NC H18

Allows public school units (local administrative units, charter schools, regional schools, and innovative schools) to deposit state funds drawn on the State Treasurer in locally designated official depositories instead of requiring all funds remain with the State Treasurer.

Requires public school units to disburse funds to ultimate payees within three business days of drawing money from the State Treasurer, excluding Saturdays, Sundays, and federal banking holidays.

Applies cash management flexibility provisions to all four types of public school units by subjecting them to Article 6A of Chapter 147 of the General Statutes for receipt, deposit, and disbursement of state funds.

Updates state policy to recognize that public school administrative units (as defined in G.S. 147-86.12) should maximize interest-bearing investments and minimize idle cash balances through improved cash management procedures.

Takes effect upon enactment into law.