MississippiHB 16502026 Regular SessionHouseWALLET

State Treasury; close those funds having no transactional activity other than interest from pooled investments.

Your PRIA Score

Score Hidden

Personalized for You

How does this bill affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 0 costs, 3 mixed.

Cash forecasts and monthly investment reports

The State Treasurer provides a cash flow model every two months to forecast money coming in and going out. The Department of Finance and Administration uses that model to judge funds available for investment. The Treasurer and the State Fiscal Officer send monthly reports to the Legislative Budget Office that list invested funds, earnings, and costs.

Clearer definitions for state investments

The law clarifies key terms for these rules. “Bank” now includes trust companies. A “pooled investment vehicle” is money from two or more public funds invested together. “State agency” uses the definition in Section 27-103-103(3). The Executive Director of the Department of Finance and Administration is the State Fiscal Officer.

Agencies must inventory and report funds

Agencies must submit a full list of all funds they hold, inside and outside the Treasury, by September 30, 2026. The list includes each fund’s name, purpose, legal authority, how interest is handled, any limits, and whether the fund can close. The Treasurer checks and reports to the Legislative Budget Office by December 15, 2026, with closure or combination ideas and a list of idle funds getting pooled interest. Starting in 2028 and after each statewide election, agencies repeat this by September 30 and the Treasurer reports by December 15. In off-years, agencies report new funds only, and the Treasurer files a December 15 report. The State Fiscal Officer can disapprove Treasury payments if an agency misses these deadlines.

Bank oversight and depository cost approvals

The Banking Commissioner gives confidential safety advice to the State Treasurer about banks that may hold state deposits. The state may pay depositories for account and handling costs, but only with approval from the Treasurer and the State Fiscal Officer. This tightens oversight while allowing needed banking services.

Shutting down idle state funds

Each year by August 1, the State Treasurer reviews funds that only show interest and no other activity. The Treasurer can stop pooled-interest payments to those idle funds, unless a law says that fund keeps its interest. The Treasurer, the State Fiscal Officer, and the agency must close or merge those idle funds when the law allows. This reduces unused accounts and centralizes investment earnings.

Sponsors & Cosponsors

Sponsor

John Read
Republican • House

Cosponsors

Angela Cockerham
Independent • House

Roll Call Votes

All Roll Calls

Yes: 168 • No: 0

Senate vote • 3/5/2026

Passed

Yes: 52 • No: 0

House vote • 2/5/2026