19-3-504. Record and report of financial transactions.

19-3-504. Record and report of financial transactions. (a)(1)(A) The State Board of Finance shall: (i) Establish the record-keeping requirements of the Treasurer of State for the State Treasury; and (ii) Require that: (a) The liability accounts of the State Treasury be recorded in amounts and sufficient detail to allow the identification of the governmental entity to which funds are owed; (b) The asset accounts of the State Treasury be recorded in amounts and sufficient detail to identify the type of assets owned; and (c) All accounts of the State Treasury be recorded using a basis of accounting approved by the board that is consistent with generally accepted accounting principles. (B) The record-keeping requirements under subdivision (a)(1)(A) of this section: (i) May exceed the requirements of this section; and (ii) Shall include without limitation records showing: (a) The identity of each fund and category of funds; and (b) A comparison of: (1) Liquidity requirements established by the board and the State Treasury's actual liquidity; and (2) The target rate of investment return established by the board and the State Treasury's actual rate of investment return. (2)(A) Each fund account shall be listed separately on the records of the Treasurer of State under its major group heading. (B) For each fund account, each group, and each major group, the records shall reflect each day: (i)(a) Summary financial transactions for the day and cumulative summary financial transactions for the current fiscal year. (b) The summaries required by subdivision (a)(2)(B)(i)(a) of this section shall include: (1) A statement of: (A) Direct receipts; (B) Transfer receipts; (C) Disbursements by warrant redemption; and (D) Disbursements by transfer; and (2) The amount of uncollected checks legally charged off; (ii) The credit balance at the close of business; and (iii) The composition of gross treasury fund balances. (3) Additionally, the records shall reflect in summary form the total principal amount of securities held in trust in the Safekeeping Account. (4) The enumeration of requirements in this subsection does not: (A) Limit the items of summary financial information that may be included in the records or reports of the Treasurer of State; or (B) Exclude other primary, subsidiary, or auxiliary records as may be required by law, kept by the Treasurer of State, or as may be required of the Treasurer of State by the Chief Fiscal Officer of the State in the performance of the duties of the Treasurer of State. (b)(1) A daily and a monthly report of the information required by subsection (a) of this section shall be: (A) Prepared by the Treasurer of State and delivered to the Chief Fiscal Officer of the State; and (B) Open to public inspection during normal business hours. (2) A report of the information required by subsection (a) of this section shall be delivered in electronic format annually to the Legislative Council, Arkansas Legislative Audit, and the Governor on: (A) January 10 for the six-month period ending the immediately preceding December 31; and (B) July 10 for the immediately preceding fiscal year.