Revision: Jan. 15, 2009, midnight
SB 39-FN-LOCAL – AS INTRODUCED
2009 SESSION
08/09
SENATE BILL 39-FN-LOCAL
AN ACT relative to municipal deposits.
SPONSORS: Sen. Reynolds, Dist 2; Sen. Odell, Dist 8; Rep. Cooney, Graf 7; Rep. Laliberte, Graf 10
COMMITTEE: Public and Municipal Affairs
This bill allows town treasurers to make certain deposits weekly.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
09-0981
08/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to municipal deposits.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Municipal Deposits. Amend RSA 41:29, VII to read as follows:
VII. The treasurer shall ensure that all moneys remitted shall be deposited at least on a weekly basis, or daily whenever funds remitted from all departments collectively totals [$500] $1,500 or more. Such deposit function may be delegated pursuant to paragraph VI. However, failure to ensure that funds are being deposited on a timely basis as required by this paragraph shall be cause for immediate removal from office pursuant to RSA 41:26-d. In any municipality where there is either no bank or other depository institution within the municipality, or within 10 miles of that municipality, the treasurer shall make deposits consisting of funds remitted from all departments and collectively totaling $1,500 or more on a weekly basis.
2 Municipal Deposits; Banking Procedures. Amend RSA 41:9, VI to read as follows:
VI. The selectmen shall be responsible for establishing and maintaining appropriate internal control procedures to ensure the safeguarding of all town assets and properties except for those procedures relative to municipal deposits established in RSA 41:29, VII.
3 Effective Date. This act shall take effect 60 days after its passage.
LBAO
09-0981
01/07/09
SB 39-FN-LOCAL - FISCAL NOTE
AN ACT relative to municipal deposits.
FISCAL IMPACT:
The NH Municipal Association states this bill may decrease local revenue and expenditures by an indeterminable amount in FY 2009 and each fiscal year thereafter. There will be no fiscal impact on state and county revenue or expenditures.
METHODOLOGY:
The NH Municipal Association states this bill increases from $500 to $1,500 the amount that shall be deposited daily by municipalities or weekly if there is no bank or other depository institution within the municipality or within 10 miles of the municipality. The Association states it is unable to determine the impact on revenue because it is unknown how many municipalities do not have a bank or other depository institution within 10 miles of that municipality. For those towns that meet the criteria, there would be an indeterminable loss of interest income if funds, particularly property tax payments and motor vehicle registration fees, are held for at least a week before deposit. There would also be an indeterminable decrease in expenditures for travel costs.