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From: Robert Butkin, State Treasurer The State Treasurer's office began operating a new cash management program earlier this year. The new program pays interest on the average daily balance in state agency cash accounts similar to interest bearing checking accounts. Oklahoma Tax Commission accounts for city and county sales tax revenues are moving into this new system on December 1, 2003. The new cash management program will provide county and municipal governments with increased interest earnings on the sales tax accounts because the State Treasurer's office administers the program and does not charge the fees charged by outside providers. The new program also features a blended earnings rate across several short-term funds instead of a single fund as used in the past. This helps enhance overall interest earnings. During the past ten months, the new blended rate has averaged 35 basis points better than the rate earned with the previous program. If you have any questions, please contact Susan Reed, Securities Operations Manager with the State Treasurer's Office, at (405) 522-4221 or by e-mail. |