Policy 12.11 - Management and Deposit of Public Money

Effective Date: 15-Sept-95
Responsible Branch: Revenue Branch

Resource Management Volume Table of Contents | Amendment Log

Scope

This policy is to establish effective control over the recording, safeguarding, and disposition of public money, including the issuing of receipts.

Policy

All public money received will be processed in a manner that assures effective internal control including segregation of duties. An audit trail will be maintained from the time public money is first received until the point of final disposition.

Deposits

All public money must be deposited in the form received in a timely manner, unless it is to be returned within 5 working days of being received. Amounts of $50,000 or greater must be deposited immediately . Total daily receipts over $1,000 must be deposited within 24 hours. Total daily receipts under $1,000 must be deposited when practical, taking into account local conditions.

Receipts

Where public money is tendered in the form of cash, a receipt must be issued immediately.

Where public money is tendered in any other form, a receipt is to be issued only upon request.

Payments on Account

Payments on account that are received at a Ministry office after 12:00 noon on the payment due date will be credited to the account effective the next accounting period.

Lost Remittances

Where a payment cannot be located, the Director, Revenue Branch Branch, and the Assistant Deputy Minister, Management Services Division, must be notified immediately. The local Financial Officer will report to the Director, Revenue Branch on the circumstances of the loss, the audit trail, and the extent of other controls.

References

• Financial Administration Operating Policy Manual, s.10.10, 11.4, 11.9
• Revenue Management Procedures Manual