The Accounting and Financial Management Division performs all budgeting and accounting functions essential to the daily operation and management of the Office of the State Treasurer.
Other major responsibilities include the verification of the receipt of funds transmitted daily to the Treasury from the Department of Finance and Administration and the daily reconciliation of the cash balance in the State Treasury to MAGIC.
The general accounting functions of the division include the approval and processing of vendor invoices, cash receipt deposits, payroll processing, maintenance of all financial records, fund balance reconciliations, development of budget requests, purchasing of office supplies and equipment, preparation of the monthly payroll, preparation of year-end closing records and the development and implementation of all accounting controls and procedures.
In cooperation with the Mississippi Department of Revenue, the Financial Management and Accounting Division is responsible for disbursing certain tax diversions such as sales, gas severance, oil severance, timber severance and petroleum to the various counties and municipalities throughout the state. Schedules are maintained by this division detailing all tax diversions by treasury fund.