Quality Financial-Compliance Audit for the Two Fiscal Years Ended .. 2002 a good or bad book?
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Prior to April 2002, the department would let the cash balance in the fund go negative, rather than selling the fund's short-term investments to keep the cash balance positive. On three occasions in fiscal year 2001-02, the department purchased short-term investments, which caused the cash balance to go negative. In effect, the department was borrowing cash from other funds to pay bills while earning interest on short-term investments. Because the state's General Fund earns interest on idle cas...h in the treasury, we estimate the General Fund lost approximately $7,000 in interest earnings in fiscal year 2000-01 and 2001-02 as a result of the department's untimely conversion of short-term investments to cash. Department personnel attributed these concerns to a need to improve cash monitoring and management procedures in the Centralized Services Division (CSD). There was turnover in the CSD position Page 9 Findings and Recommendations responsible for monitoring the fund's cash and short-term investment balances.
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