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ESTABLISHING AND MAINTAINING PETTY CASH FUNDS

General Revenue Fund

The Superintendent may establish a petty cash account from funds appropriated in the General Appropriations Act in an amount of money not to exceed $1,000 to be held outside the State Treasury to be used for the purposes specified in Government Code, Sections 403.241–403.252. 

Legacy Fund

The Superintendent may establish a petty cash account from the TSBVI Legacy Fund. The monetary limits in Government Code, Section 403.246, apply to all state agencies except as noted in Section 403.252. Under Section 403.252, the petty cash statutes do not apply to State agency funds located outside the State Treasury.  A state agency may establish a petty cash account in a federally insured financial institution.  Gov’t Code Sec. 403.247 (a)

 PURPOSE OF PETTY CASH FUNDS

General Revenue Fund

Petty cash funds may be established for:

  1. making change of currency;
  2. advancing travel expense money to state officers and employees;
  3. making small disbursements for which formal expenditure procedures are not cost-effective or
  4. any similar purpose or combination of purposes a state agency considers prudent for conducting state business.

Gov’t Code Sec. 403.244

Legacy Fund

Petty cash funds may be used for expenditures as outlined in TSBVI Policy CDCA and approved by the Board in the Legacy Annual Operating Budget.

PROCEDURES

The Superintendent shall ensure that procedures are developed to implement this policy.

Adopted:         5/21/98

Amended:       3/21/03, 6/1/18

Reviewed: