Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Treasurer's office and sponsor outline SB300 changes to custodial fund rules, reporting and fees
Summary
Sponsor and Treasurer's Office staff told the Finance Committee SB300 modernizes portions of the Ohio Revised Code to clarify custodial funds, simplify reporting, allow education fee structures for local treasurers, and standardize treatment of pension custodial accounts; a substitute bill was adopted as the working document.
Senator Rogner and representatives of the State Treasurer's office told the Senate Finance Committee that Senate Bill 300 would modernize numerous sections of the Ohio Revised Code governing how the Treasurer's office handles deposits, custodial funds and related administrative functions.
Senator Rogner described the bill as a mixture of technical fixes and substantial clarifications, including that custodial funds are not public money for purposes of certain deposit rules, clarifying that custody does not equal ownership, and authorizing custodial funds to be held with qualified custodians designated by the Treasurer. She also said the bill updates fee administration and continuing…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
