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Committee hears bill to shorten inter-entity loan paperwork for federal reimbursements
Summary
House Bill 61 would limit the time state agencies may carry inter-entity loans for federal-reimbursement timing to seven days, reducing recurring journal-entry work for agency accounting staffs, proponents said. Department of Administration and multiple agencies supported the measure.
House Bill 61, sponsored by Representative Gary Perry (House District 35), would streamline inter-entity loan paperwork for state agencies that temporarily advance cash while waiting for federal reimbursements. Agency finance directors and the Department of Administration told the Senate State Administration Committee the change would substantially reduce accounting work while preserving fiscal controls.
Representative Gary Perry described the problem…
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