Florida Regulations 69C-1.003: Definitions
Current as of: 2024 | Check for updates
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For the purposes of these rules, the following terms are defined as follows:
(1) Clearing Account. A “”clearing account”” is a demand deposit account outside the State Treasury in a qualified public depository which is established under authority of the Chief Financial Officer and controlled by a state agency, board, bureau, commission, institution or department as a means of forwarding funds to the State Treasury, distributing funds to a statutorily authorized account outside the State Treasury, refunding, or transmitting funds to the Department of Revenue.
(2) Demand Deposit Account. A “”demand deposit account”” is an account in a qualified public depository which can be drawn upon on demand.
(3) State Treasury. The “”State Treasury”” is that office, under the Chief Financial Officer, which maintains the funds of the State of Florida and makes payment on warrants and orders of disbursement properly drawn on state funds. For the purpose of the depositing of funds, the physical location of the State Treasury is considered to include those qualified public depositories in which it maintains a demand deposit account. (It is hereby provided, however, that such definition of “”State Treasury”” shall not be construed as limiting or conflicting with the meaning of the said term within the context of its use in chapter 17, F.S., or any other of the laws of the State of Florida.)
(4) Wire Transfer. A “”wire transfer”” is a transfer of funds by wire services to a demand deposit account from a clearing account or any other means of delivering on a same day availability basis.
(5) Compensating Balance. A “”compensating balance”” is that portion of the receipts required to remain in the clearing account for use by the qualified public depository to offset the costs of handling state funds.
(6) Treasury Concentration Account. The “”Treasury Concentration Account”” is the account or system of accounts established and administered by the State Treasury for receiving revenues collected by state agencies statewide.
(7) Account Analysis. An “”account analysis”” provided by the qualified public depository. It should contain the following data elements:
Daily Average Balance
(1) Clearing Account. A “”clearing account”” is a demand deposit account outside the State Treasury in a qualified public depository which is established under authority of the Chief Financial Officer and controlled by a state agency, board, bureau, commission, institution or department as a means of forwarding funds to the State Treasury, distributing funds to a statutorily authorized account outside the State Treasury, refunding, or transmitting funds to the Department of Revenue.
(2) Demand Deposit Account. A “”demand deposit account”” is an account in a qualified public depository which can be drawn upon on demand.
(3) State Treasury. The “”State Treasury”” is that office, under the Chief Financial Officer, which maintains the funds of the State of Florida and makes payment on warrants and orders of disbursement properly drawn on state funds. For the purpose of the depositing of funds, the physical location of the State Treasury is considered to include those qualified public depositories in which it maintains a demand deposit account. (It is hereby provided, however, that such definition of “”State Treasury”” shall not be construed as limiting or conflicting with the meaning of the said term within the context of its use in chapter 17, F.S., or any other of the laws of the State of Florida.)
(4) Wire Transfer. A “”wire transfer”” is a transfer of funds by wire services to a demand deposit account from a clearing account or any other means of delivering on a same day availability basis.
(5) Compensating Balance. A “”compensating balance”” is that portion of the receipts required to remain in the clearing account for use by the qualified public depository to offset the costs of handling state funds.
(6) Treasury Concentration Account. The “”Treasury Concentration Account”” is the account or system of accounts established and administered by the State Treasury for receiving revenues collected by state agencies statewide.
(7) Account Analysis. An “”account analysis”” provided by the qualified public depository. It should contain the following data elements:
Daily Average Balance
Less Uncollected Funds
Daily Average Collected Balance
Required Reserves
Average Available Balance
Earnings on Average Available Balances
Earnings Rate
Charges for Account Activity:
Unit Price
Volume
Cost for Period Total Charges
Net Profit (or Loss) on Account Equals
Earnings Minus Total Charges
(8) Qualified Public Depository. A “”qualified public depository”” shall mean the qualified public depository as defined in Florida Statutes § 280.02
Rulemaking Authority 17.29 FS. Law Implemented 17.58, 17.65 FS. History-New 3-18-80, Formerly 4C-1.03, Amended 6-19-89, Formerly 4C-1.003.