Section 10 Annual report to general court; contents; cash flow projections; variance reports; cash management plans - Massachusetts Statutes

Section 10. He shall annually, on the first Wednesday in January, report to the general court a statement of the transactions of his department for the preceding fiscal year, including a specific statement of all warrants remaining unpaid and of the names of the persons in whose favor they are drawn.

The state treasurer shall prepare and submit to the house and senate committees on ways and means on or before the last day of August, November, February and May official cash flow projections for the current fiscal year and for the fiscal quarters beginning October 1, January 1, April 1 and July 1, respectively.

Included in said projections shall be estimated spending and revenue, along with assumptions used to derive said estimates and identification of any cash flow gaps. Variance reports, which compare actual revenues and spending with planned revenues and spending, shall be produced weekly by the treasurer and distributed to the comptroller’s division, the department of revenue, and the executive office for administration and finance. All data required by the treasurer’s office for production of annual and quarterly cash flow projections and weekly variance reports shall be submitted by state agencies in a timely fashion, on or before deadlines established by the treasurer’s office. The department of revenue shall be responsible for providing estimates of receipts and the office of the comptroller for providing estimates of agency spending and non-tax revenue receipts.

The executive office for administration and finance and the treasurer’s office shall jointly develop and approve annual and quarterly cash management plans to address gaps identified by cash flow projections and variance reports. Said management plans shall clearly identify the roles to be played by short-term borrowing, investment policy, expenditure controls, and revenue management in providing necessary cash.