deposit of public funds

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deposit of public funds

The depository law in IC 5-13-6-1 provides that public funds (funds on hand exceeding $500) paid into the treasury of any political subdivision shall be deposited not later than the business day following the receipt of funds on business days of the depository in one or more depositories in the name of the political subdivision. It is extremely important that the provisions of this law be strictly followed. IC 5-13-14-3 provides "A public officer who violates the depository duties in this article is subject to criminal prosecution under IC 35-44.2-2-1. The public servant also is liable upon the public servant’s official bond for any loss or damage that accrues.”.

Public funds deposited shall be deposited in the same form in which they were received. All local investment officers shall reconcile at least monthly the balance of public funds, as disclosed by the records of the local officers, with the balance statements provided by the respective depositories. [IC 5-13-6-1]