N.M. Admin. Code § 2.60.9.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 2.60.9.8 - REPORTING EXCEPTIONS

A. Daily Reconcilement and Reporting Requirements:

(1) All investing agencies shall reconcile their respective investment transactions and investment, account cash balances daily to the records of the fiscal agent bank and correspondent bank for the prior business day.

(2) All investing agencies shall report the following day by submitting an investment exception/resolution report to the cash manager:

(a) any bank-caused exceptions;

(b) any exceptions that have not been reconciled within fourteen (14) days; and

(c) any resolution of an exception reported in Paragraph A, Section 2.b, [now Subparagraph (b) of Paragraph (2) of Subsection A of 2.60.9.8 NMAC] above.

B. Monthly:

(1) By the tenth (10^th) day of the month all investing agencies shall submit to the cash manager division of the STO a signed certification indicating all custodial accounts and all investment cash accounts for the previous month were reconciled and the status of pending adjustments and corrections of any unreconciled exceptions.

(2) By the tenth (10^th) day of the month, the cash manager division shall notify SBF of any exceptions or errors caused by the fiscal agent bank or the correspondent bank during the previous month. The SBF shall ensure bank-caused errors do not result in increases to the compensating balances required or erroneous bank charges.

(3) Monthly the state treasurer's office may report to the board any reconcilement exceptions of investing agencies. Included in this report may be any exception not corrected by the investing agencies within thirty (30) days from the date the exception occurred or any exceptions deemed material or substantive at the discretion of the state treasurer.

C. Quarterly: Within sixty (60) days after the end of each calendar quarter, the state treasurer's office shall report to the board a summary of all exceptions not reconciled, including aggregate exceptions for a single investing agency, in the amount of $10,000 or more, which have remained unreconciled for a period of at least thirty (30) days. This report shall be as of the end of the last business day of the last month of the previous calendar quarter. At the discretion of the state treasurer's office, the report may also include any and all exceptions deemed material or substantive, which exceptions may be for single or aggregate amounts less than $10,000 and unreconciled for a period of less than 30 days.

N.M. Admin. Code § 2.60.9.8

Recompiled 10/01/01