This report discussed and made specific recommendations concerning cash management procedures in the state’s two major revenue collection agencies, the State Tax Commission and the Motor Vehicle Comptroller’s Office. Information in the report was compiled from records of the two agencies.
Unnecessarily large sums of money were found to be kept in demand, or non-interest-bearing, accounts. This practice had resulted in a loss of interest income and thus, a loss of revenue for the state. Earlier settlement with the State Treasurer of Tax Commission funds would have resulted in additional interest income of approximately $880,000. The Legislature should consider enacting legislation to provide for daily settlement with the State Treasurer by the major revenue agencies.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.