MS SB2843

Requires all state agency funds held in or outside the State Treasury to be placed in interest-bearing accounts, effective July 1, 2025.

Mandates state agencies consolidate funds into pooled interest-bearing accounts managed by the Treasurer when reasonably feasible, with exceptions allowed for restricted or justified funds.

Authorizes the Treasurer to conduct annual reviews of idle funds receiving interest allocations and preclude interest payments to funds with no transactional activity except interest receipts, unless created by law authorizing interest retention.

Requires all state agencies to report detailed fund information to the Department of Finance and Administration and State Treasurer by September 30, 2025, including fund names, creation authority, interest handling, restrictions, and justifications for non-interest-bearing status.

Directs the Treasurer to compile agency reports and recommend fund closures or consolidations in a report to the Legislative Budget Office by December 15, 2025, with follow-up reporting every four years following statewide elections and annual reporting for newly created funds.