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Cash Management
OTFS' Cash Management Section exists to ensure that state agencies' cash management practices are coordinated with the policies of the State Depository Board. To accomplish this, OTFS supports 36 state agencies with cash management functions, approves all bank accounts and monitors state agencies' deposit and disbursement patterns. Our cash management goals are as follows:-
To promote efficiencies within state government
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To reduce costs
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To educate ourselves on Treasury related trends
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To advise state agencies on products and services
Our Cash Management section also serves as intermediaries between agencies and banks, providing assistance in acquiring necessary bank services, managing total banking costs, ensuring that bank compensation is fair and reasonable, and controlling exposure to banks. In addition, we have established programs and systems that maximize the performance of Georgia's cash resources. Some examples are as follows:
Fee Payment Program
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Established in 1995
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Extensive analysis of state banking relationships
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OTFS pays state bank account fees directly
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OTFS receives interest earned directly
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OTFS negotiates of fee rates and interest with banks
Electronic Funds Collection
- Established July, 1996
- Eliminated the use of paper checks
- Deposits are recorded electronically
- Funds are transferred via ACH
- Reduces the "float" on government funds
- Reduces the risk of lost or stolen checks
- Reduces the cost of transferring the funds including:
- Manpower
- Banking Costs.